XML 19 R152.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidating Financial Statements Condensed Consolidating Statements of Income and Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income Statement [Abstract]                      
SALES $ 520,242 $ 384,784 $ 409,077 $ 393,719 $ 412,660 $ 386,163 $ 348,096 $ 336,571 $ 1,707,822 $ 1,483,490 $ 1,420,960
Costs and Expenses                      
Cost of sales 395,446 287,150 297,698 266,018 292,212 259,201 243,571 235,708 1,246,312 1,030,692 1,006,297
Selling and general expenses                 64,843 66,957 65,251
Other operating (income) expense, net                 (9,487) (14,169) (3,794)
Costs and Expenses, Total                 1,301,668 1,083,480 1,067,754
Equity in income of New Zealand joint venture                 562 550 4,088
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 406,716 400,560 357,294
Gain related to the consolidation of the New Zealand joint venture     16,000             0 0
OPERATING INCOME                 422,814 400,560 357,294
Interest expense                 (43,760) (44,981) (50,775)
Interest and miscellaneous income (expense), net                 2,372 606 843
Equity in income from subsidiaries                 0 0 0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 381,426 356,185 307,362
Income tax benefit (expense)                 (49,661) (84,743) (30,688)
INCOME FROM CONTINUING OPERATIONS 82,249 58,367 87,891 [1] 103,258 73,474 79,278 66,091 52,599 331,765 [1] 271,442 276,674
Income from discontinued operations attributable to Rayonier Inc. (2,444) 0 0 44,477 2,135 1,282 2,988 838 42,033 7,243 (669)
NET INCOME 79,805 58,367 87,891 147,735 [2] 75,609 80,560 69,079 53,437 373,798 [2] 278,685 276,005
Less: Net income attributable to noncontrolling interest                 1,902 0 0
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 79,652 57,345 87,164 [1] 147,735 [2] 75,609 80,560 69,079 53,437 371,896 [1],[2] 278,685 276,005
Foreign currency translation adjustment                 (5,710) 4,352 3,546
New Zealand joint venture cash flows                 3,629 213 (2,373)
Amortization of pension and postretirement plans                 61,869 (496) (46,263)
Total other comprehensive income (loss)                 59,788 4,069 (45,090)
COMPREHENSIVE INCOME                 433,586 282,754 230,915
Less: Comprehensive loss attributable to noncontrolling interest                 (1,550) 0 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 435,136 282,754 230,915
Rayonier Inc. (Parent Guarantor) [Member]
                     
Income Statement [Abstract]                      
SALES                 0 0 0
Costs and Expenses                      
Cost of sales                 0 0 0
Selling and general expenses                 0 0 0
Other operating (income) expense, net                 (1,701) 110 0
Costs and Expenses, Total                 (1,701) 110 0
Equity in income of New Zealand joint venture                 0 0 0
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 1,701    
Gain related to the consolidation of the New Zealand joint venture                 0    
OPERATING INCOME                 1,701 (110) 0
Interest expense                 (13,088) (10,717) 621
Interest and miscellaneous income (expense), net                 9,828 6,638 0
Equity in income from subsidiaries                 373,455 282,874 275,384
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 371,896 278,685 276,005
Income tax benefit (expense)                 0 0 0
INCOME FROM CONTINUING OPERATIONS                 371,896 278,685 276,005
Income from discontinued operations attributable to Rayonier Inc.                 0 0 0
NET INCOME                 371,896 278,685 276,005
Less: Net income attributable to noncontrolling interest                 0    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 371,896    
Foreign currency translation adjustment                 (1,915) 4,352 3,546
New Zealand joint venture cash flows                 3,286 213 (2,373)
Amortization of pension and postretirement plans                 61,869 (496) (46,263)
Total other comprehensive income (loss)                 63,240 4,069 (45,090)
COMPREHENSIVE INCOME                 435,136 282,754 230,915
Less: Comprehensive loss attributable to noncontrolling interest                 0    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 435,136    
Senior Exchangeable Notes due 2015 [Member] | ROC (Subsidiary Guarantor) [Member]
                     
Income Statement [Abstract]                      
SALES                 0 0 0
Costs and Expenses                      
Cost of sales                 0 0 0
Selling and general expenses                 9,821 10,575 10,710
Other operating (income) expense, net                 4,730 962 117
Costs and Expenses, Total                 14,551 11,537 10,827
Equity in income of New Zealand joint venture                 0 0 0
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 (14,551)    
Gain related to the consolidation of the New Zealand joint venture                 0    
OPERATING INCOME                 (14,551) (11,537) (10,827)
Interest expense                 (914) (941) (1,133)
Interest and miscellaneous income (expense), net                 3,237 5,519 5,280
Equity in income from subsidiaries                 384,567 289,486 281,892
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 372,339 282,527 275,212
Income tax benefit (expense)                 1,116 347 172
INCOME FROM CONTINUING OPERATIONS                 373,455 282,874 275,384
Income from discontinued operations attributable to Rayonier Inc.                 0 0 0
NET INCOME                 373,455 282,874 275,384
Less: Net income attributable to noncontrolling interest                 0    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 373,455    
Foreign currency translation adjustment                 (1,915) 4,352 3,546
New Zealand joint venture cash flows                 3,286 213 (2,373)
Amortization of pension and postretirement plans                 61,869 (496) (46,263)
Total other comprehensive income (loss)                 63,240 4,069 (45,090)
COMPREHENSIVE INCOME                 436,695 286,943 230,294
Less: Comprehensive loss attributable to noncontrolling interest                 0    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 436,695    
Senior Exchangeable Notes due 2015 [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member]
                     
Income Statement [Abstract]                      
SALES                 0 0 0
Costs and Expenses                      
Cost of sales                 0 0 0
Selling and general expenses                 0 0 0
Other operating (income) expense, net                 0 0 0
Costs and Expenses, Total                 0 0 0
Equity in income of New Zealand joint venture                 0 0 0
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 0    
Gain related to the consolidation of the New Zealand joint venture                 0    
OPERATING INCOME                 0 0 0
Interest expense                 (27,516) (37,971) (49,555)
Interest and miscellaneous income (expense), net                 (7,534) (3,334) (4,508)
Equity in income from subsidiaries                 245,126 232,871 170,048
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 210,076 191,566 115,985
Income tax benefit (expense)                 11,895 15,076 19,733
INCOME FROM CONTINUING OPERATIONS                 221,971 206,642 135,718
Income from discontinued operations attributable to Rayonier Inc.                 0 0 0
NET INCOME                 221,971 206,642 135,718
Less: Net income attributable to noncontrolling interest                 0    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 221,971    
Foreign currency translation adjustment                 (72) (3) (137)
New Zealand joint venture cash flows                 637 0 0
Amortization of pension and postretirement plans                 20,589 (450) (35,575)
Total other comprehensive income (loss)                 21,154 (453) (35,712)
COMPREHENSIVE INCOME                 243,125 206,189 100,006
Less: Comprehensive loss attributable to noncontrolling interest                 0    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 243,125    
Senior Exchangeable Notes due 2015 [Member] | Non-guarantor [Member]
                     
Income Statement [Abstract]                      
SALES                 1,707,822 1,483,490 1,420,960
Costs and Expenses                      
Cost of sales                 1,246,312 1,030,692 1,006,297
Selling and general expenses                 55,022 56,382 54,541
Other operating (income) expense, net                 (12,516) (15,241) (3,911)
Costs and Expenses, Total                 1,288,818 1,071,833 1,056,927
Equity in income of New Zealand joint venture                 562 550 4,088
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 419,566    
Gain related to the consolidation of the New Zealand joint venture                 16,098    
OPERATING INCOME                 435,664 412,207 368,121
Interest expense                 (2,242) 4,648 (708)
Interest and miscellaneous income (expense), net                 (3,159) (8,217) 71
Equity in income from subsidiaries                 0 0 0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 430,263 408,638 367,484
Income tax benefit (expense)                 (62,672) (100,166) (50,593)
INCOME FROM CONTINUING OPERATIONS                 367,591 308,472 316,891
Income from discontinued operations attributable to Rayonier Inc.                 42,033 7,243 (669)
NET INCOME                 409,624 315,715 316,222
Less: Net income attributable to noncontrolling interest                 1,902    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 407,722    
Foreign currency translation adjustment                 (5,710) 4,353 3,545
New Zealand joint venture cash flows                 3,629 213 (2,373)
Amortization of pension and postretirement plans                 20,589 (450) (35,575)
Total other comprehensive income (loss)                 18,508 4,116 (34,403)
COMPREHENSIVE INCOME                 428,132 319,831 281,819
Less: Comprehensive loss attributable to noncontrolling interest                 (1,550)    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 429,682    
Senior Exchangeable Notes due 2015 [Member] | Consolidating Adjustments [Member]
                     
Income Statement [Abstract]                      
SALES                 0 0 0
Costs and Expenses                      
Cost of sales                 0 0 0
Selling and general expenses                 0 0 0
Other operating (income) expense, net                 0 0 0
Costs and Expenses, Total                 0 0 0
Equity in income of New Zealand joint venture                 0 0 0
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 0    
Gain related to the consolidation of the New Zealand joint venture                 0    
OPERATING INCOME                 0 0 0
Interest expense                 0 0 0
Interest and miscellaneous income (expense), net                 0 0 0
Equity in income from subsidiaries                 (1,003,148) (805,231) (727,324)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 (1,003,148) (805,231) (727,324)
Income tax benefit (expense)                 0 0 0
INCOME FROM CONTINUING OPERATIONS                 (1,003,148) (805,231) (727,324)
Income from discontinued operations attributable to Rayonier Inc.                    0 0
NET INCOME                 (1,003,148) (805,231) (727,324)
Less: Net income attributable to noncontrolling interest                 0    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 (1,003,148)    
Foreign currency translation adjustment                 3,902 (8,702) (6,954)
New Zealand joint venture cash flows                 (7,209) (426) 4,746
Amortization of pension and postretirement plans                 (103,047) 1,396 117,413
Total other comprehensive income (loss)                 (106,354) (7,732) 115,205
COMPREHENSIVE INCOME                 (1,109,502) (812,963) (612,119)
Less: Comprehensive loss attributable to noncontrolling interest                 0    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 (1,109,502)    
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member]
                     
Income Statement [Abstract]                      
SALES                 0 0 0
Costs and Expenses                      
Cost of sales                 0 0 0
Selling and general expenses                 9,821 10,575 10,710
Other operating (income) expense, net                 4,730 962 117
Costs and Expenses, Total                 14,551 11,537 10,827
Equity in income of New Zealand joint venture                 0 0 0
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 (14,551)    
Gain related to the consolidation of the New Zealand joint venture                 0    
OPERATING INCOME                 (14,551) (11,537) (10,827)
Interest expense                 (28,430) (38,912) (50,688)
Interest and miscellaneous income (expense), net                 (4,297) 2,185 772
Equity in income from subsidiaries                 407,722 315,715 316,222
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 360,444 267,451 255,479
Income tax benefit (expense)                 13,011 15,423 19,905
INCOME FROM CONTINUING OPERATIONS                 373,455 282,874 275,384
Income from discontinued operations attributable to Rayonier Inc.                 0 0 0
NET INCOME                 373,455 282,874 275,384
Less: Net income attributable to noncontrolling interest                 0    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 373,455    
Foreign currency translation adjustment                 (1,915) 4,352 3,546
New Zealand joint venture cash flows                 3,286 213 (2,373)
Amortization of pension and postretirement plans                 61,869 (496) (46,263)
Total other comprehensive income (loss)                 63,240 4,069 (45,090)
COMPREHENSIVE INCOME                 436,695 286,943 230,294
Less: Comprehensive loss attributable to noncontrolling interest                 0    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 436,695    
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantor [Member]
                     
Income Statement [Abstract]                      
SALES                 1,707,822 1,483,490 1,420,960
Costs and Expenses                      
Cost of sales                 1,246,312 1,030,692 1,006,297
Selling and general expenses                 55,022 56,382 54,541
Other operating (income) expense, net                 (12,516) (15,241) (3,911)
Costs and Expenses, Total                 1,288,818 1,071,833 1,056,927
Equity in income of New Zealand joint venture                 562 550 4,088
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 419,566    
Gain related to the consolidation of the New Zealand joint venture                 16,098    
OPERATING INCOME                 435,664 412,207 368,121
Interest expense                 (2,242) 4,648 (708)
Interest and miscellaneous income (expense), net                 (3,159) (8,217) 71
Equity in income from subsidiaries                 0 0 0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 430,263 408,638 367,484
Income tax benefit (expense)                 (62,672) (100,166) (50,593)
INCOME FROM CONTINUING OPERATIONS                 367,591 308,472 316,891
Income from discontinued operations attributable to Rayonier Inc.                 42,033 7,243 (669)
NET INCOME                 409,624 315,715 316,222
Less: Net income attributable to noncontrolling interest                 1,902    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 407,722    
Foreign currency translation adjustment                 (5,710) 4,353 3,545
New Zealand joint venture cash flows                 3,629 213 (2,373)
Amortization of pension and postretirement plans                 20,589 (450) (35,575)
Total other comprehensive income (loss)                 18,508 4,116 (34,403)
COMPREHENSIVE INCOME                 428,132 319,831 281,819
Less: Comprehensive loss attributable to noncontrolling interest                 (1,550)    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 429,682    
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member]
                     
Income Statement [Abstract]                      
SALES                 0 0 0
Costs and Expenses                      
Cost of sales                 0 0 0
Selling and general expenses                 0 0 0
Other operating (income) expense, net                 0 0 0
Costs and Expenses, Total                 0 0 0
Equity in income of New Zealand joint venture                 0 0 0
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE                 0    
Gain related to the consolidation of the New Zealand joint venture                 0    
OPERATING INCOME                 0 0 0
Interest expense                 0 0 0
Interest and miscellaneous income (expense), net                 0 0 0
Equity in income from subsidiaries                 (781,177) (598,589) (591,606)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                 (781,177) (598,589) (591,606)
Income tax benefit (expense)                 0 0 0
INCOME FROM CONTINUING OPERATIONS                 (781,177) (598,589) (591,606)
Income from discontinued operations attributable to Rayonier Inc.                 0 0 0
NET INCOME                 (781,177) (598,589) (591,606)
Less: Net income attributable to noncontrolling interest                 0    
NET INCOME ATTRIBUTABLE TO RAYONIER INC.                 (781,177)    
Foreign currency translation adjustment                 3,830 (8,705) (7,091)
New Zealand joint venture cash flows                 (6,572) (426) 4,746
Amortization of pension and postretirement plans                 (82,458) 946 81,838
Total other comprehensive income (loss)                 (85,200) (8,185) 79,493
COMPREHENSIVE INCOME                 (866,377) (606,774) (512,113)
Less: Comprehensive loss attributable to noncontrolling interest                 0    
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.                 $ (866,377)    
[1] Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.
[2] Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.