SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2014

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

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in three reportable business segments: Forest Resources, Real Estate and Performance Fibers. Forest Resources sales include all activities related 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 commodity grade products (primarily viscose). 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 Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). Certain income (loss) items in the 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:

	March 31,		December 31,
	2014		2013
ASSETS	(Restated)
Forest Resources	$	2,187,498	$	2,162,913
Real Estate	113,376		149,001
Performance Fibers	1,095,574		1,078,645
Other Operations	35,121		37,334
Corporate and other	211,260		257,608
Total	$	3,642,829	$	3,685,501

	Three Months Ended March 31,
SALES	2014			2013
Forest Resources (a)	$	104,678		$	57,102
Real Estate	5,530			24,297
Performance Fibers	241,768			284,188
Other Operations	37,417			28,227
Intersegment Eliminations	(2,707		)	(95		)
Total	$	386,686		$	393,719

(a) First quarter 2014 included $38 million in sales from the consolidation of the New Zealand JV. See Note 7 — Joint Venture Investment.

	Three Months Ended March 31,
	2014			2013
OPERATING INCOME	(Restated)
Forest Resources	$	25,546		$	13,255
Real Estate	725			16,842
Performance Fibers	48,980			91,670
Other Operations	184			165
Corporate and other (a)	(12,396		)	(6,569		)
Total	$	63,039		$	115,363

(a) First quarter 2014 included $3.3 million of separation costs related to the planned separation of the Performance Fibers business from the Forest Resources and Real Estate businesses.

	Three Months Ended March 31,
	2014		2013
DEPRECIATION, DEPLETION AND AMORTIZATION	(Restated)
Forest Resources (a)	26,887		$	16,444
Real Estate	910		4,177
Performance Fibers	20,649		15,153
Corporate and other	282		218
Total	$	48,728	$	35,992

(a) 2014 included an increase of approximately $7 million in depletion expenses related to the consolidation of the New Zealand JV. See Note 7 — Joint Venture Investment.