SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2014

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

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in two reportable business segments: Forest Resources and Real Estate. Prior to the second quarter of 2014, the Company operated in three reportable business segments, which included Performance Fibers. On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information.

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 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:

	June 30,		December 31,
	2014		2013
ASSETS	(Restated)
Forest Resources	$	2,284,198	$	2,162,913
Real Estate	96,277		149,001
Other Operations	24,860		37,334
Corporate and other	226,641		257,608
Performance Fibers	—		1,078,645
Total	$	2,631,976	$	3,685,501

	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2014			2013			2014			2013
Forest Resources	$	101,120		$	109,060		$	205,799		$	166,162
Real Estate	34,017			13,376			39,547			37,673
Other Operations	29,224			32,709			64,910			58,458
Intersegment Eliminations	(1,216		)	(256		)	(3,924		)	(351		)
Total	$	163,145		$	154,889		$	306,332		$	261,942

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
OPERATING INCOME	(Restated)					(Restated)
Forest Resources	$	19,919		$	20,890	$	45,466		$	34,145
Real Estate	27,764			6,105		28,490			22,947
Other Operations	(132		)	1,621		(544		)	1,719
Corporate and other (a)	(9,974		)	3,735		(21,409		)	(5,057		)
Total	$	37,577		$	32,351	$	52,003		$	53,754

(a) The three and six months ended June 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
DEPRECIATION, DEPLETION AND AMORTIZATION	(Restated)				(Restated)
Forest Resources	23,570		$	27,291	$	50,455	$	43,735
Real Estate	6,422		2,469		7,333		6,646
Corporate	341		293		623		476
Total	$	30,333	$	30,053	$	58,411	$	50,857