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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)
 6 Months Ended
Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following tables summarize the effect of these restatements for the periods:
 
 
Consolidated Statements of Income
and Comprehensive Income for the
Three Months Ended June 30, 2014

 
 
As Previously Reported
 
Restatement
 
As Restated
Operating Income
 
$
39,568

 
$
(1,991
)
 
$
37,577

Income Tax Expense
 
(13,515
)
 
(41
)
 
(13,556
)
Income from Continuing Operations
 
6,056

 
(2,032
)
 
4,024

Income from Discontinued Operations, net
 
12,084

 
—

 
12,084

Net Income
 
18,140

 
(2,032
)
 
16,108

Net Income Attributable to Rayonier Inc.
 
18,385

 
(2,032
)
 
16,353

Basic Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.05

 
$
(0.02
)
 
$
0.03

Discontinued Operations
 
0.10

 
—

 
0.10

Net Income
 
$
0.15

 
$
(0.02
)
 
$
0.13

Diluted Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.05

 
$
(0.02
)
 
$
0.03

Discontinued Operations
 
0.09

 
—

 
0.09

Net Income
 
$
0.14

 
$
(0.02
)
 
$
0.12

 
 
Consolidated Statements of Income
and Comprehensive Income for the
Six Months Ended June 30, 2014

 
 
As Previously Reported
 
Restatement
 
As Restated
Operating Income
 
$
55,962

 
$
(3,959
)
 
$
52,003

Income Tax Expense
 
(5,939
)
 
(22
)
 
(5,961
)
Income from Continuing Operations
 
18,340

 
(3,981
)
 
14,359

Income from Discontinued Operations, net
 
43,092

 
—

 
43,092

Net Income
 
61,432

 
(3,981
)
 
57,451

Net Income Attributable to Rayonier Inc.
 
61,760

 
(3,981
)
 
57,779

Basic Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.15

 
$
(0.03
)
 
$
0.12

Discontinued Operations
 
0.34

 
—

 
0.34

Net Income
 
$
0.49

 
$
(0.03
)
 
$
0.46

Diluted Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.14

 
$
(0.03
)
 
$
0.11

Discontinued Operations
 
0.33

 
—

 
0.33

Net Income
 
$
0.47

 
$
(0.03
)
 
$
0.44

 
 
Consolidated Balance Sheet
as of June 30, 2014

 
 
As Previously Reported
 
Restatement
 
As Restated
Prepaid and Other Current Assets
 
$
21,565

 
$
(22
)
 
$
21,543

Timber and Timberlands, Net of Depletion and Amortization
 
2,121,614

 
(3,959
)
 
2,117,655

Retained earnings
 
891,629

 
(3,981
)
 
887,648

 
 
Consolidated Statements of Income
and Comprehensive Income for the
Three Months Ended March 31, 2014

 
 
As Previously Reported (a)
 
Restatement
 
As Restated (a)
Operating Income
 
$
65,008

 
$
(1,969
)
 
$
63,039

Income Tax Expense
 
(7,732
)
 
20

 
(7,712
)
Income from Continuing Operations
 
43,292

 
(1,949
)
 
41,343

Net Income
 
43,292

 
(1,949
)
 
41,343

Net Income Attributable to Rayonier Inc.
 
43,375

 
(1,949
)
 
41,426

Basic Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.34

 
$
(0.01
)
 
$
0.33

Discontinued Operations
 
—

 
—

 
—

Net Income
 
$
0.34

 
$
(0.01
)
 
$
0.33

Diluted Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.34

 
$
(0.02
)
 
$
0.32

Discontinued Operations
 
—

 
—

 
—

Net Income
 
$
0.34

 
$
(0.02
)
 
$
0.32

(a)Includes the Performance Fibers business that was spun-off on June 27, 2014.
 
 
Consolidated Balance Sheet
as of March 31, 2014

 
 
As Previously Reported
 
Restatement
 
As Restated
Prepaid and Other Current Assets
 
$
54,557

 
$
20

 
$
54,577

Timber and Timberlands, Net of Depletion and Amortization
 
2,069,518

 
(1,969
)
 
2,067,549

Retained earnings
 
996,573

 
(1,949
)
 
994,624