XML 75 R90.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 6 Months Ended 12 Months Ended
Jun. 30, 2014
Mar. 31, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Income Statement [Abstract]            
SALES $ 163,145   $ 154,889 $ 306,332 $ 261,942  
Cost of sales 123,096   127,861 238,995 204,520  
Selling and general expenses 13,861   14,703 27,098 28,100  
Other operating expense (income), net (11,389)   (3,624) (11,764) (7,772)  
Costs and Expenses, Total 125,568   138,940 254,329 224,848  
Equity in income of New Zealand joint venture 0   304 0 562  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE 37,577   16,253 52,003 37,656  
Gain related to consolidation of New Zealand joint venture (Note 7) 0   16,098 0 16,098  
OPERATING INCOME 37,577 63,039 [1] 32,351 52,003 53,754  
Interest expense (15,612)   (11,351) (26,286) (19,803)  
Interest and miscellaneous income (expense), net (4,385)   2,684 (5,397) 2,766  
Equity in income from subsidiaries 0   0 0 0  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 17,580   23,684 20,320 36,717  
Income tax benefit (expense) (13,556) (7,712) [1] 15,947 (5,961) 21,942  
INCOME (LOSS) FROM CONTINUING OPERATIONS 4,024 41,343 [1] 39,631 14,359 58,659  
Income from discontinued operations, net 12,084   48,260 43,092 176,967  
NET INCOME 16,108 41,343 [1] 87,891 57,451 235,626 373,798
Less: Net loss attributable to noncontrolling interest (245)   727 (328) 727  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 16,353 41,426 [1] 87,164 57,779 234,899  
Foreign currency translation adjustment 3,517   (28,201) 21,320 (27,226) (5,710)
New Zealand joint venture cash flow hedges (920)   222 791 775 3,629
Amortization of pension and postretirement plans, net of income tax 58,873   3,717 60,970 8,687  
Total other comprehensive income (loss) 61,470   (24,262) 83,081 (17,764)  
COMPREHENSIVE INCOME 77,578   63,629 140,532 217,862  
Less: Comprehensive income (loss) attributable to noncontrolling interest 297   (9,505) 5,722 (9,505)  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 77,281   73,134 134,810 227,367  
Rayonier Inc. (Parent Guarantor) [Member]
           
Income Statement [Abstract]            
SALES 0   0 0 0  
Cost of sales 0   0 0 0  
Selling and general expenses 0   0 0 0  
Other operating expense (income), net 0   180 0 (1,701)  
Costs and Expenses, Total 0   180 0 (1,701)  
Equity in income of New Zealand joint venture     0   0  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     (180) 0 1,701  
Gain related to consolidation of New Zealand joint venture (Note 7)     0   0  
OPERATING INCOME 0   (180) 0 1,701  
Interest expense (3,196)   (3,414) (6,389) (6,689)  
Interest and miscellaneous income (expense), net 2,733   1,759 5,431 4,178  
Equity in income from subsidiaries 16,814   89,064 58,737 235,774  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 16,351   87,229 57,779 234,964  
Income tax benefit (expense) 0   (65) 0 (65)  
INCOME (LOSS) FROM CONTINUING OPERATIONS 16,351   87,164 57,779 234,899  
Income from discontinued operations, net 0   0 0 0  
NET INCOME 16,351   87,164 57,779 234,899  
Less: Net loss attributable to noncontrolling interest 0   0 0 0  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 16,351   87,164 57,779 234,899  
Foreign currency translation adjustment 2,653   (18,625) 15,547 (17,650)  
New Zealand joint venture cash flow hedges (598)   878 514 1,431  
Amortization of pension and postretirement plans, net of income tax 58,873   3,717 60,970 8,687  
Total other comprehensive income (loss) 60,928   (14,030) 77,031 (7,532)  
COMPREHENSIVE INCOME 77,279   73,134 134,810 227,367  
Less: Comprehensive income (loss) attributable to noncontrolling interest 0   0 0 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 77,279   73,134 134,810 227,367  
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member]
           
Income Statement [Abstract]            
SALES 0   0 0 0  
Cost of sales 0   0 0 0  
Selling and general expenses 2,394   2,680 4,544 5,081  
Other operating expense (income), net 1,573   (74) 3,948 449  
Costs and Expenses, Total 3,967   2,606 8,492 5,530  
Equity in income of New Zealand joint venture     0   0  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     (2,606) (8,492) (5,530)  
Gain related to consolidation of New Zealand joint venture (Note 7)     0   0  
OPERATING INCOME (3,967)   (2,606) (8,492) (5,530)  
Interest expense (225)   (266) (468) (518)  
Interest and miscellaneous income (expense), net (3,003)   1,104 (2,189) 1,633  
Equity in income from subsidiaries 23,549   91,235 70,049 240,000  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 16,354   89,467 58,900 235,585  
Income tax benefit (expense) 460   (403) (163) 189  
INCOME (LOSS) FROM CONTINUING OPERATIONS 16,814   89,064 58,737 235,774  
Income from discontinued operations, net 0   0 0 0  
NET INCOME 16,814   89,064 58,737 235,774  
Less: Net loss attributable to noncontrolling interest 0   0 0 0  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 16,814   89,064 58,737 235,774  
Foreign currency translation adjustment 2,653   (28,201) 15,547 (27,226)  
New Zealand joint venture cash flow hedges (598)   222 514 775  
Amortization of pension and postretirement plans, net of income tax 58,873   3,717 60,970 8,687  
Total other comprehensive income (loss) 60,928   (24,262) 77,031 (17,764)  
COMPREHENSIVE INCOME 77,742   64,802 135,768 218,010  
Less: Comprehensive income (loss) attributable to noncontrolling interest 0   0 0 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 77,742   64,802 135,768 218,010  
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member]
           
Income Statement [Abstract]            
SALES 0   0 0 0  
Cost of sales 0   0 0 0  
Selling and general expenses 0   0 0 0  
Other operating expense (income), net 0   0 0 0  
Costs and Expenses, Total 0   0 0 0  
Equity in income of New Zealand joint venture     0   0  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     0 0 0  
Gain related to consolidation of New Zealand joint venture (Note 7)     0   0  
OPERATING INCOME 0   0 0 0  
Interest expense (10,982)   (6,997) (17,672) (13,615)  
Interest and miscellaneous income (expense), net (1,098)   (797) (2,145) (1,548)  
Equity in income from subsidiaries (54,081)   35,968 (22,951) 159,437  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (66,161)   28,174 (42,768) 144,274  
Income tax benefit (expense) 4,409   2,847 7,233 5,537  
INCOME (LOSS) FROM CONTINUING OPERATIONS (61,752)   31,021 (35,535) 149,811  
Income from discontinued operations, net 0   0 0 0  
NET INCOME (61,752)   31,021 (35,535) 149,811  
Less: Net loss attributable to noncontrolling interest 0   0 0 0  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. (61,752)   31,021 (35,535) 149,811  
Foreign currency translation adjustment 513   (1,725) 1,279 (1,485)  
New Zealand joint venture cash flow hedges (598)   (1,873) 514 (1,873)  
Amortization of pension and postretirement plans, net of income tax 92,714   2,819 94,334 6,831  
Total other comprehensive income (loss) 92,629   (779) 96,127 3,473  
COMPREHENSIVE INCOME 30,877   30,242 60,592 153,284  
Less: Comprehensive income (loss) attributable to noncontrolling interest 0   0 0 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 30,877   30,242 60,592 153,284  
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member]
           
Income Statement [Abstract]            
SALES 163,145   154,889 306,332 261,942  
Cost of sales 123,096   127,861 238,995 204,520  
Selling and general expenses 11,467   12,023 22,554 23,019  
Other operating expense (income), net (12,962)   (3,069) (15,712) (5,859)  
Costs and Expenses, Total 121,601   136,815 245,837 221,680  
Equity in income of New Zealand joint venture     304   562  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     18,378 60,495 40,824  
Gain related to consolidation of New Zealand joint venture (Note 7)     16,098   16,098  
OPERATING INCOME 41,544   34,476 60,495 56,922  
Interest expense (1,209)   (674) (1,757) 1,019  
Interest and miscellaneous income (expense), net (3,017)   618 (6,494) (1,497)  
Equity in income from subsidiaries 0   0 0 0  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 37,318   34,420 52,244 56,444  
Income tax benefit (expense) (18,425)   13,505 (13,031) 16,219  
INCOME (LOSS) FROM CONTINUING OPERATIONS 18,893   47,925 39,213 72,663  
Income from discontinued operations, net 12,084   48,260 43,092 176,967  
NET INCOME 30,977   96,185 82,305 249,630  
Less: Net loss attributable to noncontrolling interest (245)   727 (328) 727  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 31,222   95,458 82,633 248,903  
Foreign currency translation adjustment 3,517   (18,625) 21,312 (17,650)  
New Zealand joint venture cash flow hedges (920)   877 791 1,431  
Amortization of pension and postretirement plans, net of income tax 92,714   6,831 94,334 6,831  
Total other comprehensive income (loss) 95,311   (10,917) 116,437 (9,388)  
COMPREHENSIVE INCOME 126,288   85,268 198,742 240,242  
Less: Comprehensive income (loss) attributable to noncontrolling interest 297   (9,505) 5,722 (9,505)  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 125,991   94,773 193,020 249,747  
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member]
           
Income Statement [Abstract]            
SALES 0   0 0 0  
Cost of sales 0   0 0 0  
Selling and general expenses 0   0 0 0  
Other operating expense (income), net 0   (661) 0 (661)  
Costs and Expenses, Total 0   (661) 0 (661)  
Equity in income of New Zealand joint venture     0   0  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     661 0 661  
Gain related to consolidation of New Zealand joint venture (Note 7)     0   0  
OPERATING INCOME 0   661 0 661  
Interest expense 0   0 0 0  
Interest and miscellaneous income (expense), net 0   0 0 0  
Equity in income from subsidiaries 13,718   (216,267) (105,835) (635,211)  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 13,718   (215,606) (105,835) (634,550)  
Income tax benefit (expense) 0   63 0 62  
INCOME (LOSS) FROM CONTINUING OPERATIONS 13,718   (215,543) (105,835) (634,488)  
Income from discontinued operations, net 0   0 0 0  
NET INCOME 13,718   (215,543) (105,835) (634,488)  
Less: Net loss attributable to noncontrolling interest 0   0 0 0  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 13,718   (215,543) (105,835) (634,488)  
Foreign currency translation adjustment (5,819)   38,975 (32,365) 36,785  
New Zealand joint venture cash flow hedges 1,794   118 (1,542) (989)  
Amortization of pension and postretirement plans, net of income tax (244,301)   (13,367) (249,638) (22,349)  
Total other comprehensive income (loss) (248,326)   25,726 (283,545) 13,447  
COMPREHENSIVE INCOME (234,608)   (189,817) (389,380) (621,041)  
Less: Comprehensive income (loss) attributable to noncontrolling interest 0   0 0 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. (234,608)   (189,817) (389,380) (621,041)  
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member]
           
Income Statement [Abstract]            
SALES 0   0 0 0  
Cost of sales 0   0 0 0  
Selling and general expenses 2,394   2,680 4,544 5,081  
Other operating expense (income), net 1,573   (74) 3,948 449  
Costs and Expenses, Total 3,967   2,606 8,492 5,530  
Equity in income of New Zealand joint venture     0   0  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     (2,606) (8,492) (5,530)  
Gain related to consolidation of New Zealand joint venture (Note 7)     0   0  
OPERATING INCOME (3,967)   (2,606) (8,492) (5,530)  
Interest expense (11,207)   (7,263) (18,140) (14,133)  
Interest and miscellaneous income (expense), net (4,101)   307 (4,334) 85  
Equity in income from subsidiaries 31,220   96,185 82,633 249,630  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 11,945   86,623 51,667 230,052  
Income tax benefit (expense) 4,869   2,441 7,070 5,722  
INCOME (LOSS) FROM CONTINUING OPERATIONS 16,814   89,064 58,737 235,774  
Income from discontinued operations, net 0   0 0 0  
NET INCOME 16,814   89,064 58,737 235,774  
Less: Net loss attributable to noncontrolling interest 0   0 0 0  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 16,814   89,064 58,737 235,774  
Foreign currency translation adjustment 2,655   (28,201) 15,547 (27,226)  
New Zealand joint venture cash flow hedges (598)   221 514 775  
Amortization of pension and postretirement plans, net of income tax 58,873   3,718 60,970 8,687  
Total other comprehensive income (loss) 60,930   (24,262) 77,031 (17,764)  
COMPREHENSIVE INCOME 77,744   64,802 135,768 218,010  
Less: Comprehensive income (loss) attributable to noncontrolling interest 0   0 0 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 77,744   64,802 135,768 218,010  
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member]
           
Income Statement [Abstract]            
SALES 163,145   154,889 306,332 261,942  
Cost of sales 123,096   127,861 238,995 204,520  
Selling and general expenses 11,467   12,023 22,554 23,019  
Other operating expense (income), net (12,962)   (3,069) (15,712) (5,859)  
Costs and Expenses, Total 121,601   136,815 245,837 221,680  
Equity in income of New Zealand joint venture     304   562  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     18,378 60,495 40,824  
Gain related to consolidation of New Zealand joint venture (Note 7)     16,098   16,098  
OPERATING INCOME 41,544   34,476 60,495 56,922  
Interest expense (1,209)   (674) (1,757) 1,019  
Interest and miscellaneous income (expense), net (3,017)   618 (6,494) (1,497)  
Equity in income from subsidiaries 0   0 0 0  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 37,318   34,420 52,244 56,444  
Income tax benefit (expense) (18,425)   13,505 (13,031) 16,219  
INCOME (LOSS) FROM CONTINUING OPERATIONS 18,893   47,925 39,213 72,663  
Income from discontinued operations, net 12,084   48,260 43,092 176,967  
NET INCOME 30,977   96,185 82,305 249,630  
Less: Net loss attributable to noncontrolling interest (245)   727 (328) 727  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 31,222   95,458 82,633 248,903  
Foreign currency translation adjustment 3,517   (18,625) 21,312 (17,650)  
New Zealand joint venture cash flow hedges (920)   877 791 1,431  
Amortization of pension and postretirement plans, net of income tax 92,714   6,831 94,334 6,831  
Total other comprehensive income (loss) 95,311   (10,917) 116,437 (9,388)  
COMPREHENSIVE INCOME 126,288   85,268 198,742 240,242  
Less: Comprehensive income (loss) attributable to noncontrolling interest 297   (9,505) 5,722 (9,505)  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 125,991   94,773 193,020 249,747  
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member]
           
Income Statement [Abstract]            
SALES 0   0 0 0  
Cost of sales 0   0 0 0  
Selling and general expenses 0   0 0 0  
Other operating expense (income), net 0   (661) 0 (661)  
Costs and Expenses, Total 0   (661) 0 (661)  
Equity in income of New Zealand joint venture     0   0  
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE     661 0 661  
Gain related to consolidation of New Zealand joint venture (Note 7)     0   0  
OPERATING INCOME 0   661 0 661  
Interest expense 0   0 0 0  
Interest and miscellaneous income (expense), net 0   0 0 0  
Equity in income from subsidiaries (48,034)   (185,249) (141,370) (485,404)  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (48,034)   (184,588) (141,370) (484,743)  
Income tax benefit (expense) 0   66 0 66  
INCOME (LOSS) FROM CONTINUING OPERATIONS (48,034)   (184,522) (141,370) (484,677)  
Income from discontinued operations, net 0   0 0 0  
NET INCOME (48,034)   (184,522) (141,370) (484,677)  
Less: Net loss attributable to noncontrolling interest 0   0 0 0  
NET INCOME ATTRIBUTABLE TO RAYONIER INC. (48,034)   (184,522) (141,370) (484,677)  
Foreign currency translation adjustment (5,308)   37,250 (31,086) 35,300  
New Zealand joint venture cash flow hedges 1,196   (1,754) (1,028) (2,862)  
Amortization of pension and postretirement plans, net of income tax (151,587)   (10,549) (155,304) (15,518)  
Total other comprehensive income (loss) (155,699)   24,947 (187,418) 16,920  
COMPREHENSIVE INCOME (203,733)   (159,575) (328,788) (467,757)  
Less: Comprehensive income (loss) attributable to noncontrolling interest 0   0 0 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $ (203,733)   $ (159,575) $ (328,788) $ (467,757)  
[1] Includes the Performance Fibers business that was spun-off on June 27, 2014.