SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 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 and other value-added activities such as the leasing of properties for hunting, mineral extraction and cell towers. Real Estate sales include all property sales, including those designated as higher and better use (“HBU”) and those designated as the sale of non-strategic timberlands. 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, reported as “Other Operations,” include harvesting and selling timber acquired from third parties (log trading). 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:

	September 30,		December 31,
ASSETS	2014		2013
Forest Resources	$	2,160,615	$	2,162,913
Real Estate	110,825		149,001
Other Operations	24,107		37,334
Corporate and other	182,012		257,608
Performance Fibers	—		1,078,645
Total	$	2,477,559	$	3,685,501

	Three Months Ended September 30,					Nine Months Ended September 30,
SALES	2014		2013			2014			2013
Forest Resources	$	108,024	$	111,260		$	313,822		$	277,422
Real Estate	26,689		14,088			66,236			51,761
Other Operations	15,116		34,015			80,027			92,472
Intersegment Eliminations	—		(102		)	(3,924		)	(452		)
Total	$	149,829	$	159,261		$	456,161		$	421,203

	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME	2014			2013			2014			2013
Forest Resources	$	19,191		$	23,172		$	64,657		$	57,317
Real Estate	16,399			7,521			44,888			30,468
Other Operations	2,499			(363		)	1,955			1,356
Corporate and other (a)	(6,010		)	(10,361		)	(27,418		)	(15,418		)
Total	$	32,079		$	19,969		$	84,082		$	73,723

(a) The nine months ended September 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.

	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2014		2013		2014		2013
Forest Resources	$	30,112	$	28,475	$	80,567	$	72,210
Real Estate	3,807		2,074		11,140		8,720
Corporate	123		262		747		738
Total	$	34,042	$	30,811	$	92,454	$	81,668