INVENTORY

In the first quarter of 2015, Rayonier reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets, as discussed at Note 1 — Basis of Presentation. As of June 30, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:



	June 30, 2015		December 31, 2014
Finished goods inventory
Real estate inventory (a)		$8,035		$4,932
Log inventory	5,327		3,451
Total inventory		$13,362		$8,383


(a)	Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months.