CONSOLIDATING FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			—			103,689			—			103,689
Selling and general expenses	—			6,330			—			6,397			—			12,727
Other operating expense (income), net	—			(461		)	—			(6,677		)	—			(7,138		)
	—			5,869			—			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	—			12,392			—			6,523
Interest expense	(3,169		)	(131		)	(2,409		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			817			(137		)	(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	4,966			2,796			—			(7,524		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(217		)	250			5,871			(7,524		)	(3,156		)
Income tax (expense) benefit	—			(21		)	948			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	1,198			5,240			(7,524		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	1,198			6,564			(7,524		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(74		)	(25,395		)	36,090			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(1,896		)	(2,917		)	5,688			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(5		)	(733		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(1,975		)	(28,317		)	41,045			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(777		)	(23,077		)	33,521			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($777	)		($13,347	)		$33,522			($20,698	)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			—			123,096			—			123,096
Selling and general expenses	—			2,394			—			11,467			—			13,861
Other operating expense (income), net	—			1,573			—			(12,962		)	—			(11,389		)
	—			3,967			—			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	—			41,544			—			37,577
Interest expense	(3,196		)	(225		)	(10,982		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(3,003		)	(1,098		)	(3,017		)	—			(4,385		)
Equity in income (loss) from subsidiaries	16,814			23,549			(54,081		)	—			13,718			—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			16,354			(66,161		)	37,318			13,718			17,580
Income tax benefit (expense)	—			460			4,409			(18,425		)	—			(13,556		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	16,351			16,814			(61,752		)	18,893			13,718			4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			12,084			—			12,084
NET INCOME (LOSS)	16,351			16,814			(61,752		)	30,977			13,718			16,108
Less: Net loss attributable to noncontrolling interest	—			—			—			(245		)	—			(245		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			(61,752		)	31,222			13,718			16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,653			513			3,517			(5,819		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(598		)	(920		)	1,794			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			92,714			(244,301		)	58,873
Total other comprehensive income	60,928			60,928			92,629			95,311			(248,326		)	61,470
COMPREHENSIVE INCOME	77,279			77,742			30,877			126,288			(234,608		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,742			$30,877			$125,991			($234,608	)		$77,281

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			—			210,923			—			210,923
Selling and general expenses	—			11,279			—			12,347			—			23,626
Other operating income, net	—			(461		)	—			(12,252		)	—			(12,713		)
	—			10,818			—			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	—			45,088			—			34,270
Interest expense	(6,337		)	(223		)	(4,841		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,654			(281		)	(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			28,149			4,223			—			(51,113		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			18,762			(899		)	31,591			(51,113		)	14,552
Income tax (expense) benefit	—			(21		)	1,908			(1,119		)	—			768
NET INCOME	16,211			18,741			1,009			30,472			(51,113		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			1,009			31,363			(51,113		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(926		)	(39,718		)	57,803			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(2,511		)	(3,863		)	7,533			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			15			(1,554		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(3,422		)	(43,566		)	63,782			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(2,413		)	(13,094		)	12,669			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		($2,413	)		$428			$12,669			($13,214	)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			—			238,995			—			238,995
Selling and general expenses	—			4,544			—			22,554			—			27,098
Other operating expense (income), net	—			3,948			—			(15,712		)	—			(11,764		)
	—			8,492			—			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	—			60,495			—			52,003
Interest expense	(6,389		)	(468		)	(17,672		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(2,189		)	(2,145		)	(6,494		)	—			(5,397		)
Equity in income (loss) from subsidiaries	58,737			70,049			(22,951		)	—			(105,835		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			58,900			(42,768		)	52,244			(105,835		)	20,320
Income tax (expense) benefit	—			(163		)	7,233			(13,031		)	—			(5,961		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	57,779			58,737			(35,535		)	39,213			(105,835		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			43,092			—			43,092
NET INCOME (LOSS)	57,779			58,737			(35,535		)	82,305			(105,835		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			—			(328		)	—			(328		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			(35,535		)	82,633			(105,835		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			1,279			21,312			(32,365		)	21,320
New Zealand joint venture cash flow hedges	514			514			514			791			(1,542		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			94,334			(249,638		)	60,970
Total other comprehensive income	77,031			77,031			96,127			116,437			(283,545		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			60,592			198,742			(389,380		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$60,592			$193,020			($389,380	)		$134,810

Schedule of Condensed Consolidating Balance Sheets

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$5,366		$94			$45,847		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		—			91		19,353			—			19,444
Inventory	—		—			—		13,362			—			13,362
Prepaid and other current assets	—		1,855			3,008		16,359			—			21,222
Total current assets	5,366		1,949			48,946		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480			—		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,182,721			843,077		—			(4,542,206		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		—			21,928		—			(274,743		)	—
OTHER ASSETS	2,570		16,476			1,325		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,434			$83		$18,879		—				$22,396
Current maturities of long-term debt	—		—			30,000		—			—			30,000
Accrued taxes	—		14			—		15,797			—			15,811
Accrued payroll and benefits	—		2,476			—		2,120			—			4,596
Accrued interest	3,046		(12		)	2,505		35,499			(32,995		)	8,043
Other current liabilities	—		2,420			9,570		19,624			—			31,614
Total current liabilities	3,046		8,332			42,158		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		—			115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081			—		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615			—		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190			—		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,128,525			(4,402,079		)	1,404,113
Noncontrolling interest	—		—			—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,201,684			(4,402,079		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$102,218		$11			$8,094		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		—			1,409		22,609			—			24,018
Inventory	—		—			—		8,383			—			8,383
Prepaid and other current assets	—		2,003			6		17,736			—			19,745
Total current assets	102,218		2,014			9,509		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433			—		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		1,923,185			640,678		—			(4,027,166		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		—			21,500		—			(269,733		)	—
OTHER ASSETS	2,763		16,610			1,759		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,687			$123		$17,401		—				$20,211
Current maturities of long-term debt	—		—			129,706		—			—			129,706
Accrued taxes	—		11			—		11,394			—			11,405
Accrued payroll and benefits	—		3,253			—		3,137			—			6,390
Accrued interest	3,047		(3		)	2,520		31,281			(28,412		)	8,433
Other current liabilities	—		928			145		24,784			—			25,857
Total current liabilities	3,047		6,876			132,494		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		—			31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161			—		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436			—		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466			—		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,017,520			(3,990,775		)	1,488,470
Noncontrolling interest	—		—			—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,104,201			(3,990,775		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115

Schedule of Condensed Consolidating Statements of Cash Flows

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)	—				$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	—			(25,996		)	—			(26,130		)
Real estate development costs	—			—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			—			4,160			—			4,160
Investment in Subsidiaries	—			—			8,753			—			(8,753		)	—
Other	—			—			—			3,689			—			3,689
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(134		)	8,753			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			—			57,000			2,100			—			59,100
Repayment of debt	—			—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			—			(9,057		)
Intercompany distributions	—			13,778			—			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	13,778			29,000			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	83			37,753			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			11			8,094			51,235			—			161,558
Balance, end of period		$5,366			$94			$45,847			$40,325		—				$91,632

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518		—				$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	—			(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			—			63,128			—			63,128
Investment in Subsidiaries	—			—			(62,800		)	—			62,800			—
Other	—			—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(201		)	(62,800		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,238,389			—			—			1,238,389
Repayment of debt	—			—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			—			(1,834		)
Debt issuance costs	—			—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	—			65,318			84,207			—
Other	—			—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(149,525		)	118,947			64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	792			56,147			56,478			—			22,417
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period		$39,181			$1,096			$66,866			$114,918		—				$222,061

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			103,689			—			103,689
Selling and general expenses	—			6,330			6,397			—			12,727
Other operating income, net	—			(461		)	(6,677		)	—			(7,138		)
	—			5,869			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	12,392			—			6,523
Interest expense	(3,169		)	(2,540		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			680			(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	6,564			—			(6,326		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(1,165		)	5,871			(6,326		)	(3,156		)
Income tax benefit (expense)	—			927			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	5,240			(6,326		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	6,564			(6,326		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(25,395		)	36,016			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(2,917		)	3,792			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(738		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(28,317		)	39,070			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(23,077		)	32,744			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($13,347	)		$32,745			($20,698	)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			123,096			—			123,096
Selling and general expenses	—			2,394			11,467			—			13,861
Other operating expense (income), net	—			1,573			(12,962		)	—			(11,389		)
	—			3,967			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	41,544			—			37,577
Interest expense	(3,196		)	(11,207		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(4,101		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			31,220			—			(48,034		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			11,945			37,318			(48,034		)	17,580
Income tax benefit (expense)	—			4,869			(18,425		)	—			(13,556		)
INCOME FROM CONTINUING OPERATIONS	16,351			16,814			18,893			(48,034		)	4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			12,084			—			12,084
NET INCOME	16,351			16,814			30,977			(48,034		)	16,108
Less: Net loss attributable to noncontrolling interest	—			—			(245		)	—			(245		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			31,222			(48,034		)	16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,655			3,517			(5,308		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(920		)	1,196			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			(151,587		)	58,873
Total other comprehensive income	60,928			60,930			95,311			(155,699		)	61,470
COMPREHENSIVE INCOME	77,279			77,744			126,288			(203,733		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,744			$125,991			($203,733	)		$77,281

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			210,923			—			210,923
Selling and general expenses	—			11,279			12,347			—			23,626
Other operating income, net	—			(461		)	(12,252		)	—			(12,713		)
	—			10,818			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	45,088			—			34,270
Interest expense	(6,337		)	(5,064		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,373			(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			31,363			—			(50,104		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			16,854			31,591			(50,104		)	14,552
Income tax benefit (expense)	—			1,887			(1,119		)	—			768
NET INCOME	16,211			18,741			30,472			(50,104		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			31,363			(50,104		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(39,718		)	56,877			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(3,863		)	5,022			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			(1,539		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(43,566		)	60,360			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(13,094		)	10,256			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		$428			$10,256			($13,214	)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			238,995			—			238,995
Selling and general expenses	—			4,544			22,554			—			27,098
Other operating expense (income), net	—			3,948			(15,712		)	—			(11,764		)
	—			8,492			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	60,495			—			52,003
Interest expense	(6,389		)	(18,140		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(4,334		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			82,633			—			(141,370		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			51,667			52,244			(141,370		)	20,320
Income tax benefit (expense)	—			7,070			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			39,213			(141,370		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			43,092			—			43,092
NET INCOME	57,779			58,737			82,305			(141,370		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			82,633			(141,370		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			21,312			(31,086		)	21,320
New Zealand joint venture cash flow hedges	514			514			791			(1,028		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			(155,304		)	60,970
Total other comprehensive income	77,031			77,031			116,437			(187,418		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			198,742			(328,788		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$193,020			($328,788	)		$134,810

Schedule of Condensed Consolidating Balance Sheets

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$5,366		$45,941		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		91		19,353			—			19,444
Inventory	—		—		13,362			—			13,362
Prepaid and other current assets	—		4,863		16,359			—			21,222
Total current assets	5,366		50,895		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,268,652		—			(3,785,060		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		21,928		—			(274,743		)	—
OTHER ASSETS	2,570		17,801		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,517		$18,879		—				$22,396
Current maturities of long-term debt	—		30,000		—			—			30,000
Accrued taxes	—		14		15,797			—			15,811
Accrued payroll and benefits	—		2,476		2,120			—			4,596
Accrued interest	3,046		2,493		35,499			(32,995		)	8,043
Other current liabilities	—		11,990		19,624			—			31,614
Total current liabilities	3,046		50,490		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,128,525			(3,644,933		)	1,404,113
Noncontrolling interest	—		—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,201,684			(3,644,933		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$102,218		$8,105		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		1,409		22,609			—			24,018
Inventory	—		—		8,383			—			8,383
Prepaid and other current assets	—		2,009		17,736			—			19,745
Total current assets	102,218		11,523		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		2,053,911		—			(3,517,214		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		21,500		—			(269,733		)	—
OTHER ASSETS	2,763		18,369		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,810		$17,401		—				$20,211
Current maturities of long-term debt	—		129,706		—			—			129,706
Accrued taxes	—		11		11,394			—			11,405
Accrued payroll and benefits	—		3,253		3,137			—			6,390
Accrued interest	3,047		2,517		31,281			(28,412		)	8,433
Other current liabilities	—		1,073		24,784			—			25,857
Total current liabilities	3,047		139,370		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,017,520			(3,480,823		)	1,488,470
Noncontrolling interest	—		—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,104,201			(3,480,823		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115

Schedule of Condensed Consolidating Statements of Cash Flows

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)		$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	(25,996		)	—			(26,130		)
Real estate development costs	—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			4,160			—			4,160
Investment in Subsidiaries	—			8,753			—			(8,753		)	—
Other	—			—			3,689			—			3,689
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			8,619			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			57,000			2,100			—			59,100
Repayment of debt	—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			(9,057		)
Intercompany distributions	—			13,778			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	42,778			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	37,836			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			8,105			51,235			—			161,558
Balance, end of period		$5,366			$45,941			$40,325		—				$91,632

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518			$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			63,128			—			63,128
Investment in Subsidiaries	—			(62,800		)	—			62,800			—
Other	—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(63,001		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			1,238,389			—			—			1,238,389
Repayment of debt	—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Debt issuance costs	—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	65,318			84,207			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(30,578		)	64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	56,939			56,478			—			22,417
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period		$39,181			$67,962			$114,918		—				$222,061