Segment and Geographical Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment and Geographical Information

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading.

The Company’s timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. Sales in the Timber segments include all activities related to the harvesting of timber and other non-timber income activities such as the leasing of properties for hunting, mineral extraction and cell towers.

Real Estate sales include all U.S. property sales, including those lands designated as higher and better use (HBU). The Company’s Real Estate sales categories include Improved Development, Unimproved Development, Rural and Non-Strategic / Timberlands. In the fourth quarter of 2015, the Company added a fifth sales category entitled “Large Dispositions.” This category includes sales of timberland that exceed $20 million in size and do not have any identified HBU premium relative to timberland value. Previously, these sales were reported as Non-Strategic / Timberlands. All prior period amounts have been presented to reflect the newly realigned sales categories.

Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in improvements such as utilities or roads.

The Trading segment comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment, and by contributing to income with minimal investment.

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 segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. 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 and are included under “Corporate and other.”

Segment information for each of the three years ended December 31, 2015 follows:

	Sales
	2015		2014			2013
Southern Timber		$139,093		$141,833			$123,804
Pacific Northwest Timber	76,488		102,232			110,494
New Zealand Timber	161,570		182,421			147,716
Real Estate (a)	86,493		77,281			148,955
Trading	81,230		103,678			131,711
Intersegment Eliminations	—		(3,924		)	(2,962		)
Total		$544,874		$603,521			$659,718

(a) 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57.3 million.

	Operating Income/(Loss)
	2015			2014			2013
Southern Timber		$46,669			$45,651			$37,847
Pacific Northwest Timber	6,917			29,539			32,669
New Zealand Timber	2,775			9,474			10,566
Real Estate	44,263			47,474			55,894
Trading	1,247			1,687			1,823
Corporate and other (a)	(24,087		)	(35,536		)	(30,139		)
Total Operating Income	77,784			98,289			108,660
Unallocated interest expense and other	(34,702		)	(53,447		)	(38,502		)
Total income from continuing operations before income taxes		$43,082			$44,842			$70,158

(a) 2013 included a $16.2 million gain related to the consolidation of the New Zealand JV. See Note 7 — Joint Venture Investment.

	Gross Capital Expenditures
	2015		2014		2013
Capital Expenditures (a)
Southern Timber		$33,245		$36,033		$38,093
Pacific Northwest Timber	8,515		9,742		8,404
New Zealand Timber	15,143		17,344		16,030
Real Estate	313		195		366
Trading	—		—		—
Corporate and other	77		399		310
Total capital expenditures		$57,293		$63,713		$63,203
Timberland Acquisitions
Southern Timber		$54,408		$125,650		$20,364
Pacific Northwest Timber	34,052		1,878		—
New Zealand Timber (b)	9,949		923		139,879
Real Estate	—		2,445		37
Trading	—		—		—
Corporate and other	—		—		—
Total timberland acquisitions		$98,409		$130,896		$160,280
Total Gross Capital Expenditures		$155,702		$194,609		$223,483

(a) Excludes timberland acquisitions presented separately.

(b) Includes $139.9 million related to the purchase price of the additional 39 percent JV interest acquired in 2013. See Note 7 — Joint Venture Investmentfor additional information.

	Depreciation, Depletion and Amortization
	2015		2014		2013
Southern Timber		$54,299		$52,307		$49,402
Pacific Northwest Timber	14,842		21,282		21,371
New Zealand Timber	29,741		32,161		27,650
Real Estate	14,533		13,355		17,365
Trading	—		—		—
Corporate and other	293		875		1,066
Total		$113,708		$119,980		$116,854

	Non-Cash Cost of Land and Real Estate Sold
	2015		2014		2013
Southern Timber	—		—		—
Pacific Northwest Timber	—		—		—
New Zealand Timber	467		4,328		—
Real Estate	12,042		8,936		10,212
Trading	—		—		—
Corporate and other	—		—		—
Total		$12,509		$13,264		$10,212

	Sales by Product Line
	2015		2014			2013
Southern Timber		$139,093		$141,833			$123,804
Pacific Northwest Timber	76,488		102,232			110,494
New Zealand Timber	161,570		182,421			147,716
Real Estate
Improved Development	2,610		—			1,568
Unimproved Development	6,399		4,794			2,839
Rural	22,653		40,954			27,471
Non-Strategic / Timberlands	54,831		9,533			37,049
Large Dispositions (a)	—		22,000			80,028
Total Real Estate	86,493		77,281			148,955
Trading	81,230		103,678			131,711
Intersegment eliminations	—		(3,924		)	(2,962		)
Total Sales		$544,874		$603,521			$659,718

(a) 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57.3 million.

	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2015		2014		2013		2015		2014		2013		2015		2014
United States		$302,074		$317,422		$380,575		$73,749		$87,116		$80,158		$1,826,462		$1,884,585
New Zealand (a)	242,800		286,099		279,143		4,035		11,173		28,502		492,801		568,530
Total		$544,874		$603,521		$659,718		$77,784		$98,289		$108,660		$2,319,263		$2,453,115

(a) 2013 included a $16.2 million operating income gain from the consolidation of the New Zealand JV. See Note 7 — Joint Venture Investment.