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 in Note 2 - Summary of Significant Accounting Policies. As of December 31, 2015 and 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:



	2015		2014
Finished goods inventory
Real estate inventory (a)		$12,252		$4,932
Log inventory	3,099		3,451
Total inventory		$15,351		$8,383


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