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Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2011
CONSOLIDATING FINANCIAL STATEMENTS [Abstract] |
Schedule of Condensed Financial Information [Text Block] |
15. | CONSOLIDATING FINANCIAL STATEMENTS
In October 2007, TRS issued $300 million of 3.75% Senior Exchangeable Notes due 2012, and in August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes for both transactions are non-callable and are guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC ("ROC") as the Subsidiary Guarantor. In connection with these exchangeable notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. Reclassifications In fourth quarter 2010, the Company determined that certain amounts had been incorrectly allocated between the entities presented. See Note 21 - Consolidating Financial Statements in the Company's 2010 Annual Report on Form 10-K for additional information. This resulted in (1) an understatement of interest expense of $5.3 million and $15.6 million for the three and nine months ended September 30, 2010, respectively, for TRS (Issuer) and an overstatement for the same amount for TRS non-guarantor subsidiaries, and (2) the overstatement of income (loss) related to the New Zealand joint venture totaling $(0.04) million and $4.65 million for the three and nine months ended September 30, 2010, respectively, at ROC (Subsidiary Guarantor) and an understatement for the same amount for Other non-guarantor subsidiaries. Consequently, Subsidiary Guarantor and Issuer equity in income from subsidiaries, Issuer and non-guarantor subsidiaries interest and miscellaneous income (expense), net and Issuer and Non-guarantor subsidiaries income tax expense, as previously reported, were also impacted by these misallocations in lesser amounts. The information below gives effect to the correction of these matters. The aforementioned items do not impact the Company’s Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Income and Comprehensive Income or Condensed Consolidated Statement of Cash Flows for the quarter ended September 30, 2010. Management believes the effects of these corrections are not material to the Company’s previously issued condensed consolidating financial statements.
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended September 30, 2011
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 342,937 |  |  | $ | 61,463 |  |  | $ | (19,309 | ) |  | $ | 385,091 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 254,969 |  |  | 32,376 |  |  | (21,161 | ) |  | 266,184 |
Selling and general expenses | — |  |  | 2,566 |  |  | — |  |  | 12,584 |  |  | 612 |  |  | — |  |  | 15,762 |
Other operating expense (income), net | — |  |  | 45 |  |  | — |  |  | (2,606 | ) |  | (1,610 | ) |  | — |  |  | (4,171 | )
| — |  |  | 2,611 |  |  | — |  |  | 264,947 |  |  | 31,378 |  |  | (21,161 | ) |  | 277,775 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 200 |  |  | 794 |  |  | — |  |  | 994 |
OPERATING (LOSS) INCOME | — |  |  | (2,611 | ) |  | — |  |  | 78,190 |  |  | 30,879 |  |  | 1,852 |  |  | 108,310 |
Interest expense | — |  |  | (440 | ) |  | (12,139 | ) |  | 328 |  |  | (105 | ) |  | — |  |  | (12,356 | )
Interest and miscellaneous income (expense), net | — |  |  | 1,332 |  |  | (1,121 | ) |  | (5,053 | ) |  | 5,173 |  |  | — |  |  | 331 |
Equity in income from subsidiaries | 104,909 |  |  | 106,350 |  |  | 76,971 |  |  | — |  |  | — |  |  | (288,230 | ) |  | — |
INCOME BEFORE INCOME TAXES | 104,909 |  |  | 104,631 |  |  | 63,711 |  |  | 73,465 |  |  | 35,947 |  |  | (286,378 | ) |  | 96,285 |
Income tax benefit | — |  |  | 278 |  |  | 4,840 |  |  | 3,506 |  |  | — |  |  | — |  |  | 8,624 |
NET INCOME | $ | 104,909 |  |  | $ | 104,909 |  |  | $ | 68,551 |  |  | $ | 76,971 |  |  | $ | 35,947 |  |  | $ | (286,378 | ) |  | $ | 104,909 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended September 30, 2010
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 349,311 |  |  | $ | 69,040 |  |  | $ | (40,836 | ) |  | $ | 377,515 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 280,715 |  |  | 33,900 |  |  | (45,412 | ) |  | 269,203 |
Selling and general expenses | — |  |  | 2,735 |  |  | — |  |  | 13,613 |  |  | 777 |  |  | — |  |  | 17,125 |
Other operating expense (income), net | — |  |  | 54 |  |  | — |  |  | 679 |  |  | (1,525 | ) |  | — |  |  | (792 | )
| — |  |  | 2,789 |  |  | — |  |  | 295,007 |  |  | 33,152 |  |  | (45,412 | ) |  | 285,536 |
Equity in income (loss) of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 147 |  |  | (44 | ) |  | — |  |  | 103 |
OPERATING (LOSS) INCOME | — |  |  | (2,789 | ) |  | — |  |  | 54,451 |  |  | 35,844 |  |  | 4,576 |  |  | 92,082 |
Interest expense | — |  |  | (80 | ) |  | (12,682 | ) |  | (153 | ) |  | (28 | ) |  | — |  |  | (12,943 | )
Interest and miscellaneous income (expense), net | — |  |  | 1,335 |  |  | (987 | ) |  | (5,178 | ) |  | 5,175 |  |  | — |  |  | 345 |
Equity in income from subsidiaries | 62,904 |  |  | 66,680 |  |  | 29,793 |  |  | — |  |  | — |  |  | (159,377 | ) |  | — |
INCOME BEFORE INCOME TAXES | 62,904 |  |  | 65,146 |  |  | 16,124 |  |  | 49,120 |  |  | 40,991 |  |  | (154,801 | ) |  | 79,484 |
Income tax (expense) benefit | — |  |  | (2,242 | ) |  | 4,989 |  |  | (19,327 | ) |  | — |  |  | — |  |  | (16,580 | )
NET INCOME | $ | 62,904 |  |  | $ | 62,904 |  |  | $ | 21,113 |  |  | $ | 29,793 |  |  | $ | 40,991 |  |  | $ | (154,801 | ) |  | $ | 62,904 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Nine Months Ended September 30, 2011
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,002,015 |  |  | $ | 147,884 |  |  | $ | (49,681 | ) |  | $ | 1,100,218 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 750,375 |  |  | 90,630 |  |  | (54,538 | ) |  | 786,467 |
Selling and general expenses | — |  |  | 7,497 |  |  | — |  |  | 38,639 |  |  | 2,051 |  |  | — |  |  | 48,187 |
Other operating expense (income), net | — |  |  | 130 |  |  | — |  |  | (406 | ) |  | (5,304 | ) |  | — |  |  | (5,580 | )
| — |  |  | 7,627 |  |  | — |  |  | 788,608 |  |  | 87,377 |  |  | (54,538 | ) |  | 829,074 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 561 |  |  | 3,256 |  |  | — |  |  | 3,817 |
OPERATING (LOSS) INCOME | — |  |  | (7,627 | ) |  | — |  |  | 213,968 |  |  | 63,763 |  |  | 4,857 |  |  | 274,961 |
Interest expense | — |  |  | (831 | ) |  | (37,350 | ) |  | 73 |  |  | (192 | ) |  | — |  |  | (38,300 | )
Interest and miscellaneous income (expense), net | — |  |  | 3,972 |  |  | (3,313 | ) |  | (15,069 | ) |  | 15,345 |  |  | — |  |  | 935 |
Equity in income from subsidiaries | 219,774 |  |  | 224,142 |  |  | 166,190 |  |  | — |  |  | — |  |  | (610,106 | ) |  | — |
INCOME BEFORE INCOME TAXES | 219,774 |  |  | 219,656 |  |  | 125,527 |  |  | 198,972 |  |  | 78,916 |  |  | (605,249 | ) |  | 237,596 |
Income tax benefit (expense) | — |  |  | 118 |  |  | 14,842 |  |  | (32,782 | ) |  | — |  |  | — |  |  | (17,822 | )
NET INCOME | $ | 219,774 |  |  | $ | 219,774 |  |  | $ | 140,369 |  |  | $ | 166,190 |  |  | $ | 78,916 |  |  | $ | (605,249 | ) |  | $ | 219,774 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Nine Months Ended September 30, 2010
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 928,643 |  |  | $ | 203,909 |  |  | $ | (132,627 | ) |  | $ | 999,925 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 754,937 |  |  | 99,782 |  |  | (109,723 | ) |  | 744,996 |
Selling and general expenses | — |  |  | 7,591 |  |  | — |  |  | 39,343 |  |  | 2,330 |  |  | — |  |  | 49,264 |
Other operating expense (income), net | — |  |  | 73 |  |  | — |  |  | (955 | ) |  | (5,738 | ) |  | — |  |  | (6,620 | )
| — |  |  | 7,664 |  |  | — |  |  | 793,325 |  |  | 96,374 |  |  | (109,723 | ) |  | 787,640 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 652 |  |  | (18 | ) |  | — |  |  | 634 |
OPERATING (LOSS) INCOME BEFORE GAIN ON SALE OF A PORTION OF THE INTEREST IN THE NEW ZEALAND JOINT VENTURE | — |  |  | (7,664 | ) |  | — |  |  | 135,970 |  |  | 107,517 |  |  | (22,904 | ) |  | 212,919 |
Gain on sale of a portion of the interest in the New Zealand joint venture | — |  |  | — |  |  | — |  |  | 7,697 |  |  | 4,670 |  |  | — |  |  | 12,367 |
OPERATING (LOSS) INCOME | — |  |  | (7,664 | ) |  | — |  |  | 143,667 |  |  | 112,187 |  |  | (22,904 | ) |  | 225,286 |
Interest expense | — |  |  | 70 |  |  | (37,643 | ) |  | — |  |  | (107 | ) |  | — |  |  | (37,680 | )
Interest and miscellaneous income (expense), net | — |  |  | 11,595 |  |  | (3,276 | ) |  | (21,835 | ) |  | 14,459 |  |  | — |  |  | 943 |
Equity in income from subsidiaries | 158,415 |  |  | 158,198 |  |  | 80,547 |  |  | — |  |  | — |  |  | (397,160 | ) |  | — |
INCOME BEFORE INCOME TAXES | 158,415 |  |  | 162,199 |  |  | 39,628 |  |  | 121,832 |  |  | 126,539 |  |  | (420,064 | ) |  | 188,549 |
Income tax (expense) benefit | — |  |  | (3,784 | ) |  | 14,935 |  |  | (41,285 | ) |  | — |  |  | — |  |  | (30,134 | )
NET INCOME | $ | 158,415 |  |  | $ | 158,415 |  |  | $ | 54,563 |  |  | $ | 80,547 |  |  | $ | 126,539 |  |  | $ | (420,064 | ) |  | $ | 158,415 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2011
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 42,375 |  |  | $ | 276,435 |  |  | $ | 10,274 |  |  | $ | 33,201 |  |  | $ | — |  |  | $ | 362,285 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | — |  |  | — |  |  | 105,707 |  |  | 1,230 |  |  | — |  |  | 106,937 |
Inventory | — |  |  | 76 |  |  | — |  |  | 128,716 |  |  | — |  |  | (14,678 | ) |  | 114,114 |
Intercompany interest receivable | — |  |  | — |  |  | — |  |  | — |  |  | 4,257 |  |  | (4,257 | ) |  | — |
Income tax receivable | — |  |  | 1,624 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,624 |
Prepaid and other current assets | — |  |  | 1,222 |  |  | 816 |  |  | 51,314 |  |  | 10,106 |  |  | — |  |  | 63,458 |
Total current assets | — |  |  | 45,297 |  |  | 277,251 |  |  | 296,011 |  |  | 48,794 |  |  | (18,935 | ) |  | 648,418 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | 23 |  |  | — |  |  | 38,422 |  |  | 1,152,051 |  |  | 1,860 |  |  | 1,192,356 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,418 |  |  | — |  |  | 416,441 |  |  | 1,749 |  |  | — |  |  | 420,608 |
INVESTMENT IN JOINT VENTURE | — |  |  | — |  |  | — |  |  | (11,356 | ) |  | 91,637 |  |  | — |  |  | 80,281 |
INVESTMENT IN SUBSIDIARIES | 1,368,031 |  |  | 1,577,960 |  |  | 1,059,932 |  |  | — |  |  | — |  |  | (4,005,923 | ) |  | — |
OTHER ASSETS | — |  |  | 27,555 |  |  | 7,285 |  |  | 656,407 |  |  | 6,741 |  |  | (544,930 | ) |  | 153,058 |
TOTAL ASSETS | $ | 1,368,031 |  |  | $ | 1,653,253 |  |  | $ | 1,344,468 |  |  | $ | 1,395,925 |  |  | $ | 1,300,972 |  |  | $ | (4,567,928 | ) |  | $ | 2,494,721 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 785 |  |  | $ | 22 |  |  | $ | 64,746 |  |  | $ | 2,942 |  |  | $ | — |  |  | $ | 68,495 |
Current maturities of long-term debt | — |  |  | — |  |  | 116,167 |  |  | — |  |  | — |  |  | — |  |  | 116,167 |
Accrued taxes | — |  |  | 13 |  |  | — |  |  | 16,572 |  |  | 6,309 |  |  | — |  |  | 22,894 |
Accrued payroll and benefits | — |  |  | 12,761 |  |  | — |  |  | 9,761 |  |  | 2,197 |  |  | — |  |  | 24,719 |
Accrued interest | — |  |  | 278 |  |  | 10,773 |  |  | 891 |  |  | — |  |  | — |  |  | 11,942 |
Accrued customer incentives | — |  |  | — |  |  | — |  |  | 9,265 |  |  | — |  |  | — |  |  | 9,265 |
Other current liabilities | — |  |  | 1,656 |  |  | — |  |  | 19,730 |  |  | 14,251 |  |  | — |  |  | 35,637 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | — |  |  | 11,090 |  |  | — |  |  | — |  |  | 11,090 |
Total current liabilities | — |  |  | 15,493 |  |  | 126,962 |  |  | 132,055 |  |  | 25,699 |  |  | — |  |  | 300,209 |
LONG-TERM DEBT | — |  |  | 75,000 |  |  | 583,464 |  |  | — |  |  | — |  |  | — |  |  | 658,464 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | 75,213 |  |  | — |  |  | — |  |  | 75,213 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 64,522 |  |  | — |  |  | 990 |  |  | — |  |  | — |  |  | 65,512 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 19,626 |  |  | — |  |  | 7,035 |  |  | 631 |  |  | — |  |  | 27,292 |
INTERCOMPANY PAYABLE | — |  |  | 110,581 |  |  | — |  |  | 120,700 |  |  | (7,440 | ) |  | (223,841 | ) |  | — |
TOTAL LIABILITIES | — |  |  | 285,222 |  |  | 710,426 |  |  | 335,993 |  |  | 18,890 |  |  | (223,841 | ) |  | 1,126,690 |
TOTAL SHAREHOLDERS’ EQUITY | 1,368,031 |  |  | 1,368,031 |  |  | 634,042 |  |  | 1,059,932 |  |  | 1,282,082 |  |  | (4,344,087 | ) |  | 1,368,031 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,368,031 |  |  | $ | 1,653,253 |  |  | $ | 1,344,468 |  |  | $ | 1,395,925 |  |  | $ | 1,300,972 |  |  | $ | (4,567,928 | ) |  | $ | 2,494,721 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2010 |
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 29,759 |  |  | $ | 283,258 |  |  | $ | 1,280 |  |  | $ | 35,166 |  |  | $ | — |  |  | $ | 349,463 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 1 |  |  | — |  |  | 81,288 |  |  | 1,351 |  |  | — |  |  | 82,640 |
Inventory | — |  |  | — |  |  | — |  |  | 123,432 |  |  | — |  |  | (13,397 | ) |  | 110,035 |
Intercompany interest receivable | — |  |  | — |  |  | — |  |  | — |  |  | 4,320 |  |  | (4,320 | ) |  | — |
Income tax receivable | — |  |  | 1,750 |  |  | — |  |  | 19,984 |  |  | — |  |  | — |  |  | 21,734 |
Prepaid and other current assets | — |  |  | 1,273 |  |  | 842 |  |  | 38,697 |  |  | 4,502 |  |  | — |  |  | 45,314 |
Total current assets | — |  |  | 32,783 |  |  | 284,100 |  |  | 264,681 |  |  | 45,339 |  |  | (17,717 | ) |  | 609,186 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | — |  |  | 37,398 |  |  | 1,098,870 |  |  | 1,663 |  |  | 1,137,931 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,819 |  |  | — |  |  | 380,577 |  |  | 1,711 |  |  | 197 |  |  | 385,304 |
INVESTMENT IN JOINT VENTURE | — |  |  | — |  |  | — |  |  | (12,282 | ) |  | 80,765 |  |  | — |  |  | 68,483 |
INVESTMENT IN SUBSIDIARIES | 1,251,582 |  |  | 1,392,465 |  |  | 987,381 |  |  | — |  |  | — |  |  | (3,631,428 | ) |  | — |
OTHER ASSETS | — |  |  | 26,642 |  |  | 9,351 |  |  | 664,664 |  |  | 13,153 |  |  | (551,061 | ) |  | 162,749 |
TOTAL ASSETS | $ | 1,251,582 |  |  | $ | 1,454,709 |  |  | $ | 1,280,832 |  |  | $ | 1,335,038 |  |  | $ | 1,239,838 |  |  | $ | (4,198,346 | ) |  | $ | 2,363,653 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 823 |  |  | $ | 20 |  |  | $ | 55,052 |  |  | $ | 2,090 |  |  | $ | — |  |  | $ | 57,985 |
Current maturities of long-term debt | — |  |  | — |  |  | 93,057 |  |  | — |  |  | — |  |  | — |  |  | 93,057 |
Accrued taxes | — |  |  | — |  |  | — |  |  | 8,283 |  |  | 2,054 |  |  | — |  |  | 10,337 |
Accrued payroll and benefits | — |  |  | 13,507 |  |  | — |  |  | 9,590 |  |  | 2,369 |  |  | — |  |  | 25,466 |
Accrued interest | — |  |  | 12 |  |  | 5,591 |  |  | 603 |  |  | — |  |  | — |  |  | 6,206 |
Accrued customer incentives | — |  |  | — |  |  | — |  |  | 9,759 |  |  | — |  |  | — |  |  | 9,759 |
Other current liabilities | — |  |  | 2,608 |  |  | — |  |  | 20,071 |  |  | 7,959 |  |  | — |  |  | 30,638 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | — |  |  | 11,500 |  |  | — |  |  | — |  |  | 11,500 |
Total current liabilities | — |  |  | 16,950 |  |  | 98,668 |  |  | 114,858 |  |  | 14,472 |  |  | — |  |  | 244,948 |
LONG-TERM DEBT | — |  |  | — |  |  | 675,103 |  |  | — |  |  | — |  |  | — |  |  | 675,103 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | 81,660 |  |  | — |  |  | — |  |  | 81,660 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 63,759 |  |  | — |  |  | 2,576 |  |  | — |  |  | — |  |  | 66,335 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 19,811 |  |  | — |  |  | 23,552 |  |  | 662 |  |  | — |  |  | 44,025 |
INTERCOMPANY PAYABLE | — |  |  | 102,607 |  |  | — |  |  | 125,011 |  |  | (3,751 | ) |  | (223,867 | ) |  | — |
TOTAL LIABILITIES | — |  |  | 203,127 |  |  | 773,771 |  |  | 347,657 |  |  | 11,383 |  |  | (223,867 | ) |  | 1,112,071 |
TOTAL SHAREHOLDERS’ EQUITY | 1,251,582 |  |  | 1,251,582 |  |  | 507,061 |  |  | 987,381 |  |  | 1,228,455 |  |  | (3,974,479 | ) |  | 1,251,582 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,251,582 |  |  | $ | 1,454,709 |  |  | $ | 1,280,832 |  |  | $ | 1,335,038 |  |  | $ | 1,239,838 |  |  | $ | (4,198,346 | ) |  | $ | 2,363,653 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2011
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 136,224 |  |  | $ | 147,352 |  |  | $ | 15,000 |  |  | $ | 165,221 |  |  | $ | 136,241 |  |  | $ | (273,768 | ) |  | $ | 326,270 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (16 | ) |  | — |  |  | (60,950 | ) |  | (26,190 | ) |  | — |  |  | (87,156 | )
Purchase of timberlands | — |  |  | — |  |  | — |  |  | (5,638 | ) |  | (88,524 | ) |  | — |  |  | (94,162 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | — |  |  | (14,567 | ) |  | — |  |  | — |  |  | (14,567 | )
Change in restricted cash | — |  |  | — |  |  | — |  |  | — |  |  | 8,323 |  |  | — |  |  | 8,323 |
Investment In Subsidiaries | — |  |  | (73,736 | ) |  | 68,613 |  |  | — |  |  | — |  |  | 5,123 |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 7,092 |  |  | (71 | ) |  | — |  |  | 7,021 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — |  |  | (73,752 | ) |  | 68,613 |  |  | (74,063 | ) |  | (106,462 | ) |  | 5,123 |  |  | (180,541 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | 75,000 |  |  | — |  |  | — |  |  | 105,000 |  |  | — |  |  | 180,000 |
Repayment of debt | — |  |  | — |  |  | (75,000 | ) |  | — |  |  | (105,000 | ) |  | — |  |  | (180,000 | )
Dividends paid | (136,563 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (136,563 | )
Proceeds from the issuance of common shares | 8,248 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,248 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | — |  |  | 4,951 |  |  | — |  |  | — |  |  | 4,951 |
Debt issuance costs | — |  |  | (675 | ) |  | (676 | ) |  | — |  |  | (676 | ) |  | — |  |  | (2,027 | )
Repurchase of common shares | (7,909 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,909 | )
Intercompany distributions | — |  |  | (135,309 | ) |  | (14,760 | ) |  | (87,508 | ) |  | (31,068 | ) |  | 268,645 |  |  | — |
CASH USED FOR FINANCING ACTIVITIES | (136,224 | ) |  | (60,984 | ) |  | (90,436 | ) |  | (82,557 | ) |  | (31,744 | ) |  | 268,645 |  |  | (133,300 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | 393 |  |  | — |  |  | — |  |  | 393 |
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | — |  |  | 12,616 |  |  | (6,823 | ) |  | 8,994 |  |  | (1,965 | ) |  | — |  |  | 12,822 |
Balance, beginning of year | — |  |  | 29,759 |  |  | 283,258 |  |  | 1,280 |  |  | 35,166 |  |  | — |  |  | 349,463 |
Balance, end of period | $ | — |  |  | $ | 42,375 |  |  | $ | 276,435 |  |  | $ | 10,274 |  |  | $ | 33,201 |  |  | $ | — |  |  | $ | 362,285 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2010
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors) |  | All Other Subsidiaries (Non- guarantors) |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 104,652 |  |  | $ | 146,909 |  |  | $ | 25,000 |  |  | $ | 296,986 |  |  | $ | 196,190 |  |  | $ | (296,530 | ) |  | $ | 473,207 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (818 | ) |  | — |  |  | (73,617 | ) |  | (21,179 | ) |  | — |  |  | (95,614 | )
Intercompany purchase of timberlands and real estate | — |  |  | — |  |  | — |  |  | (41,253 | ) |  | (48,487 | ) |  | 89,740 |  |  | — |
Change in restricted cash | — |  |  | — |  |  | — |  |  | — |  |  | (13,209 | ) |  | — |  |  | (13,209 | )
Investment in Subsidiaries | — |  |  | — |  |  | 164,281 |  |  | — |  |  | — |  |  | (164,281 | ) |  | — |
Other | — |  |  | — |  |  | — |  |  | 6,590 |  |  | (379 | ) |  | — |  |  | 6,211 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — |  |  | (818 | ) |  | 164,281 |  |  | (108,280 | ) |  | (83,254 | ) |  | (74,541 | ) |  | (102,612 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | — |  |  | 75,000 |  |  | — |  |  | 82,000 |  |  | — |  |  | 157,000 |
Repayment of debt | — |  |  | (5,000 | ) |  | (4,650 | ) |  | — |  |  | (87,000 | ) |  | — |  |  | (96,650 | )
Dividends paid | (120,156 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (120,156 | )
Proceeds from the issuance of common shares | 21,532 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,532 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | — |  |  | 5,071 |  |  | — |  |  | — |  |  | 5,071 |
Debt issuance costs | — |  |  | — |  |  | (537 | ) |  | — |  |  | — |  |  | — |  |  | (537 | )
Repurchase of common shares | (6,028 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,028 | )
Intercompany distributions | — |  |  | (104,652 | ) |  | (25,000 | ) |  | (193,178 | ) |  | (48,241 | ) |  | 371,071 |  |  | — |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (104,652 | ) |  | (109,652 | ) |  | 44,813 |  |  | (188,107 | ) |  | (53,241 | ) |  | 371,071 |  |  | (39,768 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | (126 | ) |  | — |  |  | — |  |  | (126 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | — |  |  | 36,439 |  |  | 234,094 |  |  | 473 |  |  | 59,695 |  |  | — |  |  | 330,701 |
Balance, beginning of year | — |  |  | 2,895 |  |  | 67,494 |  |  | 2,228 |  |  | 2,347 |  |  | — |  |  | 74,964 |
Balance, end of period | $ | — |  |  | $ | 39,334 |  |  | $ | 301,588 |  |  | $ | 2,701 |  |  | $ | 62,042 |  |  | $ | — |  |  | $ | 405,665 |

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- Definition Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + Details
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