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Consolidating Financial Statements (Notes) | 12 Months Ended
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Dec. 31, 2012
CONSOLIDATING FINANCIAL STATEMENTS [Abstract] |
Consolidating Financial Statements [Text Block] |
22. | CONSOLIDATING FINANCIAL STATEMENTS
The condensed consolidating financial information below 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. 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 August 2015. The 2012 notes matured in October 2012 and the outstanding principal balance of $300 million was paid in cash. The notes for both transactions are (were) 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. In 2012, the Company has presented all information relating to the notes' non-guarantors in a single, combined column in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. For comparability purposes, all prior year information has been updated to reflect the same presentation. The condensed consolidating financial information for the years ended December 31, 2011 and 2010 has been corrected to include comprehensive income. Management does not believe such correction is material to the previously issued financial statements.
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,571,000 |  |  | $ | — |  |  | $ | 1,571,000 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 1,104,805 |  |  | — |  |  | 1,104,805 |
Selling and general expenses | — |  |  | 10,575 |  |  | — |  |  | 57,822 |  |  | — |  |  | 68,397 |
Other operating expense (income), net | 110 |  |  | 962 |  |  | — |  |  | (14,175 | ) |  | — |  |  | (13,103 | )
| 110 |  |  | 11,537 |  |  | — |  |  | 1,148,452 |  |  | — |  |  | 1,160,099 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 550 |  |  | — |  |  | 550 |
OPERATING (LOSS) INCOME | (110 | ) |  | (11,537 | ) |  | — |  |  | 423,098 |  |  | — |  |  | 411,451 |
Interest expense | (10,717 | ) |  | (941 | ) |  | (37,971 | ) |  | 4,648 |  |  | — |  |  | (44,981 | )
Interest and miscellaneous income (expense), net | 6,638 |  |  | 5,519 |  |  | (3,334 | ) |  | (8,217 | ) |  | — |  |  | 606 |
Equity in income from subsidiaries | 282,874 |  |  | 289,486 |  |  | 232,871 |  |  | — |  |  | (805,231 | ) |  | — |
INCOME BEFORE INCOME TAXES | 278,685 |  |  | 282,527 |  |  | 191,566 |  |  | 419,529 |  |  | (805,231 | ) |  | 367,076 |
Income tax benefit (expense) | — |  |  | 347 |  |  | 15,076 |  |  | (103,814 | ) |  | — |  |  | (88,391 | )
NET INCOME | 278,685 |  |  | 282,874 |  |  | 206,642 |  |  | 315,715 |  |  | (805,231 | ) |  | 278,685 |
OTHER COMPREHENSIVE INCOME (LOSS) | 4,069 |  |  | 4,069 |  |  | (453 | ) |  | 4,116 |  |  | (7,732 | ) |  | 4,069 |
COMPREHENSIVE INCOME | $ | 282,754 |  |  | $ | 286,943 |  |  | $ | 206,189 |  |  | $ | 319,831 |  |  | $ | (812,963 | ) |  | $ | 282,754 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2011
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,488,642 |  |  | $ | — |  |  | $ | 1,488,642 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 1,073,732 |  |  | — |  |  | 1,073,732 |
Selling and general expenses | — |  |  | 10,710 |  |  | — |  |  | 55,831 |  |  | — |  |  | 66,541 |
Other operating expense (income), net | — |  |  | 117 |  |  | — |  |  | (3,946 | ) |  | — |  |  | (3,829 | )
| — |  |  | 10,827 |  |  | — |  |  | 1,125,617 |  |  | — |  |  | 1,136,444 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 4,088 |  |  | — |  |  | 4,088 |
OPERATING (LOSS) INCOME | — |  |  | (10,827 | ) |  | — |  |  | 367,113 |  |  | — |  |  | 356,286 |
Interest expense | 621 |  |  | (1,133 | ) |  | (49,555 | ) |  | (708 | ) |  | — |  |  | (50,775 | )
Interest and miscellaneous income (expense), net | — |  |  | 5,280 |  |  | (4,508 | ) |  | 79 |  |  | — |  |  | 851 |
Equity in income from subsidiaries | 275,384 |  |  | 281,892 |  |  | 170,048 |  |  | — |  |  | (727,324 | ) |  | — |
INCOME BEFORE INCOME TAXES | 276,005 |  |  | 275,212 |  |  | 115,985 |  |  | 366,484 |  |  | (727,324 | ) |  | 306,362 |
Income tax benefit (expense) | — |  |  | 172 |  |  | 19,733 |  |  | (50,262 | ) |  | — |  |  | (30,357 | )
NET INCOME | 276,005 |  |  | 275,384 |  |  | 135,718 |  |  | 316,222 |  |  | (727,324 | ) |  | 276,005 |
OTHER COMPREHENSIVE LOSS | (45,090 | ) |  | (45,090 | ) |  | (35,712 | ) |  | (34,403 | ) |  | 115,205 |  |  | (45,090 | )
COMPREHENSIVE INCOME | $ | 230,915 |  |  | $ | 230,294 |  |  | $ | 100,006 |  |  | $ | 281,819 |  |  | $ | (612,119 | ) |  | $ | 230,915 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2010
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,315,233 |  |  | $ | — |  |  | $ | 1,315,233 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 990,099 |  |  | — |  |  | 990,099 |
Selling and general expenses | — |  |  | 10,122 |  |  | — |  |  | 56,980 |  |  | — |  |  | 67,102 |
Other operating expense (income), net | — |  |  | 385 |  |  | — |  |  | (10,904 | ) |  | — |  |  | (10,519 | )
| — |  |  | 10,507 |  |  | — |  |  | 1,036,175 |  |  | — |  |  | 1,046,682 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 1,033 |  |  | — |  |  | 1,033 |
OPERATING (LOSS) INCOME BEFORE GAIN ON SALE OF A PORTION OF INTEREST IN NEW ZEALAND JOINT VENTURE | — |  |  | (10,507 | ) |  | — |  |  | 280,091 |  |  | — |  |  | 269,584 |
Gain on sale of a portion of interest in New Zealand joint venture | — |  |  | — |  |  | — |  |  | 12,367 |  |  | — |  |  | 12,367 |
OPERATING (LOSS) INCOME | — |  |  | (10,507 | ) |  | — |  |  | 292,458 |  |  | — |  |  | 281,951 |
Interest expense | — |  |  | 239 |  |  | (50,313 | ) |  | (389 | ) |  | — |  |  | (50,463 | )
Interest and miscellaneous income (expense), net | — |  |  | 12,952 |  |  | (4,309 | ) |  | (7,328 | ) |  | — |  |  | 1,315 |
Equity in income from subsidiaries | 217,586 |  |  | 221,578 |  |  | 137,471 |  |  | — |  |  | (576,635 | ) |  | — |
INCOME BEFORE INCOME TAXES | 217,586 |  |  | 224,262 |  |  | 82,849 |  |  | 284,741 |  |  | (576,635 | ) |  | 232,803 |
Income tax (expense) benefit | — |  |  | (6,676 | ) |  | 19,937 |  |  | (28,478 | ) |  | — |  |  | (15,217 | )
NET INCOME | 217,586 |  |  | 217,586 |  |  | 102,786 |  |  | 256,263 |  |  | (576,635 | ) |  | 217,586 |
OTHER COMPREHENSIVE INCOME | 11,384 |  |  | 11,384 |  |  | 4,056 |  |  | 8,967 |  |  | (24,407 | ) |  | 11,384 |
COMPREHENSIVE INCOME | $ | 228,970 |  |  | $ | 228,970 |  |  | $ | 106,842 |  |  | $ | 265,230 |  |  | $ | (601,042 | ) |  | $ | 228,970 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012
| 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 | $ | 252,888 |  |  | $ | 3,966 |  |  | $ | 19,358 |  |  | $ | 4,384 |  |  | $ | — |  |  | $ | 280,596 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 386 |  |  | — |  |  | 99,973 |  |  | — |  |  | 100,359 |
Inventory | — |  |  | — |  |  | — |  |  | 127,966 |  |  | — |  |  | 127,966 |
Prepaid and other current assets | — |  |  | 1,566 |  |  | 691 |  |  | 55,096 |  |  | — |  |  | 57,353 |
Total current assets | 252,888 |  |  | 5,918 |  |  | 20,049 |  |  | 287,419 |  |  | — |  |  | 566,274 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | — |  |  | 1,573,309 |  |  | — |  |  | 1,573,309 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,321 |  |  | — |  |  | 704,717 |  |  | — |  |  | 707,038 |
INVESTMENT IN JOINT VENTURE | — |  |  | — |  |  | — |  |  | 72,419 |  |  | — |  |  | 72,419 |
INVESTMENT IN SUBSIDIARIES | 1,445,205 |  |  | 1,677,782 |  |  | 1,452,027 |  |  | — |  |  | (4,575,014 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 213,863 |  |  | 14,000 |  |  | 19,831 |  |  | — |  |  | (247,694 | ) |  | — |
OTHER ASSETS | 4,148 |  |  | 27,779 |  |  | 5,182 |  |  | 166,802 |  |  | — |  |  | 203,911 |
TOTAL ASSETS | $ | 1,916,104 |  |  | $ | 1,727,800 |  |  | $ | 1,497,089 |  |  | $ | 2,804,666 |  |  | $ | (4,822,708 | ) |  | $ | 3,122,951 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 2,099 |  |  | $ | 33 |  |  | $ | 68,249 |  |  | $ | — |  |  | $ | 70,381 |
Current maturities of long-term debt | 150,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
Accrued taxes | — |  |  | 485 |  |  | — |  |  | 13,339 |  |  | — |  |  | 13,824 |
Accrued payroll and benefits | — |  |  | 15,044 |  |  | — |  |  | 13,024 |  |  | — |  |  | 28,068 |
Accrued interest | 3,100 |  |  | 379 |  |  | 3,197 |  |  | 1,280 |  |  | — |  |  | 7,956 |
Accrued customer incentives | — |  |  | — |  |  | — |  |  | 10,849 |  |  | — |  |  | 10,849 |
Other current liabilities | — |  |  | 2,925 |  |  | — |  |  | 15,715 |  |  | — |  |  | 18,640 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | — |  |  | 8,105 |  |  | — |  |  | 8,105 |
Total current liabilities | 153,100 |  |  | 20,932 |  |  | 3,230 |  |  | 130,561 |  |  | — |  |  | 307,823 |
LONG-TERM DEBT | 325,000 |  |  | — |  |  | 718,321 |  |  | 76,731 |  |  | — |  |  | 1,120,052 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | 73,590 |  |  | — |  |  | 73,590 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 129,156 |  |  | — |  |  | 30,426 |  |  | — |  |  | 159,582 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 16,432 |  |  | — |  |  | 7,468 |  |  | — |  |  | 23,900 |
INTERCOMPANY PAYABLE | — |  |  | 116,075 |  |  | — |  |  | 137,797 |  |  | (253,872 | ) |  | — |
TOTAL LIABILITIES | 478,100 |  |  | 282,595 |  |  | 721,551 |  |  | 456,573 |  |  | (253,872 | ) |  | 1,684,947 |
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 |  |  | 1,445,205 |  |  | 775,538 |  |  | 2,348,093 |  |  | (4,568,836 | ) |  | 1,438,004 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 |  |  | $ | 1,727,800 |  |  | $ | 1,497,089 |  |  | $ | 2,804,666 |  |  | $ | (4,822,708 | ) |  | $ | 3,122,951 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2011
| 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 | $ | — |  |  | $ | 8,977 |  |  | $ | 59,976 |  |  | $ | 9,650 |  |  | $ | — |  |  | $ | 78,603 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 3 |  |  | — |  |  | 95,005 |  |  | — |  |  | 95,008 |
Inventory | — |  |  | — |  |  | — |  |  | 121,998 |  |  | — |  |  | 121,998 |
Prepaid and other current assets | — |  |  | 2,328 |  |  | 808 |  |  | 45,757 |  |  | — |  |  | 48,893 |
Total current assets | — |  |  | 11,308 |  |  | 60,784 |  |  | 272,410 |  |  | — |  |  | 344,502 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | — |  |  | 1,503,711 |  |  | — |  |  | 1,503,711 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,551 |  |  | — |  |  | 459,001 |  |  | — |  |  | 461,552 |
INVESTMENT IN JOINT VENTURE | — |  |  | — |  |  | — |  |  | 69,219 |  |  | — |  |  | 69,219 |
INVESTMENT IN SUBSIDIARIES | 1,238,661 |  |  | 1,490,444 |  |  | 1,156,896 |  |  | — |  |  | (3,886,001 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 204,420 |  |  | — |  |  | 19,073 |  |  | — |  |  | (223,493 | ) |  | — |
OTHER ASSETS | — |  |  | 26,850 |  |  | 6,491 |  |  | 157,023 |  |  | — |  |  | 190,364 |
TOTAL ASSETS | $ | 1,443,081 |  |  | $ | 1,531,153 |  |  | $ | 1,243,244 |  |  | $ | 2,461,364 |  |  | $ | (4,109,494 | ) |  | $ | 2,569,348 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 1,801 |  |  | $ | 10 |  |  | $ | 71,062 |  |  | $ | — |  |  | $ | 72,873 |
Current maturities of long-term debt | — |  |  | — |  |  | 28,110 |  |  | — |  |  | — |  |  | 28,110 |
Accrued Taxes | — |  |  | (28 | ) |  | — |  |  | 5,251 |  |  | — |  |  | 5,223 |
Accrued payroll and benefits | — |  |  | 13,810 |  |  | — |  |  | 13,036 |  |  | — |  |  | 26,846 |
Accrued interest | 8 |  |  | 246 |  |  | 5,442 |  |  | 1,348 |  |  | — |  |  | 7,044 |
Accrued customer incentives | — |  |  | — |  |  | — |  |  | 10,369 |  |  | — |  |  | 10,369 |
Other current liabilities | — |  |  | 1,887 |  |  | — |  |  | 15,968 |  |  | — |  |  | 17,855 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | — |  |  | 9,931 |  |  | — |  |  | 9,931 |
Total current liabilities | 8 |  |  | 17,716 |  |  | 33,562 |  |  | 126,965 |  |  | — |  |  | 178,251 |
LONG-TERM DEBT | 120,000 |  |  | 30,000 |  |  | 580,647 |  |  | 88,582 |  |  | — |  |  | 819,229 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | 80,893 |  |  | — |  |  | 80,893 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 112,904 |  |  | — |  |  | 27,719 |  |  | — |  |  | 140,623 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 20,210 |  |  | — |  |  | 7,069 |  |  | — |  |  | 27,279 |
INTERCOMPANY PAYABLE | — |  |  | 111,662 |  |  | — |  |  | 111,316 |  |  | (222,978 | ) |  | — |
TOTAL LIABILITIES | 120,008 |  |  | 292,492 |  |  | 614,209 |  |  | 442,544 |  |  | (222,978 | ) |  | 1,246,275 |
TOTAL SHAREHOLDERS’ EQUITY | 1,323,073 |  |  | 1,238,661 |  |  | 629,035 |  |  | 2,018,820 |  |  | (3,886,516 | ) |  | 1,323,073 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,443,081 |  |  | $ | 1,531,153 |  |  | $ | 1,243,244 |  |  | $ | 2,461,364 |  |  | $ | (4,109,494 | ) |  | $ | 2,569,348 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 |  |  | $ | 138,149 |  |  | $ | 41,000 |  |  | $ | 423,784 |  |  | $ | (247,475 | ) |  | $ | 445,914 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (285 | ) |  | — |  |  | (157,277 | ) |  | — |  |  | (157,562 | )
Purchase of timberlands | — |  |  | — |  |  | — |  |  | (106,536 | ) |  | — |  |  | (106,536 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | — |  |  | (201,359 | ) |  | — |  |  | (201,359 | )
Change in restricted cash | — |  |  | — |  |  | — |  |  | (10,559 | ) |  | — |  |  | (10,559 | )
Investment in Subsidiaries | — |  |  | — |  |  | (142,508 | ) |  | — |  |  | 142,508 |  |  | — |
Other | — |  |  | (69 | ) |  | — |  |  | 3,184 |  |  | — |  |  | 3,115 |
CASH USED FOR INVESTING ACTIVITIES | — |  |  | (354 | ) |  | (142,508 | ) |  | (472,547 | ) |  | 142,508 |  |  | (472,901 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | 475,000 |  |  | — |  |  | 740,000 |  |  | 15,000 |  |  | — |  |  | 1,230,000 |
Repayment of debt | (120,000 | ) |  | (30,000 | ) |  | (638,110 | ) |  | (25,500 | ) |  | — |  |  | (813,610 | )
Dividends paid | (206,583 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (206,583 | )
Proceeds from the issuance of common shares | 25,495 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,495 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | — |  |  | 7,635 |  |  | — |  |  | 7,635 |
Debt issuance costs | (3,697 | ) |  | (1,219 | ) |  | — |  |  | (1,219 | ) |  | — |  |  | (6,135 | )
Repurchase of common shares | (7,783 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,783 | )
Issuance of intercompany notes | — |  |  | (14,000 | ) |  | — |  |  | 14,000 |  |  | — |  |  | — |
Intercompany distributions | — |  |  | (97,587 | ) |  | (41,000 | ) |  | 33,620 |  |  | 104,967 |  |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 |  |  | (142,806 | ) |  | 60,890 |  |  | 43,536 |  |  | 104,967 |  |  | 229,019 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | (39 | ) |  | — |  |  | (39 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | 252,888 |  |  | (5,011 | ) |  | (40,618 | ) |  | (5,266 | ) |  | — |  |  | 201,993 |
Balance, beginning of year | — |  |  | 8,977 |  |  | 59,976 |  |  | 9,650 |  |  | — |  |  | 78,603 |
Balance, end of year | $ | 252,888 |  |  | $ | 3,966 |  |  | $ | 19,358 |  |  | $ | 4,384 |  |  | $ | — |  |  | $ | 280,596 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 |  |  | $ | 332,577 |  |  | $ | 15,000 |  |  | $ | 402,994 |  |  | $ | (601,710 | ) |  | $ | 432,270 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (270 | ) |  | — |  |  | (144,252 | ) |  | — |  |  | (144,522 | )
Purchase of timberlands | — |  |  | — |  |  | — |  |  | (320,899 | ) |  | — |  |  | (320,899 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | — |  |  | (42,894 | ) |  | — |  |  | (42,894 | )
Change in restricted cash | — |  |  | — |  |  | — |  |  | 8,323 |  |  | — |  |  | 8,323 |
Investment in Subsidiaries | (19,259 | ) |  | (99,988 | ) |  | (35,828 | ) |  | — |  |  | 155,075 |  |  | — |
Other | — |  |  | 69 |  |  | — |  |  | 11,309 |  |  | — |  |  | 11,378 |
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) |  | (100,189 | ) |  | (35,828 | ) |  | (488,413 | ) |  | 155,075 |  |  | (488,614 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | 120,000 |  |  | 105,000 |  |  | — |  |  | 235,000 |  |  | — |  |  | 460,000 |
Repayment of debt | — |  |  | (75,000 | ) |  | (168,057 | ) |  | (256,000 | ) |  | — |  |  | (499,057 | )
Dividends paid | (185,272 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (185,272 | )
Proceeds from the issuance of common shares | 13,451 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,451 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | — |  |  | 5,681 |  |  | — |  |  | 5,681 |
Debt issuance costs | — |  |  | (675 | ) |  | (676 | ) |  | (676 | ) |  | — |  |  | (2,027 | )
Repurchase of common shares | (7,909 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,909 | )
Issuance of intercompany notes | (204,420 | ) |  | — |  |  | (18,961 | ) |  | 223,381 |  |  | — |  |  | — |
Intercompany distributions | — |  |  | (282,495 | ) |  | (14,760 | ) |  | (149,380 | ) |  | 446,635 |  |  | — |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (264,150 | ) |  | (253,170 | ) |  | (202,454 | ) |  | 58,006 |  |  | 446,635 |  |  | (215,133 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | 617 |  |  | — |  |  | 617 |
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | — |  |  | (20,782 | ) |  | (223,282 | ) |  | (26,796 | ) |  | — |  |  | (270,860 | )
Balance, beginning of year | — |  |  | 29,759 |  |  | 283,258 |  |  | 36,446 |  |  | — |  |  | 349,463 |
Balance, end of year | $ | — |  |  | $ | 8,977 |  |  | $ | 59,976 |  |  | $ | 9,650 |  |  | $ | — |  |  | $ | 78,603 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2010
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 143,387 |  |  | $ | 177,502 |  |  | $ | 30,000 |  |  | $ | 400,764 |  |  | $ | (256,263 | ) |  | $ | 495,390 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (2,251 | ) |  | — |  |  | (136,198 | ) |  | — |  |  | (138,449 | )
Purchase of timberlands | — |  |  | — |  |  | — |  |  | (5,360 | ) |  | — |  |  | (5,360 | )
Change in restricted cash | — |  |  | — |  |  | — |  |  | (8,231 | ) |  | — |  |  | (8,231 | )
Investment in Subsidiaries | — |  |  | — |  |  | 145,975 |  |  | — |  |  | (145,975 | ) |  | — |
Other | — |  |  | — |  |  | — |  |  | 9,384 |  |  | — |  |  | 9,384 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — |  |  | (2,251 | ) |  | 145,975 |  |  | (140,405 | ) |  | (145,975 | ) |  | (142,656 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | — |  |  | 75,000 |  |  | 82,000 |  |  | — |  |  | 157,000 |
Repayment of debt | — |  |  | (5,000 | ) |  | (4,650 | ) |  | (87,000 | ) |  | — |  |  | (96,650 | )
Dividends paid | (163,673 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (163,673 | )
Proceeds from the issuance of common shares | 26,314 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,314 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | — |  |  | 5,411 |  |  | — |  |  | 5,411 |
Debt issuance costs | — |  |  | — |  |  | (561 | ) |  | — |  |  | — |  |  | (561 | )
Repurchase of common shares | (6,028 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,028 | )
Intercompany distributions | — |  |  | (143,387 | ) |  | (30,000 | ) |  | (228,851 | ) |  | 402,238 |  |  | — |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (143,387 | ) |  | (148,387 | ) |  | 39,789 |  |  | (228,440 | ) |  | 402,238 |  |  | (78,187 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | (48 | ) |  | — |  |  | (48 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | — |  |  | 26,864 |  |  | 215,764 |  |  | 31,871 |  |  | — |  |  | 274,499 |
Balance, beginning of year | — |  |  | 2,895 |  |  | 67,494 |  |  | 4,575 |  |  | — |  |  | 74,964 |
Balance, end of year | $ | — |  |  | $ | 29,759 |  |  | $ | 283,258 |  |  | $ | 36,446 |  |  | $ | — |  |  | $ | 349,463 |
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. At issuance, the notes were fully and unconditionally guaranteed by the following subsidiaries of Rayonier Inc.: ROC, Rayonier Louisiana Timberlands LLC, Rayonier TRS Holdings Inc. and substantially all domestic subsidiaries of TRS Holdings Inc. In October 2012, the guarantee on the notes was amended whereby all guarantors were released except ROC and Rayonier TRS Holdings Inc. As such, for comparability purposes, all prior year information has been updated to reflect ROC and Rayonier TRS Holdings Inc. as the note guarantors. In connection with these 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. The condensed consolidating financial information for the years ended December 31, 2011 and 2010 has been corrected to include comprehensive income. Management does not believe such correction is material to the previously issued financial statements.
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | 1,571,000 |  |  | $ | — |  |  | $ | 1,571,000 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 1,104,805 |  |  | — |  |  | 1,104,805 |
Selling and general expenses | — |  |  | 10,575 |  |  | 57,822 |  |  | — |  |  | 68,397 |
Other operating expense (income), net | 110 |  |  | 962 |  |  | (14,175 | ) |  | — |  |  | (13,103 | )
| 110 |  |  | 11,537 |  |  | 1,148,452 |  |  | — |  |  | 1,160,099 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | 550 |  |  | — |  |  | 550 |
OPERATING (LOSS) INCOME | (110 | ) |  | (11,537 | ) |  | 423,098 |  |  | — |  |  | 411,451 |
Interest expense | (10,717 | ) |  | (38,912 | ) |  | 4,648 |  |  | — |  |  | (44,981 | )
Interest and miscellaneous income (expense), net | 6,638 |  |  | 2,185 |  |  | (8,217 | ) |  | — |  |  | 606 |
Equity in income from subsidiaries | 282,874 |  |  | 315,715 |  |  | — |  |  | (598,589 | ) |  | — |
INCOME BEFORE INCOME TAXES | 278,685 |  |  | 267,451 |  |  | 419,529 |  |  | (598,589 | ) |  | 367,076 |
Income tax benefit (expense) | — |  |  | 15,423 |  |  | (103,814 | ) |  | — |  |  | (88,391 | )
NET INCOME | 278,685 |  |  | 282,874 |  |  | 315,715 |  |  | (598,589 | ) |  | 278,685 |
OTHER COMPREHENSIVE INCOME | 4,069 |  |  | 4,069 |  |  | 4,116 |  |  | (8,185 | ) |  | 4,069 |
COMPREHENSIVE INCOME | $ | 282,754 |  |  | $ | 286,943 |  |  | $ | 319,831 |  |  | $ | (606,774 | ) |  | $ | 282,754 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2011
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | 1,488,642 |  |  | $ | — |  |  | $ | 1,488,642 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 1,073,732 |  |  | — |  |  | 1,073,732 |
Selling and general expenses | — |  |  | 10,710 |  |  | 55,831 |  |  | — |  |  | 66,541 |
Other operating expense (income), net | — |  |  | 117 |  |  | (3,946 | ) |  | — |  |  | (3,829 | )
| — |  |  | 10,827 |  |  | 1,125,617 |  |  | — |  |  | 1,136,444 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | 4,088 |  |  | — |  |  | 4,088 |
OPERATING (LOSS) INCOME | — |  |  | (10,827 | ) |  | 367,113 |  |  | — |  |  | 356,286 |
Interest expense | 621 |  |  | (50,688 | ) |  | (708 | ) |  | — |  |  | (50,775 | )
Interest and miscellaneous income, net | — |  |  | 772 |  |  | 79 |  |  | — |  |  | 851 |
Equity in income from subsidiaries | 275,384 |  |  | 316,222 |  |  | — |  |  | (591,606 | ) |  | — |
INCOME BEFORE INCOME TAXES | 276,005 |  |  | 255,479 |  |  | 366,484 |  |  | (591,606 | ) |  | 306,362 |
Income tax benefit (expense) | — |  |  | 19,905 |  |  | (50,262 | ) |  | — |  |  | (30,357 | )
NET INCOME | 276,005 |  |  | 275,384 |  |  | 316,222 |  |  | (591,606 | ) |  | 276,005 |
OTHER COMPREHENSIVE (LOSS) | (45,090 | ) |  | (45,090 | ) |  | (34,403 | ) |  | 79,493 |  |  | (45,090 | )
COMPREHENSIVE INCOME | $ | 230,915 |  |  | $ | 230,294 |  |  | $ | 281,819 |  |  | $ | (512,113 | ) |  | $ | 230,915 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2010
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | 1,315,233 |  |  | $ | — |  |  | $ | 1,315,233 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 990,099 |  |  | — |  |  | 990,099 |
Selling and general expenses | — |  |  | 10,122 |  |  | 56,980 |  |  | — |  |  | 67,102 |
Other operating expense (income), net | — |  |  | 385 |  |  | (10,904 | ) |  | — |  |  | (10,519 | )
| — |  |  | 10,507 |  |  | 1,036,175 |  |  | — |  |  | 1,046,682 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | 1,033 |  |  | — |  |  | 1,033 |
OPERATING (LOSS) INCOME BEFORE GAIN ON SALE OF A PORTION OF INTEREST IN NEW ZEALAND JOINT VENTURE | — |  |  | (10,507 | ) |  | 280,091 |  |  | — |  |  | 269,584 |
Gain on sale of a portion of interest in New Zealand joint venture | — |  |  | — |  |  | 12,367 |  |  | — |  |  | 12,367 |
OPERATING (LOSS) INCOME | — |  |  | (10,507 | ) |  | 292,458 |  |  | — |  |  | 281,951 |
Interest expense | — |  |  | (50,074 | ) |  | (389 | ) |  | — |  |  | (50,463 | )
Interest and miscellaneous income (expense), net | — |  |  | 8,643 |  |  | (7,328 | ) |  | — |  |  | 1,315 |
Equity in income from subsidiaries | 217,586 |  |  | 256,263 |  |  | — |  |  | (473,849 | ) |  | — |
INCOME BEFORE INCOME TAXES | 217,586 |  |  | 204,325 |  |  | 284,741 |  |  | (473,849 | ) |  | 232,803 |
Income tax benefit (expense) | — |  |  | 13,261 |  |  | (28,478 | ) |  | — |  |  | (15,217 | )
NET INCOME | 217,586 |  |  | 217,586 |  |  | 256,263 |  |  | (473,849 | ) |  | 217,586 |
OTHER COMPREHENSIVE INCOME | 11,384 |  |  | 11,384 |  |  | 8,967 |  |  | (20,351 | ) |  | 11,384 |
COMPREHENSIVE INCOME | $ | 228,970 |  |  | $ | 228,970 |  |  | $ | 265,230 |  |  | $ | (494,200 | ) |  | $ | 228,970 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 252,888 |  |  | $ | 23,324 |  |  | $ | 4,384 |  |  | $ | — |  |  | $ | 280,596 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 386 |  |  | 99,973 |  |  | — |  |  | 100,359 |
Inventory | — |  |  | — |  |  | 127,966 |  |  | — |  |  | 127,966 |
Prepaid and other current assets | — |  |  | 2,257 |  |  | 55,096 |  |  | — |  |  | 57,353 |
Total current assets | 252,888 |  |  | 25,967 |  |  | 287,419 |  |  | — |  |  | 566,274 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 1,573,309 |  |  | — |  |  | 1,573,309 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,321 |  |  | 704,717 |  |  | — |  |  | 707,038 |
INVESTMENT IN JOINT VENTURE | — |  |  | — |  |  | 72,419 |  |  | — |  |  | 72,419 |
INVESTMENT IN SUBSIDIARIES | 1,445,205 |  |  | 2,354,270 |  |  | — |  |  | (3,799,475 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 213,863 |  |  | 33,831 |  |  | — |  |  | (247,694 | ) |  | — |
OTHER ASSETS | 4,148 |  |  | 32,961 |  |  | 166,802 |  |  | — |  |  | 203,911 |
TOTAL ASSETS | $ | 1,916,104 |  |  | $ | 2,449,350 |  |  | $ | 2,804,666 |  |  | $ | (4,047,169 | ) |  | $ | 3,122,951 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 2,132 |  |  | $ | 68,249 |  |  | $ | — |  |  | $ | 70,381 |
Current maturities of long-term debt | 150,000 |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
Accrued taxes | — |  |  | 485 |  |  | 13,339 |  |  | — |  |  | 13,824 |
Accrued payroll and benefits | — |  |  | 15,044 |  |  | 13,024 |  |  | — |  |  | 28,068 |
Accrued interest | 3,100 |  |  | 3,576 |  |  | 1,280 |  |  | — |  |  | 7,956 |
Accrued customer incentives | — |  |  | — |  |  | 10,849 |  |  | — |  |  | 10,849 |
Other current liabilities | — |  |  | 2,925 |  |  | 15,715 |  |  | — |  |  | 18,640 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | 8,105 |  |  | — |  |  | 8,105 |
Total current liabilities | 153,100 |  |  | 24,162 |  |  | 130,561 |  |  | — |  |  | 307,823 |
LONG-TERM DEBT | 325,000 |  |  | 718,321 |  |  | 76,731 |  |  | — |  |  | 1,120,052 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | 73,590 |  |  | — |  |  | 73,590 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 129,156 |  |  | 30,426 |  |  | — |  |  | 159,582 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 16,432 |  |  | 7,468 |  |  | — |  |  | 23,900 |
INTERCOMPANY PAYABLE | — |  |  | 116,074 |  |  | 137,797 |  |  | (253,871 | ) |  | — |
TOTAL LIABILITIES | 478,100 |  |  | 1,004,145 |  |  | 456,573 |  |  | (253,871 | ) |  | 1,684,947 |
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 |  |  | 1,445,205 |  |  | 2,348,093 |  |  | (3,793,298 | ) |  | 1,438,004 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 |  |  | $ | 2,449,350 |  |  | $ | 2,804,666 |  |  | $ | (4,047,169 | ) |  | $ | 3,122,951 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2011
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 68,953 |  |  | $ | 9,650 |  |  | $ | — |  |  | $ | 78,603 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 3 |  |  | 95,005 |  |  | — |  |  | 95,008 |
Inventory | — |  |  | — |  |  | 121,998 |  |  | — |  |  | 121,998 |
Prepaid and other current assets | — |  |  | 3,136 |  |  | 45,757 |  |  | — |  |  | 48,893 |
Total current assets | — |  |  | 72,092 |  |  | 272,410 |  |  | — |  |  | 344,502 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 1,503,711 |  |  | — |  |  | 1,503,711 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,551 |  |  | 459,001 |  |  | — |  |  | 461,552 |
INVESTMENT IN JOINT VENTURE | — |  |  | — |  |  | 69,219 |  |  | — |  |  | 69,219 |
INVESTMENT IN SUBSIDIARIES | 1,238,661 |  |  | 2,018,306 |  |  | — |  |  | (3,256,967 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 204,420 |  |  | 19,072 |  |  | — |  |  | (223,492 | ) |  | — |
OTHER ASSETS | — |  |  | 33,341 |  |  | 157,023 |  |  | — |  |  | 190,364 |
TOTAL ASSETS | $ | 1,443,081 |  |  | $ | 2,145,362 |  |  | $ | 2,461,364 |  |  | $ | (3,480,459 | ) |  | $ | 2,569,348 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 1,811 |  |  | $ | 71,062 |  |  | $ | — |  |  | $ | 72,873 |
Current maturities of long-term debt | — |  |  | 28,110 |  |  | — |  |  | — |  |  | 28,110 |
Accrued taxes | — |  |  | (28 | ) |  | 5,251 |  |  | — |  |  | 5,223 |
Accrued payroll and benefits | — |  |  | 13,810 |  |  | 13,036 |  |  | — |  |  | 26,846 |
Accrued interest | 8 |  |  | 5,688 |  |  | 1,348 |  |  | — |  |  | 7,044 |
Accrued customer incentives | — |  |  | — |  |  | 10,369 |  |  | — |  |  | 10,369 |
Other current liabilities | — |  |  | 1,887 |  |  | 15,968 |  |  | — |  |  | 17,855 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | 9,931 |  |  | — |  |  | 9,931 |
Total current liabilities | 8 |  |  | 51,278 |  |  | 126,965 |  |  | — |  |  | 178,251 |
LONG-TERM DEBT | 120,000 |  |  | 610,647 |  |  | 88,582 |  |  | — |  |  | 819,229 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | 80,893 |  |  | — |  |  | 80,893 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 112,904 |  |  | 27,719 |  |  | — |  |  | 140,623 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 20,210 |  |  | 7,069 |  |  | — |  |  | 27,279 |
INTERCOMPANY PAYABLE | — |  |  | 111,662 |  |  | 111,316 |  |  | (222,978 | ) |  | — |
TOTAL LIABILITIES | 120,008 |  |  | 906,701 |  |  | 442,544 |  |  | (222,978 | ) |  | 1,246,275 |
TOTAL SHAREHOLDERS’ EQUITY | 1,323,073 |  |  | 1,238,661 |  |  | 2,018,820 |  |  | (3,257,481 | ) |  | 1,323,073 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,443,081 |  |  | $ | 2,145,362 |  |  | $ | 2,461,364 |  |  | $ | (3,480,459 | ) |  | $ | 2,569,348 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 |  |  | $ | 138,149 |  |  | $ | 423,784 |  |  | $ | (206,475 | ) |  | $ | 445,914 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (285 | ) |  | (157,277 | ) |  | — |  |  | (157,562 | )
Purchase of timberlands | — |  |  | — |  |  | (106,536 | ) |  | — |  |  | (106,536 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | (201,359 | ) |  | — |  |  | (201,359 | )
Change in restricted cash | — |  |  | — |  |  | (10,559 | ) |  | — |  |  | (10,559 | )
Investment in Subsidiaries | — |  |  | (142,508 | ) |  | — |  |  | 142,508 |  |  | — |
Other | — |  |  | (69 | ) |  | 3,184 |  |  | — |  |  | 3,115 |
CASH USED FOR INVESTING ACTIVITIES | — |  |  | (142,862 | ) |  | (472,547 | ) |  | 142,508 |  |  | (472,901 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | 475,000 |  |  | 740,000 |  |  | 15,000 |  |  | — |  |  | 1,230,000 |
Repayment of debt | (120,000 | ) |  | (668,110 | ) |  | (25,500 | ) |  | — |  |  | (813,610 | )
Dividends paid | (206,583 | ) |  | — |  |  | — |  |  | — |  |  | (206,583 | )
Proceeds from the issuance of common shares | 25,495 |  |  | — |  |  | — |  |  | — |  |  | 25,495 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | 7,635 |  |  | — |  |  | 7,635 |
Debt issuance costs | (3,697 | ) |  | (1,219 | ) |  | (1,219 | ) |  | — |  |  | (6,135 | )
Repurchase of common shares | (7,783 | ) |  | — |  |  | — |  |  | — |  |  | (7,783 | )
Issuance of intercompany notes | — |  |  | (14,000 | ) |  | 14,000 |  |  | — |  |  | — |
Intercompany distributions | — |  |  | (97,587 | ) |  | 33,620 |  |  | 63,967 |  |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 |  |  | (40,916 | ) |  | 43,536 |  |  | 63,967 |  |  | 229,019 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (39 | ) |  | — |  |  | (39 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | 252,888 |  |  | (45,629 | ) |  | (5,266 | ) |  | — |  |  | 201,993 |
Balance, beginning of year | — |  |  | 68,953 |  |  | 9,650 |  |  | — |  |  | 78,603 |
Balance, end of year | $ | 252,888 |  |  | $ | 23,324 |  |  | $ | 4,384 |  |  | $ | — |  |  | $ | 280,596 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 |  |  | $ | 332,817 |  |  | $ | 402,994 |  |  | $ | (586,950 | ) |  | $ | 432,270 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (270 | ) |  | (144,252 | ) |  | — |  |  | (144,522 | )
Purchase of timberlands | — |  |  | — |  |  | (320,899 | ) |  | — |  |  | (320,899 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | (42,894 | ) |  | — |  |  | (42,894 | )
Change in restricted cash | — |  |  | — |  |  | 8,323 |  |  | — |  |  | 8,323 |
Investment in Subsidiaries | (19,259 | ) |  | (135,816 | ) |  | — |  |  | 155,075 |  |  | — |
Other | — |  |  | 69 |  |  | 11,309 |  |  | — |  |  | 11,378 |
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) |  | (136,017 | ) |  | (488,413 | ) |  | 155,075 |  |  | (488,614 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | 120,000 |  |  | 105,000 |  |  | 235,000 |  |  | — |  |  | 460,000 |
Repayment of debt | — |  |  | (243,057 | ) |  | (256,000 | ) |  | — |  |  | (499,057 | )
Dividends paid | (185,272 | ) |  | — |  |  | — |  |  | — |  |  | (185,272 | )
Proceeds from the issuance of common shares | 13,451 |  |  | — |  |  | — |  |  | — |  |  | 13,451 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | 5,681 |  |  | — |  |  | 5,681 |
Debt issuance costs | — |  |  | (1,351 | ) |  | (676 | ) |  | — |  |  | (2,027 | )
Repurchase of common shares | (7,909 | ) |  | — |  |  | — |  |  | — |  |  | (7,909 | )
Issuance of intercompany notes | (204,420 | ) |  | (18,961 | ) |  | 223,381 |  |  | — |  |  | — |
Intercompany distributions | — |  |  | (282,495 | ) |  | (149,380 | ) |  | 431,875 |  |  | — |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (264,150 | ) |  | (440,864 | ) |  | 58,006 |  |  | 431,875 |  |  | (215,133 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 617 |  |  | — |  |  | 617 |
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | — |  |  | (244,064 | ) |  | (26,796 | ) |  | — |  |  | (270,860 | )
Balance, beginning of year | — |  |  | 313,017 |  |  | 36,446 |  |  | — |  |  | 349,463 |
Balance, end of year | $ | — |  |  | $ | 68,953 |  |  | $ | 9,650 |  |  | $ | — |  |  | $ | 78,603 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2010
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 143,387 |  |  | $ | 177,502 |  |  | $ | 400,764 |  |  | $ | (226,263 | ) |  | $ | 495,390 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (2,251 | ) |  | (136,198 | ) |  | — |  |  | (138,449 | )
Purchase of timberlands | — |  |  | — |  |  | (5,360 | ) |  | — |  |  | (5,360 | )
Change in restricted cash | — |  |  | — |  |  | (8,231 | ) |  | — |  |  | (8,231 | )
Investment in Subsidiaries | — |  |  | 145,975 |  |  | — |  |  | (145,975 | ) |  | — |
Other | — |  |  | — |  |  | 9,384 |  |  | — |  |  | 9,384 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 143,724 |  |  | (140,405 | ) |  | (145,975 | ) |  | (142,656 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | 75,000 |  |  | 82,000 |  |  | — |  |  | 157,000 |
Repayment of debt | — |  |  | (9,650 | ) |  | (87,000 | ) |  | — |  |  | (96,650 | )
Dividends paid | (163,673 | ) |  | — |  |  | — |  |  | — |  |  | (163,673 | )
Proceeds from the issuance of common shares | 26,314 |  |  | — |  |  | — |  |  | — |  |  | 26,314 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | 5,411 |  |  | — |  |  | 5,411 |
Debt issuance costs | — |  |  | (561 | ) |  | — |  |  | — |  |  | (561 | )
Repurchase of common shares | (6,028 | ) |  | — |  |  | — |  |  | — |  |  | (6,028 | )
Intercompany distributions | — |  |  | (143,387 | ) |  | (228,851 | ) |  | 372,238 |  |  | — |
CASH USED FOR FINANCING ACTIVITIES | (143,387 | ) |  | (78,598 | ) |  | (228,440 | ) |  | 372,238 |  |  | (78,187 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (48 | ) |  | — |  |  | (48 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | — |  |  | 242,628 |  |  | 31,871 |  |  | — |  |  | 274,499 |
Balance, beginning of year | — |  |  | 70,389 |  |  | 4,575 |  |  | — |  |  | 74,964 |
Balance, end of year | $ | — |  |  | $ | 313,017 |  |  | $ | 36,446 |  |  | $ | — |  |  | $ | 349,463 |

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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. + References No definition available. + Details
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