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CONSOLIDATING FINANCIAL STATEMENTS | 3 Months Ended
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Mar. 31, 2014
CONSOLIDATING FINANCIAL STATEMENTS [Abstract] |
CONSOLIDATING FINANCIAL STATEMENTS | 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 August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes 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.
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2014
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 386,686 |  |  | $ | — |  |  | $ | 386,686 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 302,650 |  |  | — |  |  | 302,650 |
Selling and general expenses | — |  |  | 2,150 |  |  | — |  |  | 13,341 |  |  | — |  |  | 15,491 |
Other operating expense, net | — |  |  | 2,375 |  |  | — |  |  | 1,162 |  |  | — |  |  | 3,537 |
| — |  |  | 4,525 |  |  | — |  |  | 317,153 |  |  | — |  |  | 321,678 |
OPERATING (LOSS) INCOME | — |  |  | (4,525 | ) |  | — |  |  | 69,533 |  |  | — |  |  | 65,008 |
Interest expense | (3,193 | ) |  | (243 | ) |  | (6,690 | ) |  | (2,843 | ) |  | — |  |  | (12,969 | )
Interest and miscellaneous income (expense), net | 2,698 |  |  | 814 |  |  | (1,047 | ) |  | (3,480 | ) |  | — |  |  | (1,015 | )
Equity in income from subsidiaries | 43,870 |  |  | 48,447 |  |  | 31,110 |  |  | — |  |  | (123,427 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 |  |  | 44,493 |  |  | 23,373 |  |  | 63,210 |  |  | (123,427 | ) |  | 51,024 |
Income tax (expense) benefit | — |  |  | (623 | ) |  | 2,824 |  |  | (9,933 | ) |  | — |  |  | (7,732 | )
NET INCOME | 43,375 |  |  | 43,870 |  |  | 26,197 |  |  | 53,277 |  |  | (123,427 | ) |  | 43,292 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (83 | ) |  | — |  |  | (83 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 |  |  | 43,870 |  |  | 26,197 |  |  | 53,360 |  |  | (123,427 | ) |  | 43,375 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 12,894 |  |  | 12,893 |  |  | 766 |  |  | 17,795 |  |  | (26,545 | ) |  | 17,803 |
New Zealand joint venture cash flow hedges | 1,112 |  |  | 1,112 |  |  | 1,112 |  |  | 1,711 |  |  | (3,336 | ) |  | 1,711 |
Amortization of pension and postretirement plans, net of income tax | 2,097 |  |  | 2,097 |  |  | 1,620 |  |  | 1,620 |  |  | (5,337 | ) |  | 2,097 |
Total other comprehensive income | 16,103 |  |  | 16,102 |  |  | 3,498 |  |  | 21,126 |  |  | (35,218 | ) |  | 21,611 |
COMPREHENSIVE INCOME | 59,478 |  |  | 59,972 |  |  | 29,695 |  |  | 74,403 |  |  | (158,645 | ) |  | 64,903 |
Less: Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 5,425 |  |  | — |  |  | 5,425 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 59,478 |  |  | $ | 59,972 |  |  | $ | 29,695 |  |  | $ | 68,978 |  |  | $ | (158,645 | ) |  | $ | 59,478 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2013
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 393,719 |  |  | $ | — |  |  | $ | 393,719 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | — |  |  | 266,018 |  |  | — |  |  | 266,018 |
Selling and general expenses | — |  |  | 2,401 |  |  | — |  |  | 13,698 |  |  | — |  |  | 16,099 |
Other operating (income) expense, net | (1,881 | ) |  | 523 |  |  | — |  |  | (2,145 | ) |  | — |  |  | (3,503 | )
| (1,881 | ) |  | 2,924 |  |  | — |  |  | 277,571 |  |  | — |  |  | 278,614 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | — |  |  | 258 |  |  | — |  |  | 258 |
OPERATING INCOME (LOSS) | 1,881 |  |  | (2,924 | ) |  | — |  |  | 116,406 |  |  | — |  |  | 115,363 |
Interest (expense) income | (3,275 | ) |  | (252 | ) |  | (6,618 | ) |  | 2,428 |  |  | — |  |  | (7,717 | )
Interest and miscellaneous income (expense), net | 2,419 |  |  | 529 |  |  | (751 | ) |  | (2,140 | ) |  | — |  |  | 57 |
Equity in income from subsidiaries | 146,710 |  |  | 148,765 |  |  | 123,469 |  |  | — |  |  | (418,944 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 147,735 |  |  | 146,118 |  |  | 116,100 |  |  | 116,694 |  |  | (418,944 | ) |  | 107,703 |
Income tax benefit (expense) | — |  |  | 592 |  |  | 2,690 |  |  | (7,727 | ) |  | — |  |  | (4,445 | )
INCOME FROM CONTINUING OPERATIONS | 147,735 |  |  | 146,710 |  |  | 118,790 |  |  | 108,967 |  |  | (418,944 | ) |  | 103,258 |
DISCONTINUED OPERATIONS, NET |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations, net of income tax | — |  |  | — |  |  | — |  |  | 44,477 |  |  | — |  |  | 44,477 |
NET INCOME | 147,735 |  |  | 146,710 |  |  | 118,790 |  |  | 153,444 |  |  | (418,944 | ) |  | 147,735 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 975 |  |  | 975 |  |  | 240 |  |  | 975 |  |  | (2,190 | ) |  | 975 |
New Zealand joint venture cash flow hedges | 554 |  |  | 554 |  |  | — |  |  | 554 |  |  | (1,108 | ) |  | 554 |
Amortization of pension and postretirement plans, net of income tax | 4,969 |  |  | 4,969 |  |  | 4,012 |  |  | — |  |  | (8,981 | ) |  | 4,969 |
Total other comprehensive income | 6,498 |  |  | 6,498 |  |  | 4,252 |  |  | 1,529 |  |  | (12,279 | ) |  | 6,498 |
COMPREHENSIVE INCOME | $ | 154,233 |  |  | $ | 153,208 |  |  | $ | 123,042 |  |  | $ | 154,973 |  |  | $ | (431,223 | ) |  | $ | 154,233 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of March 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 | $ | 93,840 |  |  | $ | 4,494 |  |  | $ | (178 | ) |  | $ | 57,915 |  |  | $ | — |  |  | $ | 156,071 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 10 |  |  | 689 |  |  | 110,998 |  |  | — |  |  | 111,697 |
Inventory | — |  |  | — |  |  | — |  |  | 141,928 |  |  | — |  |  | 141,928 |
Deferred tax assets | — |  |  | — |  |  | 646 |  |  | 30,934 |  |  | — |  |  | 31,580 |
Prepaid and other current assets | — |  |  | 6,582 |  |  | 3 |  |  | 47,972 |  |  | — |  |  | 54,557 |
Total current assets | 93,840 |  |  | 11,086 |  |  | 1,160 |  |  | 389,747 |  |  | — |  |  | 495,833 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | — |  |  | 2,069,518 |  |  | — |  |  | 2,069,518 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,698 |  |  | — |  |  | 859,271 |  |  | — |  |  | 861,969 |
INVESTMENT IN SUBSIDIARIES | 1,677,296 |  |  | 1,853,207 |  |  | 1,170,733 |  |  | — |  |  | (4,701,236 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 216,844 |  |  | — |  |  | 20,866 |  |  | — |  |  | (237,710 | ) |  | — |
OTHER ASSETS | 3,569 |  |  | 32,705 |  |  | 3,496 |  |  | 177,688 |  |  | — |  |  | 217,458 |
TOTAL ASSETS | $ | 1,991,549 |  |  | $ | 1,899,696 |  |  | $ | 1,196,255 |  |  | $ | 3,496,224 |  |  | $ | (4,938,946 | ) |  | $ | 3,644,778 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 1,054 |  |  | $ | 2,102 |  |  | $ | 83,126 |  |  | $ | — |  |  | $ | 86,282 |
Current maturities of long-term debt | — |  |  | — |  |  | 112,500 |  |  | 1,819 |  |  | — |  |  | 114,319 |
Accrued taxes | — |  |  | 14 |  |  | — |  |  | 11,360 |  |  | — |  |  | 11,374 |
Accrued payroll and benefits | — |  |  | 8,038 |  |  | — |  |  | 11,223 |  |  | — |  |  | 19,261 |
Accrued interest | 5,777 |  |  | 669 |  |  | 3,723 |  |  | 25,112 |  |  | (21,424 | ) |  | 13,857 |
Accrued customer incentives | — |  |  | — |  |  | — |  |  | 10,082 |  |  | — |  |  | 10,082 |
Other current liabilities | — |  |  | 9,058 |  |  | — |  |  | 26,812 |  |  | — |  |  | 35,870 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | — |  |  | 6,446 |  |  | — |  |  | 6,446 |
Total current liabilities | 5,777 |  |  | 18,833 |  |  | 118,325 |  |  | 175,980 |  |  | (21,424 | ) |  | 297,491 |
LONG-TERM DEBT | 325,000 |  |  | — |  |  | 768,228 |  |  | 300,659 |  |  | — |  |  | 1,393,887 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | 67,456 |  |  | — |  |  | 67,456 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 91,807 |  |  | — |  |  | 3,291 |  |  | — |  |  | 95,098 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 13,763 |  |  | — |  |  | 17,491 |  |  | — |  |  | 31,254 |
INTERCOMPANY PAYABLE | — |  |  | 97,997 |  |  | — |  |  | 151,940 |  |  | (249,937 | ) |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 |  |  | 1,677,296 |  |  | 309,702 |  |  | 2,680,587 |  |  | (4,667,585 | ) |  | 1,660,772 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 98,820 |  |  | — |  |  | 98,820 |
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 |  |  | 1,677,296 |  |  | 309,702 |  |  | 2,779,407 |  |  | (4,667,585 | ) |  | 1,759,592 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,991,549 |  |  | $ | 1,899,696 |  |  | $ | 1,196,255 |  |  | $ | 3,496,224 |  |  | $ | (4,938,946 | ) |  | $ | 3,644,778 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
| 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 | $ | 130,181 |  |  | $ | 304 |  |  | $ | 10,719 |  |  | $ | 58,440 |  |  | $ | — |  |  | $ | 199,644 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 10 |  |  | 2,300 |  |  | 92,646 |  |  | — |  |  | 94,956 |
Inventory | — |  |  | — |  |  | — |  |  | 138,818 |  |  | — |  |  | 138,818 |
Deferred tax assets | — |  |  | — |  |  | 681 |  |  | 38,419 |  |  | — |  |  | 39,100 |
Prepaid and other current assets | — |  |  | 2,363 |  |  | 6 |  |  | 44,207 |  |  | — |  |  | 46,576 |
Total current assets | 130,181 |  |  | 2,677 |  |  | 13,706 |  |  | 372,530 |  |  | — |  |  | 519,094 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | — |  |  | 2,049,378 |  |  | — |  |  | 2,049,378 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,612 |  |  | — |  |  | 858,209 |  |  | — |  |  | 860,821 |
INVESTMENT IN SUBSIDIARIES | 1,627,315 |  |  | 1,837,760 |  |  | 1,148,221 |  |  | — |  |  | (4,613,296 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 228,032 |  |  | — |  |  | 20,659 |  |  | — |  |  | (248,691 | ) |  | — |
OTHER ASSETS | 3,689 |  |  | 32,519 |  |  | 3,739 |  |  | 216,261 |  |  | — |  |  | 256,208 |
TOTAL ASSETS | $ | 1,989,217 |  |  | $ | 1,875,568 |  |  | $ | 1,186,325 |  |  | $ | 3,496,378 |  |  | $ | (4,861,987 | ) |  | $ | 3,685,501 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 1,522 |  |  | $ | 1,564 |  |  | $ | 66,207 |  |  | $ | — |  |  | $ | 69,293 |
Current maturities of long-term debt | — |  |  | — |  |  | 112,500 |  |  | — |  |  | — |  |  | 112,500 |
Accrued taxes | — |  |  | 4,855 |  |  | — |  |  | 3,696 |  |  | — |  |  | 8,551 |
Accrued payroll and benefits | — |  |  | 11,382 |  |  | — |  |  | 13,566 |  |  | — |  |  | 24,948 |
Accrued interest | 3,047 |  |  | 538 |  |  | 2,742 |  |  | 22,816 |  |  | (19,612 | ) |  | 9,531 |
Accrued customer incentives | — |  |  | — |  |  | — |  |  | 9,580 |  |  | — |  |  | 9,580 |
Other current liabilities | — |  |  | 8,765 |  |  | — |  |  | 26,109 |  |  | — |  |  | 34,874 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | — |  |  | 6,835 |  |  | — |  |  | 6,835 |
Total current liabilities | 3,047 |  |  | 27,062 |  |  | 116,806 |  |  | 148,809 |  |  | (19,612 | ) |  | 276,112 |
LONG-TERM DEBT | 325,000 |  |  | — |  |  | 847,749 |  |  | 288,975 |  |  | — |  |  | 1,461,724 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | 69,543 |  |  | — |  |  | 69,543 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 91,471 |  |  | — |  |  | 4,183 |  |  | — |  |  | 95,654 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 11,493 |  |  | — |  |  | 15,732 |  |  | — |  |  | 27,225 |
INTERCOMPANY PAYABLE | — |  |  | 118,227 |  |  | — |  |  | 125,921 |  |  | (244,148 | ) |  | — |
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 |  |  | 1,627,315 |  |  | 221,770 |  |  | 2,843,215 |  |  | (4,598,227 | ) |  | 1,755,243 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 |  |  | $ | 1,875,568 |  |  | $ | 1,186,325 |  |  | $ | 3,496,378 |  |  | $ | (4,861,987 | ) |  | $ | 3,685,501 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2014
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 25,931 |  |  | $ | 32,794 |  |  | $ | — |  |  | $ | 67,759 |  |  | $ | (27,210 | ) |  | $ | 99,274 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (170 | ) |  | — |  |  | (36,585 | ) |  | — |  |  | (36,755 | )
Purchase of timberlands | — |  |  | — |  |  | — |  |  | (10,637 | ) |  | — |  |  | (10,637 | )
Change in restricted cash | — |  |  | — |  |  | — |  |  | 45,312 |  |  | — |  |  | 45,312 |
Investment in Subsidiaries | — |  |  | — |  |  | 69,103 |  |  | — |  |  | (69,103 | ) |  | — |
Other | — |  |  | — |  |  | — |  |  | 1,592 |  |  | — |  |  | 1,592 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — |  |  | (170 | ) |  | 69,103 |  |  | (318 | ) |  | (69,103 | ) |  | (488 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | — |  |  | 30,000 |  |  | 1,819 |  |  | — |  |  | 31,819 |
Repayment of debt | — |  |  | — |  |  | (110,000 | ) |  | — |  |  | — |  |  | (110,000 | )
Dividends paid | (62,545 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,545 | )
Proceeds from the issuance of common shares | 2,027 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,027 |
Excess tax deficiencies on stock-based compensation | — |  |  | — |  |  | — |  |  | (1,240 | ) |  | — |  |  | (1,240 | )
Repurchase of common shares | (1,754 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,754 | )
Intercompany distributions | — |  |  | (28,434 | ) |  | — |  |  | (67,879 | ) |  | 96,313 |  |  | — |
Other | — |  |  | — |  |  | — |  |  | (679 | ) |  | — |  |  | (679 | )
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) |  | (28,434 | ) |  | (80,000 | ) |  | (67,979 | ) |  | 96,313 |  |  | (142,372 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (36,341 | ) |  | 4,190 |  |  | (10,897 | ) |  | (525 | ) |  | — |  |  | (43,573 | )
Balance, beginning of year | 130,181 |  |  | 304 |  |  | 10,719 |  |  | 58,440 |  |  | — |  |  | 199,644 |
Balance, end of period | $ | 93,840 |  |  | $ | 4,494 |  |  | $ | (178 | ) |  | $ | 57,915 |  |  | $ | — |  |  | $ | 156,071 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2013
| Rayonier Inc. (Parent Guarantor) |  | ROC (Subsidiary Guarantor) |  | Rayonier TRS Holdings Inc. (Issuer) |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 13,984 |  |  | $ | 22,259 |  |  | $ | — |  |  | $ | 58,980 |  |  | $ | (5,563 | ) |  | $ | 89,660 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (89 | ) |  | — |  |  | (32,575 | ) |  | — |  |  | (32,664 | )
Purchase of timberlands | — |  |  | — |  |  | — |  |  | (1,560 | ) |  | — |  |  | (1,560 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | — |  |  | (36,734 | ) |  | — |  |  | (36,734 | )
Proceeds from disposition of Wood Products business | — |  |  | — |  |  | — |  |  | 83,741 |  |  | — |  |  | 83,741 |
Change in restricted cash | — |  |  | — |  |  | — |  |  | 9,908 |  |  | — |  |  | 9,908 |
Investment in Subsidiaries | — |  |  | — |  |  | 32,391 |  |  | — |  |  | (32,391 | ) |  | — |
Other | — |  |  | — |  |  | — |  |  | 1,790 |  |  | — |  |  | 1,790 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — |  |  | (89 | ) |  | 32,391 |  |  | 24,570 |  |  | (32,391 | ) |  | 24,481 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Issuance of debt | 100,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100,000 |
Repayment of debt | (150,000 | ) |  | — |  |  | (20,000 | ) |  | — |  |  | — |  |  | (170,000 | )
Dividends paid | (57,744 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (57,744 | )
Proceeds from the issuance of common shares | 4,091 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,091 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | — |  |  | 6,191 |  |  | — |  |  | 6,191 |
Repurchase of common shares | (11,241 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,241 | )
Intercompany distributions | — |  |  | (5,206 | ) |  | — |  |  | (32,748 | ) |  | 37,954 |  |  | — |
CASH USED FOR FINANCING ACTIVITIES | (114,894 | ) |  | (5,206 | ) |  | (20,000 | ) |  | (26,557 | ) |  | 37,954 |  |  | (128,703 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |  |  | (17 | ) |  | — |  |  | (17 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (100,910 | ) |  | 16,964 |  |  | 12,391 |  |  | 56,976 |  |  | — |  |  | (14,579 | )
Balance, beginning of year | 252,888 |  |  | 3,966 |  |  | 19,358 |  |  | 4,384 |  |  | — |  |  | 280,596 |
Balance, end of period | $ | 151,978 |  |  | $ | 20,930 |  |  | $ | 31,749 |  |  | $ | 61,360 |  |  | $ | — |  |  | $ | 266,017 |
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. The notes are fully and unconditionally guaranteed by ROC and Rayonier TRS Holdings Inc. In connection with these notes, the Company provides the following 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.
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2014
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | 386,686 |  |  | $ | — |  |  | $ | 386,686 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 302,650 |  |  | — |  |  | 302,650 |
Selling and general expenses | — |  |  | 2,150 |  |  | 13,341 |  |  | — |  |  | 15,491 |
Other operating expense, net | — |  |  | 2,375 |  |  | 1,162 |  |  | — |  |  | 3,537 |
| — |  |  | 4,525 |  |  | 317,153 |  |  | — |  |  | 321,678 |
OPERATING (LOSS) INCOME | — |  |  | (4,525 | ) |  | 69,533 |  |  | — |  |  | 65,008 |
Interest expense | (3,193 | ) |  | (6,933 | ) |  | (2,843 | ) |  | — |  |  | (12,969 | )
Interest and miscellaneous income (expense), net | 2,698 |  |  | (233 | ) |  | (3,480 | ) |  | — |  |  | (1,015 | )
Equity in income from subsidiaries | 43,870 |  |  | 53,360 |  |  | — |  |  | (97,230 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 |  |  | 41,669 |  |  | 63,210 |  |  | (97,230 | ) |  | 51,024 |
Income tax benefit (expense) | — |  |  | 2,201 |  |  | (9,933 | ) |  | — |  |  | (7,732 | )
NET INCOME | 43,375 |  |  | 43,870 |  |  | 53,277 |  |  | (97,230 | ) |  | 43,292 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (83 | ) |  | — |  |  | (83 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 |  |  | 43,870 |  |  | 53,360 |  |  | (97,230 | ) |  | 43,375 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 12,894 |  |  | 12,892 |  |  | 17,795 |  |  | (25,778 | ) |  | 17,803 |
New Zealand joint venture cash flow hedges | 1,112 |  |  | 1,112 |  |  | 1,711 |  |  | (2,224 | ) |  | 1,711 |
Amortization of pension and postretirement plans, net of income tax | 2,097 |  |  | 2,097 |  |  | 1,620 |  |  | (3,717 | ) |  | 2,097 |
Total other comprehensive income | 16,103 |  |  | 16,101 |  |  | 21,126 |  |  | (31,719 | ) |  | 21,611 |
COMPREHENSIVE INCOME | 59,478 |  |  | 59,971 |  |  | 74,403 |  |  | (128,949 | ) |  | 64,903 |
Less: Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 5,425 |  |  | — |  |  | 5,425 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 59,478 |  |  | $ | 59,971 |  |  | $ | 68,978 |  |  | $ | (128,949 | ) |  | $ | 59,478 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2013
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | $ | — |  |  | $ | — |  |  | $ | 393,719 |  |  | $ | — |  |  | $ | 393,719 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 266,018 |  |  | — |  |  | 266,018 |
Selling and general expenses | — |  |  | 2,401 |  |  | 13,698 |  |  | — |  |  | 16,099 |
Other operating (income) expense, net | (1,881 | ) |  | 523 |  |  | (2,145 | ) |  | — |  |  | (3,503 | )
| (1,881 | ) |  | 2,924 |  |  | 277,571 |  |  | — |  |  | 278,614 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | 258 |  |  | — |  |  | 258 |
OPERATING INCOME (LOSS) | 1,881 |  |  | (2,924 | ) |  | 116,406 |  |  | — |  |  | 115,363 |
Interest (expense) income | (3,275 | ) |  | (6,870 | ) |  | 2,428 |  |  | — |  |  | (7,717 | )
Interest and miscellaneous income (expense), net | 2,419 |  |  | (222 | ) |  | (2,140 | ) |  | — |  |  | 57 |
Equity in income from subsidiaries | 146,710 |  |  | 153,444 |  |  | — |  |  | (300,154 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 147,735 |  |  | 143,428 |  |  | 116,694 |  |  | (300,154 | ) |  | 107,703 |
Income tax benefit (expense) | — |  |  | 3,282 |  |  | (7,727 | ) |  | — |  |  | (4,445 | )
INCOME FROM CONTINUING OPERATIONS | 147,735 |  |  | 146,710 |  |  | 108,967 |  |  | (300,154 | ) |  | 103,258 |
DISCONTINUED OPERATIONS, NET |  |  |  |  |  |  |  |  |  |
Income from discontinued operations, net of income taxes | — |  |  | — |  |  | 44,477 |  |  | — |  |  | 44,477 |
NET INCOME | 147,735 |  |  | 146,710 |  |  | 153,444 |  |  | (300,154 | ) |  | 147,735 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 975 |  |  | 975 |  |  | 975 |  |  | (1,950 | ) |  | 975 |
New Zealand joint venture cash flow hedges | 554 |  |  | 554 |  |  | 554 |  |  | (1,108 | ) |  | 554 |
Amortization of pension and postretirement plans, net of income tax | 4,969 |  |  | 4,969 |  |  | — |  |  | (4,969 | ) |  | 4,969 |
Total other comprehensive income | 6,498 |  |  | 6,498 |  |  | 1,529 |  |  | (8,027 | ) |  | 6,498 |
COMPREHENSIVE INCOME | $ | 154,233 |  |  | $ | 153,208 |  |  | $ | 154,973 |  |  | $ | (308,181 | ) |  | $ | 154,233 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of March 31, 2014
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 93,840 |  |  | $ | 4,316 |  |  | $ | 57,915 |  |  | $ | — |  |  | $ | 156,071 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 699 |  |  | 110,998 |  |  | — |  |  | 111,697 |
Inventory | — |  |  | — |  |  | 141,928 |  |  | — |  |  | 141,928 |
Deferred tax asset | — |  |  | 646 |  |  | 30,934 |  |  | — |  |  | 31,580 |
Prepaid and other current assets | — |  |  | 6,585 |  |  | 47,972 |  |  | — |  |  | 54,557 |
Total current assets | 93,840 |  |  | 12,246 |  |  | 389,747 |  |  | — |  |  | 495,833 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,069,518 |  |  | — |  |  | 2,069,518 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,698 |  |  | 859,271 |  |  | — |  |  | 861,969 |
INVESTMENT IN SUBSIDIARIES | 1,677,296 |  |  | 2,714,238 |  |  | — |  |  | (4,391,534 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 216,844 |  |  | 20,866 |  |  | — |  |  | (237,710 | ) |  | — |
OTHER ASSETS | 3,569 |  |  | 36,201 |  |  | 177,688 |  |  | — |  |  | 217,458 |
TOTAL ASSETS | $ | 1,991,549 |  |  | $ | 2,786,249 |  |  | $ | 3,496,224 |  |  | $ | (4,629,244 | ) |  | $ | 3,644,778 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 3,156 |  |  | $ | 83,126 |  |  | $ | — |  |  | $ | 86,282 |
Current maturities of long-term debt | — |  |  | 112,500 |  |  | 1,819 |  |  | — |  |  | 114,319 |
Accrued taxes | — |  |  | 14 |  |  | 11,360 |  |  | — |  |  | 11,374 |
Accrued payroll and benefits | — |  |  | 8,038 |  |  | 11,223 |  |  | — |  |  | 19,261 |
Accrued interest | 5,777 |  |  | 4,392 |  |  | 25,112 |  |  | (21,424 | ) |  | 13,857 |
Accrued customer incentives | — |  |  | — |  |  | 10,082 |  |  | — |  |  | 10,082 |
Other current liabilities | — |  |  | 9,058 |  |  | 26,812 |  |  | — |  |  | 35,870 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | 6,446 |  |  | — |  |  | 6,446 |
Total current liabilities | 5,777 |  |  | 137,158 |  |  | 175,980 |  |  | (21,424 | ) |  | 297,491 |
LONG-TERM DEBT | 325,000 |  |  | 768,228 |  |  | 300,659 |  |  | — |  |  | 1,393,887 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | 67,456 |  |  | — |  |  | 67,456 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 91,807 |  |  | 3,291 |  |  | — |  |  | 95,098 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 13,763 |  |  | 17,491 |  |  | — |  |  | 31,254 |
INTERCOMPANY PAYABLE | — |  |  | 97,997 |  |  | 151,940 |  |  | (249,937 | ) |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 |  |  | 1,677,296 |  |  | 2,680,587 |  |  | (4,357,883 | ) |  | 1,660,772 |
Noncontrolling interest | — |  |  | — |  |  | 98,820 |  |  | — |  |  | 98,820 |
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 |  |  | 1,677,296 |  |  | 2,779,407 |  |  | (4,357,883 | ) |  | 1,759,592 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,991,549 |  |  | $ | 2,786,249 |  |  | $ | 3,496,224 |  |  | $ | (4,629,244 | ) |  | $ | 3,644,778 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 130,181 |  |  | $ | 11,023 |  |  | $ | 58,440 |  |  | $ | — |  |  | $ | 199,644 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 2,310 |  |  | 92,646 |  |  | — |  |  | 94,956 |
Inventory | — |  |  | — |  |  | 138,818 |  |  | — |  |  | 138,818 |
Deferred tax assets | — |  |  | 681 |  |  | 38,419 |  |  | — |  |  | 39,100 |
Prepaid and other current assets | — |  |  | 2,369 |  |  | 44,207 |  |  | — |  |  | 46,576 |
Total current assets | 130,181 |  |  | 16,383 |  |  | 372,530 |  |  | — |  |  | 519,094 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,049,378 |  |  | — |  |  | 2,049,378 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 2,612 |  |  | 858,209 |  |  | — |  |  | 860,821 |
INVESTMENT IN SUBSIDIARIES | 1,627,315 |  |  | 2,764,211 |  |  | — |  |  | (4,391,526 | ) |  | — |
INTERCOMPANY NOTES RECEIVABLE | 228,032 |  |  | 20,659 |  |  | — |  |  | (248,691 | ) |  | — |
OTHER ASSETS | 3,689 |  |  | 36,258 |  |  | 216,261 |  |  | — |  |  | 256,208 |
TOTAL ASSETS | $ | 1,989,217 |  |  | $ | 2,840,123 |  |  | $ | 3,496,378 |  |  | $ | (4,640,217 | ) |  | $ | 3,685,501 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 3,086 |  |  | $ | 66,207 |  |  | $ | — |  |  | $ | 69,293 |
Current maturities of long-term debt | — |  |  | 112,500 |  |  | — |  |  | — |  |  | 112,500 |
Accrued taxes | — |  |  | 4,855 |  |  | 3,696 |  |  | — |  |  | 8,551 |
Accrued payroll and benefits | — |  |  | 11,382 |  |  | 13,566 |  |  | — |  |  | 24,948 |
Accrued interest | 3,047 |  |  | 3,280 |  |  | 22,816 |  |  | (19,612 | ) |  | 9,531 |
Accrued customer incentives | — |  |  | — |  |  | 9,580 |  |  | — |  |  | 9,580 |
Other current liabilities | — |  |  | 8,765 |  |  | 26,109 |  |  | — |  |  | 34,874 |
Current liabilities for dispositions and discontinued operations | — |  |  | — |  |  | 6,835 |  |  | — |  |  | 6,835 |
Total current liabilities | 3,047 |  |  | 143,868 |  |  | 148,809 |  |  | (19,612 | ) |  | 276,112 |
LONG-TERM DEBT | 325,000 |  |  | 847,749 |  |  | 288,975 |  |  | — |  |  | 1,461,724 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — |  |  | — |  |  | 69,543 |  |  | — |  |  | 69,543 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 91,471 |  |  | 4,183 |  |  | — |  |  | 95,654 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 11,493 |  |  | 15,732 |  |  | — |  |  | 27,225 |
INTERCOMPANY PAYABLE | — |  |  | 118,227 |  |  | 125,921 |  |  | (244,148 | ) |  | — |
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 |  |  | 1,627,315 |  |  | 2,843,215 |  |  | (4,376,457 | ) |  | 1,755,243 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 |  |  | $ | 2,840,123 |  |  | $ | 3,496,378 |  |  | $ | (4,640,217 | ) |  | $ | 3,685,501 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2014
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 25,931 |  |  | $ | 32,794 |  |  | $ | 67,759 |  |  | $ | (27,210 | ) |  | $ | 99,274 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (170 | ) |  | (36,585 | ) |  | — |  |  | (36,755 | )
Purchase of timberlands | — |  |  | — |  |  | (10,637 | ) |  | — |  |  | (10,637 | )
Change in restricted cash | — |  |  | — |  |  | 45,312 |  |  | — |  |  | 45,312 |
Investment in Subsidiaries | — |  |  | 69,103 |  |  | — |  |  | (69,103 | ) |  | — |
Other | — |  |  | — |  |  | 1,592 |  |  | — |  |  | 1,592 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 68,933 |  |  | (318 | ) |  | (69,103 | ) |  | (488 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | 30,000 |  |  | 1,819 |  |  | — |  |  | 31,819 |
Repayment of debt | — |  |  | (110,000 | ) |  | — |  |  | — |  |  | (110,000 | )
Dividends paid | (62,545 | ) |  | — |  |  | — |  |  | — |  |  | (62,545 | )
Proceeds from the issuance of common shares | 2,027 |  |  | — |  |  | — |  |  | — |  |  | 2,027 |
Excess tax deficiencies on stock-based compensation | — |  |  | — |  |  | (1,240 | ) |  | — |  |  | (1,240 | )
Repurchase of common shares | (1,754 | ) |  | — |  |  | — |  |  | — |  |  | (1,754 | )
Intercompany distributions | — |  |  | (28,434 | ) |  | (67,879 | ) |  | 96,313 |  |  | — |
Other | — |  |  | — |  |  | (679 | ) |  | — |  |  | (679 | )
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) |  | (108,434 | ) |  | (67,979 | ) |  | 96,313 |  |  | (142,372 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (36,341 | ) |  | (6,707 | ) |  | (525 | ) |  | — |  |  | (43,573 | )
Balance, beginning of year | 130,181 |  |  | 11,023 |  |  | 58,440 |  |  | — |  |  | 199,644 |
Balance, end of period | $ | 93,840 |  |  | $ | 4,316 |  |  | $ | 57,915 |  |  | $ | — |  |  | $ | 156,071 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2013
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 13,984 |  |  | $ | 22,259 |  |  | $ | 58,980 |  |  | $ | (5,563 | ) |  | $ | 89,660 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (89 | ) |  | (32,575 | ) |  | — |  |  | (32,664 | )
Purchase of timberlands | — |  |  | — |  |  | (1,560 | ) |  | — |  |  | (1,560 | )
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | (36,734 | ) |  | — |  |  | (36,734 | )
Proceeds from disposition of Wood Products business | — |  |  | — |  |  | 83,741 |  |  | — |  |  | 83,741 |
Change in restricted cash | — |  |  | — |  |  | 9,908 |  |  | — |  |  | 9,908 |
Investment in Subsidiaries | — |  |  | 32,391 |  |  | — |  |  | (32,391 | ) |  | — |
Other | — |  |  | — |  |  | 1,790 |  |  | — |  |  | 1,790 |
CASH PROVIDED BY INVESTING ACTIVITIES | — |  |  | 32,302 |  |  | 24,570 |  |  | (32,391 | ) |  | 24,481 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | 100,000 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |
Repayment of debt | (150,000 | ) |  | (20,000 | ) |  | — |  |  | — |  |  | (170,000 | )
Dividends paid | (57,744 | ) |  | — |  |  | — |  |  | — |  |  | (57,744 | )
Proceeds from the issuance of common shares | 4,091 |  |  | — |  |  | — |  |  | — |  |  | 4,091 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | 6,191 |  |  | — |  |  | 6,191 |
Repurchase of common shares | (11,241 | ) |  | — |  |  | — |  |  | — |  |  | (11,241 | )
Intercompany distributions | — |  |  | (5,206 | ) |  | (32,748 | ) |  | 37,954 |  |  | — |
CASH USED FOR FINANCING ACTIVITIES | (114,894 | ) |  | (25,206 | ) |  | (26,557 | ) |  | 37,954 |  |  | (128,703 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (17 | ) |  | — |  |  | (17 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (100,910 | ) |  | 29,355 |  |  | 56,976 |  |  | — |  |  | (14,579 | )
Balance, beginning of year | 252,888 |  |  | 23,324 |  |  | 4,384 |  |  | — |  |  | 280,596 |
Balance, end of period | $ | 151,978 |  |  | $ | 52,679 |  |  | $ | 61,360 |  |  | $ | — |  |  | $ | 266,017 |

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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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