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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following tables summarize the effect of these restatements for the period:
|  | Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2014
|  | As Previously Reported |  | Restatement |  | As Restated
Operating Income |  | $ | 65,008 |  |  | $ | (1,969 | ) |  | $ | 63,039 |
Income Tax Expense |  | (7,732 | ) |  | 20 |  |  | (7,712 | )
Income from Continuing Operations |  | 43,292 |  |  | (1,949 | ) |  | 41,343 |
Net Income |  | 43,292 |  |  | (1,949 | ) |  | 41,343 |
Net Income Attributable to Rayonier Inc. |  | 43,375 |  |  | (1,949 | ) |  | 41,426 |
Basic Earnings Per Share Attributable to Rayonier Inc. |  |  |  |  |  |
Continuing Operations |  | $ | 0.34 |  |  | (0.01 | ) |  | $ | 0.33 |
Discontinued Operations |  | — |  |  | — |  |  | — |
Net Income |  | $ | 0.34 |  |  | $ | (0.01 | ) |  | $ | 0.33 |
Diluted Earnings Per Share Attributable to Rayonier Inc. |  |  |  |  |  |
Continuing Operations |  | $ | 0.34 |  |  | (0.02 | ) |  | $ | 0.32 |
Discontinued Operations |  | — |  |  | — |  |  | — |
Net Income |  | $ | 0.34 |  |  | $ | (0.02 | ) |  | $ | 0.32 |
|  | Consolidated Balance Sheet as of March 31, 2014
|  | As Previously Reported |  | Restatement |  | As Restated
Prepaid and Other Current Assets |  | $ | 54,557 |  |  | $ | 20 |  |  | $ | 54,577 |
Timber and Timberlands, Net of Depletion and Amortization |  | 2,069,518 |  |  | (1,969 | ) |  | 2,067,549 |
Retained earnings |  | 996,573 |  |  | (1,949 | ) |  | 994,624 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
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