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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Notes) | 3 Months Ended
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Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract] |
Restatement of Previously Issued Consolidated Financial Statements | RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Subsequent to the issuance of the Original Filing, the Company identified issues related to its historical timber harvest levels, its estimate of merchantable timber inventory and the effect of such estimate on its calculation of depletion expense in the quarterly period ended March 31, 2014. The Company determined that it had understated its depletion expense in cost of goods sold (referred to as “Cost of sales” in the Company’s consolidated statements of income and comprehensive income) by approximately $2 million for the period. As a result, the financial amounts noted below have been restated from amounts previously reported. 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 The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + 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 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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