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Consolidating Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Consolidating of Income Statement |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $544,874 |  |  | — |  |  |  | $544,874 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 441,099 |  |  | — |  |  | 441,099 |
Selling and general expenses | — |  |  | 20,468 |  |  | 25,282 |  |  | — |  |  | 45,750 |
Other operating income, net | — |  |  | (404 | ) |  | (19,355 | ) |  | — |  |  | (19,759 | )
| — |  |  | 20,064 |  |  | 447,026 |  |  | — |  |  | 467,090 |
OPERATING (LOSS) INCOME | — |  |  | (20,064 | ) |  | 97,848 |  |  | — |  |  | 77,784 |
Interest expense | (12,703 | ) |  | (9,135 | ) |  | (9,861 | ) |  | — |  |  | (31,699 | )
Interest and miscellaneous income (expense), net | 7,789 |  |  | 2,612 |  |  | (13,404 | ) |  | — |  |  | (3,003 | )
Equity in income from subsidiaries | 51,079 |  |  | 75,532 |  |  | — |  |  | (126,611 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 46,165 |  |  | 48,945 |  |  | 74,583 |  |  | (126,611 | ) |  | 43,082 |
Income tax benefit (expense) | — |  |  | 2,134 |  |  | (1,275 | ) |  | — |  |  | 859 |
NET INCOME | 46,165 |  |  | 51,079 |  |  | 73,308 |  |  | (126,611 | ) |  | 43,941 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (2,224 | ) |  | — |  |  | (2,224 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 46,165 |  |  | 51,079 |  |  | 75,532 |  |  | (126,611 | ) |  | 46,165 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (21,567 | ) |  | 7,922 |  |  | (40,373 | ) |  | 21,567 |  |  | (32,451 | )
New Zealand joint venture cash flow hedges | (10,042 | ) |  | (10,195 | ) |  | 234 |  |  | 10,042 |  |  | (9,961 | )
Actuarial change and amortization of pension and postretirement plan liabilities | 2,933 |  |  | 2,933 |  |  | — |  |  | (2,933 | ) |  | 2,933 |
Total other comprehensive (loss) income | (28,676 | ) |  | 660 |  |  | (40,139 | ) |  | 28,676 |  |  | (39,479 | )
COMPREHENSIVE INCOME | 17,489 |  |  | 51,739 |  |  | 33,169 |  |  | (97,935 | ) |  | 4,462 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (13,027 | ) |  | — |  |  | (13,027 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $17,489 |  |  |  | $51,739 |  |  |  | $46,196 |  |  |  | ($97,935 | ) |  |  | $17,489 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $603,521 |  |  | — |  |  |  | $603,521 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 483,860 |  |  | — |  |  | 483,860 |
Selling and general expenses | — |  |  | 14,578 |  |  | 33,305 |  |  | — |  |  | 47,883 |
Other operating expense (income), net | — |  |  | 3,275 |  |  | (29,786 | ) |  | — |  |  | (26,511 | )
| — |  |  | 17,853 |  |  | 487,379 |  |  | — |  |  | 505,232 |
OPERATING (LOSS) INCOME | — |  |  | (17,853 | ) |  | 116,142 |  |  | — |  |  | 98,289 |
Interest expense | (13,247 | ) |  | (23,571 | ) |  | (7,430 | ) |  | — |  |  | (44,248 | )
Interest and miscellaneous income (expense), net | 9,186 |  |  | (3,100 | ) |  | (15,285 | ) |  | — |  |  | (9,199 | )
Equity in income from subsidiaries | 103,398 |  |  | 138,719 |  |  | — |  |  | (242,117 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 99,337 |  |  | 94,195 |  |  | 93,427 |  |  | (242,117 | ) |  | 44,842 |
Income tax benefit | — |  |  | 9,203 |  |  | 398 |  |  | — |  |  | 9,601 |
INCOME FROM CONTINUING OPERATIONS | 99,337 |  |  | 103,398 |  |  | 93,825 |  |  | (242,117 | ) |  | 54,443 |
DISCONTINUED OPERATIONS, NET |  |  |  |  |  |  |  |  |
Income from discontinued operations, net of income tax | — |  |  | — |  |  | 43,403 |  |  | — |  |  | 43,403 |
NET INCOME | 99,337 |  |  | 103,398 |  |  | 137,228 |  |  | (242,117 | ) |  | 97,846 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (1,491 | ) |  | — |  |  | (1,491 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 |  |  | 103,398 |  |  | 138,719 |  |  | (242,117 | ) |  | 99,337 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (11,525 | ) |  | (11,527 | ) |  | (15,847 | ) |  | 23,052 |  |  | (15,847 | )
New Zealand joint venture cash flow hedges | (1,206 | ) |  | (1,206 | ) |  | (1,855 | ) |  | 2,412 |  |  | (1,855 | )
Actuarial change and amortization of pension and postretirement plan liabilities | 54,046 |  |  | 54,046 |  |  | 88,174 |  |  | (142,220 | ) |  | 54,046 |
Total other comprehensive income | 41,315 |  |  | 41,313 |  |  | 70,472 |  |  | (116,756 | ) |  | 36,344 |
COMPREHENSIVE INCOME | 140,652 |  |  | 144,711 |  |  | 207,700 |  |  | (358,873 | ) |  | 134,190 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (6,462 | ) |  | — |  |  | (6,462 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $140,652 |  |  |  | $144,711 |  |  |  | $214,162 |  |  |  | ($358,873 | ) |  |  | $140,652 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $659,718 |  |  | — |  |  |  | $659,718 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 530,772 |  |  | — |  |  | 530,772 |
Selling and general expenses | — |  |  | 9,821 |  |  | 45,612 |  |  | — |  |  | 55,433 |
Other operating (income) expense, net | (1,701 | ) |  | 4,730 |  |  | (21,516 | ) |  | — |  |  | (18,487 | )
| (1,701 | ) |  | 14,551 |  |  | 554,868 |  |  | — |  |  | 567,718 |
Equity in income of New Zealand joint venture | — |  |  | — |  |  | 562 |  |  | — |  |  | 562 |
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 |  |  | (14,551 | ) |  | 105,412 |  |  | — |  |  | 92,562 |
Gain related to consolidation of New Zealand joint venture | — |  |  | — |  |  | 16,098 |  |  | — |  |  | 16,098 |
OPERATING INCOME (LOSS) | 1,701 |  |  | (14,551 | ) |  | 121,510 |  |  | — |  |  | 108,660 |
Interest expense | (13,088 | ) |  | (28,430 | ) |  | 577 |  |  | — |  |  | (40,941 | )
Interest and miscellaneous income (expense), net | 9,828 |  |  | (4,297 | ) |  | (3,092 | ) |  | — |  |  | 2,439 |
Equity in income from subsidiaries | 373,455 |  |  | 407,722 |  |  | — |  |  | (781,177 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 |  |  | 360,444 |  |  | 118,995 |  |  | (781,177 | ) |  | 70,158 |
Income tax benefit | — |  |  | 13,011 |  |  | 22,674 |  |  | — |  |  | 35,685 |
INCOME FROM CONTINUING OPERATIONS | 371,896 |  |  | 373,455 |  |  | 141,669 |  |  | (781,177 | ) |  | 105,843 |
DISCONTINUED OPERATIONS, NET |  |  |  |  |  |  |  |  |
Income from discontinued operations, net of income tax | — |  |  | — |  |  | 267,955 |  |  | — |  |  | 267,955 |
NET INCOME | 371,896 |  |  | 373,455 |  |  | 409,624 |  |  | (781,177 | ) |  | 373,798 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | 1,902 |  |  | — |  |  | 1,902 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 |  |  | 373,455 |  |  | 407,722 |  |  | (781,177 | ) |  | 371,896 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (1,915 | ) |  | (1,915 | ) |  | (5,710 | ) |  | 3,830 |  |  | (5,710 | )
New Zealand joint venture cash flow hedges | 3,286 |  |  | 3,286 |  |  | 3,629 |  |  | (6,572 | ) |  | 3,629 |
Actuarial change and amortization of pension and postretirement plan liabilities | 61,869 |  |  | 61,869 |  |  | 20,589 |  |  | (82,458 | ) |  | 61,869 |
Total other comprehensive income | 63,240 |  |  | 63,240 |  |  | 18,508 |  |  | (85,200 | ) |  | 59,788 |
COMPREHENSIVE INCOME | 435,136 |  |  | 436,695 |  |  | 428,132 |  |  | (866,377 | ) |  | 433,586 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (1,550 | ) |  | — |  |  | (1,550 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $435,136 |  |  |  | $436,695 |  |  |  | $429,682 |  |  |  | ($866,377 | ) |  |  | $435,136 |
Schedule of Condensed Consolidating Balance Sheet |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $2,472 |  |  |  | $13,217 |  |  |  | $36,088 |  |  | — |  |  |  | $51,777 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 1,870 |  |  | 18,352 |  |  | — |  |  | 20,222 |
Inventory | — |  |  | — |  |  | 15,351 |  |  | — |  |  | 15,351 |
Prepaid logging roads | — |  |  | — |  |  | 10,563 |  |  | — |  |  | 10,563 |
Prepaid expenses | — |  |  | 443 |  |  | 1,648 |  |  | — |  |  | 2,091 |
Other current assets | — |  |  | 4,876 |  |  | 805 |  |  | — |  |  | 5,681 |
Total current assets | 2,472 |  |  | 20,406 |  |  | 82,807 |  |  | — |  |  | 105,685 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,066,780 |  |  | — |  |  | 2,066,780 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — |  |  | — |  |  | 65,450 |  |  | — |  |  | 65,450 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 330 |  |  | 6,412 |  |  | — |  |  | 6,742 |
INVESTMENT IN SUBSIDIARIES | 1,321,681 |  |  | 2,212,405 |  |  | — |  |  | (3,534,086 | ) |  | — |
INTERCOMPANY RECEIVABLE | 34,567 |  |  | (610,450 | ) |  | 575,883 |  |  | — |  |  | — |
OTHER ASSETS | 2,305 |  |  | 19,741 |  |  | 52,560 |  |  | — |  |  | 74,606 |
TOTAL ASSETS |  | $1,361,025 |  |  |  | $1,642,432 |  |  |  | $2,849,892 |  |  |  | ($3,534,086 | ) |  |  | $2,319,263 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable |  | $609 |  |  |  | $1,463 |  |  |  | $19,407 |  |  | — |  |  |  | $21,479 |
Accrued taxes | — |  |  | (10 | ) |  | 3,695 |  |  | — |  |  | 3,685 |
Accrued payroll and benefits | — |  |  | 3,594 |  |  | 3,443 |  |  | — |  |  | 7,037 |
Accrued interest | 3,047 |  |  | 666 |  |  | 2,440 |  |  | — |  |  | 6,153 |
Other current liabilities | — |  |  | 262 |  |  | 20,841 |  |  | — |  |  | 21,103 |
Total current liabilities | 3,656 |  |  | 5,975 |  |  | 49,826 |  |  | — |  |  | 59,457 |
LONG-TERM DEBT | 325,000 |  |  | 282,000 |  |  | 226,879 |  |  | — |  |  | 833,879 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 34,822 |  |  | (685 | ) |  | — |  |  | 34,137 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 16,914 |  |  | 13,136 |  |  | — |  |  | 30,050 |
INTERCOMPANY PAYABLE | (255,715 | ) |  | (18,960 | ) |  | 274,675 |  |  | — |  |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,288,084 |  |  | 1,321,681 |  |  | 2,212,405 |  |  | (3,534,086 | ) |  | 1,288,084 |
Noncontrolling interest | — |  |  | — |  |  | 73,656 |  |  | — |  |  | 73,656 |
TOTAL SHAREHOLDERS’ EQUITY | 1,288,084 |  |  | 1,321,681 |  |  | 2,286,061 |  |  | (3,534,086 | ) |  | 1,361,740 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,361,025 |  |  |  | $1,642,432 |  |  |  | $2,849,892 |  |  |  | ($3,534,086 | ) |  |  | $2,319,263 |
| CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2014
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $102,218 |  |  |  | $8,105 |  |  |  | $51,235 |  |  | — |  |  |  | $161,558 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 1,409 |  |  | 22,609 |  |  | — |  |  | 24,018 |
Inventory | — |  |  | — |  |  | 8,383 |  |  | — |  |  | 8,383 |
Prepaid logging roads | — |  |  | — |  |  | 12,665 |  |  | — |  |  | 12,665 |
Prepaid expenses | — |  |  | 1,926 |  |  | 3,123 |  |  | — |  |  | 5,049 |
Other current assets | — |  |  | 83 |  |  | 1,948 |  |  | — |  |  | 2,031 |
Total current assets | 102,218 |  |  | 11,523 |  |  | 99,963 |  |  | — |  |  | 213,704 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,088,501 |  |  | — |  |  | 2,088,501 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — |  |  | — |  |  | 77,433 |  |  | — |  |  | 77,433 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 433 |  |  | 6,273 |  |  | — |  |  | 6,706 |
INVESTMENT IN SUBSIDIARIES | 1,463,303 |  |  | 2,053,911 |  |  | — |  |  | (3,517,214 | ) |  | — |
INTERCOMPANY RECEIVABLES | 248,233 |  |  | 21,500 |  |  | — |  |  | (269,733 | ) |  | — |
OTHER ASSETS | 2,763 |  |  | 18,369 |  |  | 45,639 |  |  | — |  |  | 66,771 |
TOTAL ASSETS |  | $1,816,517 |  |  |  | $2,105,736 |  |  |  | $2,317,809 |  |  |  | ($3,786,947 | ) |  |  | $2,453,115 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $2,810 |  |  |  | $17,401 |  |  | — |  |  |  | $20,211 |
Current maturities of long-term debt | — |  |  | 129,706 |  |  | — |  |  | — |  |  | 129,706 |
Accrued taxes | — |  |  | 11 |  |  | 11,394 |  |  | — |  |  | 11,405 |
Accrued payroll and benefits | — |  |  | 3,253 |  |  | 3,137 |  |  | — |  |  | 6,390 |
Accrued interest | 3,047 |  |  | 2,517 |  |  | 31,281 |  |  | (28,412 | ) |  | 8,433 |
Other current liabilities | — |  |  | 1,073 |  |  | 24,784 |  |  | — |  |  | 25,857 |
Total current liabilities | 3,047 |  |  | 139,370 |  |  | 87,997 |  |  | (28,412 | ) |  | 202,002 |
LONG-TERM DEBT | 325,000 |  |  | 31,000 |  |  | 265,849 |  |  | — |  |  | 621,849 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 34,161 |  |  | (684 | ) |  | — |  |  | 33,477 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 6,436 |  |  | 14,200 |  |  | — |  |  | 20,636 |
INTERCOMPANY PAYABLE | — |  |  | 431,466 |  |  | (153,754 | ) |  | (277,712 | ) |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,488,470 |  |  | 1,463,303 |  |  | 2,017,520 |  |  | (3,480,823 | ) |  | 1,488,470 |
Noncontrolling interest | — |  |  | — |  |  | 86,681 |  |  | — |  |  | 86,681 |
TOTAL SHAREHOLDERS’ EQUITY | 1,488,470 |  |  | 1,463,303 |  |  | 2,104,201 |  |  | (3,480,823 | ) |  | 1,575,151 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,816,517 |  |  |  | $2,105,736 |  |  |  | $2,317,809 |  |  |  | ($3,786,947 | ) |  |  | $2,453,115 |
Schedule of Condensed Consolidating Cash Flows Statement |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($4,890 | ) |  |  | ($21,421 | ) |  |  | $203,475 |  |  | — |  |  |  | $177,164 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (78 | ) |  | (57,215 | ) |  | — |  |  | (57,293 | )
Real estate development investments | — |  |  | — |  |  | (2,676 | ) |  | — |  |  | (2,676 | )
Strategic purchase of timberlands and other | — |  |  | — |  |  | (98,409 | ) |  | — |  |  | (98,409 | )
Proceeds from settlement of foreign currency hedge | — |  |  | — |  |  | 2,804 |  |  | — |  |  | 2,804 |
Change in restricted cash | — |  |  | — |  |  | (16,836 | ) |  | — |  |  | (16,836 | )
Investment in subsidiaries | — |  |  | 126,242 |  |  | — |  |  | (126,242 | ) |  | — |
Other | — |  |  | — |  |  | 6,101 |  |  | — |  |  | 6,101 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 126,164 |  |  | (166,231 | ) |  | (126,242 | ) |  | (166,309 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | 61,000 |  |  | 353,000 |  |  | 58,558 |  |  | — |  |  | 472,558 |
Repayment of debt | (61,000 | ) |  | (232,973 | ) |  | (70,429 | ) |  | — |  |  | (364,402 | )
Dividends paid | (124,936 | ) |  | — |  |  | — |  |  | — |  |  | (124,936 | )
Proceeds from the issuance of common shares | 2,117 |  |  | — |  |  | — |  |  | — |  |  | 2,117 |
Proceeds from repurchase of common shares | (100,000 | ) |  | — |  |  | — |  |  | — |  |  | (100,000 | )
Debt issuance costs | — |  |  | (1,678 | ) |  | — |  |  | — |  |  | (1,678 | )
Issuance of intercompany notes | (35,500 | ) |  | — |  |  | 35,500 |  |  | — |  |  | — |
Intercompany distributions | 163,585 |  |  | (217,980 | ) |  | (71,847 | ) |  | 126,242 |  |  | — |
Other | (122 | ) |  | — |  |  | — |  |  | — |  |  | (122 | )
CASH USED FOR FINANCING ACTIVITIES | (94,856 | ) |  | (99,631 | ) |  | (48,218 | ) |  | 126,242 |  |  | (116,463 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (4,173 | ) |  | — |  |  | (4,173 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (99,746 | ) |  | 5,112 |  |  | (15,147 | ) |  | — |  |  | (109,781 | )
Balance, beginning of year | 102,218 |  |  | 8,105 |  |  | 51,235 |  |  | — |  |  | 161,558 |
Balance, end of year |  | $2,472 |  |  |  | $13,217 |  |  |  | $36,088 |  |  | — |  |  |  | $51,777 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2014
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES |  | $269,653 |  |  |  | $293,193 |  |  |  | $47,727 |  |  |  | ($290,157 | ) |  |  | $320,416 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (400 | ) |  | (63,313 | ) |  | — |  |  | (63,713 | )
Capital expenditures from discontinued operations | — |  |  | — |  |  | (60,955 | ) |  | — |  |  | (60,955 | )
Real estate development investments | — |  |  | — |  |  | (3,674 | ) |  | — |  |  | (3,674 | )
Strategic purchase of timberlands and other | — |  |  | — |  |  | (130,896 | ) |  | — |  |  | (130,896 | )
Change in restricted cash | — |  |  | — |  |  | 62,256 |  |  | — |  |  | 62,256 |
Investment in subsidiaries | — |  |  | 798,875 |  |  | — |  |  | (798,875 | ) |  | — |
Other | — |  |  | — |  |  | 306 |  |  | — |  |  | 306 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 798,475 |  |  | (196,276 | ) |  | (798,875 | ) |  | (196,676 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | 201,000 |  |  | 1,225,464 |  |  | — |  |  | 1,426,464 |
Repayment of debt | — |  |  | (1,002,500 | ) |  | (287,137 | ) |  | — |  |  | (1,289,637 | )
Dividends paid | (257,517 | ) |  | — |  |  | — |  |  | — |  |  | (257,517 | )
Proceeds from the issuance of common shares | 5,579 |  |  | — |  |  | — |  |  | — |  |  | 5,579 |
Proceeds from repurchase of common shares | (1,858 | ) |  | — |  |  | — |  |  | — |  |  | (1,858 | )
Debt issuance costs | — |  |  | — |  |  | (12,380 | ) |  | — |  |  | (12,380 | )
Net cash disbursed upon spin-off of Performance Fibers business | (31,420 | ) |  | — |  |  | — |  |  | — |  |  | (31,420 | )
Issuance of intercompany notes | (12,400 | ) |  | — |  |  | 12,400 |  |  | — |  |  | — |
Intercompany distributions | — |  |  | (293,086 | ) |  | (795,946 | ) |  | 1,089,032 |  |  | — |
Other | — |  |  | — |  |  | (680 | ) |  | — |  |  | (680 | )
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (297,616 | ) |  | (1,094,586 | ) |  | 141,721 |  |  | 1,089,032 |  |  | (161,449 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (377 | ) |  | — |  |  | (377 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (27,963 | ) |  | (2,918 | ) |  | (7,205 | ) |  | — |  |  | (38,086 | )
Balance, beginning of year | 130,181 |  |  | 11,023 |  |  | 58,440 |  |  | — |  |  | 199,644 |
Balance, end of year |  | $102,218 |  |  |  | $8,105 |  |  |  | $51,235 |  |  | — |  |  |  | $161,558 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
| Rayonier Inc.(Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES |  | $407,712 |  |  |  | $417,074 |  |  |  | $493,382 |  |  |  | ($771,375 | ) |  |  | $546,793 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (663 | ) |  | (62,540 | ) |  | — |  |  | (63,203 | )
Capital expenditures from discontinued operations | — |  |  | — |  |  | (103,092 | ) |  | — |  |  | (103,092 | )
Real estate development investments | — |  |  | — |  |  | (1,292 | ) |  | — |  |  | (1,292 | )
Purchase of additional interest in New Zealand joint venture | — |  |  | — |  |  | (139,879 | ) |  | — |  |  | (139,879 | )
Strategic purchase of timberlands and other | — |  |  | — |  |  | (20,401 | ) |  | — |  |  | (20,401 | )
Proceeds from settlement of foreign currency hedge | — |  |  | 1,701 |  |  | — |  |  | — |  |  | 1,701 |
Jesup mill cellulose specialties expansion | — |  |  | — |  |  | (148,262 | ) |  | — |  |  | (148,262 | )
Proceeds from disposition of Wood Products business | — |  |  | — |  |  | 62,720 |  |  | — |  |  | 62,720 |
Change in restricted cash | — |  |  | — |  |  | (58,385 | ) |  | — |  |  | (58,385 | )
Investment in subsidiaries | (138,178 | ) |  | (385,292 | ) |  | — |  |  | 523,470 |  |  | — |
Other | — |  |  | — |  |  | (447 | ) |  | — |  |  | (447 | )
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) |  | (384,254 | ) |  | (471,578 | ) |  | 523,470 |  |  | (470,540 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | 175,000 |  |  | 390,000 |  |  | 57,885 |  |  | — |  |  | 622,885 |
Repayment of debt | (325,000 | ) |  | (151,525 | ) |  | (72,960 | ) |  | — |  |  | (549,485 | )
Dividends paid | (237,016 | ) |  | — |  |  | — |  |  | — |  |  | (237,016 | )
Proceeds from the issuance of common shares | 10,101 |  |  | — |  |  | — |  |  | — |  |  | 10,101 |
Excess tax benefits on stock-based compensation | — |  |  | — |  |  | 8,413 |  |  | — |  |  | 8,413 |
Proceeds from repurchase of common shares | (11,326 | ) |  | — |  |  | — |  |  | — |  |  | (11,326 | )
Issuance of intercompany notes | (4,000 | ) |  | — |  |  | 4,000 |  |  | — |  |  | — |
Intercompany distributions | — |  |  | (283,596 | ) |  | 35,691 |  |  | 247,905 |  |  | — |
Other | — |  |  | — |  |  | (713 | ) |  | — |  |  | (713 | )
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) |  | (45,121 | ) |  | 32,316 |  |  | 247,905 |  |  | (157,141 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (64 | ) |  | — |  |  | (64 | )
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Change in cash and cash equivalents | (122,707 | ) |  | (12,301 | ) |  | 54,056 |  |  | — |  |  | (80,952 | )
Balance, beginning of year | 252,888 |  |  | 23,324 |  |  | 4,384 |  |  | — |  |  | 280,596 |
Balance, end of year |  | $130,181 |  |  |  | $11,023 |  |  |  | $58,440 |  |  | — |  |  |  | $199,644 |

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