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Segment and Geographical Information | 12 Months Ended
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Dec. 31, 2017
Segment Reporting [Abstract] |
Segment and Geographical Information | SEGMENT AND GEOGRAPHICAL INFORMATION Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Company’s timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. Sales in the Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. Real Estate sales include all U.S. property sales, including those lands designated as higher and better use (HBU). The Company’s Real Estate sales categories include Improved Development, Unimproved Development, Rural, Non-Strategic / Timberlands and Large Dispositions. Large Dispositions include sales of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in site improvements such as infrastructure. The Trading segment comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. Sales in the Trading segment also include log agency fees. The Trading segment primarily complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.” Segment information for each of the three years ended December 31, 2017 follows:
| Sales
| 2017 |  | 2016 |  | 2015
Southern Timber |  | $144,510 |  |  |  | $151,192 |  |  |  | $157,845 |
Pacific Northwest Timber | 91,877 |  |  | 77,802 |  |  | 80,214 |
New Zealand Timber | 247,609 |  |  | 177,889 |  |  | 162,803 |
Real Estate (a) | 183,016 |  |  | 299,350 |  |  | 86,493 |
Trading | 152,584 |  |  | 109,682 |  |  | 81,445 |
Total |  | $819,596 |  |  |  | $815,915 |  |  |  | $568,800 |
(a) The years 2017 and 2016 include Large Dispositions of $95.4 million and $207.3 million, respectively.
| Operating Income/(Loss)
| 2017 |  | 2016 |  | 2015
Southern Timber |  | $42,254 |  |  |  | $43,098 |  |  |  | $46,669 |
Pacific Northwest Timber | 1,127 |  |  | (3,992 | ) |  | 6,917 |
New Zealand Timber | 72,385 |  |  | 33,072 |  |  | 2,775 |
Real Estate (a) | 116,038 |  |  | 202,379 |  |  | 44,263 |
Trading | 4,578 |  |  | 2,002 |  |  | 1,247 |
Corporate and other | (20,891 | ) |  | (20,782 | ) |  | (24,087 | )
Total Operating Income | 215,491 |  |  | 255,777 |  |  | 77,784 |
Unallocated interest expense and other | (32,231 | ) |  | (32,943 | ) |  | (34,702 | )
Total Income before Income Taxes |  | $183,260 |  |  |  | $222,834 |  |  |  | $43,082 |
(a) The years 2017 and 2016 include Large Dispositions of $67.0 million and $143.9 million, respectively.
| Gross Capital Expenditures
| 2017 |  | 2016 |  | 2015
Capital Expenditures (a) |  |  |  |  |
Southern Timber |  | $34,476 |  |  |  | $33,487 |  |  |  | $33,245 |
Pacific Northwest Timber | 10,254 |  |  | 8,036 |  |  | 8,515 |
New Zealand Timber | 17,046 |  |  | 16,095 |  |  | 15,143 |
Real Estate | 1,348 |  |  | 315 |  |  | 313 |
Trading | — |  |  | — |  |  | — |
Corporate and other | 2,221 |  |  | 790 |  |  | 77 |
Total capital expenditures |  | $65,345 |  |  |  | $58,723 |  |  |  | $57,293 |
Timberland Acquisitions |  |  |  |  |
Southern Timber |  | $220,051 |  |  |  | $103,947 |  |  |  | $54,408 |
Pacific Northwest Timber | 1,483 |  |  | 262,534 |  |  | 34,052 |
New Zealand Timber | 21,376 |  |  | — |  |  | 9,949 |
Real Estate | — |  |  | — |  |  | — |
Trading | — |  |  | — |  |  | — |
Corporate and other | — |  |  | — |  |  | — |
Total timberland acquisitions |  | $242,910 |  |  |  | $366,481 |  |  |  | $98,409 |
Total Gross Capital Expenditures |  | $308,255 |  |  |  | $425,204 |  |  |  | $155,702 |
(a) | Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million, $6.3 million and $0.9 million and real estate development investments of $15.8 million, $8.7 million and $2.7 million in the years 2017, 2016 and 2015, respectively.
| Depreciation, Depletion and Amortization
| 2017 |  | 2016 |  | 2015
Southern Timber |  | $49,357 |  |  |  | $49,747 |  |  |  | $54,299 |
Pacific Northwest Timber | 32,008 |  |  | 25,246 |  |  | 14,842 |
New Zealand Timber | 36,363 |  |  | 23,447 |  |  | 29,741 |
Real Estate (a) | 27,479 |  |  | 52,304 |  |  | 14,533 |
Trading | — |  |  | — |  |  | — |
Corporate and other | 794 |  |  | 402 |  |  | 293 |
Total |  | $146,001 |  |  |  | $151,146 |  |  |  | $113,708 |
(a) | The years 2017 and 2016 include Large Dispositions of $18.4 million and $36.1 million, respectively.
| Non-Cash Cost of Land and Improved Development
| 2017 |  | 2016 |  | 2015
Southern Timber | — |  |  | — |  |  | — |
Pacific Northwest Timber | — |  |  | — |  |  | — |
New Zealand Timber | 128 |  |  | 1,824 |  |  | 467 |
Real Estate (a) | 23,370 |  |  | 32,038 |  |  | 12,042 |
Trading | — |  |  | — |  |  | — |
Corporate and other | — |  |  | — |  |  | — |
Total |  | $23,498 |  |  |  | $33,862 |  |  |  | $12,509 |
(a) The years 2017 and 2016 include Large Dispositions of $9.8 million and $22.2 million, respectively.
| Sales by Product Line
| 2017 |  | 2016 |  | 2015
Southern Timber |  | $144,510 |  |  |  | $151,192 |  |  |  | $157,845 |
Pacific Northwest Timber | 91,877 |  |  | 77,802 |  |  | 80,214 |
New Zealand Timber | 247,609 |  |  | 177,889 |  |  | 162,803 |
Real Estate |  |  |  |  |
Improved Development | 6,348 |  |  | 1,740 |  |  | 2,610 |
Unimproved Development | 16,405 |  |  | 5,540 |  |  | 6,399 |
Rural | 18,632 |  |  | 18,672 |  |  | 22,653 |
Non-Strategic / Timberlands | 46,280 |  |  | 66,133 |  |  | 54,831 |
Large Dispositions | 95,351 |  |  | 207,265 |  |  | — |
Total Real Estate | 183,016 |  |  | 299,350 |  |  | 86,493 |
Trading | 152,584 |  |  | 109,682 |  |  | 81,445 |
Total Sales |  | $819,596 |  |  |  | $815,915 |  |  |  | $568,800 |
| Geographical Operating Information
| Sales |  | Operating Income |  | Identifiable Assets
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016
United States |  | $419,403 |  |  |  | $528,344 |  |  |  | $324,552 |  |  |  | $138,528 |  |  |  | $220,703 |  |  |  | $73,749 |  |  |  | $2,331,230 |  |  |  | $2,181,658 |
New Zealand | 400,193 |  |  | 287,571 |  |  | 244,248 |  |  | 76,963 |  |  | 35,074 |  |  | 4,035 |  |  | 527,251 |  |  | 504,102 |
Total |  | $819,596 |  |  |  | $815,915 |  |  |  | $568,800 |  |  |  | $215,491 |  |  |  | $255,777 |  |  |  | $77,784 |  |  |  | $2,858,481 |  |  |  | $2,685,760 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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