XML 55 R44.htm IDEA: XBRL DOCUMENT
v3.10.0.1

CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract] |
Schedule of Consolidating Statements of Income and Comprehensive Income |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| For the Three Months Ended June 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $245,906 |  |  | — |  |  |  | $245,906 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 184,418 |  |  | — |  |  | 184,418 |
Selling and general expenses | — |  |  | 5,471 |  |  | 6,031 |  |  | — |  |  | 11,502 |
Other operating expense (income), net | — |  |  | 40 |  |  | (1,699 | ) |  | — |  |  | (1,659 | )
| — |  |  | 5,511 |  |  | 188,750 |  |  | — |  |  | 194,261 |
OPERATING (LOSS) INCOME | — |  |  | (5,511 | ) |  | 57,156 |  |  | — |  |  | 51,645 |
Interest expense | (3,139 | ) |  | (4,900 | ) |  | (63 | ) |  | — |  |  | (8,102 | )
Interest and miscellaneous income (expense), net | 2,734 |  |  | 746 |  |  | (575 | ) |  | — |  |  | 2,905 |
Equity in income from subsidiaries | 36,663 |  |  | 46,419 |  |  | — |  |  | (83,082 | ) |  | — |
INCOME BEFORE INCOME TAXES | 36,258 |  |  | 36,754 |  |  | 56,518 |  |  | (83,082 | ) |  | 46,448 |
Income tax expense | — |  |  | (91 | ) |  | (7,019 | ) |  | — |  |  | (7,110 | )
NET INCOME | 36,258 |  |  | 36,663 |  |  | 49,499 |  |  | (83,082 | ) |  | 39,338 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | 3,080 |  |  | — |  |  | 3,080 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 36,258 |  |  | 36,663 |  |  | 46,419 |  |  | (83,082 | ) |  | 36,258 |
OTHER COMPREHENSIVE (LOSS) INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | (22,856 | ) |  | 341 |  |  | (30,101 | ) |  | 22,856 |  |  | (29,760 | )
Cash flow hedges, net of income tax | 1,716 |  |  | 5,690 |  |  | (5,161 | ) |  | (1,716 | ) |  | 529 |
Amortization of pension and postretirement plans, net of income tax | 178 |  |  | 178 |  |  | — |  |  | (178 | ) |  | 178 |
Total other comprehensive (loss) income | (20,962 | ) |  | 6,209 |  |  | (35,262 | ) |  | 20,962 |  |  | (29,053 | )
COMPREHENSIVE INCOME | 15,296 |  |  | 42,872 |  |  | 14,237 |  |  | (62,120 | ) |  | 10,285 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (5,011 | ) |  | — |  |  | (5,011 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $15,296 |  |  |  | $42,872 |  |  |  | $19,248 |  |  |  | ($62,120 | ) |  |  | $15,296 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| For the Three Months Ended June 30, 2017
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $200,964 |  |  | — |  |  |  | $200,964 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 144,610 |  |  | — |  |  | 144,610 |
Selling and general expenses | — |  |  | 4,248 |  |  | 5,998 |  |  | — |  |  | 10,246 |
Other operating expense (income), net | — |  |  | 20 |  |  | (805 | ) |  | — |  |  | (785 | )
| — |  |  | 4,268 |  |  | 149,803 |  |  | — |  |  | 154,071 |
OPERATING (LOSS) INCOME | — |  |  | (4,268 | ) |  | 51,161 |  |  | — |  |  | 46,893 |
Interest expense | (3,139 | ) |  | (4,883 | ) |  | (609 | ) |  | — |  |  | (8,631 | )
Interest and miscellaneous income (expense), net | 2,345 |  |  | 695 |  |  | (3,036 | ) |  | — |  |  | 4 |
Equity in income from subsidiaries | 26,955 |  |  | 35,580 |  |  | — |  |  | (62,535 | ) |  | — |
INCOME BEFORE INCOME TAXES | 26,161 |  |  | 27,124 |  |  | 47,516 |  |  | (62,535 | ) |  | 38,266 |
Income tax expense | — |  |  | (169 | ) |  | (7,324 | ) |  | — |  |  | (7,493 | )
NET INCOME | 26,161 |  |  | 26,955 |  |  | 40,192 |  |  | (62,535 | ) |  | 30,773 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | 4,612 |  |  | — |  |  | 4,612 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 26,161 |  |  | 26,955 |  |  | 35,580 |  |  | (62,535 | ) |  | 26,161 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | 17,199 |  |  | — |  |  | 21,484 |  |  | (17,199 | ) |  | 21,484 |
Cash flow hedges, net of income tax | (2,686 | ) |  | (5,021 | ) |  | 3,033 |  |  | 2,686 |  |  | (1,988 | )
Amortization of pension and postretirement plans, net of income tax | 116 |  |  | 116 |  |  | — |  |  | (116 | ) |  | 116 |
Total other comprehensive income (loss) | 14,629 |  |  | (4,905 | ) |  | 24,517 |  |  | (14,629 | ) |  | 19,612 |
COMPREHENSIVE INCOME | 40,790 |  |  | 22,050 |  |  | 64,709 |  |  | (77,164 | ) |  | 50,385 |
Less: Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 9,595 |  |  | — |  |  | 9,595 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $40,790 |  |  |  | $22,050 |  |  |  | $55,114 |  |  |  | ($77,164 | ) |  |  | $40,790 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| For the Six Months Ended June 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $449,101 |  |  | — |  |  |  | $449,101 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 322,906 |  |  | — |  |  | 322,906 |
Selling and general expenses | — |  |  | 9,859 |  |  | 10,645 |  |  | — |  |  | 20,504 |
Other operating expense (income), net | 12 |  |  | (595 | ) |  | (2,446 | ) |  | — |  |  | (3,029 | )
| 12 |  |  | 9,264 |  |  | 331,105 |  |  | — |  |  | 340,381 |
OPERATING (LOSS) INCOME | (12 | ) |  | (9,264 | ) |  | 117,996 |  |  | — |  |  | 108,720 |
Interest expense | (6,278 | ) |  | (9,555 | ) |  | (322 | ) |  | — |  |  | (16,155 | )
Interest and miscellaneous income (expense), net | 5,362 |  |  | 1,511 |  |  | (3,348 | ) |  | — |  |  | 3,525 |
Equity in income from subsidiaries | 77,725 |  |  | 95,246 |  |  | — |  |  | (172,971 | ) |  | — |
INCOME BEFORE INCOME TAXES | 76,797 |  |  | 77,938 |  |  | 114,326 |  |  | (172,971 | ) |  | 96,090 |
Income tax expense | — |  |  | (213 | ) |  | (13,834 | ) |  | — |  |  | (14,047 | )
NET INCOME | 76,797 |  |  | 77,725 |  |  | 100,492 |  |  | (172,971 | ) |  | 82,043 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | 5,246 |  |  | — |  |  | 5,246 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 76,797 |  |  | 77,725 |  |  | 95,246 |  |  | (172,971 | ) |  | 76,797 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | (15,252 | ) |  | 452 |  |  | (20,524 | ) |  | 15,252 |  |  | (20,072 | )
Cash flow hedges, net of income tax | 18,097 |  |  | 21,287 |  |  | (4,144 | ) |  | (18,097 | ) |  | 17,143 |
Amortization of pension and postretirement plans, net of income tax | 338 |  |  | 338 |  |  | — |  |  | (338 | ) |  | 338 |
Total other comprehensive income (loss) | 3,183 |  |  | 22,077 |  |  | (24,668 | ) |  | (3,183 | ) |  | (2,591 | )
COMPREHENSIVE INCOME | 79,980 |  |  | 99,802 |  |  | 75,824 |  |  | (176,154 | ) |  | 79,452 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (528 | ) |  | — |  |  | (528 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $79,980 |  |  |  | $99,802 |  |  |  | $76,352 |  |  |  | ($176,154 | ) |  |  | $79,980 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| For the Six Months Ended June 30, 2017
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $395,455 |  |  | — |  |  |  | $395,455 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | 281,438 |  |  | — |  |  | 281,438 |
Selling and general expenses | — |  |  | 7,784 |  |  | 12,052 |  |  | — |  |  | 19,836 |
Other operating expense (income), net | — |  |  | 131 |  |  | (2,104 | ) |  | — |  |  | (1,973 | )
| — |  |  | 7,915 |  |  | 291,386 |  |  | — |  |  | 299,301 |
OPERATING (LOSS) INCOME | — |  |  | (7,915 | ) |  | 104,069 |  |  | — |  |  | 96,154 |
Interest expense | (6,278 | ) |  | (9,741 | ) |  | (1,027 | ) |  | — |  |  | (17,046 | )
Interest and miscellaneous income (expense), net | 4,547 |  |  | 1,383 |  |  | (5,408 | ) |  | — |  |  | 522 |
Equity in income from subsidiaries | 61,734 |  |  | 78,323 |  |  | — |  |  | (140,057 | ) |  | — |
INCOME BEFORE INCOME TAXES | 60,003 |  |  | 62,050 |  |  | 97,634 |  |  | (140,057 | ) |  | 79,630 |
Income tax expense | — |  |  | (316 | ) |  | (13,458 | ) |  | — |  |  | (13,774 | )
NET INCOME | 60,003 |  |  | 61,734 |  |  | 84,176 |  |  | (140,057 | ) |  | 65,856 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | 5,853 |  |  | — |  |  | 5,853 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 60,003 |  |  | 61,734 |  |  | 78,323 |  |  | (140,057 | ) |  | 60,003 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | 19,202 |  |  | — |  |  | 23,916 |  |  | (19,202 | ) |  | 23,916 |
Cash flow hedges, net of income tax | (115 | ) |  | (2,389 | ) |  | 2,954 |  |  | 115 |  |  | 565 |
Amortization of pension and postretirement plans, net of income tax | 233 |  |  | 233 |  |  | — |  |  | (233 | ) |  | 233 |
Total other comprehensive income (loss) | 19,320 |  |  | (2,156 | ) |  | 26,870 |  |  | (19,320 | ) |  | 24,714 |
COMPREHENSIVE INCOME | 79,323 |  |  | 59,578 |  |  | 111,046 |  |  | (159,377 | ) |  | 90,570 |
Less: Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 11,247 |  |  | — |  |  | 11,247 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $79,323 |  |  |  | $59,578 |  |  |  | $99,799 |  |  |  | ($159,377 | ) |  |  | $79,323 |
Schedule of Condensed Consolidating Balance Sheets |
| CONDENSED CONSOLIDATING BALANCE SHEETS
| As of June 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $76,980 |  |  |  | $11,964 |  |  |  | $17,667 |  |  | — |  |  |  | $106,611 |
Accounts receivable, less allowance for doubtful accounts | 1,995 |  |  | 1,814 |  |  | 50,531 |  |  | — |  |  | 54,340 |
Inventory | — |  |  | — |  |  | 19,125 |  |  | — |  |  | 19,125 |
Prepaid expenses | — |  |  | 1,924 |  |  | 13,850 |  |  | — |  |  | 15,774 |
Other current assets | — |  |  | 106 |  |  | 2,734 |  |  | — |  |  | 2,840 |
Total current assets | 78,975 |  |  | 15,808 |  |  | 103,907 |  |  | — |  |  | 198,690 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,406,425 |  |  | — |  |  | 2,406,425 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | — |  |  | — |  |  | 86,955 |  |  | — |  |  | 86,955 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 17,459 |  |  | 5,473 |  |  | — |  |  | 22,932 |
RESTRICTED CASH | — |  |  | — |  |  | 69,638 |  |  | — |  |  | 69,638 |
INVESTMENT IN SUBSIDIARIES | 1,516,631 |  |  | 2,757,876 |  |  | — |  |  | (4,274,507 | ) |  | — |
INTERCOMPANY RECEIVABLE | 37,826 |  |  | (628,749 | ) |  | 590,923 |  |  | — |  |  | — |
OTHER ASSETS | 3 |  |  | 32,274 |  |  | 34,145 |  |  | — |  |  | 66,422 |
TOTAL ASSETS |  | $1,633,435 |  |  |  | $2,194,668 |  |  |  | $3,297,466 |  |  |  | ($4,274,507 | ) |  |  | $2,851,062 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $3,980 |  |  |  | $23,712 |  |  | — |  |  |  | $27,692 |
Accrued taxes | — |  |  | 8 |  |  | 5,291 |  |  | — |  |  | 5,299 |
Accrued payroll and benefits | — |  |  | 3,864 |  |  | 2,826 |  |  | — |  |  | 6,690 |
Accrued interest | 3,047 |  |  | 1,948 |  |  | — |  |  | — |  |  | 4,995 |
Deferred revenue | — |  |  | — |  |  | 17,674 |  |  | — |  |  | 17,674 |
Other current liabilities | 1,995 |  |  | 593 |  |  | 18,950 |  |  | — |  |  | 21,538 |
Total current liabilities | 5,042 |  |  | 10,393 |  |  | 68,453 |  |  | — |  |  | 83,888 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 323,618 |  |  | 648,667 |  |  | — |  |  | — |  |  | 972,285 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 30,914 |  |  | (684 | ) |  | — |  |  | 30,230 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 7,025 |  |  | 44,757 |  |  | — |  |  | 51,782 |
INTERCOMPANY PAYABLE | (308,714 | ) |  | (18,962 | ) |  | 327,676 |  |  | — |  |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,613,489 |  |  | 1,516,631 |  |  | 2,757,876 |  |  | (4,274,507 | ) |  | 1,613,489 |
Noncontrolling interest | — |  |  | — |  |  | 99,388 |  |  | — |  |  | 99,388 |
TOTAL SHAREHOLDERS’ EQUITY | 1,613,489 |  |  | 1,516,631 |  |  | 2,857,264 |  |  | (4,274,507 | ) |  | 1,712,877 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,633,435 |  |  |  | $2,194,668 |  |  |  | $3,297,466 |  |  |  | ($4,274,507 | ) |  |  | $2,851,062 |
| CONDENSED CONSOLIDATING BALANCE SHEETS
| As of December 31, 2017
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $48,564 |  |  |  | $25,042 |  |  |  | $39,047 |  |  | — |  |  |  | $112,653 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 3,726 |  |  | 23,967 |  |  | — |  |  | 27,693 |
Inventory | — |  |  | — |  |  | 24,141 |  |  | — |  |  | 24,141 |
Prepaid expenses | — |  |  | 759 |  |  | 15,234 |  |  | — |  |  | 15,993 |
Other current assets | — |  |  | 14 |  |  | 3,033 |  |  | — |  |  | 3,047 |
Total current assets | 48,564 |  |  | 29,541 |  |  | 105,422 |  |  | — |  |  | 183,527 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,462,066 |  |  | — |  |  | 2,462,066 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | — |  |  | — |  |  | 80,797 |  |  | — |  |  | 80,797 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 21 |  |  | 23,357 |  |  | — |  |  | 23,378 |
RESTRICTED CASH | — |  |  | — |  |  | 59,703 |  |  | — |  |  | 59,703 |
INVESTMENT IN SUBSIDIARIES | 1,531,156 |  |  | 2,814,408 |  |  | — |  |  | (4,345,564 | ) |  | — |
INTERCOMPANY RECEIVABLE | 40,067 |  |  | (628,167 | ) |  | 588,100 |  |  | — |  |  | — |
OTHER ASSETS | 2 |  |  | 12,680 |  |  | 36,328 |  |  | — |  |  | 49,010 |
TOTAL ASSETS |  | $1,619,789 |  |  |  | $2,228,483 |  |  |  | $3,355,773 |  |  |  | ($4,345,564 | ) |  |  | $2,858,481 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $2,838 |  |  |  | $22,310 |  |  | — |  |  |  | $25,148 |
Current maturities of long-term debt | — |  |  | — |  |  | 3,375 |  |  | — |  |  | 3,375 |
Accrued taxes | — |  |  | 48 |  |  | 3,733 |  |  | — |  |  | 3,781 |
Accrued payroll and benefits | — |  |  | 5,298 |  |  | 4,364 |  |  | — |  |  | 9,662 |
Accrued interest | 3,047 |  |  | 1,995 |  |  | 12 |  |  | — |  |  | 5,054 |
Deferred revenue | — |  |  | — |  |  | 9,721 |  |  | — |  |  | 9,721 |
Other current liabilities | — |  |  | 564 |  |  | 11,243 |  |  | — |  |  | 11,807 |
Total current liabilities | 3,047 |  |  | 10,743 |  |  | 54,758 |  |  | — |  |  | 68,548 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 323,434 |  |  | 663,570 |  |  | 35,000 |  |  | — |  |  | 1,022,004 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 32,589 |  |  | (684 | ) |  | — |  |  | 31,905 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 9,386 |  |  | 33,698 |  |  | — |  |  | 43,084 |
INTERCOMPANY PAYABLE | (299,715 | ) |  | (18,961 | ) |  | 318,676 |  |  | — |  |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,593,023 |  |  | 1,531,156 |  |  | 2,814,408 |  |  | (4,345,564 | ) |  | 1,593,023 |
Noncontrolling interest | — |  |  | — |  |  | 99,917 |  |  | — |  |  | 99,917 |
TOTAL SHAREHOLDERS’ EQUITY | 1,593,023 |  |  | 1,531,156 |  |  | 2,914,325 |  |  | (4,345,564 | ) |  | 1,692,940 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,619,789 |  |  |  | $2,228,483 |  |  |  | $3,355,773 |  |  |  | ($4,345,564 | ) |  |  | $2,858,481 |
Schedule of Condensed Consolidating Statements of Cash Flows |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| For the Six Months Ended June 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($7,491 | ) |  |  | $57,280 |  |  |  | $131,794 |  |  | — |  |  |  | $181,583 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (58 | ) |  | (25,862 | ) |  | — |  |  | (25,920 | )
Real estate development investments | — |  |  | — |  |  | (4,501 | ) |  | — |  |  | (4,501 | )
Purchase of timberlands | — |  |  | — |  |  | (31,234 | ) |  | — |  |  | (31,234 | )
Investment in subsidiaries | — |  |  | 40,441 |  |  | — |  |  | (40,441 | ) |  | — |
Other | — |  |  | — |  |  | 113 |  |  | — |  |  | 113 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 40,383 |  |  | (61,484 | ) |  | (40,441 | ) |  | (61,542 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | — |  |  | 1,014 |  |  | — |  |  | 1,014 |
Repayment of debt | — |  |  | (50,000 | ) |  | (4,389 | ) |  | — |  |  | (54,389 | )
Dividends paid | (67,053 | ) |  | — |  |  | — |  |  | — |  |  | (67,053 | )
Proceeds from the issuance of common shares under incentive stock plan | 7,824 |  |  | — |  |  | — |  |  | — |  |  | 7,824 |
Repurchase of common shares | (2,966 | ) |  | — |  |  | — |  |  | — |  |  | (2,966 | )
Issuance of intercompany notes | (9,000 | ) |  | — |  |  | 9,000 |  |  | — |  |  | — |
Intercompany distributions | 107,102 |  |  | (60,741 | ) |  | (86,802 | ) |  | 40,441 |  |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 35,907 |  |  | (110,741 | ) |  | (81,177 | ) |  | 40,441 |  |  | (115,570 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (578 | ) |  | — |  |  | (578 | )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  |  |  |
Change in cash, cash equivalents and restricted cash | 28,416 |  |  | (13,078 | ) |  | (11,445 | ) |  | — |  |  | 3,893 |
Balance, beginning of year | 48,564 |  |  | 25,042 |  |  | 98,750 |  |  | — |  |  | 172,356 |
Balance, end of period |  | $76,980 |  |  |  | $11,964 |  |  |  | $87,305 |  |  | — |  |  |  | $176,249 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| For the Six Months Ended June 30, 2017
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($7,648 | ) |  |  | $59,557 |  |  |  | $76,406 |  |  | — |  |  |  | $128,315 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | — |  |  | (29,840 | ) |  | — |  |  | (29,840 | )
Real estate development investments | — |  |  | — |  |  | (5,599 | ) |  | — |  |  | (5,599 | )
Purchase of timberlands | — |  |  | — |  |  | (237,235 | ) |  | — |  |  | (237,235 | )
Net proceeds from large disposition | — |  |  | — |  |  | 42,029 |  |  | — |  |  | 42,029 |
Rayonier office building under construction | — |  |  | — |  |  | (5,573 | ) |  | — |  |  | (5,573 | )
Investment in subsidiaries | — |  |  | 6,932 |  |  | — |  |  | (6,932 | ) |  | — |
Other | — |  |  | — |  |  | 1,033 |  |  | — |  |  | 1,033 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 6,932 |  |  | (235,185 | ) |  | (6,932 | ) |  | (235,185 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | 25,000 |  |  | 38,389 |  |  | — |  |  | 63,389 |
Repayment of debt | — |  |  | (15,000 | ) |  | (45,422 | ) |  | — |  |  | (60,422 | )
Dividends paid | (62,825 | ) |  | — |  |  | — |  |  | — |  |  | (62,825 | )
Proceeds from the issuance of common shares under incentive stock plan | 3,206 |  |  | — |  |  | — |  |  | — |  |  | 3,206 |
Proceeds from the issuance of common shares from equity offering, net of costs | 152,390 |  |  | — |  |  | — |  |  | — |  |  | 152,390 |
Issuance of intercompany notes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany distributions | (25,419 | ) |  | (73,365 | ) |  | 91,852 |  |  | 6,932 |  |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 67,352 |  |  | (63,365 | ) |  | 84,819 |  |  | 6,932 |  |  | 95,738 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 1,855 |  |  | — |  |  | 1,855 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  |  |  |
Change in cash, cash equivalents and restricted cash | 59,704 |  |  | 3,124 |  |  | (72,105 | ) |  | — |  |  | (9,277 | )
Balance, beginning of year | 21,453 |  |  | 9,461 |  |  | 126,703 |  |  | — |  |  | 157,617 |
Balance, end of period |  | $81,157 |  |  |  | $12,585 |  |  |  | $54,598 |  |  | — |  |  |  | $148,340 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration