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v3.19.1

CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Schedule of Consolidating Statements of Income and Comprehensive Income |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Three Months Ended March 31, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $191,546 |  |  | — |  |  |  | $191,546 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | (143,251 | ) |  | — |  |  | (143,251 | )
Selling and general expenses | — |  |  | (4,843 | ) |  | (4,967 | ) |  | — |  |  | (9,810 | )
Other operating (loss) income, net | — |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
| — |  |  | (4,843 | ) |  | (148,183 | ) |  | — |  |  | (153,026 | )
OPERATING (LOSS) INCOME | — |  |  | (4,843 | ) |  | 43,363 |  |  | — |  |  | 38,520 |
Interest expense | (3,138 | ) |  | (4,547 | ) |  | (25 | ) |  | — |  |  | (7,710 | )
Interest and miscellaneous income (expense), net | (457 | ) |  | 964 |  |  | 825 |  |  | — |  |  | 1,332 |
Equity in income from subsidiaries | 28,389 |  |  | 37,432 |  |  | — |  |  | (65,821 | ) |  | — |
INCOME BEFORE INCOME TAXES | 24,794 |  |  | 29,006 |  |  | 44,163 |  |  | (65,821 | ) |  | 32,142 |
Income tax expense | — |  |  | (617 | ) |  | (3,732 | ) |  | — |  |  | (4,349 | )
NET INCOME | 24,794 |  |  | 28,389 |  |  | 40,431 |  |  | (65,821 | ) |  | 27,793 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | (2,999 | ) |  | — |  |  | (2,999 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 24,794 |  |  | 28,389 |  |  | 37,432 |  |  | (65,821 | ) |  | 24,794 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | 4,679 |  |  | (90 | ) |  | 6,122 |  |  | (4,678 | ) |  | 6,033 |
Cash flow hedges, net of income tax | (10,884 | ) |  | (11,548 | ) |  | 862 |  |  | 10,884 |  |  | (10,686 | )
Amortization of pension and postretirement plans, net of income tax | 112 |  |  | 112 |  |  | — |  |  | (112 | ) |  | 112 |
Total other comprehensive income (loss) | (6,093 | ) |  | (11,526 | ) |  | 6,984 |  |  | 6,094 |  |  | (4,541 | )
COMPREHENSIVE INCOME | 18,701 |  |  | 16,863 |  |  | 47,415 |  |  | (59,727 | ) |  | 23,252 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (4,551 | ) |  | — |  |  | (4,551 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $18,701 |  |  |  | $16,863 |  |  |  | $42,864 |  |  |  | ($59,727 | ) |  |  | $18,701 |
| Three Months Ended March 31, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $203,196 |  |  | — |  |  |  | $203,196 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | (138,488 | ) |  | — |  |  | (138,488 | )
Selling and general expenses | — |  |  | (4,389 | ) |  | (4,614 | ) |  | — |  |  | (9,003 | )
Other operating (loss) income, net | (13 | ) |  | 635 |  |  | 747 |  |  | — |  |  | 1,369 |
| (13 | ) |  | (3,754 | ) |  | (142,355 | ) |  | — |  |  | (146,122 | )
OPERATING (LOSS) INCOME | (13 | ) |  | (3,754 | ) |  | 60,841 |  |  | — |  |  | 57,074 |
Interest expense | (3,139 | ) |  | (4,653 | ) |  | (260 | ) |  | — |  |  | (8,052 | )
Interest and miscellaneous income (expense), net | 2,628 |  |  | 765 |  |  | (2,773 | ) |  | — |  |  | 620 |
Equity in income from subsidiaries | 41,063 |  |  | 48,828 |  |  | — |  |  | (89,891 | ) |  | — |
INCOME BEFORE INCOME TAXES | 40,539 |  |  | 41,186 |  |  | 57,808 |  |  | (89,891 | ) |  | 49,642 |
Income tax expense | — |  |  | (123 | ) |  | (6,813 | ) |  | — |  |  | (6,936 | )
NET INCOME | 40,539 |  |  | 41,063 |  |  | 50,995 |  |  | (89,891 | ) |  | 42,706 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | (2,167 | ) |  | — |  |  | (2,167 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 40,539 |  |  | 41,063 |  |  | 48,828 |  |  | (89,891 | ) |  | 40,539 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | 7,606 |  |  | 111 |  |  | 9,577 |  |  | (7,606 | ) |  | 9,688 |
Cash flow hedges, net of income tax | 16,381 |  |  | 15,598 |  |  | 1,017 |  |  | (16,381 | ) |  | 16,615 |
Amortization of pension and postretirement plans, net of income tax | 159 |  |  | 159 |  |  | — |  |  | (159 | ) |  | 159 |
Total other comprehensive income (loss) | 24,146 |  |  | 15,868 |  |  | 10,594 |  |  | (24,146 | ) |  | 26,462 |
COMPREHENSIVE INCOME | 64,685 |  |  | 56,931 |  |  | 61,589 |  |  | (114,037 | ) |  | 69,168 |
Less: Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | (4,483 | ) |  | — |  |  | (4,483 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $64,685 |  |  |  | $56,931 |  |  |  | $57,106 |  |  |  | ($114,037 | ) |  |  | $64,685 |
Schedule of Condensed Consolidating Balance Sheets |
| CONDENSED CONSOLIDATING BALANCE SHEETS
| As of March 31, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $16,590 |  |  |  | $98,805 |  |  |  | $39,218 |  |  | — |  |  |  | $154,613 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 1,017 |  |  | 31,014 |  |  | — |  |  | 32,031 |
Inventory | — |  |  | — |  |  | 26,221 |  |  | — |  |  | 26,221 |
Prepaid expenses | — |  |  | 1,130 |  |  | 16,153 |  |  | — |  |  | 17,283 |
Other current assets | — |  |  | 99 |  |  | 639 |  |  | — |  |  | 738 |
Total current assets | 16,590 |  |  | 101,051 |  |  | 113,245 |  |  | — |  |  | 230,886 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,395,625 |  |  | — |  |  | 2,395,625 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | — |  |  | — |  |  | 76,287 |  |  | — |  |  | 76,287 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 16,690 |  |  | 5,851 |  |  | — |  |  | 22,541 |
RESTRICTED CASH | — |  |  | — |  |  | 9,867 |  |  | — |  |  | 9,867 |
RIGHT OF USE ASSETS | — |  |  | 35,236 |  |  | 70,509 |  |  | — |  |  | 105,745 |
INVESTMENT IN SUBSIDIARIES | 1,799,713 |  |  | 3,014,476 |  |  | — |  |  | (4,814,189 | ) |  | — |
INTERCOMPANY RECEIVABLE | 56,251 |  |  | (643,442 | ) |  | 587,191 |  |  | — |  |  | — |
OTHER ASSETS | 2 |  |  | 10,030 |  |  | 33,227 |  |  | — |  |  | 43,259 |
TOTAL ASSETS |  | $1,872,556 |  |  |  | $2,534,041 |  |  |  | $3,291,802 |  |  |  | ($4,814,189 | ) |  |  | $2,884,210 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $4,403 |  |  |  | $21,555 |  |  | — |  |  |  | $25,958 |
Accrued taxes | — |  |  | 64 |  |  | 3,964 |  |  | — |  |  | 4,028 |
Accrued payroll and benefits | — |  |  | 3,093 |  |  | 1,639 |  |  | — |  |  | 4,732 |
Accrued interest | 6,094 |  |  | 2,012 |  |  | — |  |  | — |  |  | 8,106 |
Deferred revenue | — |  |  | — |  |  | 8,468 |  |  | — |  |  | 8,468 |
Other current liabilities | — |  |  | 5,765 |  |  | 21,285 |  |  | — |  |  | 27,050 |
Total current liabilities | 6,094 |  |  | 15,337 |  |  | 56,911 |  |  | — |  |  | 78,342 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 323,895 |  |  | 648,812 |  |  | — |  |  | — |  |  | 972,707 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 30,497 |  |  | (685 | ) |  | — |  |  | 29,812 |
LONG-TERM LEASE LIABILITY | — |  |  | 30,078 |  |  | 64,931 |  |  | — |  |  | 95,009 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 9,604 |  |  | 57,536 |  |  | — |  |  | 67,140 |
INTERCOMPANY PAYABLE | — |  |  | — |  |  | — |  |  | — |  |  | — |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,542,567 |  |  | 1,799,713 |  |  | 3,014,476 |  |  | (4,814,189 | ) |  | 1,542,567 |
Noncontrolling interest | — |  |  | — |  |  | 98,633 |  |  | — |  |  | 98,633 |
TOTAL SHAREHOLDERS’ EQUITY | 1,542,567 |  |  | 1,799,713 |  |  | 3,113,109 |  |  | (4,814,189 | ) |  | 1,641,200 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,872,556 |  |  |  | $2,534,041 |  |  |  | $3,291,802 |  |  |  | ($4,814,189 | ) |  |  | $2,884,210 |
| CONDENSED CONSOLIDATING BALANCE SHEETS
| As of December 31, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $361 |  |  |  | $104,777 |  |  |  | $43,236 |  |  | — |  |  |  | $148,374 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 3,752 |  |  | 22,399 |  |  | — |  |  | 26,151 |
Inventory | — |  |  | — |  |  | 15,703 |  |  | — |  |  | 15,703 |
Prepaid expenses | — |  |  | 977 |  |  | 16,039 |  |  | — |  |  | 17,016 |
Other current assets | — |  |  | 108 |  |  | 501 |  |  | — |  |  | 609 |
Total current assets | 361 |  |  | 109,614 |  |  | 97,878 |  |  | — |  |  | 207,853 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,401,327 |  |  | — |  |  | 2,401,327 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | — |  |  | — |  |  | 85,609 |  |  | — |  |  | 85,609 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 16,940 |  |  | 5,811 |  |  | — |  |  | 22,751 |
RESTRICTED CASH | — |  |  | — |  |  | 8,080 |  |  | — |  |  | 8,080 |
INVESTMENT IN SUBSIDIARIES | 1,833,899 |  |  | 3,022,875 |  |  | — |  |  | (4,856,774 | ) |  | — |
INTERCOMPANY RECEIVABLE | 49,461 |  |  | (638,424 | ) |  | 588,963 |  |  | — |  |  | — |
OTHER ASSETS | 2 |  |  | 19,244 |  |  | 35,800 |  |  | — |  |  | 55,046 |
TOTAL ASSETS |  | $1,883,723 |  |  |  | $2,530,249 |  |  |  | $3,223,468 |  |  |  | ($4,856,774 | ) |  |  | $2,780,666 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $1,616 |  |  |  | $16,403 |  |  | — |  |  |  | $18,019 |
Accrued taxes | — |  |  | 8 |  |  | 3,170 |  |  | — |  |  | 3,178 |
Accrued payroll and benefits | — |  |  | 5,848 |  |  | 4,568 |  |  | — |  |  | 10,416 |
Accrued interest | 3,047 |  |  | 1,960 |  |  | — |  |  | — |  |  | 5,007 |
Deferred revenue | — |  |  | — |  |  | 10,447 |  |  | — |  |  | 10,447 |
Other current liabilities | — |  |  | 216 |  |  | 16,258 |  |  | — |  |  | 16,474 |
Total current liabilities | 3,047 |  |  | 9,648 |  |  | 50,846 |  |  | — |  |  | 63,541 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 323,803 |  |  | 648,764 |  |  | — |  |  | — |  |  | 972,567 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 30,484 |  |  | (684 | ) |  | — |  |  | 29,800 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 7,454 |  |  | 52,754 |  |  | — |  |  | 60,208 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,556,873 |  |  | 1,833,899 |  |  | 3,022,875 |  |  | (4,856,774 | ) |  | 1,556,873 |
Noncontrolling interest | — |  |  | — |  |  | 97,677 |  |  | — |  |  | 97,677 |
TOTAL SHAREHOLDERS’ EQUITY | 1,556,873 |  |  | 1,833,899 |  |  | 3,120,552 |  |  | (4,856,774 | ) |  | 1,654,550 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,883,723 |  |  |  | $2,530,249 |  |  |  | $3,223,468 |  |  |  | ($4,856,774 | ) |  |  | $2,780,666 |
Schedule of Condensed Consolidating Statements of Cash Flows |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($7,623 | ) |  |  | ($2,265 | ) |  |  | $80,805 |  |  | — |  |  |  | $70,917 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | — |  |  | (14,122 | ) |  | — |  |  | (14,122 | )
Real estate development investments | — |  |  | — |  |  | (1,677 | ) |  | — |  |  | (1,677 | )
Purchase of timberlands | — |  |  | — |  |  | (12,349 | ) |  | — |  |  | (12,349 | )
Investment in subsidiaries | — |  |  | 6,495 |  |  | — |  |  | (6,495 | ) |  | — |
Other | — |  |  | — |  |  | 2,337 |  |  | — |  |  | 2,337 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 6,495 |  |  | (25,811 | ) |  | (6,495 | ) |  | (25,811 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Dividends paid | (34,858 | ) |  | (19 | ) |  | — |  |  | — |  |  | (34,877 | )
Proceeds from the issuance of common shares under incentive stock plan | 597 |  |  | — |  |  | — |  |  | — |  |  | 597 |
Repurchase of common shares | (33 | ) |  | — |  |  |  |  |  | — |  |  | (33 | )
Other | — |  |  | — |  |  | (16 | ) |  | — |  |  | (16 | )
Distribution to minority shareholder | — |  |  | — |  |  | (3,594 | ) |  | — |  |  | (3,594 | )
Intercompany distributions | 58,146 |  |  | (10,183 | ) |  | (54,458 | ) |  | 6,495 |  |  | — |
CASH USED FOR FINANCING ACTIVITIES | 23,852 |  |  | (10,202 | ) |  | (58,068 | ) |  | 6,495 |  |  | (37,923 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 843 |  |  | — |  |  | 843 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  |  |  |
Change in cash, cash equivalents and restricted cash | 16,229 |  |  | (5,972 | ) |  | (2,231 | ) |  | — |  |  | 8,026 |
Balance, beginning of year | 361 |  |  | 104,777 |  |  | 51,316 |  |  | — |  |  | 156,454 |
Balance, end of period |  | $16,590 |  |  |  | $98,805 |  |  |  | $49,085 |  |  | — |  |  |  | $164,480 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| For Three Months Ended March 31, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($701 | ) |  |  | $37,055 |  |  |  | $41,881 |  |  | — |  |  |  | $78,235 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (35 | ) |  | (13,157 | ) |  | — |  |  | (13,192 | )
Real estate development investments | — |  |  | — |  |  | (2,340 | ) |  | — |  |  | (2,340 | )
Purchase of timberlands | — |  |  | — |  |  | (12 | ) |  | — |  |  | (12 | )
Investment in subsidiaries | — |  |  | 31,654 |  |  | — |  |  | (31,654 | ) |  | — |
Other | — |  |  | — |  |  | (2,105 | ) |  | — |  |  | (2,105 | )
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 31,619 |  |  | (17,614 | ) |  | (31,654 | ) |  | (17,649 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Repayment of debt | — |  |  | (26,000 | ) |  | (3,375 | ) |  | — |  |  | (29,375 | )
Dividends paid | (32,123 | ) |  | — |  |  | — |  |  | — |  |  | (32,123 | )
Proceeds from the issuance of common shares under incentive stock plan | 5,455 |  |  | — |  |  | — |  |  | — |  |  | 5,455 |
Repurchase of common shares | (18 | ) |  | — |  |  | — |  |  | — |  |  | (18 | )
Intercompany distributions | 13,660 |  |  | (49,065 | ) |  | 3,751 |  |  | 31,654 |  |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | (13,026 | ) |  | (75,065 | ) |  | 376 |  |  | 31,654 |  |  | (56,061 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 807 |  |  | — |  |  | 807 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  |  |  |
Change in cash, cash equivalents and restricted cash | (13,727 | ) |  | (6,391 | ) |  | 25,450 |  |  | — |  |  | 5,332 |
Balance, beginning of year | 48,564 |  |  | 25,042 |  |  | 98,750 |  |  | — |  |  | 172,356 |
Balance, end of period |  | $34,837 |  |  |  | $18,651 |  |  |  | $124,200 |  |  | — |  |  |  | $177,688 |

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