Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | RAYONIER INC. | ||
Trading Symbol | RYN | ||
Entity Central Index Key | 52,827 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 122,952,603 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,213,884,725 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
SALES | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 137,111 | $ 151,657 | $ 115,801 | $ 140,305 | $ 788,278 | $ 544,874 | $ 603,521 |
Costs and Expenses | |||||||||||
Cost of sales | 161,918 | 116,624 | 138,194 | 107,971 | 114,132 | 116,044 | 103,689 | 107,234 | 524,707 | 441,099 | 483,860 |
Selling and general expenses | 42,785 | 45,750 | 47,883 | ||||||||
Other operating income, net (Note 17) | (34,991) | (19,759) | (26,511) | ||||||||
Costs and Expenses, Total | 532,501 | 467,090 | 505,232 | ||||||||
OPERATING INCOME | 255,777 | 77,784 | 98,289 | ||||||||
Interest expense | (32,245) | (31,699) | (44,248) | ||||||||
Interest and miscellaneous expense, net | (698) | (3,003) | (9,199) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 222,834 | 43,082 | 44,842 | ||||||||
Income tax (expense) benefit (Note 9) | (5,064) | 859 | 9,601 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 217,770 | 43,941 | 54,443 | ||||||||
DISCONTINUED OPERATIONS, NET (Note 23) | |||||||||||
Income from discontinued operations, net of income tax expense of $0, $0 and $20,578 | 0 | 0 | 43,403 | ||||||||
NET INCOME | 50,509 | 40,624 | 111,579 | 15,058 | 9,440 | 19,181 | (2,860) | 18,180 | 217,770 | 43,941 | 97,846 |
Less: Net income (loss) attributable to noncontrolling interest | 5,798 | (2,224) | (1,491) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | $ 10,285 | $ 19,669 | $ (1,536) | $ 17,747 | 211,972 | 46,165 | 99,337 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $1,066 and ($78) | 6,322 | (32,451) | (15,847) | ||||||||
Cash flow hedges, net of income tax (expense) benefit of ($545), ($91) and $861 | 22,822 | (9,961) | (1,855) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $470 and $35,852 | 5,533 | 2,933 | 54,046 | ||||||||
Total other comprehensive income | 34,677 | (39,479) | 36,344 | ||||||||
COMPREHENSIVE INCOME | 252,447 | 4,462 | 134,190 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 9,555 | (13,027) | (6,462) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 242,892 | $ 17,489 | $ 140,652 | ||||||||
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | |||||||||||
Continuing Operations (in dollars per share) | $ 1.73 | $ 0.37 | $ 0.44 | ||||||||
Discontinued Operations (in dollars per share) | 0 | 0 | 0.34 | ||||||||
Net Income (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.90 | $ 0.12 | $ 0.08 | $ 0.16 | $ (0.01) | $ 0.14 | 1.73 | 0.37 | 0.78 |
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | |||||||||||
Continuing Operations (in dollars per share) | 1.73 | 0.37 | 0.43 | ||||||||
Discontinued Operations (in dollars per share) | 0 | 0 | 0.33 | ||||||||
Net income (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.89 | $ 0.12 | $ 0.08 | $ 0.16 | $ (0.01) | $ 0.14 | $ 1.73 | $ 0.37 | $ 0.76 |
Consolidated Statements of Inc3
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Discontinued operation tax effect of discontinued operation | $ 0 | $ 0 | $ 20,578 |
Foreign currency translation adjustment, income tax benefit (expense) | 0 | 1,066 | (78) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (545) | (91) | 861 |
Amortization of losses and gains from pension and postretirement benefit plans, income tax (expense) benefit | $ 0 | $ (470) | $ (35,852) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 85,909 | $ 51,777 |
Accounts receivable, less allowance for doubtful accounts of $33 and $42 | 20,664 | 20,222 |
Inventory (Note 18) | 21,379 | 15,351 |
Prepaid logging roads | 10,228 | 10,563 |
Prepaid expenses | 1,579 | 2,091 |
Assets held for sale (Note 21) | 23,171 | 0 |
Other current assets | 1,874 | 5,681 |
Total current assets | 164,804 | 105,685 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,291,015 | 2,066,780 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 70,374 | 65,450 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 2,279 | 1,833 |
Buildings | 7,990 | 9,014 |
Machinery and equipment | 4,658 | 3,686 |
Construction in progress | 8,170 | 1,282 |
Total property, plant and equipment, gross | 23,097 | 15,815 |
Less—accumulated depreciation | (9,063) | (9,073) |
Total property, plant and equipment, net | 14,034 | 6,742 |
RESTRICTED DEPOSITS (Note 19) | 71,708 | 23,525 |
OTHER ASSETS (Note 20) | 73,825 | 47,756 |
TOTAL ASSETS | 2,685,760 | 2,315,938 |
CURRENT LIABILITIES | ||
Accounts payable | 22,337 | 21,479 |
Current maturities of long-term debt | 31,676 | 0 |
Accrued taxes | 2,657 | 3,685 |
Accrued payroll and benefits | 9,277 | 7,037 |
Accrued interest | 5,340 | 6,153 |
Other current liabilities | 20,679 | 21,103 |
Total current liabilities | 91,966 | 59,457 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,030,205 | 830,554 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 15) | 31,856 | 34,137 |
OTHER NON-CURRENT LIABILITIES | 34,981 | 30,050 |
COMMITMENTS AND CONTINGENCIES (Notes 8 and 10) | ||
SHAREHOLDERS’ EQUITY | ||
Common Shares, 480,000,000 shares authorized, 122,904,368 and 122,770,217 shares issued and outstanding | 709,867 | 708,827 |
Retained earnings | 700,887 | 612,760 |
Accumulated other comprehensive income (loss) | 856 | (33,503) |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,411,610 | 1,288,084 |
Noncontrolling interest | 85,142 | 73,656 |
TOTAL SHAREHOLDERS’ EQUITY | 1,496,752 | 1,361,740 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,685,760 | $ 2,315,938 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 33 | $ 42 |
Shareholders' Equity: | ||
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, shares, issued | 122,904,368 | 122,770,217 |
Common stock, shares outstanding | 122,904,368 | 122,770,217 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Non-controlling Interest |
Beginning balance (in shares) at Dec. 31, 2013 | 126,257,870 | ||||
Beginning balance at Dec. 31, 2013 | $ 1,755,243 | $ 692,100 | $ 1,015,209 | $ (46,139) | $ 94,073 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 97,846 | 99,337 | (1,491) | ||
Dividends | (256,861) | (256,861) | |||
Contribution to Rayonier Advanced Materials | 19,130 | $ (301) | (61,318) | 80,749 | |
Adjustments to Rayonier Advanced Materials | (8,226) | (5,670) | (2,556) | ||
Issuance of shares under incentive stock plans, (in shares) | 561,701 | ||||
Issuance of shares under incentive stock plans | 5,579 | $ 5,579 | |||
Stock-based compensation | 7,869 | 7,869 | |||
Tax deficiency on stock-based compensation | (791) | $ (791) | |||
Repurchase of common shares, (in shares) | (46,474) | ||||
Repurchase of common shares | (1,858) | $ (1,858) | |||
Actuarial change and amortization of pension and postretirement plan liabilities | (24,147) | (24,147) | |||
Noncontrolling interest redemption of shares | (931) | (931) | |||
Foreign currency translation adjustment | (15,847) | (11,526) | (4,321) | ||
Joint venture cash flow hedges | (1,855) | (1,206) | (649) | ||
Ending balance (in shares) at Dec. 31, 2014 | 126,773,097 | ||||
Ending balance at Dec. 31, 2014 | 1,575,151 | $ 702,598 | 790,697 | (4,825) | 86,681 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 43,941 | 46,165 | (2,224) | ||
Dividends | (124,943) | (124,943) | |||
Adjustments to Rayonier Advanced Materials | 841 | 841 | |||
Issuance of shares under incentive stock plans, (in shares) | 205,219 | ||||
Issuance of shares under incentive stock plans | 2,117 | $ 2,117 | |||
Stock-based compensation | 4,484 | 4,484 | |||
Tax deficiency on stock-based compensation | (250) | $ (250) | |||
Repurchase of common shares, (in shares) | (4,208,099) | ||||
Repurchase of common shares | (100,122) | $ (122) | (100,000) | ||
Actuarial change and amortization of pension and postretirement plan liabilities | 2,933 | 2,933 | |||
Foreign currency translation adjustment | (32,451) | (21,567) | (10,884) | ||
Joint venture cash flow hedges | (9,961) | (10,044) | 83 | ||
Ending balance (in shares) at Dec. 31, 2015 | 122,770,217 | ||||
Ending balance at Dec. 31, 2015 | 1,361,740 | $ 708,827 | 612,760 | (33,503) | 73,656 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 217,770 | 211,972 | 5,798 | ||
Dividends | (123,155) | (123,155) | |||
Issuance of shares under incentive stock plans, (in shares) | 179,743 | ||||
Issuance of shares under incentive stock plans | 1,576 | $ 1,576 | |||
Stock-based compensation | 5,136 | $ 5,136 | |||
Repurchase of common shares, (in shares) | (45,592) | ||||
Repurchase of common shares | (868) | $ (178) | (690) | ||
Actuarial change and amortization of pension and postretirement plan liabilities | 5,533 | 5,533 | |||
Foreign currency translation adjustment | 6,322 | 2,780 | 3,542 | ||
Joint venture cash flow hedges | 22,822 | 22,608 | 214 | ||
Recapitalization of New Zealand Joint Venture | 0 | (5,398) | 3,438 | 1,960 | |
Recapitalization costs | (124) | $ (96) | (28) | ||
Ending balance (in shares) at Dec. 31, 2016 | 122,904,368 | ||||
Ending balance at Dec. 31, 2016 | $ 1,496,752 | $ 709,867 | $ 700,887 | $ 856 | $ 85,142 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends (dollars per share) | $ 1 | $ 1 | $ 2.03 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net income | $ 217,770 | $ 43,941 | $ 97,846 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 115,142 | 113,708 | 119,980 |
Non-cash cost of land and real estate sold | 11,690 | 12,509 | 13,264 |
Stock-based incentive compensation expense | 5,136 | 4,484 | 7,869 |
Amortization of debt discount/premium | (462) | 604 | 1,092 |
Deferred income taxes | 5,170 | (1,475) | 1,828 |
Non-cash adjustments to unrecognized tax benefit liability | 0 | 135 | (6,597) |
Depreciation and amortization from discontinued operations | 0 | 0 | 37,985 |
Amortization of losses from pension and postretirement plans | 2,513 | 3,403 | 7,276 |
Gain on sale of Large Dispositions | (143,933) | 0 | 0 |
Other | 336 | 350 | 3,307 |
Changes in operating assets and liabilities: | |||
Receivables | 2,517 | 2,034 | 4,300 |
Inventories | (1,175) | (9,749) | 3,926 |
Accounts payable | (559) | 1,863 | 29,929 |
Income tax receivable/payable | (206) | (894) | 838 |
All other operating activities | (10,138) | 6,251 | 2,669 |
Expenditures for dispositions and discontinued operations | 0 | 0 | (5,096) |
CASH PROVIDED BY OPERATING ACTIVITIES | 203,801 | 177,164 | 320,416 |
INVESTING ACTIVITIES | |||
Capital expenditures | (58,723) | (57,293) | (63,713) |
Capital expenditures from discontinued operations | 0 | 0 | (60,955) |
Real estate development investments | (8,746) | (2,676) | (3,674) |
Purchase of timberlands | (366,481) | (98,409) | (130,896) |
Assets purchased in business acquisition | (887) | 0 | 0 |
Net proceeds from Large Dispositions | 203,862 | 0 | |
Proceeds from settlement of foreign currency hedge | 0 | 2,804 | 0 |
Rayonier office building under construction | (6,307) | (908) | 0 |
Change in restricted cash | (48,184) | (16,836) | 62,256 |
Other | 2,311 | 7,009 | 306 |
CASH USED FOR INVESTING ACTIVITIES | (283,155) | (166,309) | (196,676) |
FINANCING ACTIVITIES | |||
Issuance of debt | 695,916 | 472,558 | 1,426,464 |
Repayment of debt | (458,415) | (364,402) | (1,289,637) |
Dividends paid | (122,845) | (124,936) | (257,517) |
Proceeds from the issuance of common shares | 1,576 | 2,117 | 5,579 |
Proceeds from repurchase of common shares | (690) | (100,000) | (1,858) |
Debt issuance costs | (818) | (1,678) | (12,380) |
Net cash disbursed upon spin-off of Performance Fibers business | 0 | 0 | (31,420) |
Other | (301) | (122) | (680) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 114,423 | (116,463) | (161,449) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (937) | (4,173) | (377) |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 34,132 | (109,781) | (38,086) |
Balance, beginning of year | 51,777 | 161,558 | 199,644 |
Balance, end of year | 85,909 | 51,777 | 161,558 |
Cash paid during the year: | |||
Interest | 36,289 | 33,011 | 47,640 |
Income taxes | 501 | 277 | 8,789 |
Non-cash investing activity: | |||
Capital assets purchased on account | 4,683 | 3,429 | 2,444 |
Purchase of timberlands | $ 0 | $ 700 | $ 0 |
Nature of Business Operations
Nature of Business Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business Operations | NATURE OF BUSINESS OPERATIONS Rayonier Inc., a North Carolina corporation, including its consolidated subsidiaries (“Rayonier” or “the Company”), is a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the U.S. and New Zealand and its shares have a $0.00 par value. The Company owns or leases approximately 2.7 million acres of timberland, located in the United States and New Zealand. Included in this property is approximately 0.2 million acres of timberlands located primarily along the coastal region from Savannah, Georgia to Daytona Beach, Florida, some of which has long-term potential for real estate development. The Company also engages in the trading of logs, primarily to support the Company’s New Zealand export operations. Rayonier operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. See Note 4 — Segment and Geographical Information for further discussion of reportable business segments and Note 23 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business. The Company is a REIT and is generally not required to pay federal income taxes on its U.S. timber harvest earnings and other U.S. REIT operations contingent upon meeting applicable distribution, income, asset, shareholder and other tests. The U.S. timber operations are primarily conducted by the Company’s wholly-owned REIT subsidiaries. Non-REIT qualifying and certain foreign operations, which are subject to corporate-level tax on earnings, are operated by taxable subsidiaries. These operations include the Real Estate segment’s entitlement activities, limited development activities and sale of higher and better use (“HBU”) properties. The Company’s consolidated joint venture, Matariki Forestry Group (“New Zealand JV”), is subject to entity-level tax in New Zealand. Southern, Pacific Northwest and New Zealand Timber The Company’s Timber segments own or lease approximately 2.7 million acres of timberlands located in the U.S. and New Zealand. The Timber segments conduct timber harvesting activities, manage timberlands and sell timber and logs to third parties. On March 3, 2016, the Company acquired an additional 12% interest in the New Zealand JV, which currently owns or leases approximately 433,000 gross acres ( 299,000 net plantable acres) of New Zealand timberlands. The acquisition of additional interest brought the Company’s ownership to 77% . The Company maintains a controlling financial interest in the New Zealand JV and, accordingly, consolidates the New Zealand JV’s Balance Sheet and results of operations. Rayonier’s wholly-owned subsidiary, Rayonier New Zealand Limited (“RNZ”) serves as the manager of the New Zealand JV forests. See Note 7 — Joint Venture Investment . During 2016, the Company acquired approximately 111,000 acres of timberlands in Florida, Georgia, Texas, Oregon and Washington for $366.5 million . During 2015, the Company acquired approximately 35,000 acres of timberlands in the U.S. for $88.5 million as well as acquiring forestry rights covering approximately 1,800 acres of timberland with mature timber in New Zealand for $9.9 million . See Note 3 — Timberland Acquisitions for additional information. Real Estate The vast majority of the Company’s HBU properties are managed as timberland and generate cash flow from timber operations prior to their sale or, in the case of Improved Development properties, prior to improvement. All of the Company’s U.S. land sales, including HBU and non-HBU, are reported in the Real Estate segment. Rayonier employs a detailed land classification process for all of its timberland and HBU acres. Trading The Company’s trading business comprises log trading in New Zealand conducted by the 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. The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest ( 65% ) in its New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. In March 2016, the Company made a capital contribution into the New Zealand JV and as a result, the Company’s ownership interest increased to 77% . The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest ( 23% ) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include time deposits with original maturities of three months or less. The consolidated cash balance includes time deposits of $25.6 million and $23.4 million at December 31, 2016 and December 31, 2015 , respectively. Accounts Receivable Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts. Inventory HBU real estate properties that are expected to be sold within one year are included in inventory at lower of cost or market value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line, entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information. Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or market and expensed to cost of goods sold when sold to third-party buyers. See Note 18 — Inventory for additional information. Prepaid Logging Roads Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. Assets Held for Sale Assets that meet the held-for-sale criteria in ASC 360-10-45-9 are recorded in a separate balance sheet line, entitled “Assets Held for Sale,” and measured at the lower of the carrying amount or fair value less cost to sell. Timber and Timberlands Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Annual lease payments are capitalized or expensed based on the proportion of acres that the Company will be able to harvest prior to lease expiration. Lease payments made within one year of expiration is expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest or any other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales), at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. Higher and Better Use Timberlands and Real Estate Development Investments HBU timberland is recorded at the lower of cost or market value. These properties are managed as timberlands until sold or developed with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of goods sold, within the Real Estate segment. Real estate development investments include capitalized costs for targeted infrastructure improvements, such as roadways and utilities. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 6 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. Property, Plant, Equipment and Depreciation Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Goodwill Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. The Company compares the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill . The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2016; the estimated fair value of the New Zealand Timber segment exceeded its carrying value and no impairment was recorded. Foreign Currency Translation The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand JV are translated into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand JV are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity. Revenue Recognition The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred or services rendered, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. Timber Sales Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and delivered logs. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested. In delivered log sales, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The sales method the Company employs for a given tract of timber depends upon local market conditions and which method is expected to provide the best overall margin. Non-timber income included in “Other Operating Income, Net” is primarily comprised of hunting and recreational licenses. Such income is recognized ratably over the term of the agreement. Log Trading Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer. Real Estate The Company recognizes revenue on sales of real estate when the sale is consummated, generally when payment is received and title and risk of loss have passed to the buyer. Cost of sales associated with real estate sold comprises the cost of the land, the cost of any timber on the property that was conveyed to the buyer, and any closing costs including sales commissions that may be borne by the Company. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are charged to cost of sales for a project as a percentage of revenue earned to total anticipated revenue and costs for each project. Employee Benefit Plans The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates and longevity of employees. See Note 15 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2016 . Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2016 and 2015 , the Company’s pension plans were in a net liability position (underfunded) of $30.6 million and $33.0 million , respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. The Company measures plan assets and benefit obligations as of the fiscal year-end. See Note 15 — Employee Benefit Plans for additional information. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 9 — Income Taxes for additional information. Reclassifications Certain 2015 and 2014 amounts have been reclassified to conform with the current year presentation, including the Consolidated Balance Sheet and Consolidated Statement of Cash Flows to better reflect the intended use of the assets and funds. These reclassifications did not affect revenue, total costs and expenses, operating income, or net income. The following summarizes reclassifications at December 31, 2016 : • Restricted Deposits have been reclassified on the Consolidated Balance Sheet from “Other Assets” to a separate balance sheet caption. As of December 31, 2016 and 2015 , restricted deposits were $71.7 million and $23.5 million , respectively. Certain 2015 and 2014 amounts have been reclassified due to the adoption of new Accounting Standards Updates. These reclassifications did not affect revenue, total costs and expense, operating income, or net income. The following summarizes reclassifications at December 31, 2016 : • Capitalized debt costs related to non-revolving debt has been reclassified on the Consolidated Balance Sheet from “Other Assets” to “Long Term Debt” as a result of the adoption of Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-50) - Simplifying the Presentation of Debt Issuance Costs and ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which is required to be applied on a retrospective basis. This reclassification is reflected in the December 31, 2016 and December 31, 2015 Consolidated Balance Sheets. A corresponding change has also been made to the Consolidated Statement of Cash Flows for both periods presented. As of December 31, 2016 and 2015 , capitalized debt costs related to non-revolving debt was $3.6 million and $3.3 million , respectively. New or Recently Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Rayonier intends to adopt ASU No. 2016-18 in the Company’s first quarter 2018 Form 10-Q. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, stating entities should recognize income tax consequences of intra-entity transfers of assets other than inventory in the period in which they occur. As such, the Company will be required to apply the changes on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for public business entities in annual periods beginning after December 15, 2017 with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. The Company intends to adopt ASU 2016-16 in the first quarter of 2017 and does not expect adoption to have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-15 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Rayonier intends to adopt ASU No. 2016-09 in the Company’s first quarter 2017 Form 10-Q. Upon adoption, additional excess tax benefits and tax deficiencies will be recorded to Income tax (expense) benefit in the Consolidated Statements of Income and Comprehensive Income. The Company does not expect adoption to have any other material impact on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effective of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU No. 2016-05 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Rayonier intends to adopt ASU No. 2016-05 in the Company’s first quarter 2017 Form 10-Q and does not expect it to have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. ASU No. 2016-02 also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. ASU No. 2016-02 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments . ASU No. 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for annual periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date. Rayonier adopted ASU No. 2015-16 during the year ended December 31, 2016. See Note 3 — Timberland Acquisitions for additional information. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) . ASU No. 2015-07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier adopted ASU No. 2015-07 as of December 31, 2016 in this annual report on Form 10-K. See Note 15 — Employee Benefit Plans for additional information. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU No. 2014-15 requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued. Management is required to make certain disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Rayonier adopted ASU No. 2014-15 as of December 31, 2016 and the implementation of the new standard did not result in additional disclosure in this Annual Report on Form 10-K. In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date . ASU No. 2015-14 provides a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing . The update clarifies the guidance for identifying performance obligations. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . The update clarifies the guidance for assessing collectibility, presenting sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements and has completed a preliminary analysis of the specific impacts to our Southern Timber, Pacific Northwest Timber, New Zealand Timber and Real Estate segments. Subsequent Events The Company has evaluated events occurring from December 31, 2016 to the date of issuance for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure. |
Timberland Acquisitions
Timberland Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Timberland Acquisitions | TIMBERLAND ACQUISITIONS Menasha Acquisition The Company and Forest Investment Associates (“FIA”) formed Olympus Acquisition Company (“Olympus”) to acquire all the outstanding common stock of Menasha Forest Products Corporation (“Menasha”), a privately held company with approximately 132,000 acres of timberland located in Oregon and Washington (the “Menasha Acquisition”). On May 10, 2016 (the “acquisition date”), essentially all of the net assets of Olympus were distributed to the Company and FIA, resulting in the Company owning an identified portfolio of 61,000 acres of the former Menasha timberland for a final purchase price of approximately $263 million . Business Combination Accounting The distribution of net assets from Olympus to Rayonier has been accounted for as a business combination. Accordingly, the consideration paid by the Company has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. In determining the fair value of the timberlands, the Company utilized valuation methodologies including a discounted cash flow analysis. A sales comparison approach was utilized to determine the fair market value of property, plant and equipment. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. Rayonier’s share of acquisition costs of $1.3 million is included in “Other operating income, net.” In the fourth quarter of 2016, the Company completed its valuation of the assets acquired and liabilities assumed in the business combination resulting in measurement period adjustments to the provisional amounts recorded at the acquisition date. The effect of these measurement period adjustments has been reflected in the consolidated financial statements for the period ended December 31, 2016. The following table summarizes the measurement period adjustments to the fair value of assets acquired and liabilities assumed : Increase/(Decrease) Timber and timberlands $152 Other current and non-current liabilities 152 The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date: May 10, 2016 Timber and timberlands (a) $263,225 Property, plant and equipment 1,554 Other current and non-current assets 280 Total identifiable assets acquired 265,059 Other current and non-current liabilities 1,655 Total liabilities assumed 1,655 Net identifiable assets (purchase price) $263,404 (a) Timber and timberlands include $0.8 million of seeds and seedlings. Operating Results and Unaudited Pro Forma Financial Information The net income effect resulting from the Menasha acquisition for the year ended December 31, 2016 is impracticable to determine, as the Company immediately integrated Menasha into its ongoing operations. Additionally, pro forma information has not been provided, as the portion of Menasha acquired was a component of a larger legal entity and separate historical financial statements were not prepared. Since stand-alone financial information prior to the acquisition was not readily available, compilation of such data is impracticable. Washington Disposition In May 2016, the Company completed a disposition of approximately 55,000 acres located in Washington to FIA (the “Washington disposition”) for a sale price of approximately $130 million . The proceeds received from the disposition were used to finance a portion of the Menasha Acquisition. The remainder of the acquisition was financed by entering into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10 -year, $300 million incremental term loan. See Note 5 — Debt for additional information. Other Acquisitions In five additional transactions throughout 2016 , Rayonier purchased approximately 50,000 acres of timberland located in Florida, Georgia and Texas for approximately $103.9 million . These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. In eight separate transactions throughout 2015 , Rayonier purchased approximately 35,000 acres of timberland located in Florida, Georgia, Louisiana, Mississippi and Oregon, for approximately $88.5 million . These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. Additionally, in one transaction during 2015 , the Company acquired forestry rights covering approximately 1,800 acres of timberland with mature timber in New Zealand for approximately $9.9 million . This acquisition was funded with cash on hand. The following table summarizes the timberland acquisitions at December 31, 2016 and 2015 : 2016 2015 Cost Acres Cost Acres Florida $14,323 6,937 $5,031 3,428 Georgia 12,485 5,427 1,495 1,443 Louisiana — — 47,840 24,494 Mississippi — — 42 40 Oregon 239,896 55,603 34,052 5,578 Texas 77,139 37,513 — — Washington 22,638 5,247 — — New Zealand (a) — — 9,949 1,767 Total Acquisitions $366,481 110,727 $98,409 36,750 (a) The 2015 New Zealand transaction represents the purchase of a forestry right. |
Segment and Geographical Inform
Segment and Geographical Information | 12 Months Ended |
Dec. 31, 2016 | |
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. Other non-timber income activities such as the licensing of properties for hunting, leasing of properties for mineral extraction and cell towers are included, net of direct costs, in “Other operating income.” 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 any identified HBU 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. The Trading segment 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, 2016 follows: Sales 2016 2015 2014 Southern Timber $132,855 $139,093 $141,833 Pacific Northwest Timber 75,187 76,488 102,232 New Zealand Timber 172,574 161,570 182,421 Real Estate (a) 299,350 86,493 77,281 Trading 108,312 81,230 103,678 Intersegment Eliminations — — (3,924 ) Total $788,278 $544,874 $603,521 (a) Includes $207.3 million related to Large Dispositions in 2016. Operating Income/(Loss) 2016 2015 2014 Southern Timber $43,098 $46,669 $45,651 Pacific Northwest Timber (3,992 ) 6,917 29,539 New Zealand Timber 33,072 2,775 9,474 Real Estate (a) 202,379 44,263 47,474 Trading 2,002 1,247 1,687 Corporate and other (20,782 ) (24,087 ) (35,536 ) Total Operating Income 255,777 77,784 98,289 Unallocated interest expense and other (32,943 ) (34,702 ) (53,447 ) Total income from continuing operations before income taxes $222,834 $43,082 $44,842 (a) Includes $143.9 million related to Large Dispositions in 2016. Gross Capital Expenditures 2016 2015 2014 Capital Expenditures (a) Southern Timber $33,487 $33,245 $36,033 Pacific Northwest Timber 8,036 8,515 9,742 New Zealand Timber 16,095 15,143 17,344 Real Estate 315 313 195 Trading — — — Corporate and other 790 77 399 Total capital expenditures $58,723 $57,293 $63,713 Timberland Acquisitions Southern Timber $103,947 $54,408 $125,650 Pacific Northwest Timber 262,534 34,052 1,878 New Zealand Timber — 9,949 923 Real Estate — — 2,445 Trading — — — Corporate and other — — — Total timberland acquisitions $366,481 $98,409 $130,896 Total Gross Capital Expenditures $425,204 $155,702 $194,609 (a) Excludes timberland acquisitions presented separately. Depreciation, Depletion and Amortization 2016 2015 2014 Southern Timber $49,747 $54,299 $52,307 Pacific Northwest Timber 25,246 14,842 21,282 New Zealand Timber 23,447 29,741 32,161 Real Estate (a) 52,304 14,533 13,355 Trading — — — Corporate and other 402 293 875 Total $151,146 $113,708 $119,980 (a) Includes $36.1 million related to Large Dispositions in 2016. Non-Cash Cost of Land and Improved Development 2016 2015 2014 Southern Timber — — — Pacific Northwest Timber — — — New Zealand Timber 1,824 467 4,328 Real Estate (a) 32,038 12,042 8,936 Trading — — — Corporate and other — — — Total $33,862 $12,509 $13,264 (a) Includes $22.2 million related to Large Dispositions in 2016. Sales by Product Line 2016 2015 2014 Southern Timber $132,855 $139,093 $141,833 Pacific Northwest Timber 75,187 76,488 102,232 New Zealand Timber 172,574 161,570 182,421 Real Estate Improved Development 1,740 2,610 — Unimproved Development 5,540 6,399 4,794 Rural 18,672 22,653 40,954 Non-Strategic / Timberlands 66,133 54,831 9,533 Large Dispositions 207,265 — 22,000 Total Real Estate 299,350 86,493 77,281 Trading 108,312 81,230 103,678 Intersegment eliminations — — (3,924 ) Total Sales $788,278 $544,874 $603,521 Geographical Operating Information Sales Operating Income Identifiable Assets 2016 2015 2014 2016 2015 2014 2016 2015 United States $507,391 $302,074 $317,422 $220,703 $73,749 $87,116 $2,181,658 $1,823,137 New Zealand 280,887 242,800 286,099 35,074 4,035 11,173 504,102 492,801 Total $788,278 $544,874 $603,521 $255,777 $77,784 $98,289 $2,685,760 $2,315,938 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Rayonier’s debt consisted of the following at December 31, 2016 and 2015 : 2016 2015 Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.3% at December 31, 2016 $350,000 $170,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.5% at December 31, 2016 300,000 — Mortgage notes due 2017 at fixed interest rates of 4.35% (a) 31,676 42,638 Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.9% at December 31, 2016 25,000 97,000 Solid waste bonds due 2020 at a variable interest rate of 2.0% at December 31, 2016 15,000 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 18,796 23,242 New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 3.54% at December 31, 2015 — 160,999 Total debt 1,065,472 833,879 Less: Current maturities of long-term debt (31,676 ) — Less: Deferred financing costs (3,591 ) (3,325 ) Long-term debt, net of deferred financing costs $1,030,205 $830,554 Principal payments due during the next five years and thereafter are as follows: 2017 (a) $31,500 2018 — 2019 — 2020 40,000 2021 — Thereafter 993,796 Total debt $1,065,296 (a) The mortgage notes due in 2017 were recorded at a premium of $0.2 million and $0.6 million as of December 31, 2016 and 2015 , respectively. Upon maturity the liability will be $31.5 million . Term Credit Agreement In August 2015, the Company entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of new credit facilities, including a nine -year $350 million term loan facility. The periodic interest rate on the term loan facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2016, the periodic interest rate on the term loan facility was LIBOR plus 1.625% . Following the closing of the term loan, the Company entered into several interest rate swap transactions to fix the cost of the term loan facility over its nine -year term. The term credit agreement allows the Company to receive annual patronage payments, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company estimates the effective interest rate on the term loan facility to be approximately 3.3% after consideration of the interest rate swap and estimated patronage refunds. 3.75% Senior Notes issued March 2012 In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022, guaranteed by certain subsidiaries. The guarantors were revised in October 2012, leaving TRS and Rayonier Operating Company LLC as the remaining guarantors. Incremental Term Loan Agreement In April 2016, the Company entered into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10 -year, $300 million incremental term loan. Proceeds from the new term loan were used to fund Rayonier’s portion of the Menasha acquisition net of the proceeds received from the Washington disposition, to repay approximately $105 million outstanding on the Company’s revolving credit facility and for general corporate purposes. The periodic interest rate on the incremental term loan agreement is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2016, the periodic interest rate on the incremental term loan was LIBOR plus 1.900% . Following the closing of the incremental term loan, the Company entered into several interest rate swap transactions to fix the cost of the facility over its 10 -year term. The Company estimates the effective interest rate on the incremental term loan facility to be approximately 2.8% after consideration of the interest rate swaps and estimated patronage payments. $105 Million Secured Mortgage Notes Assumed In November 2011, in connection with the acquisition of approximately 250,000 acres of timberlands, the Company assumed notes totaling $105 million , secured by mortgages on certain parcels of the timberlands acquired. The notes bear fixed interest rates of 4.35% with original terms of seven years maturing in August 2017. The Company prepaid $21.0 million of principal on the mortgage notes concurrent with the acquisition and an additional $10.5 million during each of the years 2012 through 2016, the maximum amounts allowed without penalty at the respective dates. The notes were recorded at fair value on the date of acquisition. At December 31, 2016 , the carrying value of the debt outstanding was $31.7 million ; however, the liability will be $31.5 million at maturity. Revolving Credit Facility In August 2015, the Company entered into a five -year $200 million unsecured revolving credit facility, replacing the previous $200 million revolving credit facility and $ 100 million farm credit facility which were scheduled to expire in April 2016 and December 2019, respectively. The periodic interest rate on the revolving credit facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2016, the periodic interest rate on the revolving credit facility was LIBOR plus 1.250% , with an unused commitment fee of 0.175% . At December 31, 2016 , the Company had $169.6 million of available borrowings under this facility, net of $5.4 million to secure its outstanding letters of credit. Joint Venture Debt In April 2013, Rayonier acquired an additional 39% interest in its New Zealand JV, bringing its total ownership to 65% and as a result, the New Zealand JV’s debt was consolidated effective on that date. On March 3, 2016, as a result of a capital contribution, the Company’s ownership interest in the New Zealand JV increased to 77% . See Note 7 — Joint Venture Investment for further information. Shareholder Loan The shareholder loan is an interest-free loan from the noncontrolling New Zealand JV partner in the amount of $19 million . This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is unsecured and subordinated to the Working Capital Facilities of the New Zealand JV. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated. As the loan is effectively at par, the carrying amount is deemed to be the fair value. The entire balance of the shareholder loan remained classified as long-term debt at December 31, 2016 due to its absence of a fixed maturity date. Working Capital Facilities In June 2016, the New Zealand JV entered into a 12 -month NZ $20 million working capital facility and an 18 -month NZ $20 million working capital facility, replacing the previous NZ $40 million facility that expired in June 2016. The NZ $40 million Working Capital Facility is available for short-term operating cash flow needs of the New Zealand JV. This facility holds a variable interest rate indexed to the 90 -day New Zealand Bank bill rate (“BKBM”). The margins are set for the term of the facility. At December 31, 2016 , there was no outstanding balance on the Working Capital Facility. Senior Secured Facilities Agreement The New Zealand JV was party to a NZ $275 million variable rate Senior Secured Facilities Agreement comprised of two tranches, Tranche A, a NZ $235 million revolving cash advance facility and Tranche B, a NZ $40 million working capital facility that expired June 2016. On March 3, 2016, the Company used proceeds from the term loan facility to fund a capital contribution into the New Zealand JV. The New Zealand JV in turn used the proceeds for full repayment of the outstanding amount of $155 million under its Tranche A credit facility. Debt Covenants In connection with the Company’s $350 million term credit agreement, $300 million incremental term loan agreement and $200 million revolving credit facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. In addition to the financial covenants listed above, the mortgage notes, senior notes, term credit agreement and revolving credit facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2016 , the Company was in compliance with all covenants. |
Higher and Better Use Timberlan
Higher and Better Use Timberlands and Real Estate Development Investments | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Higher and Better Use Timberlands and Real Estate Development Investments | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS Rayonier continuously assesses potential alternative uses of its timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. The Company periodically transfers, via a sale or contribution from the REIT to TRS, HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also acquires HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, the Company also selectively pursues various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. An analysis of higher and better use timberlands and real estate development costs from December 31, 2015 to December 31, 2016 is shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2015 $57,897 $7,553 $65,450 Plus: Current portion (a) 6,019 6,233 12,252 Total Balance at December 31, 2015 63,916 13,786 77,702 Non-cash cost of land and improved development (1,926 ) (151 ) (2,077 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,656 ) — (1,656 ) Capitalized real estate development investments (b) — 8,746 8,746 Capital expenditures (silviculture) 246 — 246 Intersegment transfers 4,472 — 4,472 Total Balance at December 31, 2016 65,052 22,381 87,433 Less: Current portion (a) (5,096 ) (11,963 ) (17,059 ) Non-current portion at December 31, 2016 $59,956 $10,418 $70,374 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 18 — Inventory for additional information. (b) Capitalized real estate development investments includes $0.1 million of capitalized interest. |
Joint Venture Investment
Joint Venture Investment | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Joint Venture Investment | JOINT VENTURE INVESTMENT On March 3, 2016, the Company made a capital contribution into Matariki Forestry Group (the "New Zealand JV"), a joint venture that owns or leases approximately 0.4 million legal acres of New Zealand timberlands, for the purpose of refinancing approximately NZ $235 million of New Zealand JV indebtedness and paying related fees and expenses, including the costs of settling out-of-the-money interest rate swaps. The capital contribution increased the Company's ownership interest in the New Zealand JV from 65% to 77% . As a result of the increase in ownership percentage, the pro-rata share of the New Zealand JV’s unrealized foreign currency and cash flow hedge losses were reallocated between the Company and the noncontrolling interest. In accordance with Accounting Standards Codification (“ASC”) 810-10-45-24, this reallocation resulted in a reduction to the common share balance. The Company maintains a controlling financial interest in the New Zealand JV and, accordingly, consolidates the New Zealand JV’s Balance Sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 23% noncontrolling interest are shown separately within the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand JV. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS The Company leases certain buildings, machinery and equipment under various operating leases. Total rental expense for operating leases amounted to $2.0 million , $2.3 million and $1.9 million in 2016 , 2015 and 2014 , respectively. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) amounted to $10.7 million , $11.3 million and $12.8 million in 2016 , 2015 and 2014 , respectively. At December 31, 2016 , the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows: Operating Leases Timberland Leases (a) Commitments (b) Total 2017 $1,682 $10,315 $13,788 $25,785 2018 876 9,127 8,532 18,535 2019 728 8,660 8,532 17,920 2020 588 8,295 8,532 17,415 2021 552 8,334 8,361 17,247 Thereafter (c) 1,180 150,898 26,171 178,249 $5,606 $195,629 $73,916 $275,151 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Commitments include payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), and standby letters of credit fees for industrial revenue bonds and construction of the Company’s office building. (c) Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 -year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one -year term. As of December 31, 2016 , the New Zealand JV has four CFL’s under termination notice, two that are currently being relinquished as harvest activities are concluding, one each in 2034 and 2044, as well as two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income taxation. The New Zealand JV is subject to corporate level tax in New Zealand. Non-REIT qualifying operations are conducted by the Company’s taxable REIT subsidiaries. Prior to the June 27, 2014 spin-off of Rayonier Advanced Materials, the Company’s taxable REIT subsidiaries (“TRS”) operations included the Performance Fibers manufacturing business. During 2014 and 2013, the income tax benefit from continuing operations was significantly impacted by the TRS businesses. During 2016 and 2015, the primary businesses performed in Rayonier’s taxable REIT subsidiaries included log trading and certain real estate activities, such as the sale and entitlement of development HBU properties. The Company was subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2013. In 2013, the law provided a built-in gains tax holiday, which impacted the Company’s 2013 tax provision. Alternative Fuel Mixture Credit (“AFMC”) and Cellulosic Biofuel Producer Credit (“CBPC”) The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business during calendar year 2009. The AFMC is a $0.50 per gallon refundable excise tax credit (which is not taxable), while the CBPC is a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity’s tax liability. Rayonier produced and used an alternative fuel (“black liquor”) in its Performance Fibers business, which qualified for both credits. The Company claimed the AFMC on its original 2009 income tax return. In 2013, management approved an exchange of black liquor gallons previously claimed under the AFMC for the CBPC. The net tax benefit from this exchange of $18.8 million was recorded in discontinued operations. As a result of the spin-off of the Performance Fibers business in 2014, the Company recorded a $13.6 million valuation allowance in continuing operations related to CPBC remaining with the Company’s taxable REIT subsidiary and the limited potential use of the CBPC prior to its expiration on December 31, 2019. In 2015, a $1.0 million return-to-accrual adjustment was recorded related to the CBPC which resulted in a corresponding increase in the CBPC valuation allowance to $14.6 million . Provision for Income Taxes from Continuing Operations The (provision for)/benefit from income taxes consisted of the following: 2016 2015 2014 Current U.S. federal — ($624 ) $27,521 State (254 ) 226 1,353 Foreign (241 ) (308 ) — (495 ) (706 ) 28,874 Deferred U.S. federal 5,403 3,702 (7,260 ) State (280 ) 107 (357 ) Foreign (6,079 ) 2,360 1,633 (956 ) 6,169 (5,984 ) Changes in valuation allowance (3,613 ) (4,604 ) (13,289 ) Total ($5,064 ) $859 $9,601 A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: 2016 2015 2014 U.S. federal statutory income tax rate ($77,992 ) 35.0 % ($15,079 ) 35.0 % ($15,695 ) 35.0 % U.S. and foreign REIT income and U.S. TRS taxable losses 72,507 (32.5 ) 19,446 (45.1 ) 32,058 (71.5 ) Foreign TRS operations 1,098 (0.5 ) 1,097 (2.6 ) (159 ) 0.4 U.S. net deferred tax asset valuation allowance (3,613 ) 1.6 (3,607 ) 8.4 — — CBPC valuation allowance — — (997 ) 2.3 (13,644 ) 30.4 Deferred tax inventory valuations — — — — 5,151 (11.5 ) Uncertain tax positions — — — — 1,830 (4.1 ) Other 2,936 (1.3 ) (1 ) — 60 (0.1 ) Income tax (expense) benefit as reported for continuing operations ($5,064 ) 2.3 % 859 (2.0 )% $9,601 (21.4 )% The Company’s effective tax rate is below the 35 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT. Provision for Income Taxes from Discontinued Operations On June 27, 2014 Rayonier completed the spin-off of its Performance Fibers business. Income tax expense related to Performance Fibers discontinued operations was $20.6 million for the year ended December 31, 2014. See Note 23 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business. Deferred Taxes Deferred income taxes result from recording revenues and expenses in different periods for financial reporting versus tax reporting. The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 , were as follows: 2016 2015 Gross deferred tax assets: Pension, postretirement and other employee benefits $1,648 $1,040 New Zealand JV 60,452 65,078 CBPC Tax Credit Carry Forwards (a) 14,641 14,641 Capitalized real estate costs 11,489 9,378 U.S. TRS Net Operating Loss 4,730 2,327 Other 9,165 7,050 Total gross deferred tax assets 102,125 99,514 Less: Valuation allowance (21,861 ) (18,248 ) Total deferred tax assets after valuation allowance $80,264 $81,266 Gross deferred tax liabilities: Accelerated depreciation (1,322 ) (1,357 ) Repatriation of foreign earnings (7,368 ) (7,251 ) New Zealand JV (70,315 ) (68,551 ) Timber installment sale (7,601 ) (7,511 ) Other (3,833 ) (311 ) Total gross deferred tax liabilities (90,439 ) (84,981 ) Net deferred tax (liability)/asset reported as noncurrent ($10,175 ) ($3,715 ) (a) In 2015, a $1.0 million return to accrual adjustment was made in conjunction with the filing of the Company’s 2014 U.S. federal income tax return. Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2016 : Gross Amount Valuation Allowance Expiration 2016 New Zealand JV NOL Carryforwards $215,898 — None U.S. Net Deferred Tax Asset 7,220 (7,220 ) None Cellulosic Biofuel Producer Credit (a) 14,641 (14,641 ) 2019 Total Valuation Allowance ($21,861 ) 2015 New Zealand JV NOL Carryforwards $232,846 — None U.S. Net Deferred Tax Asset 3,607 (3,607 ) None Cellulosic Biofuel Producer Credit (a) 14,641 (14,641 ) 2019 Total Valuation Allowance ($18,248 ) (a) In 2015, a $1.0 million return to accrual adjustment was made in conjunction with the filing of the Company’s 2014 U.S. federal income tax return. Prepaid Taxes As of December 31, 2016 and 2015 , the Company has recorded a long-term prepaid federal income tax of $14.4 million related to recognized built-in gains on 2006, 2008 and 2010 intercompany sales of timberlands between the REIT and the TRS. Taxes for the transactions were paid at the time of sale, but the gain and income tax expense were deferred in accordance with U.S. Generally Accepted Accounting Principles. As the timberlands are sold to third parties, the appropriate gain and related income tax expense will be recognized and the prepaid income tax will be reduced. Other Tax Items In 2015 and 2014, the Company recorded tax deficiencies on stock-based compensation of $0.3 million and $0.8 million , respectively. These amounts were recorded directly to shareholders’ equity and were not included in the consolidated tax provision. Unrecognized Tax Benefits In accordance with Generally Accepted Accounting Principles, the Company recognizes the impact of a tax position if a position is “more-likely-than-not” to prevail. A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows: 2016 2015 2014 Balance at January 1, $135 — $10,547 Decreases related to prior year tax positions — — (10,547 ) Increases related to prior year tax positions — 135 — Balance at December 31, $135 $135 — The unrecognized tax benefit of $135 thousand as of December 31, 2016 relates to a prior year deduction, in conjunction with the spin-off of the Performance Fibers business. There is no amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2016 , 2015 and 2014 . The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. The Company recorded $0 million , $0 million and $0.5 million benefit to interest expense in 2016, 2015 and 2014, respectively. The Company had no recorded liabilities for the payment of interest at December 31, 2016 and 2015 . Tax Statutes The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: Taxing Jurisdiction Open Tax Years U.S. Internal Revenue Service 2013 - 2016 New Zealand Inland Revenue 2012 - 2016 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES Following the Company’s November 10, 2014 earnings release and filing of the restated interim financial statements for the quarterly periods ended March 31, 2014 and June 30, 2014 (the “November 2014 Announcement”), shareholders of the Company filed five putative class actions against the Company and Paul G. Boynton, Hans E. Vanden Noort, David L. Nunes, and H. Edwin Kiker arising from circumstances described in the November 2014 Announcement, entitled respectively: • Sating v. Rayonier Inc. et al , Civil Action No. 3:14-cv-01395; filed November 12, 2014 in the United States District Court for the Middle District of Florida; • Keasler v. Rayonier Inc. et al , Civil Action No. 3:14-cv-01398, filed November 13, 2014 in the United States District Court for the Middle District of Florida; • Lake Worth Firefighters’ Pension Trust Fund v. Rayonier Inc. et al , Civil Action No. 3:14-cv-01403, filed November 13, 2014 in the United States District Court for the Middle District of Florida; • Christie v. Rayonier Inc. et al , Civil Action No. 3:14-cv-01429, filed November 21, 2014 in the United States District Court for the Middle District of Florida; and • Brown v. Rayonier Inc. et al , Civil Action No. 1:14-cv-08986, initially filed in the United States District Court for the Southern District of New York and later transferred to the United States District Court for the Middle District of Florida and assigned as Civil Action No. 3:14-cv-01474. On January 9, 2015, the five securities actions were consolidated into one putative class action entitled In re Rayonier Inc. Securities Litigation , Case No. 3:14-cv-01395-TJC-JBT, in the United States District Court for the Middle District of Florida. The plaintiffs alleged that the defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The plaintiffs sought unspecified monetary damages and attorneys’ fees and costs. Two shareholders, the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund moved for appointment as lead plaintiff on January 12, 2015, which was granted on February 25, 2015. On April 7, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Consolidated Complaint”). In the Consolidated Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. With the filing of the Consolidated Complaint, David L. Nunes and H. Edwin Kiker were dropped from the case as defendants. Defendants timely filed Motions to Dismiss the Consolidated Complaint on May 15, 2015. After oral argument on Defendants' motions on August 25, 2015, the Court dismissed the Consolidated Complaint without prejudice, allowing plaintiffs leave to refile. Plaintiffs filed the Amended Consolidated Class Action Complaint (the “Amended Complaint”) on September 25, 2015, which continued to assert claims against the Company, as well as Ms. Wilson and Messrs. Boynton and Vanden Noort. Defendants timely filed Motions to Dismiss the Amended Complaint on October 26, 2015. The court denied those motions on May 20, 2016. The case is now in the discovery phase. At this preliminary stage, the Company cannot determine whether there is a reasonable likelihood a material loss has been incurred nor can the range of any such loss be estimated. On November 26, 2014, December 29, 2014, January 26, 2015, February 13, 2015, and May 12, 2015, the Company received separate letters from shareholders requesting that the Company investigate or pursue derivative claims against certain officers and directors related to the November 2014 Announcement. Although these demands do not identify any claims against the Company, the Company has certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company has also incurred expenses as a result of costs arising from the investigation of the claims alleged in the various demands. At this preliminary stage, the ultimate outcome of these matters cannot be predicted, nor can the range of potential expenses the Company may incur as a result of the obligations identified above be estimated. The Company has also been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Guarantees | GUARANTEES The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2016 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Liability Standby letters of credit (a) $20,510 $15,000 Guarantees (b) 2,254 43 Surety bonds (c) 776 — Total financial commitments $23,540 $15,043 (a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. Approximately $3.8 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2017 and will be renewed as required. (b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2016 , the Company has recorded a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement. (c) Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. Rayonier has also obtained performance bonds to secure the development activity at the Company’s Wildlight development project. These surety bonds expire at various dates during 2017 and are expected to be renewed as required. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31 : 2016 2015 2014 Income from continuing operations $217,770 $43,941 $54,443 Less: Net income (loss) from continuing operations attributable to noncontrolling interest 5,798 (2,224 ) (1,491 ) Income from continuing operations attributable to Rayonier Inc. $211,972 $46,165 $55,934 Income from discontinued operations attributable to Rayonier Inc. — — $43,403 Net income attributable to Rayonier Inc. $211,972 $46,165 $99,337 Shares used for determining basic earnings per common share 122,585,200 125,385,085 126,458,710 Dilutive effect of: Stock options 92,473 116,792 323,125 Performance and restricted shares 134,650 39,863 149,292 Assumed conversion of Senior Exchangeable Notes (a) — 358,449 2,149,982 Assumed conversion of warrants (a) — — 1,957,154 Shares used for determining diluted earnings per common share 122,812,323 125,900,189 131,038,263 Basic earnings per common share attributable to Rayonier Inc.: Continuing operations $1.73 $0.37 $0.44 Discontinued operations — — 0.34 Net income $1.73 $0.37 $0.78 Diluted earnings per common share attributable to Rayonier Inc.: Continuing operations $1.73 $0.37 $0.43 Discontinued operations — — 0.33 Net income $1.73 $0.37 $0.76 2016 2015 2014 Anti-dilutive shares excluded from the computations of diluted earnings per share: Stock options, performance and restricted shares 829,469 897,800 461,663 Assumed conversion of exchangeable note hedges (a) — 358,449 2,149,982 Total 829,469 1,256,249 2,611,645 (a) Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding. Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the year ended 2016 as the average stock price for the period the warrants were outstanding did not exceed the strike price. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. The Company uses derivative financial instruments to mitigate the financial impact of exposure to these risks. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars. Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. The Company's hedge ineffectiveness was de minimis for all periods presented. Foreign Currency Exchange and Option Contracts The functional currency of Rayonier’s wholly-owned subsidiary, Rayonier New Zealand Limited, and the New Zealand JV is the New Zealand dollar. The New Zealand JV is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The New Zealand JV typically hedges 35% to 90% of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 25% to 75% of its forecasted sales and purchases for the forward three to 12 months and up to 50% of the forward 12 to 18 months. Foreign currency exposure from the New Zealand JV’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of December 31, 2016 , foreign currency exchange contracts and foreign currency option contracts had maturity dates through June 2018 and May 2018, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. The Company may de-designate cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. De-designated cash flow hedges are included in “Derivatives not designated as hedging instruments” in the table below. In August 2015, the Company entered into foreign currency option contracts (notional amount of $332 million ) to mitigate the risk of fluctuations in foreign currency exchange rates when translating the New Zealand JV’s balance sheet to U.S. dollars. These contracts hedged a portion of the Company’s net investment in New Zealand and qualified as a net investment hedge. The fair value of these contracts was determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The hedges qualified for hedge accounting whereby fluctuations in fair market value during the life of the hedge are recorded in AOCI and remain there permanently unless a partial or full liquidation of the investment is made. At each reporting period, the Company reviews the hedges for ineffectiveness. Ineffectiveness can occur when changes to the investment or the hedged instrument are made such that the risk of foreign exchange movements are no longer mitigated by the hedging instrument. At that time, the amount related to the ineffectiveness of the hedge is recorded into earnings. The Company did not have any ineffectiveness during the life of the hedges. The foreign currency option contracts matured on February 3, 2016. In February 2016, the Company entered into foreign currency option contracts (notional amounts of $159.7 million and $154.6 million ) to mitigate the risk of fluctuations in foreign exchange rates when funding the capital contribution to the New Zealand JV. In February 2016, the contracts were settled for a net premium of $0.3 million . The gain on these contracts was recorded in “Other operating income, net” as they did not qualify for hedge accounting treatment. Also, in February 2016, the Company purchased a foreign exchange forward contract (notional amount $159.5 million ) to mitigate the risk of fluctuations in foreign exchange rate contracts when funding the capital contribution to the New Zealand JV. The contract matured on March 3, 2016, resulting in a gain of $0.9 million . The gain on this contract was recorded in “Other operating income, net” as it did not qualify for hedge accounting treatment. Interest Rate Swaps The Company used interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. On March 3, 2016, as part of the capital contribution into the New Zealand JV, the Company settled all remaining New Zealand JV interest rate swaps for $9.3 million . Initially, these hedges qualified for hedge accounting; however, upon consolidation of the New Zealand JV in 2013, the hedges no longer qualified, requiring all future changes in the fair market value of the hedges to be recorded in earnings. The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement (as discussed below), and uses variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, the Company reports the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassifies them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. In August 2015, the Company entered into a nine -year interest rate swap agreement for a notional amount of $170 million . This swap agreement fixes the variable portion of the interest rate on the Term Credit Agreement borrowings due 2024 from LIBOR to an average rate of 2.20% . Together with the bank margin of 1.63% , this results in a rate of 3.83% before estimated patronage payments. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting. Also, in August 2015, the Company entered into a nine -year forward interest rate swap agreement with a start date in April 2016 for a notional amount of $180 million . This swap agreement fixes the variable portion of the interest rate on the Term Credit Agreement borrowings due 2024 from LIBOR to an average rate of 2.35% . Together with the bank margin of 1.63% , this results in a rate of 3.97% before estimated patronage payments. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting. In April 2016, the Company entered into two ten -year interest rate swap agreements, each for a notional amount of $100 million . These swap agreements fix the variable portion of the interest rate on the Incremental Term Loan borrowings due 2026 to an average rate of 1.60% . Together with the bank margin of 1.90% , this results in a rate of 3.50% before estimated patronage payments. These derivative instruments have been designated as interest rate cash flow hedges and qualify for hedge accounting. In July 2016, the Company entered into an interest rate swap agreement for a notional amount of $100 million through May 2026. This swap agreement fixes the variable portion of the interest rate on the Incremental Term Loan borrowings due 2026 from LIBOR to an average rate of 1.26% . Together with the bank margin of 1.90% , this results in a rate of 3.16% before estimated patronage payments. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting. Fuel Hedge Contracts The Company has historically used fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. Due to the low volume of diesel fuel purchases made by the New Zealand JV in 2013, the Company decided to no longer hedge its diesel fuel purchases effective November 2013. There were no contracts remaining as of December 31, 2016 . The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2016 , 2015 and 2014 . Location on Statement of Income and Comprehensive Income 2016 2015 2014 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $867 ($205 ) ($1,069 ) Foreign currency option contracts Other comprehensive income (loss) 1,035 370 (1,647 ) Interest rate swaps Other comprehensive income (loss) 21,422 (10,197 ) — Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — 2,875 (145 ) Foreign currency option contracts Other comprehensive income (loss) (4,606 ) 4,606 — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating expense (income) 895 — 25 Foreign currency option contracts Other operating expense (income) 258 1,394 7 Interest rate swaps Interest and miscellaneous (expense) income (1,219 ) (4,391 ) (5,882 ) Fuel hedge contracts Cost of sales (benefit) — — 160 During the next 12 months, the amount of the December 31, 2016 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $0.7 million . The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2016 and 2015 : Notional Amount 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $44,800 $21,250 Foreign currency option contracts 91,000 107,200 Interest rate swaps 650,000 350,000 Derivatives designated as a net investment hedge: Foreign currency exchange contract — — Foreign currency option contracts — 331,588 Derivatives not designated as hedging instruments: Interest rate swaps — 130,169 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2016 and 2015 . Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows. Fair Value Assets (Liabilities) (a) Location on Balance Sheet 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $692 $43 Other assets 33 — Other current liabilities (261 ) (1,449 ) Other non-current liabilities — (219 ) Foreign currency option contracts Other current assets 1,064 560 Other assets 327 408 Other current liabilities (574 ) (1,393 ) Other non-current liabilities (426 ) (217 ) Interest rate swaps Other assets 17,204 — Other non-current liabilities (5,979 ) (10,197 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other current liabilities — — Foreign currency option contracts Other current assets — 4,630 Other current liabilities — (24 ) Derivatives not designated as hedging instruments: Interest rate swaps Other non-current liabilities — (8,047 ) Total derivative contracts: Other current assets $1,756 $5,233 Other assets 17,564 408 Total derivative assets $19,320 $5,641 Other current liabilities (835 ) (2,866 ) Other non-current liabilities (6,405 ) (18,680 ) Total derivative liabilities ($7,240 ) ($21,546 ) (a) See Note 14 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. Offsetting Derivatives Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2016 and 2015 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: December 31, 2016 December 31, 2015 Asset (liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $85,909 $85,909 — $51,777 $51,777 — Restricted cash (b) 71,708 71,708 — 23,525 23,525 — Current maturities of long-term debt (31,676 ) — (31,984 ) — — — Long-term debt (c) (1,030,205 ) — (1,030,708 ) (830,554 ) — (830,203 ) Interest rate swaps (d) 11,225 — 11,225 (18,244 ) — (18,244 ) Foreign currency exchange contracts (d) 464 — 464 (1,625 ) — (1,625 ) Foreign currency option contracts (d) 391 — 391 3,964 — 3,964 (a) The Company did not have Level 3 assets or liabilities at December 31, 2016 and 2015 . (b) Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 2 — Summary of Significant Accounting Policies for additional information. (d) See Note 13 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company will provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2016 2015 2016 2015 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $84,005 $87,355 $1,159 $1,226 Service cost 1,307 1,484 4 11 Interest cost 3,474 3,319 42 52 Curtailment gain (5,447 ) — — — Actuarial (gain) loss 1,296 (5,332 ) 99 (123 ) Benefits paid (2,883 ) (2,821 ) (19 ) (7 ) Projected benefit obligation at end of year $81,752 $84,005 $1,285 $1,159 Change in Plan Assets Fair value of plan assets at beginning of year $50,970 $55,546 — — Actual return on plan assets 3,557 (1,241 ) — — Employer contributions 29 29 19 7 Benefits paid (2,883 ) (2,821 ) (19 ) (7 ) Other expense (559 ) (543 ) — — Fair value of plan assets at end of year $51,114 $50,970 — — Funded Status at End of Year: Net accrued benefit cost ($30,638 ) ($33,035 ) ($1,285 ) ($1,159 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($36 ) ($32 ) ($30 ) ($24 ) Noncurrent liabilities (30,602 ) (33,003 ) (1,255 ) (1,135 ) Net amount recognized ($30,638 ) ($33,035 ) ($1,285 ) ($1,159 ) Net gains or losses recognized in other comprehensive income for the three years ended December 31 are as follows: Pension Postretirement 2016 2015 2014 2016 2015 2014 Net gains (losses) $3,119 ($477 ) ($37,559 ) ($99 ) $123 ($2,250 ) Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: Pension Postretirement 2016 2015 2014 2016 2015 2014 Amortization of losses (gains) $2,526 $3,733 $6,542 ($13 ) $12 $288 Amortization of prior service cost — 13 576 — — 8 Amortization of negative plan amendment — — — — — (137 ) Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows: Pension Postretirement 2016 2015 2016 2015 Net (losses) gains (22,065 ) (27,710 ) (67 ) 45 Deferred income tax benefit 1,927 1,927 6 6 AOCI ($20,138 ) ($25,783 ) ($61 ) $51 For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: 2016 2015 Projected benefit obligation $81,752 $84,005 Accumulated benefit obligation 81,752 78,779 Fair value of plan assets 51,114 50,970 The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31 : Pension Postretirement 2016 2015 2014 2016 2015 2014 Components of Net Periodic Benefit Cost Service cost $1,307 $1,484 $3,923 $4 $11 $402 Interest cost 3,474 3,319 10,707 42 52 537 Expected return on plan assets (4,030 ) (4,027 ) (15,258 ) — — — Amortization of prior service cost — 13 576 — — 8 Amortization of losses (gains) 2,526 3,733 6,542 (13 ) 12 288 Amortization of negative plan amendment — — — — — (137 ) Net periodic benefit cost (a) $3,277 $4,522 $6,490 $33 $75 $1,098 (a) Net periodic benefit cost for the year ended December 31, 2014 included $4.0 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2017 are as follows: Pension Postretirement Amortization of loss (gain) $416 ($1 ) The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31 : Pension Postretirement 2016 2015 2014 2016 2015 2014 Assumptions used to determine benefit obligations at December 31: Discount rate 4.01 % 4.20 % 3.80 % 4.12 % 4.34 % 3.96 % Rate of compensation increase 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % 4.50 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (pre spin-off) — — 4.60 % — — 4.60 % Discount rate (post spin-off) 4.20 % 3.80 % 4.04 % 4.34 % 3.96 % 4.00 % Expected long-term return on plan assets 7.70 % 7.70 % 8.50 % — — — Rate of compensation increase 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % 4.50 % At December 31, 2016 , the pension plan’s discount rate was 4.0% , which closely approximates interest rates on high quality, long-term obligations. In 2016 , the expected return on plan assets remained at 7.7% , which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information in developing assumptions for returns, and risks and correlation of asset classes, which are then used to establish the asset allocation ranges. Investment of Plan Assets The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2016 and 2015 , and target allocation ranges by asset category are as follows: Percentage of Plan Assets Target Allocation Range Asset Category 2016 2015 Domestic equity securities 41 % 40 % 35-45% International equity securities 25 % 25 % 20-30% Domestic fixed income securities 26 % 27 % 25-29% International fixed income securities 5 % 5 % 3-7% Real estate fund 3 % 3 % 2-4% Total 100 % 100 % The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common stock at December 31, 2016 or 2015 . Fair Value Measurements The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2016 and 2015 . Fair Value at December 31, 2016 Fair Value at December 31, 2015 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments at Fair Value: Mutual Funds $13,962 — — $13,962 $13,774 — — $13,774 Investments at Net Asset Value: Common Collective Trusts 37,152 37,196 Total Investments at Fair Value $51,114 $50,970 The valuation methodology used for measuring the fair value of these asset categories was as follows: Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the plan are deemed to be actively traded and to be Level 1 investments. Collective trust funds are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. The Company did not have Level 2 or Level 3 assets at December 31, 2016 and 2015. Cash Flows Expected benefit payments for the next 10 years are as follows: Pension Benefits Postretirement Benefits 2017 $3,196 $30 2018 3,329 33 2019 3,497 35 2020 3,716 38 2021 3,819 41 2022 - 2026 21,254 249 The Company has approximately $0.3 million of pension contribution requirements in 2017. Defined Contribution Plans The Company provides defined contribution plans to all of its hourly and salaried employees. Company contributions charged to expense for these plans were $0.7 million , $0.7 million and $1.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $12.8 million and $11.1 million at December 31, 2016 and 2015 , respectively. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. Transfers out of the fund will continue to be permitted, but no new investments or transfers into the fund are allowed. As discussed above, the defined benefit pension plan is currently closed to new employees. Employees not eligible for the pension plan are immediately eligible to participate in the Company’s 401(k) plan and receive an enhanced contribution. Company contributions related to this plan for the years ended December 31, 2016 , 2015 and 2014 were $0.5 million , $0.4 million and $0.5 million , respectively. |
Incentive Stock Plans
Incentive Stock Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Stock Plans | INCENTIVE STOCK PLANS The Rayonier Incentive Stock Plan (“the Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2016 , a total of 5.6 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares. A summary of the Company’s stock-based compensation cost is presented below: 2016 2015 2014 Selling and general expenses $4,607 $3,752 $7,100 Cost of sales 487 635 678 Timber and Timberlands, net (a) 42 97 91 Total stock-based compensation $5,136 $4,484 $7,869 Tax benefit recognized related to stock-based compensation expense (b) $483 $302 $1,714 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b) A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future. As a result of the spin-off and pursuant to the Employee Matters Agreement, the Company made certain adjustments to the exercise price and number of Rayonier stock-based compensation awards. For additional information on the spin-off of the Performance Fibers business, see Note 23 — Discontinued Operations . Fair Value Calculations by Award Restricted Stock Restricted stock granted to employees under the Stock Plan generally vests in thirds on the third, fourth, and fifth anniversary of the grant date. Periodically, other one-time restricted stock grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Restricted stock granted to members of the board of directors generally vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Rayonier has elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date. Restricted stock was impacted by the spin-off as follows: • Holders of Rayonier restricted stock, including Rayonier non-employee directors, retained those awards and also received restricted stock of Rayonier Advanced Materials, in an amount that reflects the distribution to Rayonier stockholders, by applying the distribution ratio ( one share of Rayonier Advanced Materials for every three shares of Rayonier stock held) to Rayonier restricted stock awards as though they were unrestricted Rayonier common shares. • Performance share awards granted in 2013 (with a 2013-2015 performance period) were cancelled as of the distribution date and were replaced with time-vested restricted stock of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be). The restricted shares vested 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of restricted stock granted was determined in a manner intended to preserve the original value of the performance share award. The Company compared the fair value of the reissued restricted stock held by Rayonier employees with the fair value of the restricted stock and 2013 performance share awards immediately before the modification. The replacement of the 2013 performance share awards with restricted stock resulted in $0.7 million of incremental value. After adjusting the incremental value for cancellations, the additional expense that was recognized over the two -year vesting period that ended in the second quarter of 2016 totaled $0.4 million . As of December 31, 2016 , there was $4.1 million of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials restricted stock held by Rayonier employees. The Company expects to recognize this cost over a weighted average period of 3.3 years. A summary of the Company’s restricted shares is presented below: 2016 2015 2014 Restricted shares granted 106,326 96,088 186,783 Weighted average price of restricted shares granted $25.08 $26.28 $36.42 Intrinsic value of restricted stock outstanding (a) 6,177 4,434 5,142 Grant date fair value of restricted stock vested 2,248 2,632 1,318 Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested $178 $122 $24 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2016 . 2016 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Shares at January 1, 199,739 $33.09 Granted 106,326 25.08 Vested (66,444 ) 33.83 Cancelled (7,390 ) 25.58 Non-vested Restricted Shares at December 31, 232,231 (a) $29.47 (a) Represents all Rayonier restricted shares outstanding as of December 31, 2016 , including restricted share awards held by Rayonier Advanced Materials employees. Performance Share Units The Company’s performance share units generally vest upon completion of a three -year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense over the vesting period. Performance share awards outstanding as of the spin-off were treated as follows: • Performance share awards granted in 2012 (with a 2012-2014 performance period) remained subject to the same performance criteria as applied immediately prior to the spin-off, except that total shareholder return at the end of the performance period was based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned was to be in shares of Rayonier common stock and shares of Rayonier Advanced Materials common stock. • Performance share awards granted in 2013 (with a 2013-2015 performance period) were cancelled as of the distribution date and were replaced with time-vested restricted stock of the post-separation employer of each holder, as discussed in the Restricted Stock section above. • Performance share awards granted in 2014 (with a 2014-2016 performance period) were cancelled and replaced with performance share awards of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be), and were subject to the achievement of performance criteria that related to the post-separation business of the applicable employer during a performance period that ended December 31, 2016. The number of shares underlying each such performance share award were determined in a manner intended to preserve the original value of the award. A comparison of the fair value of modified performance share awards held by Rayonier employees with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to performance shares. The replacement of the 2013 performance share awards with time-vested restricted stock did result in incremental compensation expense, as discussed above. The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2016 , there was $3.7 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is solely attributable to awards granted in 2015 and 2016 to Rayonier employees. This cost is expected to be recognized over a weighted average period of 1.9 years. A summary of the Company’s performance share units is presented below: 2016 2015 2014 Common shares of Company stock reserved for performance shares granted during year 250,584 219,844 130,164 Weighted average fair value of performance share units granted $28.79 $29.62 $40.33 Intrinsic value of outstanding performance share units (a) 7,482 3,822 5,840 Fair value of performance shares vested — — — Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested — — $1,834 (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2016 . 2016 Number of Units Weighted Average Grant Date Fair Value Outstanding Performance Share units at January 1, 172,156 $33.12 Granted 126,096 28.79 Other Cancellations/Adjustments (16,964 ) 30.35 Outstanding Performance Share units at December 31, 281,288 $31.35 Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2016 : 2016 2015 2014 (a) Expected volatility 25.4 % 21.9 % 19.7 % Risk-free rate 0.9 % 0.9 % 0.7 % (a) Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8% . Non-Qualified Employee Stock Options The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. At the time of the spin-off, each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Materials stock option. The exercise price and number of shares subject to each stock option were adjusted in order to preserve the aggregate value of the original Rayonier stock option as measured immediately before and immediately after the spin-off. A comparison of the fair value of modified awards held by Rayonier employees, including options in both Rayonier and Rayonier Advanced Materials shares, with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to stock options. The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the year ended December 31, 2014 as no options were granted during the years ended December 31, 2015 and 2016: 2014 (a) Expected volatility 39.3 % Dividend yield 4.6 % Risk-free rate 2.2 % Expected life (in years) 6.3 Fair value per share of options granted (b) $10.58 Fair value of options granted (in millions) $3.2 (a) The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees. (b) The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants. A summary of the status of the Company’s stock options as of and for the year ended December 31, 2016 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. 2016 Number of Shares Weighted Average Exercise Price (per common share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 1,219,734 $27.80 Granted — — Exercised (81,895 ) 19.56 Cancelled or expired (58,039 ) 32.66 Options outstanding at December 31, 1,079,800 28.16 4.5 $2,640 Options exercisable at December 31, 1,001,311 $27.90 4.3 $2,640 A summary of additional information pertaining to the Company’s stock options is presented below: 2016 2015 2014 Intrinsic value of options exercised (a) $539 $773 $4,044 Fair value of options vested 1,317 1,938 3,054 Cash received from exercise of options 1,576 2,117 5,579 (a) Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. As of December 31, 2016 , there was a de minimis amount of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials stock options held by the Company’s employees that is expected to be fully recognized in the first half of 2017. |
Other Operating Income, Net
Other Operating Income, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Operating Income, Net | OTHER OPERATING INCOME, NET The following table provides the composition of Other operating income, net for the three years ended December 31 : 2016 2015 2014 Lease and license income, primarily from hunting $18,201 $19,216 $17,569 Other non-timber income 2,198 3,597 2,621 Foreign currency income (loss) 283 (89 ) 3,498 Gain on sale or disposal of property plant & equipment 85 7 48 (Loss) gain on foreign currency exchange and option contracts (645 ) (5,338 ) 32 Legal and corporate development costs — — (222 ) Deferred payments related to prior land sales 8,658 — — Bankruptcy claim settlement — — 5,779 Costs related to business combination (1,316 ) — — Gain on foreign currency derivatives (a) 1,153 — — Gain (loss) on sale of carbon credits (b) 4,170 352 (307 ) New Zealand J.V. log trading agency and marketing fees 2,303 1,191 — Miscellaneous (expense) income, net (99 ) 823 (2,507 ) Total $34,991 $19,759 $26,511 (a) The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand JV. (b) Loss in 2014 reflects surrender of carbon credit units. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of December 31, 2016 and 2015 , Rayonier’s inventory was solely comprised of finished goods, as follows: 2016 2015 Finished goods inventory Real estate inventory (a) $17,059 $12,252 Log inventory 4,320 3,099 Total inventory $21,379 $15,351 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months. See Note 6 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. |
Restricted Deposits
Restricted Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Cash and Investments [Abstract] | |
Restricted Deposits | RESTRICTED DEPOSITS In order to qualify for like-kind (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2016 and 2015 , the Company had $71.7 million and $23.5 million , respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for a real estate sale. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS Included in Other Assets are non-current prepaid and deferred income taxes, derivatives, goodwill in the New Zealand JV, long-term prepaid roads, and other deferred expenses including debt issuance costs related to non-revolving debt and capitalized software costs. See Note 9 — Income Taxes for further information on the non-current prepaid and deferred income taxes. See Note 13 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets. As of December 31, 2016 , New Zealand JV goodwill was $8.7 million and was included in the assets of the New Zealand Timber segment. Based on a Step 1 impairment analysis performed as of October 1, 2016, there is no indication of impairment of goodwill as of December 31, 2016 . Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of goodwill since the initial recognition. See Note 2 — Summary of Significant Accounting Policies for additional information on goodwill. Changes in goodwill for the years ended December 31, 2016 and 2015 were: 2016 2015 Balance, January 1 (net of $0 of accumulated impairment) $8,478 $9,694 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment 201 (1,216 ) Balance, December 31 (net of $0 of accumulated impairment) $8,679 $8,478 Costs for roads in the Pacific Northwest and New Zealand built to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging and secondary roads. At December 31, 2016 and 2015 , long-term prepaid roads in the Pacific Northwest were $3.2 million and $5.7 million , respectively. At December 31, 2016 and 2015 , long-term secondary roads in New Zealand were $2.2 million and $2.3 million , respectively. Capitalized debt costs related to non-revolving debt has been reclassified on the Consolidated Balance Sheet from “Other Assets” to “Long Term Debt” as a result of the adoption of Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-50) - Simplifying the Presentation of Debt Issuance Costs. See Note 2 — Summary of Significant Accounting Policies for additional information. Debt issuance costs related to revolving debt are capitalized and amortized to interest expense over the term of the revolving debt using a method that approximates the interest method. At December 31, 2016 and 2015 , capitalized debt issuance costs on revolving debt were $0.5 million and $0.6 million , respectively. Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2016 and 2015 , capitalized software costs were $4.1 million and $3.9 million , respectively. |
Assets Held For Sale
Assets Held For Sale | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Assets Held For Sale | ASSETS HELD FOR SALE As of December 31, 2016, assets held for sale were composed of properties expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As the basis in these properties of $23.2 million was less than the the fair value, including costs to sell, no impairment was recognized. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The following table summarizes the changes in AOCI by component for the years ended December 31, 2016 and 2015 . All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation adjustments Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2014 $25,533 ($145 ) ($1,548 ) ($28,665 ) ($4,825 ) Other comprehensive income/(loss) before reclassifications (27,983 ) 6,416 (14,444 ) (354 ) (36,365 ) Amounts reclassified from accumulated other comprehensive loss — — 4,400 3,287 (a) 7,687 Net other comprehensive income/(loss) (27,983 ) 6,416 (10,044 ) 2,933 (28,678 ) Balance as of December 31, 2015 ($2,450 ) $6,271 ($11,592 ) ($25,732 ) ($33,503 ) Other comprehensive income/(loss) before reclassifications 7,387 — 22,024 (b) 3,020 (c) 32,431 Amounts reclassified from accumulated other comprehensive loss — (4,606 ) 583 2,513 (a) (1,510 ) Net other comprehensive income/(loss) 7,387 (4,606 ) 22,607 5,533 30,921 Recapitalization of New Zealand JV 3,622 — (184 ) — 3,438 Balance as of December 31, 2016 $8,559 $1,665 $10,831 ($20,199 ) $856 (a) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 15 — Employee Benefit Plans for additional information. (b) Includes $21.4 million of other comprehensive gain related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information. (c) This accumulated other comprehensive income component is comprised of $2.4 million from the annual computation of pension liabilities and a $5.4 million curtailment gain. See Note 15 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2016 and 2015 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement 2016 2015 Realized loss on foreign currency exchange contracts $759 $5,366 Other operating income, net Realized loss on foreign currency option contracts 436 4,035 Other operating income, net Noncontrolling interest (385 ) (3,290 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax benefit from foreign currency contracts (227 ) (1,711 ) Income tax (expense) benefit (Note 9) Net loss on cash flow hedges reclassified from accumulated other comprehensive income $583 $4,400 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Spin-Off of the Performance Fibers Business On June 27, 2014, Rayonier completed the tax-free spin-off of its Performance Fibers business and retained its timber, real estate and trading businesses. The spin-off resulted in two independent, publicly-traded companies, with the Performance Fibers business being spun off to Rayonier shareholders as a newly formed public company named Rayonier Advanced Materials. O n June 27, 2014, the shareholders of record received one share of Rayonier Advanced Materials common stock for every three common shares of Rayonier held as of the close of business on the record date of June 18, 2014. In connection with the spin-off, Rayonier Advanced Materials distributed $906.2 million in cash to Rayonier from $550 million in Senior Notes issued by Rayonier A.M. Products (a wholly-owned subsidiary of Rayonier Advanced Materials), $325 million in term loans, and $75 million from a revolving credit facility Rayonier Advanced Materials entered into prior to the spin-off. Pursuant to the terms of the Internal Revenue Service spin-off ruling, $75 million of this cash was paid to Rayonier’s shareholders as dividends. Of this $75 million , $63.2 million was paid to shareholders as a special dividend in the third quarter of 2014. In order to effect the spin-off and govern the Company’s relationship with Rayonier Advanced Materials after the spin-off, Rayonier and Rayonier Advanced Materials entered into a Separation and Distribution Agreement, an Intellectual Property Agreement, a Tax Sharing Agreement, an Employee Matters Agreement and a Transition Services Agreement. See Note 3 — Discontinued Operations in the 2014 Form 10-K for further details concerning these agreements. As Rayonier does not have significant continuing involvement in the operations of the Performance Fibers business, the operating results of the Performance Fibers business, formerly disclosed as a separate reportable segment, are classified as discontinued operations in the Company's Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2014 . Certain administrative and general costs historically allocated to the Performance Fibers segment are reported in continuing operations, as required. The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the year ended December 31, 2014 , as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: 2014 Sales $456,180 Cost of sales and other (369,210 ) Transaction expenses (22,989 ) Income from discontinued operations before income taxes 63,981 Income tax expense (20,578 ) Income from discontinued operations, net $43,403 In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations , the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business. Interest expense was allocated based on a ratio of net assets discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Timber and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the year ended December 31, 2014 : 2014 Interest expense allocated to the Performance Fibers business ($4,205 ) The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: 2014 Depreciation and amortization $37,985 Capital expenditures 60,443 Pursuant to a Memorandum of Understanding Agreement, Rayonier may provide Rayonier Advanced Materials with up to 120,000 tons of hardwood annually through July 30, 2017. Prior to the spin-off, hardwood intercompany purchases were transactions eliminated in consolidation as follows: 2014 Hardwood purchases $3,935 |
Liabilities for Dispositions an
Liabilities for Dispositions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |
Liabilities for Dispositions and Discontinued Operations | LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS An analysis of activity in the liabilities for dispositions and discontinued operations for the year ended December 31, 2014 follows: 2014 Balance, January 1 $76,378 Expenditures charged to liabilities (5,096 ) Increase to liabilities 2,558 Contribution to Rayonier Advanced Materials (73,840 ) Balance, December 31 — In connection with the spin-off of the Performance Fibers business, all remaining liabilities associated with prior dispositions and discontinued operations were assumed by Rayonier Advanced Materials. As part of the separation agreement, Rayonier has been indemnified, released and discharged from any liability related to these sites. For additional information on the Performance Fibers spin-off, see Note 23 — Discontinued Operations . |
Quarterly Results for 2016 and
Quarterly Results for 2016 and 2015 (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results for 2016 and 2015 (UNAUDITED) | QUARTERLY RESULTS FOR 2016 and 2015 (UNAUDITED) (thousands of dollars, except per share amounts) Quarter Ended Total Year Mar. 31 June 30 Sept. 30 Dec. 31 2016 Sales $134,843 $261,550 $171,421 $220,464 $788,278 Cost of sales 107,971 138,194 116,624 161,918 524,707 Net Income 15,058 111,579 40,624 50,509 217,770 Net Income attributable to Rayonier Inc. 14,472 109,821 39,355 48,324 211,972 Basic EPS attributable to Rayonier Inc. $0.12 $0.90 $0.32 $0.39 $1.73 Diluted EPS attributable to Rayonier Inc. $0.12 $0.89 $0.32 $0.39 $1.73 2015 Sales $140,305 $115,801 $151,657 $137,111 $544,874 Cost of sales 107,234 103,689 116,044 114,132 441,099 Net Income (Loss) 18,180 (2,860 ) 19,181 9,440 43,941 Net Income (Loss) attributable to Rayonier Inc. 17,747 (1,536 ) 19,669 10,285 46,165 Basic EPS attributable to Rayonier Inc. $0.14 ($0.01 ) $0.16 $0.08 $0.37 Diluted EPS attributable to Rayonier Inc. $0.14 ($0.01 ) $0.16 $0.08 $0.37 |
Consolidating Financial Stateme
Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Financial Statements | CONSOLIDATING FINANCIAL STATEMENTS The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered . The subsidiary guarantors, Rayonier Operating Company LLC (“ROC”) and Rayonier TRS Holdings Inc., are wholly-owned by the parent company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries. CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc.(Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $788,278 — $788,278 Costs and Expenses Cost of sales — — 524,707 — 524,707 Selling and general expenses — 15,253 27,532 — 42,785 Other operating income, net — 448 (35,439 ) — (34,991 ) — 15,701 516,800 — 532,501 OPERATING (LOSS) INCOME — (15,701 ) 271,478 — 255,777 Interest expense (12,555 ) (16,775 ) (2,915 ) — (32,245 ) Interest and miscellaneous income (expense), net 8,613 2,750 (12,061 ) — (698 ) Equity in income from subsidiaries 215,914 246,193 — (462,107 ) — INCOME BEFORE INCOME TAXES 211,972 216,467 256,502 (462,107 ) 222,834 Income tax benefit (expense) — (553 ) (4,511 ) — (5,064 ) NET INCOME 211,972 215,914 251,991 (462,107 ) 217,770 Less: Net income attributable to noncontrolling interest — — 5,798 — 5,798 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 211,972 215,914 246,193 (462,107 ) 211,972 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment 2,780 (4,606 ) 10,930 (2,782 ) 6,322 New Zealand joint venture cash flow hedges 22,607 21,422 1,401 (22,608 ) 22,822 Actuarial change and amortization of pension and postretirement plan liabilities 5,533 5,533 — (5,533 ) 5,533 Total other comprehensive income 30,920 22,349 12,331 (30,923 ) 34,677 COMPREHENSIVE INCOME 242,892 238,263 264,322 (493,030 ) 252,447 Less: Comprehensive income attributable to noncontrolling interest — — 9,555 — 9,555 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $242,892 $238,263 $254,767 ($493,030 ) $242,892 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 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 expense (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 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 (LOSS) 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 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 (income) expense, net — 3,275 (29,786 ) — (26,511 ) — 17,853 487,379 — 505,232 OPERATING INCOME (LOSS) — (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 BALANCE SHEETS Rayonier Inc.(Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $21,453 $9,461 $54,995 — $85,909 Accounts receivable, less allowance for doubtful accounts — 2,991 17,673 — 20,664 Inventory — — 21,379 — 21,379 Prepaid logging roads — — 10,228 — 10,228 Prepaid expenses — 427 1,152 — 1,579 Assets held for sale — — 23,171 — 23,171 Other current assets — 236 1,638 — 1,874 Total current assets 21,453 13,115 130,236 — 164,804 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,291,015 — 2,291,015 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS — — 70,374 — 70,374 NET PROPERTY, PLANT AND EQUIPMENT — 177 13,857 — 14,034 RESTRICTED DEPOSITS — — 71,708 — 71,708 INVESTMENT IN SUBSIDIARIES 1,422,081 2,671,428 — (4,093,509 ) — INTERCOMPANY RECEIVABLE 26,472 (611,571 ) 585,099 — — OTHER ASSETS 2 46,846 26,977 — 73,825 TOTAL ASSETS $1,470,008 $2,119,995 $3,189,266 ($4,093,509 ) $2,685,760 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $1,194 $21,143 — $22,337 Current maturities of long-term debt 31,676 — — — 31,676 Accrued taxes — (111 ) 2,768 — 2,657 Accrued payroll and benefits — 5,013 4,264 — 9,277 Accrued interest 3,047 2,040 253 — 5,340 Other current liabilities — 165 20,514 — 20,679 Total current liabilities 34,723 8,301 48,942 — 91,966 LONG-TERM DEBT 291,390 663,343 75,472 — 1,030,205 PENSION AND OTHER POSTRETIREMENT BENEFITS — 32,541 (685 ) — 31,856 OTHER NON-CURRENT LIABILITIES — 12,690 22,291 — 34,981 INTERCOMPANY PAYABLE (267,715 ) (18,961 ) 286,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,411,610 1,422,081 2,671,428 (4,093,509 ) 1,411,610 Noncontrolling interest — — 85,142 — 85,142 TOTAL SHAREHOLDERS’ EQUITY 1,411,610 1,422,081 2,756,570 (4,093,509 ) 1,496,752 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,470,008 $2,119,995 $3,189,266 ($4,093,509 ) $2,685,760 CONDENSED CONSOLIDATING BALANCE SHEETS 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 RESTRICTED DEPOSITS — — 23,525 — 23,525 INVESTMENT IN SUBSIDIARIES 1,321,681 2,212,405 — (3,534,086 ) — INTERCOMPANY RECEIVABLES 34,567 (610,450 ) 575,883 — — OTHER ASSETS 3 18,718 29,036 (1 ) 47,756 TOTAL ASSETS $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 609 $1,463 $19,407 — $21,479 Current maturities of long-term debt — — — — — 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 322,697 280,977 226,879 1 830,554 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 $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc.(Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($7,480 ) $113,775 $97,506 — $203,801 INVESTING ACTIVITIES Capital expenditures — — (58,723 ) — (58,723 ) Real estate development investments — — (8,746 ) — (8,746 ) Purchase of timberlands — — (366,481 ) — (366,481 ) Assets purchased in business acquisition — — (887 ) — (887 ) Net proceeds from Large Dispositions — — 203,862 — 203,862 Rayonier office building under construction — — (6,307 ) — (6,307 ) Change in restricted cash — — (48,184 ) — (48,184 ) Investment in subsidiaries — (293,820 ) — 293,820 — Other — — 2,311 — 2,311 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — (293,820 ) (283,155 ) 293,820 (283,155 ) FINANCING ACTIVITIES Issuance of debt — 548,000 147,916 — 695,916 Repayment of debt — (140,000 ) (318,415 ) — (458,415 ) Dividends paid (122,845 ) — — — (122,845 ) Proceeds from the issuance of common shares 1,576 — — — 1,576 Proceeds from repurchase of common shares (690 ) — — — (690 ) Debt issuance costs — (818 ) — — (818 ) Issuance of intercompany notes (12,000 ) — 12,000 — — Intercompany distributions 160,597 (230,893 ) 364,116 (293,820 ) — Other (177 ) — (124 ) — (301 ) CASH USED FOR FINANCING ACTIVITIES 26,461 176,289 205,493 (293,820 ) 114,423 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (937 ) — (937 ) CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 18,981 (3,756 ) 18,907 — 34,132 Balance, beginning of year 2,472 13,217 36,088 — 51,777 Balance, end of year $21,453 $9,461 $54,995 — $85,909 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS 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 ) Purchase of timberlands — — (98,409 ) — (98,409 ) Proceeds from settlement of foreign currency derivative — — 2,804 — 2,804 Rayonier office building under construction — — (908 ) — (908 ) Change in restricted cash — — (16,836 ) — (16,836 ) Investment in subsidiaries — 126,242 — (126,242 ) — Other — — 7,010 (1 ) 7,009 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 126,164 (166,230 ) (126,243 ) (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 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 ) Purchase of timberlands — — (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 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2016 , 2015 , and 2014 (In Thousands) Description Balance at Beginning of Year Additions Charged to Cost and Expenses Deductions Balance at End of Year Allowance for doubtful accounts: Year ended December 31, 2016 $42 — (9 ) $33 Year ended December 31, 2015 42 — — 42 Year ended December 31, 2014 673 134 (765 ) (a) 42 Deferred tax asset valuation allowance: Year ended December 31, 2016 $18,248 $3,613 (b) — $21,861 Year ended December 31, 2015 13,644 4,604 (c) — 18,248 Year ended December 31, 2014 33,889 13,289 (d) (33,534 ) (e) 13,644 (a) The 2014 decrease is largely related to the spin-off of the Performance Fibers business. (b) The 2016 increase is comprised of valuation allowance against the TRS deferred tax assets. (c) The 2015 increase is comprised of valuation allowance against the TRS deferred tax assets and the CBPC provision to return adjustment. (d) The 2014 increase is primarily related to the Company’s limited potential use of the CBPC prior to its expiration in 2019 . (e) The decrease is primarily related to deferred tax assets contributed to Rayonier Advanced Materials in the spin-off. The decrease also reflects the utilization and expiration of RNZ NOL carryforwards, of which $355,000 was recorded as income tax expense. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest ( 65% ) in its New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. In March 2016, the Company made a capital contribution into the New Zealand JV and as a result, the Company’s ownership interest increased to 77% . The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest ( 23% ) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include time deposits with original maturities of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts. |
Inventory | Inventory HBU real estate properties that are expected to be sold within one year are included in inventory at lower of cost or market value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line, entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information. Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or market and expensed to cost of goods sold when sold to third-party buyers. |
Prepaid Logging Roads | Prepaid Logging Roads Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. |
Timber and Timberlands | Timber and Timberlands Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Annual lease payments are capitalized or expensed based on the proportion of acres that the Company will be able to harvest prior to lease expiration. Lease payments made within one year of expiration is expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest or any other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales), at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. |
Higher and Better Use Timberlands and Real Estate Development Investments | Higher and Better Use Timberlands and Real Estate Development Investments HBU timberland is recorded at the lower of cost or market value. These properties are managed as timberlands until sold or developed with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of goods sold, within the Real Estate segment. Real estate development investments include capitalized costs for targeted infrastructure improvements, such as roadways and utilities. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 6 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. |
Property, Plant, Equipment and Depreciation | Property, Plant, Equipment and Depreciation Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Fair Value of Financial Instruments A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. The valuation methodology used for measuring the fair value of these asset categories was as follows: Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the plan are deemed to be actively traded and to be Level 1 investments. Collective trust funds are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. |
Goodwill | Goodwill Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. The Company compares the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill . The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2016; the estimated fair value of the New Zealand Timber segment exceeded its carrying value and no impairment was recorded. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand JV are translated into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand JV are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity. |
Revenue Recognition | Revenue Recognition The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred or services rendered, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. Timber Sales Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and delivered logs. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested. In delivered log sales, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The sales method the Company employs for a given tract of timber depends upon local market conditions and which method is expected to provide the best overall margin. Non-timber income included in “Other Operating Income, Net” is primarily comprised of hunting and recreational licenses. Such income is recognized ratably over the term of the agreement. Log Trading Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer. Real Estate The Company recognizes revenue on sales of real estate when the sale is consummated, generally when payment is received and title and risk of loss have passed to the buyer. Cost of sales associated with real estate sold comprises the cost of the land, the cost of any timber on the property that was conveyed to the buyer, and any closing costs including sales commissions that may be borne by the Company. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are charged to cost of sales for a project as a percentage of revenue earned to total anticipated revenue and costs for each project. |
Employee Benefit Plans | Employee Benefit Plans The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates and longevity of employees. See Note 15 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2016 . Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2016 and 2015 , the Company’s pension plans were in a net liability position (underfunded) of $30.6 million and $33.0 million , respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. The Company measures plan assets and benefit obligations as of the fiscal year-end. See Note 15 — Employee Benefit Plans for additional information. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 9 — Income Taxes for additional information. |
Reclassifications | Reclassifications Certain 2015 and 2014 amounts have been reclassified to conform with the current year presentation, including the Consolidated Balance Sheet and Consolidated Statement of Cash Flows to better reflect the intended use of the assets and funds. These reclassifications did not affect revenue, total costs and expenses, operating income, or net income. |
New or Recently Adopted Accounting Pronouncements | New or Recently Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Rayonier intends to adopt ASU No. 2016-18 in the Company’s first quarter 2018 Form 10-Q. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, stating entities should recognize income tax consequences of intra-entity transfers of assets other than inventory in the period in which they occur. As such, the Company will be required to apply the changes on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for public business entities in annual periods beginning after December 15, 2017 with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. The Company intends to adopt ASU 2016-16 in the first quarter of 2017 and does not expect adoption to have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-15 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Rayonier intends to adopt ASU No. 2016-09 in the Company’s first quarter 2017 Form 10-Q. Upon adoption, additional excess tax benefits and tax deficiencies will be recorded to Income tax (expense) benefit in the Consolidated Statements of Income and Comprehensive Income. The Company does not expect adoption to have any other material impact on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effective of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU No. 2016-05 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Rayonier intends to adopt ASU No. 2016-05 in the Company’s first quarter 2017 Form 10-Q and does not expect it to have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. ASU No. 2016-02 also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. ASU No. 2016-02 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments . ASU No. 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for annual periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date. Rayonier adopted ASU No. 2015-16 during the year ended December 31, 2016. See Note 3 — Timberland Acquisitions for additional information. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) . ASU No. 2015-07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier adopted ASU No. 2015-07 as of December 31, 2016 in this annual report on Form 10-K. See Note 15 — Employee Benefit Plans for additional information. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU No. 2014-15 requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued. Management is required to make certain disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Rayonier adopted ASU No. 2014-15 as of December 31, 2016 and the implementation of the new standard did not result in additional disclosure in this Annual Report on Form 10-K. In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date . ASU No. 2015-14 provides a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing . The update clarifies the guidance for identifying performance obligations. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . The update clarifies the guidance for assessing collectibility, presenting sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements and has completed a preliminary analysis of the specific impacts to our Southern Timber, Pacific Northwest Timber, New Zealand Timber and Real Estate segments. |
Segment Reporting | 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.” |
Earnings Per Share | Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. |
Derivatives | Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. The Company's hedge ineffectiveness was de minimis for all periods presented. |
Derivatives, Offsetting Fair Value Amounts | Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset. |
Share-based Compensation, Option and Incentive Plans | Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Performance Share Units The Company’s performance share units generally vest upon completion of a three -year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense over the vesting period. Performance share awards outstanding as of the spin-off were treated as follows: • Performance share awards granted in 2012 (with a 2012-2014 performance period) remained subject to the same performance criteria as applied immediately prior to the spin-off, except that total shareholder return at the end of the performance period was based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned was to be in shares of Rayonier common stock and shares of Rayonier Advanced Materials common stock. • Performance share awards granted in 2013 (with a 2013-2015 performance period) were cancelled as of the distribution date and were replaced with time-vested restricted stock of the post-separation employer of each holder, as discussed in the Restricted Stock section above. • Performance share awards granted in 2014 (with a 2014-2016 performance period) were cancelled and replaced with performance share awards of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be), and were subject to the achievement of performance criteria that related to the post-separation business of the applicable employer during a performance period that ended December 31, 2016. The number of shares underlying each such performance share award were determined in a manner intended to preserve the original value of the award. Restricted Stock Restricted stock granted to employees under the Stock Plan generally vests in thirds on the third, fourth, and fifth anniversary of the grant date. Periodically, other one-time restricted stock grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Restricted stock granted to members of the board of directors generally vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Rayonier has elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date. Restricted stock was impacted by the spin-off as follows: • Holders of Rayonier restricted stock, including Rayonier non-employee directors, retained those awards and also received restricted stock of Rayonier Advanced Materials, in an amount that reflects the distribution to Rayonier stockholders, by applying the distribution ratio ( one share of Rayonier Advanced Materials for every three shares of Rayonier stock held) to Rayonier restricted stock awards as though they were unrestricted Rayonier common shares. • Performance share awards granted in 2013 (with a 2013-2015 performance period) were cancelled as of the distribution date and were replaced with time-vested restricted stock of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be). The restricted shares vested 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of restricted stock granted was determined in a manner intended to preserve the original value of the performance share award. Non-Qualified Employee Stock Options The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. |
Discontinued Operations | As Rayonier does not have significant continuing involvement in the operations of the Performance Fibers business, the operating results of the Performance Fibers business, formerly disclosed as a separate reportable segment, are classified as discontinued operations in the Company's Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2014 . Certain administrative and general costs historically allocated to the Performance Fibers segment are reported in continuing operations, as required. |
Interest Expense Allocated to Discontinued Operations | In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations , the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business. Interest expense was allocated based on a ratio of net assets discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Timber and Real Estate operations). |
Timberland Acquisitions (Tables
Timberland Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Business Combination | The following table summarizes the measurement period adjustments to the fair value of assets acquired and liabilities assumed : Increase/(Decrease) Timber and timberlands $152 Other current and non-current liabilities 152 The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date: May 10, 2016 Timber and timberlands (a) $263,225 Property, plant and equipment 1,554 Other current and non-current assets 280 Total identifiable assets acquired 265,059 Other current and non-current liabilities 1,655 Total liabilities assumed 1,655 Net identifiable assets (purchase price) $263,404 (a) Timber and timberlands include $0.8 million of seeds and seedlings. |
Timberland Acquisitions | The following table summarizes the timberland acquisitions at December 31, 2016 and 2015 : 2016 2015 Cost Acres Cost Acres Florida $14,323 6,937 $5,031 3,428 Georgia 12,485 5,427 1,495 1,443 Louisiana — — 47,840 24,494 Mississippi — — 42 40 Oregon 239,896 55,603 34,052 5,578 Texas 77,139 37,513 — — Washington 22,638 5,247 — — New Zealand (a) — — 9,949 1,767 Total Acquisitions $366,481 110,727 $98,409 36,750 (a) The 2015 New Zealand transaction represents the purchase of a forestry right. |
Segment and Geographical Info38
Segment and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for each of the three years ended December 31, 2016 follows: Sales 2016 2015 2014 Southern Timber $132,855 $139,093 $141,833 Pacific Northwest Timber 75,187 76,488 102,232 New Zealand Timber 172,574 161,570 182,421 Real Estate (a) 299,350 86,493 77,281 Trading 108,312 81,230 103,678 Intersegment Eliminations — — (3,924 ) Total $788,278 $544,874 $603,521 (a) Includes $207.3 million related to Large Dispositions in 2016. Operating Income/(Loss) 2016 2015 2014 Southern Timber $43,098 $46,669 $45,651 Pacific Northwest Timber (3,992 ) 6,917 29,539 New Zealand Timber 33,072 2,775 9,474 Real Estate (a) 202,379 44,263 47,474 Trading 2,002 1,247 1,687 Corporate and other (20,782 ) (24,087 ) (35,536 ) Total Operating Income 255,777 77,784 98,289 Unallocated interest expense and other (32,943 ) (34,702 ) (53,447 ) Total income from continuing operations before income taxes $222,834 $43,082 $44,842 (a) Includes $143.9 million related to Large Dispositions in 2016. Gross Capital Expenditures 2016 2015 2014 Capital Expenditures (a) Southern Timber $33,487 $33,245 $36,033 Pacific Northwest Timber 8,036 8,515 9,742 New Zealand Timber 16,095 15,143 17,344 Real Estate 315 313 195 Trading — — — Corporate and other 790 77 399 Total capital expenditures $58,723 $57,293 $63,713 Timberland Acquisitions Southern Timber $103,947 $54,408 $125,650 Pacific Northwest Timber 262,534 34,052 1,878 New Zealand Timber — 9,949 923 Real Estate — — 2,445 Trading — — — Corporate and other — — — Total timberland acquisitions $366,481 $98,409 $130,896 Total Gross Capital Expenditures $425,204 $155,702 $194,609 (a) Excludes timberland acquisitions presented separately. Depreciation, Depletion and Amortization 2016 2015 2014 Southern Timber $49,747 $54,299 $52,307 Pacific Northwest Timber 25,246 14,842 21,282 New Zealand Timber 23,447 29,741 32,161 Real Estate (a) 52,304 14,533 13,355 Trading — — — Corporate and other 402 293 875 Total $151,146 $113,708 $119,980 (a) Includes $36.1 million related to Large Dispositions in 2016. Non-Cash Cost of Land and Improved Development 2016 2015 2014 Southern Timber — — — Pacific Northwest Timber — — — New Zealand Timber 1,824 467 4,328 Real Estate (a) 32,038 12,042 8,936 Trading — — — Corporate and other — — — Total $33,862 $12,509 $13,264 (a) Includes $22.2 million related to Large Dispositions in 2016. Sales by Product Line 2016 2015 2014 Southern Timber $132,855 $139,093 $141,833 Pacific Northwest Timber 75,187 76,488 102,232 New Zealand Timber 172,574 161,570 182,421 Real Estate Improved Development 1,740 2,610 — Unimproved Development 5,540 6,399 4,794 Rural 18,672 22,653 40,954 Non-Strategic / Timberlands 66,133 54,831 9,533 Large Dispositions 207,265 — 22,000 Total Real Estate 299,350 86,493 77,281 Trading 108,312 81,230 103,678 Intersegment eliminations — — (3,924 ) Total Sales $788,278 $544,874 $603,521 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | Geographical Operating Information Sales Operating Income Identifiable Assets 2016 2015 2014 2016 2015 2014 2016 2015 United States $507,391 $302,074 $317,422 $220,703 $73,749 $87,116 $2,181,658 $1,823,137 New Zealand 280,887 242,800 286,099 35,074 4,035 11,173 504,102 492,801 Total $788,278 $544,874 $603,521 $255,777 $77,784 $98,289 $2,685,760 $2,315,938 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Rayonier’s debt consisted of the following at December 31, 2016 and 2015 : 2016 2015 Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.3% at December 31, 2016 $350,000 $170,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.5% at December 31, 2016 300,000 — Mortgage notes due 2017 at fixed interest rates of 4.35% (a) 31,676 42,638 Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.9% at December 31, 2016 25,000 97,000 Solid waste bonds due 2020 at a variable interest rate of 2.0% at December 31, 2016 15,000 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 18,796 23,242 New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 3.54% at December 31, 2015 — 160,999 Total debt 1,065,472 833,879 Less: Current maturities of long-term debt (31,676 ) — Less: Deferred financing costs (3,591 ) (3,325 ) Long-term debt, net of deferred financing costs $1,030,205 $830,554 |
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows: 2017 (a) $31,500 2018 — 2019 — 2020 40,000 2021 — Thereafter 993,796 Total debt $1,065,296 (a) The mortgage notes due in 2017 were recorded at a premium of $0.2 million and $0.6 million as of December 31, 2016 and 2015 , respectively. Upon maturity the liability will be $31.5 million . |
Higher and Better Use Timberl40
Higher and Better Use Timberlands and Real Estate Development Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments | An analysis of higher and better use timberlands and real estate development costs from December 31, 2015 to December 31, 2016 is shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2015 $57,897 $7,553 $65,450 Plus: Current portion (a) 6,019 6,233 12,252 Total Balance at December 31, 2015 63,916 13,786 77,702 Non-cash cost of land and improved development (1,926 ) (151 ) (2,077 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,656 ) — (1,656 ) Capitalized real estate development investments (b) — 8,746 8,746 Capital expenditures (silviculture) 246 — 246 Intersegment transfers 4,472 — 4,472 Total Balance at December 31, 2016 65,052 22,381 87,433 Less: Current portion (a) (5,096 ) (11,963 ) (17,059 ) Non-current portion at December 31, 2016 $59,956 $10,418 $70,374 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 18 — Inventory for additional information. (b) Capitalized real estate development investments includes $0.1 million of capitalized interest. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2016 , the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows: Operating Leases Timberland Leases (a) Commitments (b) Total 2017 $1,682 $10,315 $13,788 $25,785 2018 876 9,127 8,532 18,535 2019 728 8,660 8,532 17,920 2020 588 8,295 8,532 17,415 2021 552 8,334 8,361 17,247 Thereafter (c) 1,180 150,898 26,171 178,249 $5,606 $195,629 $73,916 $275,151 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Commitments include payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), and standby letters of credit fees for industrial revenue bonds and construction of the Company’s office building. (c) Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 -year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one -year term. As of December 31, 2016 , the New Zealand JV has four CFL’s under termination notice, two that are currently being relinquished as harvest activities are concluding, one each in 2034 and 2044, as well as two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The (provision for)/benefit from income taxes consisted of the following: 2016 2015 2014 Current U.S. federal — ($624 ) $27,521 State (254 ) 226 1,353 Foreign (241 ) (308 ) — (495 ) (706 ) 28,874 Deferred U.S. federal 5,403 3,702 (7,260 ) State (280 ) 107 (357 ) Foreign (6,079 ) 2,360 1,633 (956 ) 6,169 (5,984 ) Changes in valuation allowance (3,613 ) (4,604 ) (13,289 ) Total ($5,064 ) $859 $9,601 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: 2016 2015 2014 U.S. federal statutory income tax rate ($77,992 ) 35.0 % ($15,079 ) 35.0 % ($15,695 ) 35.0 % U.S. and foreign REIT income and U.S. TRS taxable losses 72,507 (32.5 ) 19,446 (45.1 ) 32,058 (71.5 ) Foreign TRS operations 1,098 (0.5 ) 1,097 (2.6 ) (159 ) 0.4 U.S. net deferred tax asset valuation allowance (3,613 ) 1.6 (3,607 ) 8.4 — — CBPC valuation allowance — — (997 ) 2.3 (13,644 ) 30.4 Deferred tax inventory valuations — — — — 5,151 (11.5 ) Uncertain tax positions — — — — 1,830 (4.1 ) Other 2,936 (1.3 ) (1 ) — 60 (0.1 ) Income tax (expense) benefit as reported for continuing operations ($5,064 ) 2.3 % 859 (2.0 )% $9,601 (21.4 )% |
Schedule of Deferred Tax Assets and Liabilities | The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 , were as follows: 2016 2015 Gross deferred tax assets: Pension, postretirement and other employee benefits $1,648 $1,040 New Zealand JV 60,452 65,078 CBPC Tax Credit Carry Forwards (a) 14,641 14,641 Capitalized real estate costs 11,489 9,378 U.S. TRS Net Operating Loss 4,730 2,327 Other 9,165 7,050 Total gross deferred tax assets 102,125 99,514 Less: Valuation allowance (21,861 ) (18,248 ) Total deferred tax assets after valuation allowance $80,264 $81,266 Gross deferred tax liabilities: Accelerated depreciation (1,322 ) (1,357 ) Repatriation of foreign earnings (7,368 ) (7,251 ) New Zealand JV (70,315 ) (68,551 ) Timber installment sale (7,601 ) (7,511 ) Other (3,833 ) (311 ) Total gross deferred tax liabilities (90,439 ) (84,981 ) Net deferred tax (liability)/asset reported as noncurrent ($10,175 ) ($3,715 ) (a) In 2015, a $1.0 million return to accrual adjustment was made in conjunction with the filing of the Company’s 2014 U.S. federal income tax return. |
Summary of Operating Loss and Tax Credit Carryforwards | Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2016 : Gross Amount Valuation Allowance Expiration 2016 New Zealand JV NOL Carryforwards $215,898 — None U.S. Net Deferred Tax Asset 7,220 (7,220 ) None Cellulosic Biofuel Producer Credit (a) 14,641 (14,641 ) 2019 Total Valuation Allowance ($21,861 ) 2015 New Zealand JV NOL Carryforwards $232,846 — None U.S. Net Deferred Tax Asset 3,607 (3,607 ) None Cellulosic Biofuel Producer Credit (a) 14,641 (14,641 ) 2019 Total Valuation Allowance ($18,248 ) (a) In 2015, a $1.0 million return to accrual adjustment was made in conjunction with the filing of the Company’s 2014 U.S. federal income tax return. |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows: 2016 2015 2014 Balance at January 1, $135 — $10,547 Decreases related to prior year tax positions — — (10,547 ) Increases related to prior year tax positions — 135 — Balance at December 31, $135 $135 — |
Summary of Income Tax Examinations | The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: Taxing Jurisdiction Open Tax Years U.S. Internal Revenue Service 2013 - 2016 New Zealand Inland Revenue 2012 - 2016 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2016 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Liability Standby letters of credit (a) $20,510 $15,000 Guarantees (b) 2,254 43 Surety bonds (c) 776 — Total financial commitments $23,540 $15,043 (a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. Approximately $3.8 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2017 and will be renewed as required. (b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2016 , the Company has recorded a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement. (c) Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. Rayonier has also obtained performance bonds to secure the development activity at the Company’s Wildlight development project. These surety bonds expire at various dates during 2017 and are expected to be renewed as required. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | (a) Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding. Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the year ended 2016 as the average stock price for the period the warrants were outstanding did not exceed the strike price. The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31 : 2016 2015 2014 Income from continuing operations $217,770 $43,941 $54,443 Less: Net income (loss) from continuing operations attributable to noncontrolling interest 5,798 (2,224 ) (1,491 ) Income from continuing operations attributable to Rayonier Inc. $211,972 $46,165 $55,934 Income from discontinued operations attributable to Rayonier Inc. — — $43,403 Net income attributable to Rayonier Inc. $211,972 $46,165 $99,337 Shares used for determining basic earnings per common share 122,585,200 125,385,085 126,458,710 Dilutive effect of: Stock options 92,473 116,792 323,125 Performance and restricted shares 134,650 39,863 149,292 Assumed conversion of Senior Exchangeable Notes (a) — 358,449 2,149,982 Assumed conversion of warrants (a) — — 1,957,154 Shares used for determining diluted earnings per common share 122,812,323 125,900,189 131,038,263 Basic earnings per common share attributable to Rayonier Inc.: Continuing operations $1.73 $0.37 $0.44 Discontinued operations — — 0.34 Net income $1.73 $0.37 $0.78 Diluted earnings per common share attributable to Rayonier Inc.: Continuing operations $1.73 $0.37 $0.43 Discontinued operations — — 0.33 Net income $1.73 $0.37 $0.76 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 2016 2015 2014 Anti-dilutive shares excluded from the computations of diluted earnings per share: Stock options, performance and restricted shares 829,469 897,800 461,663 Assumed conversion of exchangeable note hedges (a) — 358,449 2,149,982 Total 829,469 1,256,249 2,611,645 (a) Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding. Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the year ended 2016 as the average stock price for the period the warrants were outstanding did not exceed the strike price. |
Derivative Financial Instrume45
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2016 , 2015 and 2014 . Location on Statement of Income and Comprehensive Income 2016 2015 2014 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $867 ($205 ) ($1,069 ) Foreign currency option contracts Other comprehensive income (loss) 1,035 370 (1,647 ) Interest rate swaps Other comprehensive income (loss) 21,422 (10,197 ) — Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — 2,875 (145 ) Foreign currency option contracts Other comprehensive income (loss) (4,606 ) 4,606 — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating expense (income) 895 — 25 Foreign currency option contracts Other operating expense (income) 258 1,394 7 Interest rate swaps Interest and miscellaneous (expense) income (1,219 ) (4,391 ) (5,882 ) Fuel hedge contracts Cost of sales (benefit) — — 160 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2016 and 2015 : Notional Amount 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $44,800 $21,250 Foreign currency option contracts 91,000 107,200 Interest rate swaps 650,000 350,000 Derivatives designated as a net investment hedge: Foreign currency exchange contract — — Foreign currency option contracts — 331,588 Derivatives not designated as hedging instruments: Interest rate swaps — 130,169 |
Schedule of Derivative Instruments in Statement of Financial Position | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2016 and 2015 . Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows. Fair Value Assets (Liabilities) (a) Location on Balance Sheet 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $692 $43 Other assets 33 — Other current liabilities (261 ) (1,449 ) Other non-current liabilities — (219 ) Foreign currency option contracts Other current assets 1,064 560 Other assets 327 408 Other current liabilities (574 ) (1,393 ) Other non-current liabilities (426 ) (217 ) Interest rate swaps Other assets 17,204 — Other non-current liabilities (5,979 ) (10,197 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other current liabilities — — Foreign currency option contracts Other current assets — 4,630 Other current liabilities — (24 ) Derivatives not designated as hedging instruments: Interest rate swaps Other non-current liabilities — (8,047 ) Total derivative contracts: Other current assets $1,756 $5,233 Other assets 17,564 408 Total derivative assets $19,320 $5,641 Other current liabilities (835 ) (2,866 ) Other non-current liabilities (6,405 ) (18,680 ) Total derivative liabilities ($7,240 ) ($21,546 ) (a) See Note 14 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2016 and 2015 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: December 31, 2016 December 31, 2015 Asset (liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $85,909 $85,909 — $51,777 $51,777 — Restricted cash (b) 71,708 71,708 — 23,525 23,525 — Current maturities of long-term debt (31,676 ) — (31,984 ) — — — Long-term debt (c) (1,030,205 ) — (1,030,708 ) (830,554 ) — (830,203 ) Interest rate swaps (d) 11,225 — 11,225 (18,244 ) — (18,244 ) Foreign currency exchange contracts (d) 464 — 464 (1,625 ) — (1,625 ) Foreign currency option contracts (d) 391 — 391 3,964 — 3,964 (a) The Company did not have Level 3 assets or liabilities at December 31, 2016 and 2015 . (b) Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 2 — Summary of Significant Accounting Policies for additional information. (d) See Note 13 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2016 2015 2016 2015 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $84,005 $87,355 $1,159 $1,226 Service cost 1,307 1,484 4 11 Interest cost 3,474 3,319 42 52 Curtailment gain (5,447 ) — — — Actuarial (gain) loss 1,296 (5,332 ) 99 (123 ) Benefits paid (2,883 ) (2,821 ) (19 ) (7 ) Projected benefit obligation at end of year $81,752 $84,005 $1,285 $1,159 Funded Status at End of Year: Net accrued benefit cost ($30,638 ) ($33,035 ) ($1,285 ) ($1,159 ) |
Schedule of Changes in Fair Value of Plan Assets | Change in Plan Assets Fair value of plan assets at beginning of year $50,970 $55,546 — — Actual return on plan assets 3,557 (1,241 ) — — Employer contributions 29 29 19 7 Benefits paid (2,883 ) (2,821 ) (19 ) (7 ) Other expense (559 ) (543 ) — — Fair value of plan assets at end of year $51,114 $50,970 — — |
Schedule of Amounts Recognized in Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($36 ) ($32 ) ($30 ) ($24 ) Noncurrent liabilities (30,602 ) (33,003 ) (1,255 ) (1,135 ) Net amount recognized ($30,638 ) ($33,035 ) ($1,285 ) ($1,159 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Net gains or losses recognized in other comprehensive income for the three years ended December 31 are as follows: Pension Postretirement 2016 2015 2014 2016 2015 2014 Net gains (losses) $3,119 ($477 ) ($37,559 ) ($99 ) $123 ($2,250 ) Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: Pension Postretirement 2016 2015 2014 2016 2015 2014 Amortization of losses (gains) $2,526 $3,733 $6,542 ($13 ) $12 $288 Amortization of prior service cost — 13 576 — — 8 Amortization of negative plan amendment — — — — — (137 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows: Pension Postretirement 2016 2015 2016 2015 Net (losses) gains (22,065 ) (27,710 ) (67 ) 45 Deferred income tax benefit 1,927 1,927 6 6 AOCI ($20,138 ) ($25,783 ) ($61 ) $51 |
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value | For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: 2016 2015 Projected benefit obligation $81,752 $84,005 Accumulated benefit obligation 81,752 78,779 Fair value of plan assets 51,114 50,970 |
Schedule of Net Benefit Costs | The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31 : Pension Postretirement 2016 2015 2014 2016 2015 2014 Components of Net Periodic Benefit Cost Service cost $1,307 $1,484 $3,923 $4 $11 $402 Interest cost 3,474 3,319 10,707 42 52 537 Expected return on plan assets (4,030 ) (4,027 ) (15,258 ) — — — Amortization of prior service cost — 13 576 — — 8 Amortization of losses (gains) 2,526 3,733 6,542 (13 ) 12 288 Amortization of negative plan amendment — — — — — (137 ) Net periodic benefit cost (a) $3,277 $4,522 $6,490 $33 $75 $1,098 (a) Net periodic benefit cost for the year ended December 31, 2014 included $4.0 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2017 are as follows: Pension Postretirement Amortization of loss (gain) $416 ($1 ) |
Schedule of Assumptions Used | The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31 : Pension Postretirement 2016 2015 2014 2016 2015 2014 Assumptions used to determine benefit obligations at December 31: Discount rate 4.01 % 4.20 % 3.80 % 4.12 % 4.34 % 3.96 % Rate of compensation increase 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % 4.50 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (pre spin-off) — — 4.60 % — — 4.60 % Discount rate (post spin-off) 4.20 % 3.80 % 4.04 % 4.34 % 3.96 % 4.00 % Expected long-term return on plan assets 7.70 % 7.70 % 8.50 % — — — Rate of compensation increase 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % 4.50 % |
Schedule of Allocation of Plan Assets | The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2016 and 2015 , and target allocation ranges by asset category are as follows: Percentage of Plan Assets Target Allocation Range Asset Category 2016 2015 Domestic equity securities 41 % 40 % 35-45% International equity securities 25 % 25 % 20-30% Domestic fixed income securities 26 % 27 % 25-29% International fixed income securities 5 % 5 % 3-7% Real estate fund 3 % 3 % 2-4% Total 100 % 100 % The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2016 and 2015 . Fair Value at December 31, 2016 Fair Value at December 31, 2015 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments at Fair Value: Mutual Funds $13,962 — — $13,962 $13,774 — — $13,774 Investments at Net Asset Value: Common Collective Trusts 37,152 37,196 Total Investments at Fair Value $51,114 $50,970 |
Schedule of Expected Benefit Payments | Expected benefit payments for the next 10 years are as follows: Pension Benefits Postretirement Benefits 2017 $3,196 $30 2018 3,329 33 2019 3,497 35 2020 3,716 38 2021 3,819 41 2022 - 2026 21,254 249 |
Incentive Stock Plans (Tables)
Incentive Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs | A summary of the Company’s stock-based compensation cost is presented below: 2016 2015 2014 Selling and general expenses $4,607 $3,752 $7,100 Cost of sales 487 635 678 Timber and Timberlands, net (a) 42 97 91 Total stock-based compensation $5,136 $4,484 $7,869 Tax benefit recognized related to stock-based compensation expense (b) $483 $302 $1,714 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b) A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s restricted shares is presented below: 2016 2015 2014 Restricted shares granted 106,326 96,088 186,783 Weighted average price of restricted shares granted $25.08 $26.28 $36.42 Intrinsic value of restricted stock outstanding (a) 6,177 4,434 5,142 Grant date fair value of restricted stock vested 2,248 2,632 1,318 Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested $178 $122 $24 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2016 . 2016 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Shares at January 1, 199,739 $33.09 Granted 106,326 25.08 Vested (66,444 ) 33.83 Cancelled (7,390 ) 25.58 Non-vested Restricted Shares at December 31, 232,231 (a) $29.47 (a) Represents all Rayonier restricted shares outstanding as of December 31, 2016 , including restricted share awards held by Rayonier Advanced Materials employees. |
Schedule of Nonvested Performance-based Units Activity | A summary of the Company’s performance share units is presented below: 2016 2015 2014 Common shares of Company stock reserved for performance shares granted during year 250,584 219,844 130,164 Weighted average fair value of performance share units granted $28.79 $29.62 $40.33 Intrinsic value of outstanding performance share units (a) 7,482 3,822 5,840 Fair value of performance shares vested — — — Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested — — $1,834 (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2016 . 2016 Number of Units Weighted Average Grant Date Fair Value Outstanding Performance Share units at January 1, 172,156 $33.12 Granted 126,096 28.79 Other Cancellations/Adjustments (16,964 ) 30.35 Outstanding Performance Share units at December 31, 281,288 $31.35 Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2016 : 2016 2015 2014 (a) Expected volatility 25.4 % 21.9 % 19.7 % Risk-free rate 0.9 % 0.9 % 0.7 % (a) Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8% . |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the year ended December 31, 2014 as no options were granted during the years ended December 31, 2015 and 2016: 2014 (a) Expected volatility 39.3 % Dividend yield 4.6 % Risk-free rate 2.2 % Expected life (in years) 6.3 Fair value per share of options granted (b) $10.58 Fair value of options granted (in millions) $3.2 (a) The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees. (b) The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants. A summary of the status of the Company’s stock options as of and for the year ended December 31, 2016 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. 2016 Number of Shares Weighted Average Exercise Price (per common share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 1,219,734 $27.80 Granted — — Exercised (81,895 ) 19.56 Cancelled or expired (58,039 ) 32.66 Options outstanding at December 31, 1,079,800 28.16 4.5 $2,640 Options exercisable at December 31, 1,001,311 $27.90 4.3 $2,640 A summary of additional information pertaining to the Company’s stock options is presented below: 2016 2015 2014 Intrinsic value of options exercised (a) $539 $773 $4,044 Fair value of options vested 1,317 1,938 3,054 Cash received from exercise of options 1,576 2,117 5,579 (a) Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. |
Other Operating Income, Net (Ta
Other Operating Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income | The following table provides the composition of Other operating income, net for the three years ended December 31 : 2016 2015 2014 Lease and license income, primarily from hunting $18,201 $19,216 $17,569 Other non-timber income 2,198 3,597 2,621 Foreign currency income (loss) 283 (89 ) 3,498 Gain on sale or disposal of property plant & equipment 85 7 48 (Loss) gain on foreign currency exchange and option contracts (645 ) (5,338 ) 32 Legal and corporate development costs — — (222 ) Deferred payments related to prior land sales 8,658 — — Bankruptcy claim settlement — — 5,779 Costs related to business combination (1,316 ) — — Gain on foreign currency derivatives (a) 1,153 — — Gain (loss) on sale of carbon credits (b) 4,170 352 (307 ) New Zealand J.V. log trading agency and marketing fees 2,303 1,191 — Miscellaneous (expense) income, net (99 ) 823 (2,507 ) Total $34,991 $19,759 $26,511 (a) The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand JV. (b) Loss in 2014 reflects surrender of carbon credit units. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of December 31, 2016 and 2015 , Rayonier’s inventory was solely comprised of finished goods, as follows: 2016 2015 Finished goods inventory Real estate inventory (a) $17,059 $12,252 Log inventory 4,320 3,099 Total inventory $21,379 $15,351 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months. See Note 6 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Schedule of Changes in Goodwill | Changes in goodwill for the years ended December 31, 2016 and 2015 were: 2016 2015 Balance, January 1 (net of $0 of accumulated impairment) $8,478 $9,694 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment 201 (1,216 ) Balance, December 31 (net of $0 of accumulated impairment) $8,679 $8,478 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the years ended December 31, 2016 and 2015 . All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation adjustments Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2014 $25,533 ($145 ) ($1,548 ) ($28,665 ) ($4,825 ) Other comprehensive income/(loss) before reclassifications (27,983 ) 6,416 (14,444 ) (354 ) (36,365 ) Amounts reclassified from accumulated other comprehensive loss — — 4,400 3,287 (a) 7,687 Net other comprehensive income/(loss) (27,983 ) 6,416 (10,044 ) 2,933 (28,678 ) Balance as of December 31, 2015 ($2,450 ) $6,271 ($11,592 ) ($25,732 ) ($33,503 ) Other comprehensive income/(loss) before reclassifications 7,387 — 22,024 (b) 3,020 (c) 32,431 Amounts reclassified from accumulated other comprehensive loss — (4,606 ) 583 2,513 (a) (1,510 ) Net other comprehensive income/(loss) 7,387 (4,606 ) 22,607 5,533 30,921 Recapitalization of New Zealand JV 3,622 — (184 ) — 3,438 Balance as of December 31, 2016 $8,559 $1,665 $10,831 ($20,199 ) $856 (a) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 15 — Employee Benefit Plans for additional information. (b) Includes $21.4 million of other comprehensive gain related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information. (c) This accumulated other comprehensive income component is comprised of $2.4 million from the annual computation of pension liabilities and a $5.4 million curtailment gain. See Note 15 — Employee Benefit Plans for additional information. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2016 and 2015 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement 2016 2015 Realized loss on foreign currency exchange contracts $759 $5,366 Other operating income, net Realized loss on foreign currency option contracts 436 4,035 Other operating income, net Noncontrolling interest (385 ) (3,290 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax benefit from foreign currency contracts (227 ) (1,711 ) Income tax (expense) benefit (Note 9) Net loss on cash flow hedges reclassified from accumulated other comprehensive income $583 $4,400 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the year ended December 31, 2014 , as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: 2014 Sales $456,180 Cost of sales and other (369,210 ) Transaction expenses (22,989 ) Income from discontinued operations before income taxes 63,981 Income tax expense (20,578 ) Income from discontinued operations, net $43,403 |
Schedule of Interest Expense Allocated to Discontinued Operations | The following table summarizes the interest expense allocated to discontinued operations for the year ended December 31, 2014 : 2014 Interest expense allocated to the Performance Fibers business ($4,205 ) |
Schedule of Disposal Groups, Depreciation, Amortization, and Capital Expenditures | The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: 2014 Depreciation and amortization $37,985 Capital expenditures 60,443 |
Schedule of Elimination of Intercompany Hardwood Purchases | Prior to the spin-off, hardwood intercompany purchases were transactions eliminated in consolidation as follows: 2014 Hardwood purchases $3,935 |
Liabilities for Dispositions 54
Liabilities for Dispositions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |
Schedule of Change in Environmental Loss Contingencies | An analysis of activity in the liabilities for dispositions and discontinued operations for the year ended December 31, 2014 follows: 2014 Balance, January 1 $76,378 Expenditures charged to liabilities (5,096 ) Increase to liabilities 2,558 Contribution to Rayonier Advanced Materials (73,840 ) Balance, December 31 — |
Quarterly Results for 2016 an55
Quarterly Results for 2016 and 2015 (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended Total Year Mar. 31 June 30 Sept. 30 Dec. 31 2016 Sales $134,843 $261,550 $171,421 $220,464 $788,278 Cost of sales 107,971 138,194 116,624 161,918 524,707 Net Income 15,058 111,579 40,624 50,509 217,770 Net Income attributable to Rayonier Inc. 14,472 109,821 39,355 48,324 211,972 Basic EPS attributable to Rayonier Inc. $0.12 $0.90 $0.32 $0.39 $1.73 Diluted EPS attributable to Rayonier Inc. $0.12 $0.89 $0.32 $0.39 $1.73 2015 Sales $140,305 $115,801 $151,657 $137,111 $544,874 Cost of sales 107,234 103,689 116,044 114,132 441,099 Net Income (Loss) 18,180 (2,860 ) 19,181 9,440 43,941 Net Income (Loss) attributable to Rayonier Inc. 17,747 (1,536 ) 19,669 10,285 46,165 Basic EPS attributable to Rayonier Inc. $0.14 ($0.01 ) $0.16 $0.08 $0.37 Diluted EPS attributable to Rayonier Inc. $0.14 ($0.01 ) $0.16 $0.08 $0.37 |
Consolidating Financial State56
Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating of Income Statement | CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc.(Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $788,278 — $788,278 Costs and Expenses Cost of sales — — 524,707 — 524,707 Selling and general expenses — 15,253 27,532 — 42,785 Other operating income, net — 448 (35,439 ) — (34,991 ) — 15,701 516,800 — 532,501 OPERATING (LOSS) INCOME — (15,701 ) 271,478 — 255,777 Interest expense (12,555 ) (16,775 ) (2,915 ) — (32,245 ) Interest and miscellaneous income (expense), net 8,613 2,750 (12,061 ) — (698 ) Equity in income from subsidiaries 215,914 246,193 — (462,107 ) — INCOME BEFORE INCOME TAXES 211,972 216,467 256,502 (462,107 ) 222,834 Income tax benefit (expense) — (553 ) (4,511 ) — (5,064 ) NET INCOME 211,972 215,914 251,991 (462,107 ) 217,770 Less: Net income attributable to noncontrolling interest — — 5,798 — 5,798 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 211,972 215,914 246,193 (462,107 ) 211,972 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment 2,780 (4,606 ) 10,930 (2,782 ) 6,322 New Zealand joint venture cash flow hedges 22,607 21,422 1,401 (22,608 ) 22,822 Actuarial change and amortization of pension and postretirement plan liabilities 5,533 5,533 — (5,533 ) 5,533 Total other comprehensive income 30,920 22,349 12,331 (30,923 ) 34,677 COMPREHENSIVE INCOME 242,892 238,263 264,322 (493,030 ) 252,447 Less: Comprehensive income attributable to noncontrolling interest — — 9,555 — 9,555 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $242,892 $238,263 $254,767 ($493,030 ) $242,892 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 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 expense (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 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 (LOSS) 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 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 (income) expense, net — 3,275 (29,786 ) — (26,511 ) — 17,853 487,379 — 505,232 OPERATING INCOME (LOSS) — (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 |
Schedule of Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc.(Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $21,453 $9,461 $54,995 — $85,909 Accounts receivable, less allowance for doubtful accounts — 2,991 17,673 — 20,664 Inventory — — 21,379 — 21,379 Prepaid logging roads — — 10,228 — 10,228 Prepaid expenses — 427 1,152 — 1,579 Assets held for sale — — 23,171 — 23,171 Other current assets — 236 1,638 — 1,874 Total current assets 21,453 13,115 130,236 — 164,804 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,291,015 — 2,291,015 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS — — 70,374 — 70,374 NET PROPERTY, PLANT AND EQUIPMENT — 177 13,857 — 14,034 RESTRICTED DEPOSITS — — 71,708 — 71,708 INVESTMENT IN SUBSIDIARIES 1,422,081 2,671,428 — (4,093,509 ) — INTERCOMPANY RECEIVABLE 26,472 (611,571 ) 585,099 — — OTHER ASSETS 2 46,846 26,977 — 73,825 TOTAL ASSETS $1,470,008 $2,119,995 $3,189,266 ($4,093,509 ) $2,685,760 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $1,194 $21,143 — $22,337 Current maturities of long-term debt 31,676 — — — 31,676 Accrued taxes — (111 ) 2,768 — 2,657 Accrued payroll and benefits — 5,013 4,264 — 9,277 Accrued interest 3,047 2,040 253 — 5,340 Other current liabilities — 165 20,514 — 20,679 Total current liabilities 34,723 8,301 48,942 — 91,966 LONG-TERM DEBT 291,390 663,343 75,472 — 1,030,205 PENSION AND OTHER POSTRETIREMENT BENEFITS — 32,541 (685 ) — 31,856 OTHER NON-CURRENT LIABILITIES — 12,690 22,291 — 34,981 INTERCOMPANY PAYABLE (267,715 ) (18,961 ) 286,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,411,610 1,422,081 2,671,428 (4,093,509 ) 1,411,610 Noncontrolling interest — — 85,142 — 85,142 TOTAL SHAREHOLDERS’ EQUITY 1,411,610 1,422,081 2,756,570 (4,093,509 ) 1,496,752 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,470,008 $2,119,995 $3,189,266 ($4,093,509 ) $2,685,760 CONDENSED CONSOLIDATING BALANCE SHEETS 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 RESTRICTED DEPOSITS — — 23,525 — 23,525 INVESTMENT IN SUBSIDIARIES 1,321,681 2,212,405 — (3,534,086 ) — INTERCOMPANY RECEIVABLES 34,567 (610,450 ) 575,883 — — OTHER ASSETS 3 18,718 29,036 (1 ) 47,756 TOTAL ASSETS $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 609 $1,463 $19,407 — $21,479 Current maturities of long-term debt — — — — — 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 322,697 280,977 226,879 1 830,554 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 $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 |
Schedule of Condensed Consolidating Cash Flows Statement | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc.(Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($7,480 ) $113,775 $97,506 — $203,801 INVESTING ACTIVITIES Capital expenditures — — (58,723 ) — (58,723 ) Real estate development investments — — (8,746 ) — (8,746 ) Purchase of timberlands — — (366,481 ) — (366,481 ) Assets purchased in business acquisition — — (887 ) — (887 ) Net proceeds from Large Dispositions — — 203,862 — 203,862 Rayonier office building under construction — — (6,307 ) — (6,307 ) Change in restricted cash — — (48,184 ) — (48,184 ) Investment in subsidiaries — (293,820 ) — 293,820 — Other — — 2,311 — 2,311 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — (293,820 ) (283,155 ) 293,820 (283,155 ) FINANCING ACTIVITIES Issuance of debt — 548,000 147,916 — 695,916 Repayment of debt — (140,000 ) (318,415 ) — (458,415 ) Dividends paid (122,845 ) — — — (122,845 ) Proceeds from the issuance of common shares 1,576 — — — 1,576 Proceeds from repurchase of common shares (690 ) — — — (690 ) Debt issuance costs — (818 ) — — (818 ) Issuance of intercompany notes (12,000 ) — 12,000 — — Intercompany distributions 160,597 (230,893 ) 364,116 (293,820 ) — Other (177 ) — (124 ) — (301 ) CASH USED FOR FINANCING ACTIVITIES 26,461 176,289 205,493 (293,820 ) 114,423 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (937 ) — (937 ) CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 18,981 (3,756 ) 18,907 — 34,132 Balance, beginning of year 2,472 13,217 36,088 — 51,777 Balance, end of year $21,453 $9,461 $54,995 — $85,909 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS 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 ) Purchase of timberlands — — (98,409 ) — (98,409 ) Proceeds from settlement of foreign currency derivative — — 2,804 — 2,804 Rayonier office building under construction — — (908 ) — (908 ) Change in restricted cash — — (16,836 ) — (16,836 ) Investment in subsidiaries — 126,242 — (126,242 ) — Other — — 7,010 (1 ) 7,009 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 126,164 (166,230 ) (126,243 ) (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 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 ) Purchase of timberlands — — (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 — $161,558 |
Nature of Business Operations -
Nature of Business Operations - Narrative (Details) a in Millions | 12 Months Ended | |
Dec. 31, 2016asegment$ / shares | Sep. 30, 2016a | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Common stock, par value (dollars per share) | $ / shares | $ 0 | |
Acres of timberland owned or leased | 2.7 | 0.4 |
Acres of high value real estate owned | 0.2 | |
Number of reportable segments | segment | 5 |
Nature of Business Operations58
Nature of Business Operations - Narrative 2 (Details) $ in Thousands | May 10, 2016USD ($)a | Nov. 30, 2011a | Dec. 31, 2016USD ($)acore_business_area | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Sep. 30, 2016a | Mar. 03, 2016a | Mar. 02, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Segment Reporting Information [Line Items] | ||||||||||
Percentage of voting interests acquired | 39.00% | |||||||||
Acres of timberland owned or leased | 2,700,000 | 400,000 | ||||||||
Ownership percentage by parent | 77.00% | 65.00% | 65.00% | 65.00% | ||||||
Acres acquired | 61,000 | 250,000 | 110,727 | 36,750 | ||||||
Payments to acquire timberlands | $ | $ 366,481 | $ 98,409 | $ 130,896 | |||||||
Acquisition consideration | $ | $ 263,000 | $ 366,481 | $ 98,409 | $ 130,896 | ||||||
Florida, Georgia, Texas, Oregon, and Washington | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Acres acquired | 111,000 | |||||||||
Payments to acquire timberlands | $ | $ 366,500 | |||||||||
Alabama, Florida, Georgia, Texas and Washington Timberland Acquisitions | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Acres acquired | 35,000 | |||||||||
Payments to acquire timberlands | $ | $ 88,500 | |||||||||
New Zealand | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Acres acquired | 0 | 1,767 | ||||||||
Acquisition consideration | $ | $ 0 | $ 9,949 | ||||||||
New Zealand JV | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Percentage of voting interests acquired | 12.00% | |||||||||
New Zealand JV | New Zealand | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Acres of timberland owned or leased | 433,000 | |||||||||
Productive acres of timberland | 299,000 | |||||||||
Trading | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Number of core business areas | core_business_area | 2 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Principles of Consolidation (Details) | Sep. 30, 2016 | Mar. 03, 2016 | Mar. 02, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Accounting Policies [Abstract] | |||||
Ownership percentage by parent | 77.00% | 65.00% | 65.00% | 65.00% | |
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% | 23.00% |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Time deposits | $ 25.6 | $ 23.4 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Property, Plant, Equipment and Depreciation (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 35 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Impairment | $ 0 | $ 0 |
New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
Impairment | $ 0 |
Summary of Significant Accoun63
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2016method | |
Accounting Policies [Abstract] | |
Number of sales categories | 2 |
Contract duration (one year or less) | 1 year |
Summary of Significant Accoun64
Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Underfunded amount recognized in balance sheet | $ 30,638 | $ 33,035 |
Summary of Significant Accoun65
Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Restricted deposits | $ 71,708 | $ 23,525 |
Capitalized debt costs | $ 3,591 | $ 3,325 |
Timberland Acquisitions - Narra
Timberland Acquisitions - Narrative (Details) $ in Thousands | May 10, 2016USD ($)a | Apr. 28, 2016USD ($) | Nov. 30, 2011a | Dec. 31, 2016USD ($)aacquisition | Dec. 31, 2015USD ($)aacquisition | Dec. 31, 2014USD ($) | Sep. 30, 2016a | May 31, 2016USD ($)a |
Business Acquisition [Line Items] | ||||||||
Acres of timberland owned | a | 2,700,000 | 400,000 | ||||||
Acres acquired | a | 61,000 | 250,000 | 110,727 | 36,750 | ||||
Cost | $ 263,000 | $ 366,481 | $ 98,409 | $ 130,896 | ||||
Acquisition costs | 1,316 | $ 0 | $ 0 | |||||
Debt, carrying amount | $ 1,065,296 | |||||||
Incremental Term Loan Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Debt instrument term | 10 years | |||||||
Debt, carrying amount | $ 300,000 | |||||||
Menesha Forest Products Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres of timberland owned | a | 132,000 | |||||||
Florida, Georgia, and Texas | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres acquired | a | 50,000 | |||||||
Cost | $ 103,900 | |||||||
Number of timberland acquisition transactions | acquisition | 5 | |||||||
Florida Georgia Louisianna Mississippi and Oregon | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres acquired | a | 35,000 | |||||||
Cost | $ 88,500 | |||||||
Number of timberland acquisition transactions | acquisition | 8 | |||||||
New Zealand | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres acquired | a | 0 | 1,767 | ||||||
Cost | $ 0 | $ 9,949 | ||||||
Number of timberland acquisition transactions | acquisition | 1 | |||||||
Washington Disposition | Incremental Term Loan Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Debt instrument term | 10 years | |||||||
Debt, carrying amount | $ 300,000 | |||||||
Washington Disposition | Disposal Group, Not Discontinued Operations | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres of timberland divested | a | 55,000 | |||||||
Consideration received from sale | $ 130,000 |
Timberland Acquisitions - Sched
Timberland Acquisitions - Schedule of Business Combination (Details) - Menasha Acquisition $ in Thousands | May 10, 2016USD ($) |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |
Timber and timberlands | $ 152 |
Other current and non-current liabilities | 152 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Timber and timberlands | 263,225 |
Property, plant and equipment | 1,554 |
Other current and non-current assets | 280 |
Total identifiable assets acquired | 265,059 |
Other current and non-current liabilities | 1,655 |
Total liabilities assumed | 1,655 |
Net identifiable assets (purchase price) | 263,404 |
Seeds and seedlings acquired | $ 800 |
Timberland Acquisitions - Summa
Timberland Acquisitions - Summary of Timberland Acquisitions (Details) $ in Thousands | May 10, 2016USD ($)a | Nov. 30, 2011a | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Cost | $ | $ 263,000 | $ 366,481 | $ 98,409 | $ 130,896 | |
Acres | a | 61,000 | 250,000 | 110,727 | 36,750 | |
Florida | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 14,323 | $ 5,031 | |||
Acres | a | 6,937 | 3,428 | |||
Georgia | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 12,485 | $ 1,495 | |||
Acres | a | 5,427 | 1,443 | |||
Louisiana | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 0 | $ 47,840 | |||
Acres | a | 0 | 24,494 | |||
Mississippi | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 0 | $ 42 | |||
Acres | a | 0 | 40 | |||
Oregon | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 239,896 | $ 34,052 | |||
Acres | a | 55,603 | 5,578 | |||
Texas | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 77,139 | $ 0 | |||
Acres | a | 37,513 | 0 | |||
Washington | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 22,638 | $ 0 | |||
Acres | a | 5,247 | 0 | |||
New Zealand | |||||
Business Acquisition [Line Items] | |||||
Cost | $ | $ 0 | $ 9,949 | |||
Acres | a | 0 | 1,767 |
Segment and Geographical Info69
Segment and Geographical Information - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)segmentcore_business_area | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 5 |
Sale of timberlands reclassification threshold | $ | $ 20 |
Trading | |
Segment Reporting Information [Line Items] | |
Number of core business areas | core_business_area | 2 |
Segment and Geographical Info70
Segment and Geographical Information - Schedule of Segment Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 137,111 | $ 151,657 | $ 115,801 | $ 140,305 | $ 788,278 | $ 544,874 | $ 603,521 |
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | (3,924) | ||||||||
Real Estate | Disposal Group, Not Discontinued Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 207,300 | ||||||||||
Real Estate | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 299,350 | $ 86,493 | $ 77,281 |
Segment and Geographical Info71
Segment and Geographical Information - Schedule of Segment Operating Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total Operating Income | $ 255,777 | $ 77,784 | $ 98,289 |
Unallocated interest expense and other | (32,943) | (34,702) | (53,447) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 222,834 | 43,082 | 44,842 |
Real Estate | Disposal Group, Not Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | 143,900 | ||
Operating Segments | Southern Timber | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | 43,098 | 46,669 | 45,651 |
Operating Segments | Pacific Northwest Timber | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | (3,992) | 6,917 | 29,539 |
Operating Segments | New Zealand Timber | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | 33,072 | 2,775 | 9,474 |
Operating Segments | Real Estate | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | 202,379 | 44,263 | 47,474 |
Operating Segments | Trading | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | 2,002 | 1,247 | 1,687 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | $ (20,782) | $ (24,087) | $ (35,536) |
Segment and Geographical Info72
Segment and Geographical Information - Schedule of Gross Capital Expenditures (Details) - USD ($) $ in Thousands | May 10, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | $ 58,723 | $ 57,293 | $ 63,713 | |
Total timberland acquisitions | $ 263,000 | 366,481 | 98,409 | 130,896 |
Total Gross Capital Expenditures | 425,204 | 155,702 | 194,609 | |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | 33,487 | 33,245 | 36,033 | |
Total timberland acquisitions | 103,947 | 54,408 | 125,650 | |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | 8,036 | 8,515 | 9,742 | |
Total timberland acquisitions | 262,534 | 34,052 | 1,878 | |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | 16,095 | 15,143 | 17,344 | |
Total timberland acquisitions | 0 | 9,949 | 923 | |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | 315 | 313 | 195 | |
Total timberland acquisitions | 0 | 0 | 2,445 | |
Operating Segments | Trading | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | 0 | 0 | 0 | |
Total timberland acquisitions | 0 | 0 | 0 | |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures | 790 | 77 | 399 | |
Total timberland acquisitions | $ 0 | $ 0 | $ 0 |
Segment and Geographical Info73
Segment and Geographical Information - Schedule Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | $ 151,146 | $ 113,708 | $ 119,980 |
Real Estate | Disposal Group, Not Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 36,100 | ||
Operating Segments | Southern Timber | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 49,747 | 54,299 | 52,307 |
Operating Segments | Pacific Northwest Timber | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 25,246 | 14,842 | 21,282 |
Operating Segments | New Zealand Timber | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 23,447 | 29,741 | 32,161 |
Operating Segments | Real Estate | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 52,304 | 14,533 | 13,355 |
Operating Segments | Trading | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 0 | 0 | 0 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | $ 402 | $ 293 | $ 875 |
Segment and Geographical Info74
Segment and Geographical Information - Schedule of the Non-cash Cost of Land Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | $ 33,862 | $ 12,509 | $ 13,264 |
Real Estate | Disposal Group, Not Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | 22,200 | ||
Operating Segments | Southern Timber | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | 0 | 0 | 0 |
Operating Segments | Pacific Northwest Timber | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | 0 | 0 | 0 |
Operating Segments | New Zealand Timber | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | 1,824 | 467 | 4,328 |
Operating Segments | Real Estate | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | 32,038 | 12,042 | 8,936 |
Operating Segments | Trading | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | 0 | 0 | 0 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land and Improved Development | $ 0 | $ 0 | $ 0 |
Segment and Geographical Info75
Segment and Geographical Information - Schedule of Sales by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 137,111 | $ 151,657 | $ 115,801 | $ 140,305 | $ 788,278 | $ 544,874 | $ 603,521 |
Real Estate | Improved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 1,740 | 2,610 | 0 | ||||||||
Real Estate | Unimproved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 5,540 | 6,399 | 4,794 | ||||||||
Real Estate | Rural | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 18,672 | 22,653 | 40,954 | ||||||||
Real Estate | Non-Strategic / Timberlands | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 66,133 | 54,831 | 9,533 | ||||||||
Real Estate | Large Dispositions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 207,265 | 0 | 22,000 | ||||||||
Operating Segments | Southern Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 132,855 | 139,093 | 141,833 | ||||||||
Operating Segments | Pacific Northwest Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 75,187 | 76,488 | 102,232 | ||||||||
Operating Segments | New Zealand Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 172,574 | 161,570 | 182,421 | ||||||||
Operating Segments | Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 299,350 | 86,493 | 77,281 | ||||||||
Operating Segments | Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 108,312 | 81,230 | 103,678 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 0 | $ 0 | $ (3,924) |
Segment and Geographical Info76
Segment and Geographical Information - Geographical Operating Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 137,111 | $ 151,657 | $ 115,801 | $ 140,305 | $ 788,278 | $ 544,874 | $ 603,521 |
Operating Income | 255,777 | 77,784 | 98,289 | ||||||||
Identifiable Assets | 2,685,760 | 2,315,938 | 2,685,760 | 2,315,938 | |||||||
Geographic Operating Information | United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 507,391 | 302,074 | 317,422 | ||||||||
Operating Income | 220,703 | 73,749 | 87,116 | ||||||||
Identifiable Assets | 2,181,658 | 1,823,137 | 2,181,658 | 1,823,137 | |||||||
Geographic Operating Information | New Zealand | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 280,887 | 242,800 | 286,099 | ||||||||
Operating Income | 35,074 | 4,035 | $ 11,173 | ||||||||
Identifiable Assets | $ 504,102 | $ 492,801 | $ 504,102 | $ 492,801 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2012 | Nov. 30, 2011 |
Debt Instrument [Line Items] | ||||
Total debt | $ 1,065,472 | $ 833,879 | ||
Less: Current maturities of long-term debt | (31,676) | 0 | ||
Less: Deferred financing costs | (3,591) | (3,325) | ||
Long-term debt, net of deferred financing costs | 1,030,205 | 830,554 | ||
Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.3% at December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 350,000 | 170,000 | ||
Variable interest rate | 2.30% | |||
Senior Notes due 2022 at a fixed interest rate of 3.75% | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 325,000 | 325,000 | ||
Fixed interest rate | 3.75% | 3.75% | ||
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.5% at December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 300,000 | 0 | ||
Variable interest rate | 2.50% | |||
Mortgage notes due 2017 at fixed interest rates of 4.35% | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 31,676 | 42,638 | ||
Fixed interest rate | 4.35% | 4.35% | ||
Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.9% at December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 25,000 | 97,000 | ||
Variable interest rate | 1.90% | |||
Solid waste bonds due 2020 at a variable interest rate of 2.0% at December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 15,000 | 15,000 | ||
Variable interest rate | 2.00% | |||
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 18,796 | 23,242 | ||
Fixed interest rate | 0.00% | |||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 3.54% at December 31, 2015 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | $ 160,999 | ||
Variable interest rate | 3.54% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 31,500 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 40,000 | |
2,021 | 0 | |
Thereafter | 993,796 | |
Total debt | 1,065,296 | |
Mortgage notes due 2017 at fixed interest rates of 4.35% | ||
Maturities of Long-term Debt [Abstract] | ||
Unamortized premium | 200 | $ 600 |
Amount due upon maturity | $ 31,500 |
Debt - Term Credit Agreement (N
Debt - Term Credit Agreement (Narrative) (Details) - USD ($) | Aug. 05, 2015 | Dec. 31, 2016 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 550,000,000 | |
Term Credit Agreement | ||
Debt Instrument [Line Items] | ||
Effective percentage rate | 2.30% | |
Term Credit Agreement | Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 350,000,000 | |
Debt instrument term, years | 9 years | |
Basis spread on variable rate, percentage | 1.625% | |
Effective percentage rate | 3.30% |
Debt - 3.75% Senior Notes issue
Debt - 3.75% Senior Notes issued March 2012 (Narrative) (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% - USD ($) | Dec. 31, 2016 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||
Face amount | $ 325,000,000 | |
Fixed interest rate | 3.75% | 3.75% |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Face amount | $ 325,000,000 | |
Fixed interest rate | 3.75% |
Debt - Incremental Term Loan Ag
Debt - Incremental Term Loan Agreement (Narrative) (Details) - USD ($) $ in Thousands | Apr. 28, 2016 | Dec. 31, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Debt, carrying amount | $ 1,065,296 | $ 1,065,296 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 105,000 | ||
Incremental Term Loan Agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument term, years | 10 years | ||
Debt, carrying amount | $ 300,000 | ||
Basis spread on variable rate, percentage | 1.90% | ||
Effective percentage rate during period | 2.80% |
Debt - $105 Million Secured Mor
Debt - $105 Million Secured Mortgage Notes Assumed (Narrative) (Details) $ in Thousands | May 10, 2016a | Nov. 30, 2011USD ($)a | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a |
Debt Instrument [Line Items] | ||||
Acres acquired | a | 61,000 | 250,000 | 110,727 | 36,750 |
Carrying value of debt | $ 1,065,472 | $ 833,879 | ||
Mortgage notes due 2017 at fixed interest rates of 4.35% | ||||
Debt Instrument [Line Items] | ||||
Noncash or part noncash acquisition, debt assumed | $ 105,000 | |||
Fixed interest rate | 4.35% | 4.35% | ||
Debt instrument term, years | 7 years | |||
Repayments of secured debt | $ 21,000 | $ 10,500 | ||
Carrying value of debt | 31,676 | $ 42,638 | ||
Outstanding principal | $ 31,500 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Narrative) (Details) - USD ($) | 1 Months Ended | |
Aug. 31, 2015 | Dec. 31, 2016 | |
Unsecured Revolving Credit Agreement Expiring 2020 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility term, years | 5 years | |
Maximum borrowing capacity | $ 200,000,000 | |
Basis spread on variable rate, percentage | 1.25% | |
Commitment fee percentage | 0.175% | |
Remaining borrowing capacity | $ 169,600,000 | |
Unsecured Revolving Credit Agreement Expiring 2020 | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 5,400,000 | |
Revolving Credit Facility Due 2016 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 200,000,000 | |
Revolving Credit Facility Due December 2019 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 |
Debt - Joint Venture Debt (Narr
Debt - Joint Venture Debt (Narrative) (Details) | Mar. 03, 2016 | Mar. 02, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Debt Disclosure [Abstract] | ||||
Percentage of voting interests acquired | 39.00% | |||
Ownership percentage by parent | 77.00% | 65.00% | 65.00% | 65.00% |
Debt - Shareholder Loan (Narrat
Debt - Shareholder Loan (Narrative) (Details) | Dec. 31, 2016USD ($) |
Noncontrolling interest shareholder loan at 0% interest rate | New Zealand JV | |
Debt Instrument [Line Items] | |
Face amount | $ 19,000,000 |
Debt - Senior Secured Facilitie
Debt - Senior Secured Facilities Agreement - Working Capital Facility (Narrative) (Details) - New Zealand JV | 1 Months Ended | ||
Jun. 30, 2016NZD | Dec. 31, 2016USD ($) | Dec. 31, 2016NZD | |
Tranche A, Working Capital Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 12 months | ||
Maximum borrowing capacity | NZD 20,000,000 | ||
Tranche B, Working Capital Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 18 months | ||
Maximum borrowing capacity | NZD 20,000,000 | ||
Previous Working Capital Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 40,000,000 | NZD 40,000,000 | |
Working Capital Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | NZD 40,000,000 | ||
Amount outstanding | $ | $ 0 |
Debt - Senior Secured Facilit87
Debt - Senior Secured Facilities Agreement (Narrative) (Details) $ in Millions | Mar. 03, 2016USD ($) | Dec. 31, 2016NZDtranche | Jun. 30, 2016NZD |
Debt Instrument [Line Items] | |||
Number of tranches | tranche | 2 | ||
Tranche A, Revolving Cash Advance Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | NZD 235,000,000 | ||
Repayments of lines of credit | $ | $ 155 | ||
New Zealand JV | Senior Secured Facilities Agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 275,000,000 | ||
New Zealand JV | Previous Working Capital Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | NZD 40,000,000 | NZD 40,000,000 |
Debt - Debt Covenants (Narrativ
Debt - Debt Covenants (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Apr. 28, 2016 | Aug. 31, 2015 | Aug. 05, 2015 |
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 1,065,296,000 | |||
Incremental Term Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 300,000,000 | |||
Term Loan Facility | Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.3% at December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | |||
Unsecured Revolving Credit Agreement Expiring 2020 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 200,000,000 |
Higher and Better Use Timberl89
Higher and Better Use Timberlands and Real Estate Development Investments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | $ 65,450 |
Plus: Current portion, beginning balance | 12,252 |
Total Balance, beginning | 77,702 |
Non-cash cost of land and improved development | (2,077) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (1,656) |
Capitalized real estate development investments | 8,746 |
Capital expenditures (silviculture) | 246 |
Intersegment transfers | 4,472 |
Total Balance, ending | 87,433 |
Less: Current portion, ending balance | (17,059) |
Non-current portion, ending balance | 70,374 |
Capitalized interest | 100 |
Land and Timber | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 57,897 |
Plus: Current portion, beginning balance | 6,019 |
Total Balance, beginning | 63,916 |
Non-cash cost of land and improved development | (1,926) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (1,656) |
Capitalized real estate development investments | 0 |
Capital expenditures (silviculture) | 246 |
Intersegment transfers | 4,472 |
Total Balance, ending | 65,052 |
Less: Current portion, ending balance | (5,096) |
Non-current portion, ending balance | 59,956 |
Development Investments | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 7,553 |
Plus: Current portion, beginning balance | 6,233 |
Total Balance, beginning | 13,786 |
Non-cash cost of land and improved development | (151) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 |
Capitalized real estate development investments | 8,746 |
Capital expenditures (silviculture) | 0 |
Intersegment transfers | 0 |
Total Balance, ending | 22,381 |
Less: Current portion, ending balance | (11,963) |
Non-current portion, ending balance | $ 10,418 |
Joint Venture Investment - Narr
Joint Venture Investment - Narrative (Details) a in Millions, NZD in Millions | Mar. 03, 2016NZD | Dec. 31, 2016a | Sep. 30, 2016a | Mar. 02, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Debt Instrument [Line Items] | ||||||
Acres of timberland owned | a | 2.7 | 0.4 | ||||
Ownership percentage by parent | 77.00% | 65.00% | 65.00% | 65.00% | ||
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% | 23.00% | ||||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 3.54% at December 31, 2015 | ||||||
Debt Instrument [Line Items] | ||||||
Refinanced amount | NZD | NZD 235 |
Commitments (Details)
Commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)lease | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |||
2,017 | $ 13,788 | ||
2,018 | 8,532 | ||
2,019 | 8,532 | ||
2,020 | 8,532 | ||
2,021 | 8,361 | ||
Thereafter | 26,171 | ||
Total | 73,916 | ||
Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
2,017 | 25,785 | ||
2,018 | 18,535 | ||
2,019 | 17,920 | ||
2,020 | 17,415 | ||
2,021 | 17,247 | ||
Thereafter | 178,249 | ||
Total | $ 275,151 | ||
Matariki Crown Forest Licenses | |||
Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Future minimum payments included, years | 20 years | ||
Lessee Leasing Arrangements, Operating Leases, Termination Notice (in years) | 35 years | ||
Lessee Leasing Arrangements, Operating Leases, Renewal Term (in years) | 1 year | ||
Number of Leases Under Termination Notice | lease | 4 | ||
Number of Fixed Term Forest Leases Expiring | lease | 2 | ||
Operating Leases | |||
Operating Leased Assets [Line Items] | |||
Rent expense | $ 2,000 | $ 2,300 | $ 1,900 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 1,682 | ||
2,018 | 876 | ||
2,019 | 728 | ||
2,020 | 588 | ||
2,021 | 552 | ||
Thereafter | 1,180 | ||
Total | 5,606 | ||
Timber Leases | |||
Operating Leased Assets [Line Items] | |||
Expenditures for long-term leases and deeds on timberlands | 10,700 | $ 11,300 | $ 12,800 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 10,315 | ||
2,018 | 9,127 | ||
2,019 | 8,660 | ||
2,020 | 8,295 | ||
2,021 | 8,334 | ||
Thereafter | 150,898 | ||
Total | $ 195,629 | ||
Timber Leases | United States | Minimum | |||
Operating Leased Assets [Line Items] | |||
Lessee leasing arrangements, operating leases, term of contract (in years) | 30 years | ||
Timber Leases | United States | Maximum | |||
Operating Leased Assets [Line Items] | |||
Lessee leasing arrangements, operating leases, term of contract (in years) | 65 years | ||
Timber Leases | New Zealand | Minimum | |||
Operating Leased Assets [Line Items] | |||
Lessee leasing arrangements, operating leases, term of contract (in years) | 30 years | ||
Timber Leases | New Zealand | Maximum | |||
Operating Leased Assets [Line Items] | |||
Lessee leasing arrangements, operating leases, term of contract (in years) | 99 years |
Income Taxes - AFMC and CBPC -
Income Taxes - AFMC and CBPC - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009tax_credit$ / gal | |
AFMC for CBPC Exchange [Line Items] | |||||
Number of tax credits | tax_credit | 2 | ||||
Valuation allowance | $ 21,861 | $ 18,248 | |||
Valuation allowance adjustment | $ 3,613 | 3,607 | $ 0 | ||
Alternative Fuel Mixture Credit | |||||
AFMC for CBPC Exchange [Line Items] | |||||
Tax credit amount per gallon (USD per gallon) | $ / gal | 0.50 | ||||
Cellulosic Biofuel Producer Credit | |||||
AFMC for CBPC Exchange [Line Items] | |||||
Tax credit amount per gallon (USD per gallon) | $ / gal | 1.01 | ||||
Valuation allowance | 14,600 | $ 13,600 | |||
Valuation allowance adjustment | $ 1,000 | ||||
Exchange of Alternative Fuel Tax Benefit | |||||
AFMC for CBPC Exchange [Line Items] | |||||
Net tax benefit from AFMC for CBPC exchange | $ 18,800 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
U.S. federal | $ 0 | $ (624) | $ 27,521 |
State | (254) | 226 | 1,353 |
Foreign | (241) | (308) | 0 |
Total Current | (495) | (706) | 28,874 |
Deferred | |||
U.S. federal | 5,403 | 3,702 | (7,260) |
State | (280) | 107 | (357) |
Foreign | (6,079) | 2,360 | 1,633 |
Total Deferred | (956) | 6,169 | (5,984) |
Changes in valuation allowance | (3,613) | (4,604) | (13,289) |
Income tax (expense) benefit | $ (5,064) | $ 859 | $ 9,601 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal statutory income tax rate | $ (77,992) | $ (15,079) | $ (15,695) |
U.S. and foreign REIT income and U.S. TRS taxable losses | 72,507 | 19,446 | 32,058 |
Foreign TRS operations | 1,098 | 1,097 | (159) |
U.S. net deferred tax asset valuation allowance | (3,613) | (3,607) | 0 |
CBPC valuation allowance | 0 | (997) | (13,644) |
Deferred tax inventory valuations | 0 | 0 | 5,151 |
Uncertain tax positions | 0 | 0 | 1,830 |
Other | 2,936 | (1) | 60 |
Income tax (expense) benefit as reported for continuing operations | $ (5,064) | $ 859 | $ 9,601 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate, percent | 35.00% | 35.00% | 35.00% |
U.S. and foreign REIT income and U.S. TRS taxable losses, percent | (32.50%) | (45.10%) | (71.50%) |
Foreign TRS operations, percent | (0.50%) | (2.60%) | 0.40% |
U.S. net deferred tax asset valuation allowance, percent | 1.60% | 8.40% | 0.00% |
CBPC valuation allowance, percent | 0.00% | 2.30% | 30.40% |
Deferred tax inventory valuations, percent | 0.00% | 0.00% | (11.50%) |
Uncertain tax positions, percent | 0.00% | 0.00% | (4.10%) |
Other, percent | (1.30%) | 0.00% | (0.10%) |
Income tax benefit before discrete items, percent | 2.30% | (2.00%) | (21.40%) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes from Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operation, tax effect of discontinued operation | $ 0 | $ 0 | $ 20,578 |
Performance Fibers business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operation, tax effect of discontinued operation | $ 20,578 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Gross deferred tax assets: | ||
Pension, postretirement and other employee benefits | $ 1,040 | $ 1,648 |
New Zealand JV | 65,078 | 60,452 |
CBPC Tax Credit Carry Forwards | 14,641 | 14,641 |
Capitalized real estate costs | 9,378 | 11,489 |
U.S. TRS Net Operating Loss | 2,327 | 4,730 |
Other | 7,050 | 9,165 |
Total gross deferred tax assets | 99,514 | 102,125 |
Less: Valuation allowance | (18,248) | (21,861) |
Total deferred tax assets after valuation allowance | 81,266 | 80,264 |
Gross deferred tax liabilities: | ||
Accelerated depreciation | (1,357) | (1,322) |
Repatriation of foreign earnings | (7,251) | (7,368) |
New Zealand JV | (68,551) | (70,315) |
Timber installment sale | (7,511) | (7,601) |
Other | (311) | (3,833) |
Total gross deferred tax liabilities | (84,981) | (90,439) |
Net deferred tax (liability)/asset reported as noncurrent | (3,715) | $ (10,175) |
Return to accrual tax adjustment | $ 1,000 |
Income Taxes - Summary of Opera
Income Taxes - Summary of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
NOL Carryforwards | ||
Deferred Tax Asset, Nontaxable Entities, Gross Amount | $ 7,220 | $ 3,607 |
Valuation Allowance, Nontaxable Entities | (7,220) | (3,607) |
Total Valuation Allowance | (21,861) | (18,248) |
Cellulosic Biofuel Producer Credit | ||
NOL Carryforwards | ||
Gross Amount, Tax Credits | 14,641 | 14,641 |
Valuation Allowance, Tax Credits | (14,641) | (14,641) |
New Zealand JV | New Zealand JV NOL Carryforwards | ||
NOL Carryforwards | ||
Gross Amount, NOL Carryforwards | 215,898 | 232,846 |
Valuation Allowance, NOL Carryforwards | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Prepaid taxes, noncurrent | $ 14.4 | $ 14.4 | |
Excess tax benefits (deficiency) | $ 0.3 | $ 0.8 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 135 | $ 0 | $ 10,547 |
Decreases related to prior year tax positions | 0 | 0 | (10,547) |
Increases related to prior year tax positions | 0 | 135 | 0 |
Ending balance | $ 135 | $ 135 | $ 0 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits | $ 135,000 | $ 135,000 | $ 0 | $ 10,547,000 |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 0 | 0 | 0 | |
Interest expense (benefit) on unrecognized income tax benefits | 0 | 0 | $ 500,000 | |
Interest on income taxes accrued | $ 0 | $ 0 |
Income Taxes - Summary of In101
Income Taxes - Summary of Income Tax Examinations (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum | U.S. Internal Revenue Service | |
Income Tax Examination | |
Open Tax Year | 2,013 |
Minimum | New Zealand Inland Revenue | |
Income Tax Examination | |
Open Tax Year | 2,012 |
Maximum | U.S. Internal Revenue Service | |
Income Tax Examination | |
Open Tax Year | 2,016 |
Maximum | New Zealand Inland Revenue | |
Income Tax Examination | |
Open Tax Year | 2,016 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) | Jan. 09, 2015claimplaintiff | Nov. 10, 2014claim |
Loss Contingencies [Line Items] | ||
Number of new claims filed | 5 | |
Loss Contingency, Number of Plaintiffs | plaintiff | 2 | |
Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Number of new claims filed | 5 | |
Number of consolidated claims filed | 1 |
Guarantees (Details)
Guarantees (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 23,540 |
Carrying Amount of Liability | 15,043 |
Standy letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 20,510 |
Carrying Amount of Liability | 15,000 |
Guarantor obligations collateral for industrial revenue bonds | 15,000 |
Standy letters of credit | Bonds | |
Guarantor Obligations [Line Items] | |
Letter of credit for development project | 3,800 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 2,254 |
Carrying Amount of Liability | 43 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 776 |
Carrying Amount of Liability | $ 0 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 217,770 | $ 43,941 | $ 54,443 | ||||||||
Less: Net income (loss) from continuing operations attributable to noncontrolling interest | 5,798 | (2,224) | (1,491) | ||||||||
Income from continuing operations attributable to Rayonier Inc. | 211,972 | 46,165 | 55,934 | ||||||||
Income from discontinued operations attributable to Rayonier Inc. | 0 | 0 | 43,403 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | $ 10,285 | $ 19,669 | $ (1,536) | $ 17,747 | $ 211,972 | $ 46,165 | $ 99,337 |
Shares used for determining basic earnings per common share | 122,585,200 | 125,385,085 | 126,458,710 | ||||||||
Dilutive effect of: | |||||||||||
Stock options (in shares) | 92,473 | 116,792 | 323,125 | ||||||||
Performance and restricted shares (in shares) | 134,650 | 39,863 | 149,292 | ||||||||
Assumed conversion of Senior Exchangeable Notes (in shares) | 0 | 358,449 | 2,149,982 | ||||||||
Assumed conversion of warrants (in shares) | 0 | 0 | 1,957,154 | ||||||||
Shares used for determining diluted earnings per common share | 122,812,323 | 125,900,189 | 131,038,263 | ||||||||
Basic earnings per common share attributable to Rayonier Inc.: | |||||||||||
Continuing Operations (in dollars per share) | $ 1.73 | $ 0.37 | $ 0.44 | ||||||||
Discontinued Operations (in dollars per share) | 0 | 0 | 0.34 | ||||||||
Net Income (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.90 | $ 0.12 | $ 0.08 | $ 0.16 | $ (0.01) | $ 0.14 | 1.73 | 0.37 | 0.78 |
Diluted earnings per common share attributable to Rayonier Inc.: | |||||||||||
Continuing Operations (in dollars per share) | 1.73 | 0.37 | 0.43 | ||||||||
Discontinued Operations (in dollars per share) | 0 | 0 | 0.33 | ||||||||
Net income (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.89 | $ 0.12 | $ 0.08 | $ 0.16 | $ (0.01) | $ 0.14 | $ 1.73 | $ 0.37 | $ 0.76 |
Earnings Per Common Share - 105
Earnings Per Common Share - Schedule of Antidilutive Shares Excluded from the Computation of Diluted Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 829,469 | 1,256,249 | 2,611,645 |
Stock options, performance and restricted shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 829,469 | 897,800 | 461,663 |
Assumed conversion of exchangeable note hedges | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 0 | 358,449 | 2,149,982 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) | Dec. 31, 2016$ / shares |
Warrants on Senior Exchangeable Notes due 2015 | |
Class of Warrant or Right [Line Items] | |
Strike price of warrants (dollars per share) | $ 28.11 |
Derivative Financial Instrum107
Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Thousands | Mar. 03, 2016USD ($) | Feb. 29, 2016USD ($) | Apr. 30, 2016USD ($)derivative_agreement | Aug. 31, 2015USD ($) | Dec. 31, 2016USD ($)contract | Jul. 07, 2016USD ($) | Feb. 01, 2016USD ($) | Dec. 31, 2015USD ($) |
Derivative [Line Items] | ||||||||
Gain (loss) on sale of derivatives | $ 9,300 | |||||||
Minimum | ||||||||
Derivative [Line Items] | ||||||||
Foreign currency exposure hedged for forecasted sales in next three months, percent | 35.00% | |||||||
Foreign currency exposure hedged for forecasted sales In next three to twelve months, percent | 25.00% | |||||||
Foreign currency exposure hedged for forecasted sales in next 12 to 18 months, percent | 50.00% | |||||||
Maximum | ||||||||
Derivative [Line Items] | ||||||||
Foreign currency exposure hedged for forecasted sales in next three months, percent | 90.00% | |||||||
Foreign currency exposure hedged for forecasted sales In next three to twelve months, percent | 75.00% | |||||||
Designated as Hedging Instrument | Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
AOCI gain (loss) balance expected to be reclassified in next twelve months | $ 700 | |||||||
Foreign Currency Exchange and Option Contracts, Scale 1 | ||||||||
Derivative [Line Items] | ||||||||
Maximum foreign currency cash flow hedge, period (in months) | 3 months | |||||||
Foreign Currency Exchange and Option Contracts, Scale 2 | Minimum | ||||||||
Derivative [Line Items] | ||||||||
Foreign currency cash flow hedge, period (in months) | 3 months | |||||||
Foreign Currency Exchange and Option Contracts, Scale 2 | Maximum | ||||||||
Derivative [Line Items] | ||||||||
Foreign currency cash flow hedge, period (in months) | 12 months | |||||||
Foreign Currency Exchange and Option Contracts, Scale 3 | Minimum | ||||||||
Derivative [Line Items] | ||||||||
Foreign currency cash flow hedge, period (in months) | 12 months | |||||||
Foreign Currency Exchange and Option Contracts, Scale 3 | Maximum | ||||||||
Derivative [Line Items] | ||||||||
Foreign currency cash flow hedge, period (in months) | 18 months | |||||||
Foreign currency option contracts | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 332,000 | $ 159,700 | ||||||
Foreign currency option contracts | Not Designated as Hedging Instrument | Other operating income, net | ||||||||
Derivative [Line Items] | ||||||||
Gain on derivative | $ 300 | |||||||
Foreign currency option contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 91,000 | $ 107,200 | ||||||
Foreign Exchange Option - Contract 2 | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 154,600 | |||||||
Foreign Exchange Forward | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 159,500 | |||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other operating income, net | ||||||||
Derivative [Line Items] | ||||||||
Gain on derivative | $ 900 | |||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | 44,800 | 21,250 | ||||||
Interest rate swaps | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 100,000 | $ 170,000 | ||||||
Derivative, term of contract (in years) | 10 years | 9 years | ||||||
Derivative, average rate | 1.60% | 2.20% | ||||||
Derivative, basis spread on variable rate | 1.90% | 1.63% | ||||||
Derivative, fixed interest rate | 3.50% | 3.83% | ||||||
Number of Interest Rate Derivatives Held | derivative_agreement | 2 | |||||||
Interest rate swaps | Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | 0 | 130,169 | ||||||
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 650,000 | $ 350,000 | ||||||
Derivative, average variable interest rate | 3.16% | |||||||
Forward Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 180,000 | |||||||
Derivative, term of contract (in years) | 9 years | |||||||
Derivative, average rate | 2.35% | |||||||
Derivative, fixed interest rate | 3.97% | |||||||
Interest Rate Contract | Designated as Hedging Instrument | Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 100,000 | |||||||
Derivative, average rate | 1.26% | |||||||
Derivative, basis spread on variable rate | 1.90% | |||||||
Energy Related Derivative | ||||||||
Derivative [Line Items] | ||||||||
Number of fuel hedge contracts remaining | contract | 0 |
Derivative Financial Instrum108
Derivative Financial Instruments and Hedging Activities - Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other comprehensive income (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | $ 867 | $ (205) | $ (1,069) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other comprehensive income (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | 1,035 | 370 | (1,647) |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other comprehensive income (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | 21,422 | (10,197) | 0 |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency exchange contracts | Other comprehensive income (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | 0 | 2,875 | (145) |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts | Other comprehensive income (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | (4,606) | 4,606 | 0 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other operating expense (income) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 895 | 0 | 25 |
Not Designated as Hedging Instrument | Foreign currency option contracts | Other operating expense (income) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 258 | 1,394 | 7 |
Not Designated as Hedging Instrument | Interest rate swaps | Interest and miscellaneous (expense) income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | (1,219) | (4,391) | (5,882) |
Not Designated as Hedging Instrument | Fuel hedge contracts | Cost of sales (benefit) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | $ 0 | $ 0 | $ 160 |
Derivative Financial Instrum109
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Apr. 30, 2016 | Feb. 01, 2016 | Dec. 31, 2015 | Aug. 31, 2015 |
Foreign currency option contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 159,700 | $ 332,000 | |||
Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 100,000 | $ 170,000 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 44,800 | $ 21,250 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 91,000 | 107,200 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 650,000 | 350,000 | |||
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 0 | 0 | |||
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 0 | 331,588 | |||
Not Designated as Hedging Instrument | Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 0 | $ 130,169 |
Derivative Financial Instrum110
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 19,320 | $ 5,641 |
Derivative Liability | (7,240) | (21,546) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,756 | 5,233 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 17,564 | 408 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (835) | (2,866) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (6,405) | (18,680) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 692 | 43 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 33 | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (261) | (1,449) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | (219) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,064 | 560 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 327 | 408 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (574) | (1,393) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (426) | (217) |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 17,204 | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (5,979) | (10,197) |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | 0 |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 4,630 |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | (24) |
Not Designated as Hedging Instrument | Interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 0 | $ (8,047) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 85,909 | $ 51,777 | $ 161,558 | $ 199,644 |
Restricted cash | 71,708 | 23,525 | ||
Current maturities of long-term debt | (31,676) | 0 | ||
Long-term debt (c) | (1,030,205) | (830,554) | ||
Carrying Amount | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 85,909 | |||
Cash and cash equivalents | 51,777 | |||
Restricted cash | 71,708 | 23,525 | ||
Current maturities of long-term debt | (31,676) | 0 | ||
Long-term debt (c) | (1,030,205) | (830,554) | ||
Carrying Amount | Fair Value, Measurements, Recurring | Interest rate swaps | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps, assets | 11,225 | |||
Interest rate swaps, liabilities | (18,244) | |||
Carrying Amount | Fair Value, Measurements, Recurring | Foreign currency exchange contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Liability | (1,625) | |||
Foreign Currency Contracts, Asset | 464 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Foreign currency option contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Asset | 391 | 3,964 | ||
Fair Value | Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 85,909 | 51,777 | ||
Restricted cash | 71,708 | 23,525 | ||
Current maturities of long-term debt | 0 | 0 | ||
Long-term debt (c) | 0 | 0 | ||
Fair Value | Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps, assets | 0 | |||
Interest rate swaps, liabilities | 0 | |||
Fair Value | Level 1 | Fair Value, Measurements, Recurring | Foreign currency exchange contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Liability | 0 | |||
Foreign Currency Contracts, Asset | 0 | |||
Fair Value | Level 1 | Fair Value, Measurements, Recurring | Foreign currency option contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Asset | 0 | 0 | ||
Fair Value | Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Current maturities of long-term debt | (31,984) | 0 | ||
Long-term debt (c) | (1,030,708) | (830,203) | ||
Fair Value | Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps, assets | 11,225 | |||
Interest rate swaps, liabilities | (18,244) | |||
Fair Value | Level 2 | Fair Value, Measurements, Recurring | Foreign currency exchange contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Liability | (1,625) | |||
Foreign Currency Contracts, Asset | 464 | |||
Fair Value | Level 2 | Fair Value, Measurements, Recurring | Foreign currency option contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Asset | $ 391 | $ 3,964 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)pension_plan | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of qualified defined benefit plans | pension_plan | 1 | ||
Pension contribution requirements in next fiscal year | $ | $ 0.3 | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.01% | 4.20% | 3.80% |
Expected long-term return on plan assets, percent | 7.70% | 7.70% | 8.50% |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Noncurrent liabilities | $ (31,856) | $ (34,137) | |
Pension | |||
Defined Benefit Plan, Change in Benefit Obligation [Rollforward] | |||
Projected benefit obligation at beginning of year | 84,005 | 87,355 | |
Service cost | 1,307 | 1,484 | $ 3,923 |
Interest cost | 3,474 | 3,319 | 10,707 |
Curtailment gain | (5,447) | 0 | |
Actuarial (gain) loss | 1,296 | (5,332) | |
Benefits paid | (2,883) | (2,821) | |
Projected benefit obligation at end of year | 81,752 | 84,005 | 87,355 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 50,970 | 55,546 | |
Actual return on plan assets | 3,557 | (1,241) | |
Employer contributions | 29 | 29 | |
Benefits paid | (2,883) | (2,821) | |
Other expense | (559) | (543) | |
Fair value of plan assets at end of year | 51,114 | 50,970 | 55,546 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Net accrued benefit cost | (30,638) | (33,035) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current liabilities | (36) | (32) | |
Noncurrent liabilities | (30,602) | (33,003) | |
Net amount recognized | (30,638) | (33,035) | |
Postretirement | |||
Defined Benefit Plan, Change in Benefit Obligation [Rollforward] | |||
Projected benefit obligation at beginning of year | 1,159 | 1,226 | |
Service cost | 4 | 11 | 402 |
Interest cost | 42 | 52 | 537 |
Curtailment gain | 0 | 0 | |
Actuarial (gain) loss | 99 | (123) | |
Benefits paid | (19) | (7) | |
Projected benefit obligation at end of year | 1,285 | 1,159 | 1,226 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 19 | 7 | |
Benefits paid | (19) | (7) | |
Other expense | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Net accrued benefit cost | (1,285) | (1,159) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current liabilities | (30) | (24) | |
Noncurrent liabilities | (1,255) | (1,135) | |
Net amount recognized | (1,285) | (1,159) | |
Mutual Funds | Pension | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 13,774 | ||
Fair value of plan assets at end of year | 13,962 | 13,774 | |
Mutual Funds | Fair Value, Inputs, Level 1 [Member] | Pension | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 13,774 | ||
Fair value of plan assets at end of year | 13,962 | 13,774 | |
Mutual Funds | Fair Value, Inputs, Level 2 [Member] | Pension | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | $ 0 | $ 0 |
Employee Benefit Plans - Other
Employee Benefit Plans - Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net gains (losses) | $ 3,119 | $ (477) | $ (37,559) |
Amortization of losses (gains) | 2,526 | 3,733 | 6,542 |
Amortization of prior service cost | 0 | 13 | 576 |
Amortization of negative plan amendment | 0 | 0 | 0 |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net gains (losses) | (99) | 123 | (2,250) |
Amortization of losses (gains) | (13) | 12 | 288 |
Amortization of prior service cost | 0 | 0 | 8 |
Amortization of negative plan amendment | $ 0 | $ 0 | $ (137) |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net (losses) gains | $ (22,065) | $ (27,710) |
Deferred income tax benefit | 1,927 | 1,927 |
AOCI | (20,138) | (25,783) |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net (losses) gains | (67) | 45 |
Deferred income tax benefit | 6 | 6 |
AOCI | $ (61) | $ 51 |
Employee Benefit Plans - Acc116
Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 81,752 | $ 84,005 |
Accumulated benefit obligation | 81,752 | 78,779 |
Fair value of plan assets | $ 51,114 | $ 50,970 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income from Discontinued Operations, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 4,000 | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,307 | $ 1,484 | 3,923 |
Interest cost | 3,474 | 3,319 | 10,707 |
Expected return on plan assets | (4,030) | (4,027) | (15,258) |
Amortization of prior service cost | 0 | 13 | 576 |
Amortization of losses (gains) | 2,526 | 3,733 | 6,542 |
Amortization of negative plan amendment | 0 | 0 | 0 |
Net periodic benefit cost | 3,277 | 4,522 | 6,490 |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4 | 11 | 402 |
Interest cost | 42 | 52 | 537 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 8 |
Amortization of losses (gains) | (13) | 12 | 288 |
Amortization of negative plan amendment | 0 | 0 | (137) |
Net periodic benefit cost | $ 33 | $ 75 | $ 1,098 |
Employee Benefit Plans - AOCI A
Employee Benefit Plans - AOCI Amortization in Next Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss (gain) | $ 416 |
Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss (gain) | $ (1) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Calculations (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, percent | 4.01% | 4.20% | 3.80% |
Rate of compensation, percent | 4.16% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (pre-spin off), percent | 0.00% | 0.00% | 4.60% |
Discount rate (post-spin off), percent | 4.20% | 3.80% | 4.04% |
Expected long-term return on plan assets, percent | 7.70% | 7.70% | 8.50% |
Rate of compensation increase, percent | 4.16% | 4.50% | 4.50% |
Postretirement | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, percent | 4.12% | 4.34% | 3.96% |
Rate of compensation, percent | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (pre-spin off), percent | 0.00% | 0.00% | 4.60% |
Discount rate (post-spin off), percent | 4.34% | 3.96% | 4.00% |
Expected long-term return on plan assets, percent | 0.00% | 0.00% | 0.00% |
Rate of compensation increase, percent | 4.50% | 4.50% | 4.50% |
Employee Benefit Plans - Invest
Employee Benefit Plans - Investment of Plan Assets (Details) - Pension | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Domestic equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 41.00% | 40.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 35.00% | |
Target allocation range maximum, percent | 45.00% | |
International equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 25.00% | 25.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 20.00% | |
Target allocation range maximum, percent | 30.00% | |
Domestic fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 26.00% | 27.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 25.00% | |
Target allocation range maximum, percent | 29.00% | |
International fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 5.00% | 5.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 3.00% | |
Target allocation range maximum, percent | 7.00% | |
Real estate fund | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 3.00% | 3.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 2.00% | |
Target allocation range maximum, percent | 4.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value Measurements (Details) - Pension - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | $ 51,114 | $ 50,970 | $ 55,546 |
Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | 13,962 | 13,774 | |
Mutual Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | 13,962 | 13,774 | |
Mutual Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | 0 | 0 | |
Common Collective Trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Net Asset Value: | $ 37,152 | $ 37,196 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | $ 3,196 |
2,018 | 3,329 |
2,019 | 3,497 |
2,020 | 3,716 |
2,021 | 3,819 |
2022 - 2026 | 21,254 |
Postretirement Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | 30 |
2,018 | 33 |
2,019 | 35 |
2,020 | 38 |
2,021 | 41 |
2022 - 2026 | $ 249 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Cost recognized | $ 0.7 | $ 0.7 | $ 1.6 |
Amount of employer and related party securities included in plan assets | 12.8 | 11.1 | |
Contributions for 401k plan enhancement | $ 0.5 | $ 0.4 | $ 0.5 |
Incentive Stock Plans - Narrati
Incentive Stock Plans - Narrative (Details) | Dec. 31, 2016shares |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction in number of shares available for grants | 1 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction in number of shares available for grants | 2.27 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction in number of shares available for grants | 2.27 |
Rayonier Incentive Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized | 15,800,000 |
Number of shares available for future grant | 5,600,000 |
Incentive Stock Plans - Schedul
Incentive Stock Plans - Schedule of Stock Based Compensation Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 5,136 | $ 4,484 | $ 7,869 |
Tax benefit recognized related to stock-based compensation expense (b) | 483 | 302 | 1,714 |
Timber and Timberlands, Net | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation cost, capitalized amount | 42 | 97 | 91 |
Selling and general expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation cost | 4,607 | 3,752 | 7,100 |
Cost of sales | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation cost | $ 487 | $ 635 | $ 678 |
Incentive Stock Plans - Restric
Incentive Stock Plans - Restricted Stock - Narrative (Details) - Restricted Stock $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)anniversaryshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rate, percentage | 33.00% |
Vesting of First Batch, Anniversary | anniversary | 3 |
Vesting of Second Batch, Anniversary | anniversary | 4 |
Vesting of Third Batch, Anniversary | anniversary | 5 |
Number of Rayonier Advanced Materials shares for every three Rayonier shares | shares | 1 |
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | shares | 3 |
Unrecognized compensation cost | $ | $ 4.1 |
Weighted average period for recognition, years | 3 years 4 months |
Reissued 2013 Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 24 months |
Performance Share Award 2013, Incremental | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 2 years |
Incremental value | $ | $ 0.7 |
Incremental value adjusted for cancels | $ | $ 0.4 |
Incentive Stock Plans - Summary
Incentive Stock Plans - Summary of Restricted Shares (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted | 106,326 | 96,088 | 186,783 |
Weighted average price of restricted shares granted (in dollars per share) | $ 25.08 | $ 26.28 | $ 36.42 |
Intrinsic value of restricted stock outstanding | $ 6,177 | $ 4,434 | $ 5,142 |
Grant date fair value of restricted stock vested | 2,248 | 2,632 | 1,318 |
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested | $ 178 | $ 122 | $ 24 |
Incentive Stock Plans - Sche128
Incentive Stock Plans - Schedule of Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Beginning Balance | 199,739 | ||
Granted (in shares) | 106,326 | 96,088 | 186,783 |
Vested (in shares) | (66,444) | ||
Cancelled (in shares) | (7,390) | ||
Number of Shares, Ending Balance | 232,231 | 199,739 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 33.09 | ||
Granted (in dollars per share) | 25.08 | $ 26.28 | $ 36.42 |
Vested (in dollars per share) | 33.83 | ||
Cancelled (in dollars per share) | 25.58 | ||
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 29.47 | $ 33.09 |
Incentive Stock Plans - Perform
Incentive Stock Plans - Performance Share Units - Narrative (Details) - Performance Shares $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Unrecognized compensation cost | $ 3.7 |
Weighted average period for recognition, years | 1 year 11 months |
Incentive Stock Plans - Summ130
Incentive Stock Plans - Summary of Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares of Company stock reserved for performance shares granted during year | 250,584 | 219,844 | 130,164 |
Weighted average fair value of performance share units granted (in dollars per share) | $ 28.79 | $ 29.62 | $ 40.33 |
Intrinsic value of outstanding performance share units | $ 7,482 | $ 3,822 | $ 5,840 |
Fair value of performance shares vested | 0 | 0 | 0 |
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested | $ 0 | $ 0 | $ 1,834 |
Incentive Stock Plans - Sche131
Incentive Stock Plans - Schedule of Performance Share Activity (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares, Beginning Balance | 172,156 | ||
Granted (in shares) | 126,096 | ||
Other Cancellations/Adjustments (in shares) | (16,964) | ||
Number of Shares, Ending Balance | 281,288 | 172,156 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 33.12 | ||
Weighted average price of restricted shares granted (in dollars per share) | 28.79 | $ 29.62 | $ 40.33 |
Other Cancellations/Adjustments (in dollars per share) | 30.35 | ||
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 31.35 | $ 33.12 |
Incentive Stock Plans - Sche132
Incentive Stock Plans - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 25.40% | 21.90% | ||
Risk-free rate | 0.90% | 0.90% | ||
Re-issued 2014 Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 19.70% | |||
Risk-free rate | 0.70% | |||
Maximum term (in years) | 2 years 6 months | |||
2014 Performance Shares, as originally issued | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 22.80% | |||
Risk-free rate | 0.80% |
Incentive Stock Plans - Non-Qua
Incentive Stock Plans - Non-Qualified Employee Stock Options - Narrative (Details) - Stock Options - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum term (in years) | 10 years | |
Award vesting period (in years) | 3 years | |
Expense recognition method, years | 3 years | |
Shares granted (in shares) | 0 | 0 |
Incentive Stock Plans - Sche134
Incentive Stock Plans - Schedule of Assumptions Used to Determine Fair Value, Options (Details) - Stock Options $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 39.30% |
Dividend yield | 4.60% |
Risk-free rate | 2.20% |
Expected life (in years) | 6 years 3 months 18 days |
Fair value per share of options granted (in dollars per share) | $ 10.58 |
Fair value of options granted (in millions) | $ | $ 3.2 |
2014 Rayonier Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Adjusted fair value per share of options granted (in dollars per share) | $ 8.23 |
Incentive Stock Plans - Sche135
Incentive Stock Plans - Schedule of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Beginning Balance | 1,219,734 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (81,895) | |
Cancelled or expired (in shares) | (58,039) | |
Number of Shares, Ending Balance | 1,079,800 | 1,219,734 |
Number of Shares, Options exercisable | 1,001,311 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price (in dollars per common share), Beginning Balance | $ 27.80 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 19.56 | |
Cancelled or expired (in dollars per share) | 32.66 | |
Weighted Average Exercise Price (in dollars per common share), Ending Balance | 28.16 | $ 27.80 |
Weighted Average Exercise Price (in dollars per common share), Options exercisable | $ 27.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual term (in years), Options outstanding | 4 years 6 months 18 days | |
Weighted Average Remaining Contractual term (in years), Options exercisable | 4 years 4 months | |
Aggregate Intrinsic Value, Options outstanding | $ 2,640 | |
Aggregate Intrinsic Value, Options exercisable | $ 2,640 |
Incentive Stock Plans - Summ136
Incentive Stock Plans - Summary of Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 539 | $ 773 | $ 4,044 |
Fair value of options vested | 1,317 | 1,938 | 3,054 |
Cash received from exercise of options | $ 1,576 | $ 2,117 | $ 5,579 |
Other Operating Income, Net (De
Other Operating Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Lease and license income, primarily from hunting | $ 18,201 | $ 19,216 | $ 17,569 |
Other non-timber income | 2,198 | 3,597 | 2,621 |
Foreign currency income (loss) | 283 | (89) | 3,498 |
Gain on sale or disposal of property plant & equipment | 85 | 7 | 48 |
(Loss) gain on foreign currency exchange and option contracts | (645) | (5,338) | 32 |
Legal and corporate development costs | 0 | 0 | (222) |
Deferred payments related to prior land sales | 8,658 | 0 | 0 |
Bankruptcy claim settlement | 0 | 0 | 5,779 |
Costs related to business combination | (1,316) | 0 | 0 |
Gain on foreign currency derivatives | 1,153 | 0 | 0 |
Gain (loss) on sale of carbon credits | 4,170 | 352 | (307) |
New Zealand J.V. log trading agency and marketing fees | 2,303 | 1,191 | 0 |
Miscellaneous (expense) income, net | (99) | 823 | (2,507) |
Total | $ 34,991 | $ 19,759 | $ 26,511 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Inventory | $ 21,379 | $ 15,351 |
Real Estate Inventory | ||
Inventory [Line Items] | ||
Inventory | 17,059 | 12,252 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 4,320 | $ 3,099 |
Restricted Deposits (Details)
Restricted Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Cash and Investments [Abstract] | ||
Maximum time period proceeds from LKE sale maintained with third party intermediary, days | 180 days | |
Restricted deposits | $ 71,708 | $ 23,525 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 8,679 | $ 8,478 | $ 9,694 |
Capitalized debt issuance costs | 500 | 600 | |
Capitalized Software | 4,100 | 3,900 | |
Pacific Northwest | |||
Finite-Lived Intangible Assets [Line Items] | |||
Prepaid roads | 3,200 | 5,700 | |
New Zealand | |||
Finite-Lived Intangible Assets [Line Items] | |||
Prepaid roads | $ 2,200 | $ 2,300 | |
Software Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, in years | 5 years | ||
New Zealand JV | New Zealand Timber | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 8,700 |
Other Assets - Changes in Goodw
Other Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance (net of $0 of accumulated impairment) | $ 8,478 | $ 9,694 |
Changes to carrying amount | ||
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Foreign currency adjustment | 201 | (1,216) |
Goodwill Ending Balance (net of $0 accumulated impairment) | $ 8,679 | $ 8,478 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Period expected for sales to finalize | 12 months | |
Assets held for sale | $ 23,171 | $ 0 |
Accumulated Other Comprehens143
Accumulated Other Comprehensive Income/(Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ (33,503) | |
Recapitalization of New Zealand JV | 0 | |
Ending balance | 856 | $ (33,503) |
Net periodic pension cost | 2,400 | |
Curtailment gain | 5,400 | |
Accumulated Other Comprehensive Income/(Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (33,503) | (4,825) |
Other comprehensive income/(loss) before reclassifications | 32,431 | (36,365) |
Amounts reclassified from accumulated other comprehensive loss | (1,510) | 7,687 |
Net other comprehensive income/(loss) | 30,921 | (28,678) |
Recapitalization of New Zealand JV | 3,438 | |
Ending balance | 856 | (33,503) |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (2,450) | 25,533 |
Other comprehensive income/(loss) before reclassifications | 7,387 | (27,983) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive income/(loss) | 7,387 | (27,983) |
Recapitalization of New Zealand JV | 3,622 | |
Ending balance | 8,559 | (2,450) |
Net investment hedges of New Zealand JV | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 6,271 | (145) |
Other comprehensive income/(loss) before reclassifications | 0 | 6,416 |
Amounts reclassified from accumulated other comprehensive loss | (4,606) | 0 |
Net other comprehensive income/(loss) | (4,606) | 6,416 |
Recapitalization of New Zealand JV | 0 | |
Ending balance | 1,665 | 6,271 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (11,592) | (1,548) |
Other comprehensive income/(loss) before reclassifications | 22,024 | (14,444) |
Amounts reclassified from accumulated other comprehensive loss | 583 | 4,400 |
Net other comprehensive income/(loss) | 22,607 | (10,044) |
Recapitalization of New Zealand JV | (184) | |
Ending balance | 10,831 | (11,592) |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income/(loss) before reclassifications | 21,400 | |
Employee benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (25,732) | (28,665) |
Other comprehensive income/(loss) before reclassifications | 3,020 | (354) |
Amounts reclassified from accumulated other comprehensive loss | 2,513 | 3,287 |
Net other comprehensive income/(loss) | 5,533 | 2,933 |
Recapitalization of New Zealand JV | 0 | |
Ending balance | $ (20,199) | $ (25,732) |
Accumulated Other Comprehens144
Accumulated Other Comprehensive Income/(Loss) - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other operating income, net | $ 34,991 | $ 19,759 | $ 26,511 |
Comprehensive income (loss) attributable to noncontrolling interest | (9,555) | 13,027 | 6,462 |
Income tax (expense) benefit (Note 9) | (5,064) | 859 | $ 9,601 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net loss on cash flow hedges reclassified from accumulated other comprehensive income | 583 | 4,400 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Comprehensive income (loss) attributable to noncontrolling interest | (385) | (3,290) | |
Income tax (expense) benefit (Note 9) | (227) | (1,711) | |
Net loss on cash flow hedges reclassified from accumulated other comprehensive income | 583 | 4,400 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Realized loss on foreign currency exchange contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other operating income, net | 759 | 5,366 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Realized loss on foreign currency option contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other operating income, net | $ 436 | $ 4,035 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) T in Thousands, $ in Thousands | Jun. 27, 2014USD ($)companyshares | Sep. 30, 2014USD ($) | Dec. 31, 2016USD ($)T | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Rayonier Advanced Materials debt | $ 1,065,472 | $ 833,879 | |||
Restricted cash received (paid) | 48,184 | 16,836 | $ (62,256) | ||
Payments of dividends | $ 63,200 | $ 122,845 | $ 124,936 | $ 257,517 | |
Annual number of tons of hardwood that can be provided to former subsidiary | T | 120 | ||||
Performance Fibers business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of post-spin companies | company | 2 | ||||
Cash distribution from former subsidiary | $ 906,200 | ||||
Restricted cash received (paid) | (75,000) | ||||
Performance Fibers business | Senior Notes | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Rayonier Advanced Materials debt | 550,000 | ||||
Performance Fibers business | Medium-term Notes | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Rayonier Advanced Materials debt | 325,000 | ||||
Performance Fibers business | Line of Credit | Revolving Credit Facility | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Rayonier Advanced Materials debt | $ 75,000 | ||||
Performance Fibers business | Common Stock | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Rayonier Advanced Materials shares for every three Rayonier shares | shares | 1 | ||||
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | shares | 3 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income tax expense | $ 0 | $ 0 | $ (20,578) |
Income from discontinued operations, net | $ 0 | $ 0 | 43,403 |
Performance Fibers business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales | 456,180 | ||
Cost of sales and other | (369,210) | ||
Transaction expenses | (22,989) | ||
Income from discontinued operations before income taxes | 63,981 | ||
Income tax expense | (20,578) | ||
Income from discontinued operations, net | $ 43,403 |
Discontinued Operations - Inter
Discontinued Operations - Interest Expense Allocated to Discontinued Operations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Performance Fibers business | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Interest expense allocated to the Performance Fibers business | $ (4,205) |
Discontinued Operations - Depre
Discontinued Operations - Depreciation, Amortization, and Capital Expenditures (Details) - Performance Fibers business $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Depreciation and amortization | $ 37,985 |
Capital expenditures | $ 60,443 |
Discontinued Operations - Elimi
Discontinued Operations - Elimination of Intercompany Hardwood Purchases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Wood Products business | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Hardwood purchases | $ 3,935 |
Liabilities for Dispositions150
Liabilities for Dispositions and Discontinued Operations - Schedule of Change in Environmental Loss Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Beginning balance | $ 76,378 |
Expenditures charged to liabilities | (5,096) |
Increase to liabilities | 2,558 |
Contribution to Rayonier Advanced Materials | (73,840) |
Ending balance | $ 0 |
Quarterly Results for 2016 a151
Quarterly Results for 2016 and 2015 (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 137,111 | $ 151,657 | $ 115,801 | $ 140,305 | $ 788,278 | $ 544,874 | $ 603,521 |
Cost of sales | 161,918 | 116,624 | 138,194 | 107,971 | 114,132 | 116,044 | 103,689 | 107,234 | 524,707 | 441,099 | 483,860 |
Net Income | 50,509 | 40,624 | 111,579 | 15,058 | 9,440 | 19,181 | (2,860) | 18,180 | 217,770 | 43,941 | 97,846 |
Income from continuing operations | 217,770 | 43,941 | 54,443 | ||||||||
Net Income attributable to Rayonier Inc. | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | $ 10,285 | $ 19,669 | $ (1,536) | $ 17,747 | $ 211,972 | $ 46,165 | $ 99,337 |
Basic EPS attributable to Rayonier Inc. (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.90 | $ 0.12 | $ 0.08 | $ 0.16 | $ (0.01) | $ 0.14 | $ 1.73 | $ 0.37 | $ 0.78 |
Diluted EPS attributable to Rayonier Inc. (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.89 | $ 0.12 | $ 0.08 | $ 0.16 | $ (0.01) | $ 0.14 | $ 1.73 | $ 0.37 | $ 0.76 |
Consolidating Financial Stat152
Consolidating Financial Statements - Narrative (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% - USD ($) | Dec. 31, 2016 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||
Face amount | $ 325,000,000 | |
Fixed interest rate | 3.75% | 3.75% |
Consolidating Financial Stat153
Consolidating Financial Statements - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||||||||||
SALES | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 137,111 | $ 151,657 | $ 115,801 | $ 140,305 | $ 788,278 | $ 544,874 | $ 603,521 |
Costs and Expenses | |||||||||||
Cost of sales | 161,918 | 116,624 | 138,194 | 107,971 | 114,132 | 116,044 | 103,689 | 107,234 | 524,707 | 441,099 | 483,860 |
Selling and general expenses | 42,785 | 45,750 | 47,883 | ||||||||
Other operating (income) expense, net | (34,991) | (19,759) | (26,511) | ||||||||
Costs and Expenses, Total | 532,501 | 467,090 | 505,232 | ||||||||
OPERATING INCOME | 255,777 | 77,784 | 98,289 | ||||||||
Interest expense | (32,245) | (31,699) | (44,248) | ||||||||
Interest and miscellaneous income (expense), net | (698) | (3,003) | (9,199) | ||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 222,834 | 43,082 | 44,842 | ||||||||
Income tax (expense) benefit | (5,064) | 859 | 9,601 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 217,770 | 43,941 | 54,443 | ||||||||
Income from discontinued operations, net of income tax expense of $0, $0 and $20,578 | 0 | 0 | 43,403 | ||||||||
NET INCOME | 50,509 | 40,624 | 111,579 | 15,058 | 9,440 | 19,181 | (2,860) | 18,180 | 217,770 | 43,941 | 97,846 |
Less: Net income (loss) attributable to noncontrolling interest | 5,798 | (2,224) | (1,491) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | $ 10,285 | $ 19,669 | $ (1,536) | $ 17,747 | 211,972 | 46,165 | 99,337 |
Income (Loss) from Continuing Operations Attributable to Parent | 211,972 | 46,165 | 55,934 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $1,066 and ($78) | 6,322 | (32,451) | (15,847) | ||||||||
New Zealand joint venture cash flow hedges | 22,822 | (9,961) | (1,855) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | 5,533 | 2,933 | 54,046 | ||||||||
Total other comprehensive income | 34,677 | (39,479) | 36,344 | ||||||||
COMPREHENSIVE INCOME | 252,447 | 4,462 | 134,190 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 9,555 | (13,027) | (6,462) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 242,892 | 17,489 | 140,652 | ||||||||
Consolidating Adjustments | |||||||||||
Income Statement [Abstract] | |||||||||||
SALES | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling and general expenses | 0 | 0 | 0 | ||||||||
Other operating (income) expense, net | 0 | 0 | 0 | ||||||||
Costs and Expenses, Total | 0 | 0 | 0 | ||||||||
OPERATING INCOME | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest and miscellaneous income (expense), net | 0 | 0 | 0 | ||||||||
Equity in income from subsidiaries | (462,107) | (126,611) | (242,117) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (462,107) | (126,611) | (242,117) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS | (242,117) | ||||||||||
Income from discontinued operations, net of income tax expense of $0, $0 and $20,578 | 0 | ||||||||||
NET INCOME | (462,107) | (126,611) | (242,117) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | (462,107) | (126,611) | (242,117) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $1,066 and ($78) | (2,782) | 21,567 | 23,052 | ||||||||
New Zealand joint venture cash flow hedges | (22,608) | 10,042 | 2,412 | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | (5,533) | (2,933) | (142,220) | ||||||||
Total other comprehensive income | (30,923) | 28,676 | (116,756) | ||||||||
COMPREHENSIVE INCOME | (493,030) | (97,935) | (358,873) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | (493,030) | (97,935) | (358,873) | ||||||||
Rayonier Inc.(Parent Issuer) | |||||||||||
Income Statement [Abstract] | |||||||||||
SALES | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling and general expenses | 0 | 0 | 0 | ||||||||
Other operating (income) expense, net | 0 | 0 | 0 | ||||||||
Costs and Expenses, Total | 0 | 0 | 0 | ||||||||
OPERATING INCOME | 0 | 0 | 0 | ||||||||
Interest expense | (12,555) | (12,703) | (13,247) | ||||||||
Interest and miscellaneous income (expense), net | 8,613 | 7,789 | 9,186 | ||||||||
Equity in income from subsidiaries | 215,914 | 51,079 | 103,398 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 211,972 | 46,165 | 99,337 | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 99,337 | ||||||||||
Income from discontinued operations, net of income tax expense of $0, $0 and $20,578 | 0 | ||||||||||
NET INCOME | 211,972 | 46,165 | 99,337 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 211,972 | 46,165 | 99,337 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $1,066 and ($78) | 2,780 | (21,567) | (11,525) | ||||||||
New Zealand joint venture cash flow hedges | 22,607 | (10,042) | (1,206) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | 5,533 | 2,933 | 54,046 | ||||||||
Total other comprehensive income | 30,920 | (28,676) | 41,315 | ||||||||
COMPREHENSIVE INCOME | 242,892 | 17,489 | 140,652 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 242,892 | 17,489 | 140,652 | ||||||||
Subsidiary Guarantors | |||||||||||
Income Statement [Abstract] | |||||||||||
SALES | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling and general expenses | 15,253 | 20,468 | 14,578 | ||||||||
Other operating (income) expense, net | 448 | (404) | 3,275 | ||||||||
Costs and Expenses, Total | 15,701 | 20,064 | 17,853 | ||||||||
OPERATING INCOME | (15,701) | (20,064) | (17,853) | ||||||||
Interest expense | (16,775) | (9,135) | (23,571) | ||||||||
Interest and miscellaneous income (expense), net | 2,750 | 2,612 | (3,100) | ||||||||
Equity in income from subsidiaries | 246,193 | 75,532 | 138,719 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 216,467 | 48,945 | 94,195 | ||||||||
Income tax (expense) benefit | (553) | 2,134 | 9,203 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 103,398 | ||||||||||
Income from discontinued operations, net of income tax expense of $0, $0 and $20,578 | 0 | ||||||||||
NET INCOME | 215,914 | 51,079 | 103,398 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 215,914 | 51,079 | 103,398 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $1,066 and ($78) | (4,606) | 7,922 | (11,527) | ||||||||
New Zealand joint venture cash flow hedges | 21,422 | (10,195) | (1,206) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | 5,533 | 2,933 | 54,046 | ||||||||
Total other comprehensive income | 22,349 | 660 | 41,313 | ||||||||
COMPREHENSIVE INCOME | 238,263 | 51,739 | 144,711 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 238,263 | 51,739 | 144,711 | ||||||||
Non- guarantors | |||||||||||
Income Statement [Abstract] | |||||||||||
SALES | 788,278 | 544,874 | 603,521 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 524,707 | 441,099 | 483,860 | ||||||||
Selling and general expenses | 27,532 | 25,282 | 33,305 | ||||||||
Other operating (income) expense, net | (35,439) | (19,355) | (29,786) | ||||||||
Costs and Expenses, Total | 516,800 | 447,026 | 487,379 | ||||||||
OPERATING INCOME | 271,478 | 97,848 | 116,142 | ||||||||
Interest expense | (2,915) | (9,861) | (7,430) | ||||||||
Interest and miscellaneous income (expense), net | (12,061) | (13,404) | (15,285) | ||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 256,502 | 74,583 | 93,427 | ||||||||
Income tax (expense) benefit | (4,511) | (1,275) | 398 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 93,825 | ||||||||||
Income from discontinued operations, net of income tax expense of $0, $0 and $20,578 | 43,403 | ||||||||||
NET INCOME | 251,991 | 73,308 | 137,228 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 5,798 | (2,224) | (1,491) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 246,193 | 75,532 | 138,719 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $1,066 and ($78) | 10,930 | (40,373) | (15,847) | ||||||||
New Zealand joint venture cash flow hedges | 1,401 | 234 | (1,855) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | 0 | 0 | 88,174 | ||||||||
Total other comprehensive income | 12,331 | (40,139) | 70,472 | ||||||||
COMPREHENSIVE INCOME | 264,322 | 33,169 | 207,700 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 9,555 | (13,027) | (6,462) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 254,767 | $ 46,196 | $ 214,162 |
Consolidating Financial Stat154
Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 85,909 | $ 51,777 | $ 161,558 | $ 199,644 |
Accounts receivable, less allowance for doubtful accounts | 20,664 | 20,222 | ||
Inventory | 21,379 | 15,351 | ||
Prepaid logging roads | 10,228 | 10,563 | ||
Prepaid expenses | 1,579 | 2,091 | ||
Assets held for sale (Note 21) | 23,171 | 0 | ||
Other current assets | 1,874 | 5,681 | ||
Total current assets | 164,804 | 105,685 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,291,015 | 2,066,780 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 70,374 | 65,450 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 14,034 | 6,742 | ||
RESTRICTED DEPOSITS (Note 19) | 71,708 | 23,525 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS (Note 20) | 73,825 | 47,756 | ||
TOTAL ASSETS | 2,685,760 | 2,315,938 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 22,337 | 21,479 | ||
Current maturities of long-term debt | 31,676 | 0 | ||
Accrued taxes | 2,657 | 3,685 | ||
Accrued payroll and benefits | 9,277 | 7,037 | ||
Accrued interest | 5,340 | 6,153 | ||
Other current liabilities | 20,679 | 21,103 | ||
Total current liabilities | 91,966 | 59,457 | ||
LONG-TERM DEBT | 1,030,205 | 830,554 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 31,856 | 34,137 | ||
OTHER NON-CURRENT LIABILITIES | 34,981 | 30,050 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,411,610 | 1,288,084 | ||
Noncontrolling interest | 85,142 | 73,656 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,496,752 | 1,361,740 | 1,575,151 | 1,755,243 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,685,760 | 2,315,938 | ||
Consolidating Adjustments | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Assets held for sale (Note 21) | 0 | |||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
RESTRICTED DEPOSITS (Note 19) | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | (4,093,509) | (3,534,086) | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS (Note 20) | 0 | (1) | ||
TOTAL ASSETS | (4,093,509) | (3,534,086) | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
LONG-TERM DEBT | 0 | 1 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | (4,093,509) | (3,534,086) | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | (4,093,509) | (3,534,086) | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | (4,093,509) | (3,534,086) | ||
Rayonier Inc.(Parent Issuer) | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 21,453 | 2,472 | 102,218 | 130,181 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Assets held for sale (Note 21) | 0 | |||
Other current assets | 0 | 0 | ||
Total current assets | 21,453 | 2,472 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
RESTRICTED DEPOSITS (Note 19) | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 1,422,081 | 1,321,681 | ||
INTERCOMPANY NOTES RECEIVABLE | 26,472 | 34,567 | ||
OTHER ASSETS (Note 20) | 2 | 3 | ||
TOTAL ASSETS | 1,470,008 | 1,358,723 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 609 | ||
Current maturities of long-term debt | 31,676 | 0 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 3,047 | 3,047 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 34,723 | 3,656 | ||
LONG-TERM DEBT | 291,390 | 322,697 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | (267,715) | (255,715) | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,411,610 | 1,288,084 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,411,610 | 1,288,084 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,470,008 | 1,358,723 | ||
Subsidiary Guarantors | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 9,461 | 13,217 | 8,105 | 11,023 |
Accounts receivable, less allowance for doubtful accounts | 2,991 | 1,870 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 427 | 443 | ||
Assets held for sale (Note 21) | 0 | |||
Other current assets | 236 | 4,876 | ||
Total current assets | 13,115 | 20,406 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 177 | 330 | ||
RESTRICTED DEPOSITS (Note 19) | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 2,671,428 | 2,212,405 | ||
INTERCOMPANY NOTES RECEIVABLE | (611,571) | (610,450) | ||
OTHER ASSETS (Note 20) | 46,846 | 18,718 | ||
TOTAL ASSETS | 2,119,995 | 1,641,409 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 1,194 | 1,463 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | (111) | (10) | ||
Accrued payroll and benefits | 5,013 | 3,594 | ||
Accrued interest | 2,040 | 666 | ||
Other current liabilities | 165 | 262 | ||
Total current liabilities | 8,301 | 5,975 | ||
LONG-TERM DEBT | 663,343 | 280,977 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 32,541 | 34,822 | ||
OTHER NON-CURRENT LIABILITIES | 12,690 | 16,914 | ||
INTERCOMPANY PAYABLE | (18,961) | (18,960) | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,422,081 | 1,321,681 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,422,081 | 1,321,681 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,119,995 | 1,641,409 | ||
Non- guarantors | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 54,995 | 36,088 | $ 51,235 | $ 58,440 |
Accounts receivable, less allowance for doubtful accounts | 17,673 | 18,352 | ||
Inventory | 21,379 | 15,351 | ||
Prepaid logging roads | 10,228 | 10,563 | ||
Prepaid expenses | 1,152 | 1,648 | ||
Assets held for sale (Note 21) | 23,171 | |||
Other current assets | 1,638 | 805 | ||
Total current assets | 130,236 | 82,807 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,291,015 | 2,066,780 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 70,374 | 65,450 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 13,857 | 6,412 | ||
RESTRICTED DEPOSITS (Note 19) | 71,708 | 23,525 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 585,099 | 575,883 | ||
OTHER ASSETS (Note 20) | 26,977 | 29,036 | ||
TOTAL ASSETS | 3,189,266 | 2,849,892 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 21,143 | 19,407 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 2,768 | 3,695 | ||
Accrued payroll and benefits | 4,264 | 3,443 | ||
Accrued interest | 253 | 2,440 | ||
Other current liabilities | 20,514 | 20,841 | ||
Total current liabilities | 48,942 | 49,826 | ||
LONG-TERM DEBT | 75,472 | 226,879 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | (685) | (685) | ||
OTHER NON-CURRENT LIABILITIES | 22,291 | 13,136 | ||
INTERCOMPANY PAYABLE | 286,676 | 274,675 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,671,428 | 2,212,405 | ||
Noncontrolling interest | 85,142 | 73,656 | ||
TOTAL SHAREHOLDERS’ EQUITY | 2,756,570 | 2,286,061 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,189,266 | $ 2,849,892 |
Consolidating Financial Stat155
Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ 203,801 | $ 177,164 | $ 320,416 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (58,723) | (57,293) | (63,713) | |
Capital expenditures from discontinued operations | 0 | 0 | (60,955) | |
Real estate development investments | (8,746) | (2,676) | (3,674) | |
Purchase of timberlands | (366,481) | (98,409) | (130,896) | |
Proceeds from settlement of foreign currency derivative | 0 | 2,804 | 0 | |
Assets purchased in business acquisition | (887) | 0 | 0 | |
Net proceeds from Large Dispositions | 203,862 | 0 | ||
Rayonier office building under construction | (6,307) | (908) | 0 | |
Change in restricted cash | (48,184) | (16,836) | 62,256 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Other | 2,311 | 7,009 | 306 | |
CASH USED FOR INVESTING ACTIVITIES | (283,155) | (166,309) | (196,676) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 695,916 | 472,558 | 1,426,464 | |
Repayment of debt | (458,415) | (364,402) | (1,289,637) | |
Dividends paid | $ (63,200) | (122,845) | (124,936) | (257,517) |
Proceeds from the issuance of common shares | 1,576 | 2,117 | 5,579 | |
Proceeds from repurchase of common shares | (690) | (100,000) | (1,858) | |
Debt issuance costs | (818) | (1,678) | (12,380) | |
Net cash disbursed upon spin-off of Performance Fibers business | 0 | 0 | (31,420) | |
Issuance of intercompany notes | 0 | 0 | 0 | |
Intercompany distributions | 0 | 0 | 0 | |
Other | (301) | (122) | (680) | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 114,423 | (116,463) | (161,449) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (937) | (4,173) | (377) | |
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | 34,132 | (109,781) | (38,086) | |
Balance, beginning of year | 51,777 | 161,558 | 199,644 | |
Balance, end of year | 85,909 | 51,777 | 161,558 | |
Consolidating Adjustments | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 0 | (290,157) | |
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | 0 | 0 | |
Capital expenditures from discontinued operations | 0 | |||
Real estate development investments | 0 | 0 | 0 | |
Purchase of timberlands | 0 | 0 | 0 | |
Proceeds from settlement of foreign currency derivative | 0 | |||
Assets purchased in business acquisition | 0 | |||
Net proceeds from Large Dispositions | 0 | |||
Rayonier office building under construction | 0 | 0 | ||
Change in restricted cash | 0 | 0 | 0 | |
Investment in Subsidiaries | 293,820 | (126,242) | (798,875) | |
Other | 0 | (1) | 0 | |
CASH USED FOR INVESTING ACTIVITIES | 293,820 | (126,243) | (798,875) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 0 | 0 | 0 | |
Repayment of debt | 0 | 0 | 0 | |
Dividends paid | 0 | 0 | 0 | |
Proceeds from the issuance of common shares | 0 | 0 | 0 | |
Proceeds from repurchase of common shares | 0 | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 | |
Net cash disbursed upon spin-off of Performance Fibers business | 0 | |||
Issuance of intercompany notes | 0 | 0 | 0 | |
Intercompany distributions | (293,820) | 126,242 | 1,089,032 | |
Other | 0 | 0 | 0 | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | (293,820) | 126,242 | 1,089,032 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | 0 | 0 | 0 | |
Balance, beginning of year | 0 | 0 | 0 | |
Balance, end of year | 0 | 0 | 0 | |
Rayonier Inc.(Parent Issuer) | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | (7,480) | (4,890) | 269,653 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | 0 | 0 | |
Capital expenditures from discontinued operations | 0 | |||
Real estate development investments | 0 | 0 | 0 | |
Purchase of timberlands | 0 | 0 | 0 | |
Proceeds from settlement of foreign currency derivative | 0 | |||
Assets purchased in business acquisition | 0 | |||
Net proceeds from Large Dispositions | 0 | |||
Rayonier office building under construction | 0 | 0 | ||
Change in restricted cash | 0 | 0 | 0 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
CASH USED FOR INVESTING ACTIVITIES | 0 | 0 | 0 | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 0 | 61,000 | 0 | |
Repayment of debt | 0 | (61,000) | 0 | |
Dividends paid | (122,845) | (124,936) | (257,517) | |
Proceeds from the issuance of common shares | 1,576 | 2,117 | 5,579 | |
Proceeds from repurchase of common shares | (690) | (100,000) | (1,858) | |
Debt issuance costs | 0 | 0 | 0 | |
Net cash disbursed upon spin-off of Performance Fibers business | (31,420) | |||
Issuance of intercompany notes | (12,000) | (35,500) | (12,400) | |
Intercompany distributions | 160,597 | 163,585 | 0 | |
Other | (177) | (122) | 0 | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 26,461 | (94,856) | (297,616) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | 18,981 | (99,746) | (27,963) | |
Balance, beginning of year | 2,472 | 102,218 | 130,181 | |
Balance, end of year | 21,453 | 2,472 | 102,218 | |
Subsidiary Guarantors | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | 113,775 | (21,421) | 293,193 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | (78) | (400) | |
Capital expenditures from discontinued operations | 0 | |||
Real estate development investments | 0 | 0 | 0 | |
Purchase of timberlands | 0 | 0 | 0 | |
Proceeds from settlement of foreign currency derivative | 0 | |||
Assets purchased in business acquisition | 0 | |||
Net proceeds from Large Dispositions | 0 | |||
Rayonier office building under construction | 0 | 0 | ||
Change in restricted cash | 0 | 0 | 0 | |
Investment in Subsidiaries | (293,820) | 126,242 | 798,875 | |
Other | 0 | 0 | 0 | |
CASH USED FOR INVESTING ACTIVITIES | (293,820) | 126,164 | 798,475 | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 548,000 | 353,000 | 201,000 | |
Repayment of debt | (140,000) | (232,973) | (1,002,500) | |
Dividends paid | 0 | 0 | 0 | |
Proceeds from the issuance of common shares | 0 | 0 | 0 | |
Proceeds from repurchase of common shares | 0 | 0 | 0 | |
Debt issuance costs | (818) | (1,678) | 0 | |
Net cash disbursed upon spin-off of Performance Fibers business | 0 | |||
Issuance of intercompany notes | 0 | 0 | 0 | |
Intercompany distributions | (230,893) | (217,980) | (293,086) | |
Other | 0 | 0 | 0 | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 176,289 | (99,631) | (1,094,586) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | (3,756) | 5,112 | (2,918) | |
Balance, beginning of year | 13,217 | 8,105 | 11,023 | |
Balance, end of year | 9,461 | 13,217 | 8,105 | |
Non- guarantors | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | 97,506 | 203,475 | 47,727 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (58,723) | (57,215) | (63,313) | |
Capital expenditures from discontinued operations | (60,955) | |||
Real estate development investments | (8,746) | (2,676) | (3,674) | |
Purchase of timberlands | (366,481) | (98,409) | (130,896) | |
Proceeds from settlement of foreign currency derivative | 2,804 | |||
Assets purchased in business acquisition | (887) | |||
Net proceeds from Large Dispositions | 203,862 | |||
Rayonier office building under construction | (6,307) | (908) | ||
Change in restricted cash | (48,184) | (16,836) | 62,256 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Other | 2,311 | 7,010 | 306 | |
CASH USED FOR INVESTING ACTIVITIES | (283,155) | (166,230) | (196,276) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 147,916 | 58,558 | 1,225,464 | |
Repayment of debt | (318,415) | (70,429) | (287,137) | |
Dividends paid | 0 | 0 | 0 | |
Proceeds from the issuance of common shares | 0 | 0 | 0 | |
Proceeds from repurchase of common shares | 0 | 0 | 0 | |
Debt issuance costs | 0 | 0 | (12,380) | |
Net cash disbursed upon spin-off of Performance Fibers business | 0 | |||
Issuance of intercompany notes | 12,000 | 35,500 | 12,400 | |
Intercompany distributions | 364,116 | (71,847) | (795,946) | |
Other | (124) | 0 | (680) | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 205,493 | (48,218) | 141,721 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (937) | (4,173) | (377) | |
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | 18,907 | (15,147) | (7,205) | |
Balance, beginning of year | 36,088 | 51,235 | 58,440 | |
Balance, end of year | $ 54,995 | $ 36,088 | $ 51,235 |
Schedule II - Valuation and 156
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additions Charged to Cost and Expenses | $ 3,613 | $ 4,604 | $ 13,289 |
Income tax provision | 5,064 | (859) | (9,601) |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 42 | 42 | 673 |
Additions Charged to Cost and Expenses | 0 | 0 | 134 |
Deductions | (9) | 0 | (765) |
Balance at End of Year | 33 | 42 | 42 |
Deferred tax asset valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 18,248 | 13,644 | 33,889 |
Additions Charged to Cost and Expenses | 3,613 | 4,604 | 13,289 |
Deductions | 0 | 0 | (33,534) |
Balance at End of Year | $ 21,861 | $ 18,248 | 13,644 |
Valuation Allowance, Operating Loss Carryforwards | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Income tax provision | $ 355 |