Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 129,084,186 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,694,658,677 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
SALES | $ 239,722 | $ 184,419 | $ 200,964 | $ 194,491 | $ 229,302 | $ 176,867 | $ 269,171 | $ 140,575 | $ 819,596 | $ 815,915 | $ 568,800 |
Costs and Expenses | |||||||||||
Cost of sales | 149,832 | 136,983 | 144,610 | 136,828 | 162,590 | 116,922 | 138,480 | 108,447 | 568,253 | 526,439 | 441,718 |
Selling and general expenses | 40,245 | 42,785 | 45,750 | ||||||||
Other operating (income) expense, net (Note 17) | (4,393) | (9,086) | 3,548 | ||||||||
Costs and Expenses, Total | 604,105 | 560,138 | 491,016 | ||||||||
OPERATING INCOME | 215,491 | 255,777 | 77,784 | ||||||||
Interest expense | (34,071) | (32,245) | (31,699) | ||||||||
Interest income and miscellaneous income (expense), net | 1,840 | (698) | (3,003) | ||||||||
INCOME BEFORE INCOME TAXES | 183,260 | 222,834 | 43,082 | ||||||||
Income tax (expense) benefit (Note 9) | (21,681) | (5,064) | 859 | ||||||||
NET INCOME | 66,920 | 28,803 | 30,773 | 35,083 | 50,509 | 40,624 | 111,579 | 15,058 | 161,579 | 217,770 | 43,941 |
Less: Net income (loss) attributable to noncontrolling interest | 12,737 | 5,798 | (2,224) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 64,150 | $ 24,688 | $ 26,161 | $ 33,843 | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | 148,842 | 211,972 | 46,165 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066 | 9,114 | 6,322 | (32,451) | ||||||||
Cash flow hedges, net of income tax effect of $594, $545 and $91 | 5,693 | 22,822 | (9,961) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $0 and $470 | (208) | 5,533 | 2,933 | ||||||||
Total other comprehensive income | 14,599 | 34,677 | (39,479) | ||||||||
COMPREHENSIVE INCOME | 176,178 | 252,447 | 4,462 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 14,775 | 9,555 | (13,027) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 161,403 | $ 242,892 | $ 17,489 | ||||||||
Basic earnings per share attributable to Rayonier Inc. | |||||||||||
Net Income, Basic (in dollars per share) | $ 0.50 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.39 | $ 0.32 | $ 0.90 | $ 0.12 | $ 1.17 | $ 1.73 | $ 0.37 |
Diluted earnings per share attributable to Rayonier Inc. | |||||||||||
Net income, Diluted (in dollars per share) | $ 0.50 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.39 | $ 0.32 | $ 0.89 | $ 0.12 | $ 1.16 | $ 1.73 | $ 0.37 |
Consolidated Statements of Inc3
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, income tax (expense) benefit | $ 0 | $ 0 | $ 1,066 |
Cash flow hedges, income tax expense | 594 | 545 | (91) |
Amortization of pension and postretirement plan liabilities, income tax (expense) benefit | $ 0 | $ 0 | $ 470 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 112,653 | $ 85,909 |
Accounts receivable, less allowance for doubtful accounts of $23 and $33 | 27,693 | 20,664 |
Inventory (Note 18) | 24,141 | 21,379 |
Prepaid logging roads | 11,207 | 10,228 |
Prepaid expenses | 4,786 | 1,579 |
Assets held for sale (Note 21) | 0 | 23,171 |
Other current assets | 3,047 | 1,874 |
Total current assets | 183,527 | 164,804 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,462,066 | 2,291,015 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 80,797 | 70,374 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 3,962 | 2,279 |
Buildings | 23,618 | 7,990 |
Machinery and equipment | 4,440 | 4,658 |
Construction in progress | 627 | 8,170 |
Total property, plant and equipment, gross | 32,647 | 23,097 |
Less—accumulated depreciation | (9,269) | (9,063) |
Total property, plant and equipment, net | 23,378 | 14,034 |
RESTRICTED CASH (NOTE 19) | 59,703 | 71,708 |
OTHER ASSETS (NOTE 20) | 49,010 | 73,825 |
TOTAL ASSETS | 2,858,481 | 2,685,760 |
CURRENT LIABILITIES | ||
Accounts payable | 25,148 | 22,337 |
Current maturities of long-term debt (Note 5) | 3,375 | 31,676 |
Accrued taxes | 3,781 | 2,657 |
Accrued payroll and benefits | 9,662 | 9,277 |
Accrued interest | 5,054 | 5,340 |
Deferred revenue | 9,721 | 9,099 |
Other current liabilities | 11,807 | 11,580 |
Total current liabilities | 68,548 | 91,966 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 5) | 1,022,004 | 1,030,205 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15) | 31,905 | 31,856 |
OTHER NON-CURRENT LIABILITIES | 43,084 | 34,981 |
COMMITMENTS AND CONTINGENCIES (NOTES 8 and 10) | ||
SHAREHOLDERS’ EQUITY | ||
Common Shares, 480,000,000 shares authorized, 128,970,776 and 122,904,368 shares issued and outstanding | 872,228 | 709,867 |
Retained earnings | 707,378 | 700,887 |
Accumulated other comprehensive income (Note 22) | 13,417 | 856 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,593,023 | 1,411,610 |
Noncontrolling interest | 99,917 | 85,142 |
TOTAL SHAREHOLDERS’ EQUITY | 1,692,940 | 1,496,752 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,858,481 | $ 2,685,760 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 23 | $ 33 |
Shareholders' Equity: | ||
Common stock, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock, shares, issued (in shares) | 128,970,776 | 122,904,368 |
Common stock, shares outstanding (in shares) | 128,970,776 | 122,904,368 |
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, 2014 | 126,773,097 | ||||
Beginning 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 ($1.00 per share) | (124,943) | (124,943) | |||
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 | |||
Adjustments to Rayonier Advanced Materials | 841 | 841 | |||
Foreign currency translation adjustment | (32,451) | (21,567) | (10,884) | ||
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 ($1.00 per share) | (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 | ||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative-effect adjustment due to adoption of ASU No. 2016-16 | Accounting Standards Update 2016-16 | (14,365) | ||||
Net income | 35,083 | ||||
Beginning balance (in shares) at Dec. 31, 2016 | 122,904,368 | ||||
Beginning balance at Dec. 31, 2016 | 1,496,752 | $ 709,867 | 700,887 | 856 | 85,142 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 161,579 | 148,842 | 12,737 | ||
Dividends ($1.00 per share) | (127,986) | (127,986) | |||
Issuance of shares under incentive stock plans, (in shares) | 322,314 | ||||
Issuance of shares under incentive stock plans | 4,751 | $ 4,751 | |||
Stock-based compensation | 5,396 | $ 5,396 | |||
Repurchase of common shares, (in shares) | (5,906) | ||||
Repurchase of common shares | (176) | $ (176) | 0 | ||
Actuarial change and amortization of pension and postretirement plan liabilities | (208) | (208) | |||
Foreign currency translation adjustment | 9,114 | 7,416 | 1,698 | ||
Cash flow hedges | 5,693 | 5,353 | 340 | ||
Issuance of shares under equity offering, net of costs (in shares) | 5,750,000 | ||||
Issuance of shares under equity offering, net of costs | 152,390 | $ 152,390 | |||
Ending balance (in shares) at Dec. 31, 2017 | 128,970,776 | ||||
Ending balance at Dec. 31, 2017 | $ 1,692,940 | $ 872,228 | 707,378 | $ 13,417 | $ 99,917 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative-effect adjustment due to adoption of ASU No. 2016-16 | Accounting Standards Update 2016-16 | $ (14,365) |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends (dollars per share) | $ 1 | $ 1 | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income | $ 161,579 | $ 217,770 | $ 43,941 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 127,566 | 115,142 | 113,708 |
Non-cash cost of land and real estate sold | 13,684 | 11,690 | 12,509 |
Stock-based incentive compensation expense | 5,396 | 5,136 | 4,484 |
Amortization of debt discount/premium | 0 | (462) | 604 |
Deferred income taxes | 21,980 | 5,170 | (1,475) |
Non-cash adjustments to unrecognized tax benefit liability | 0 | 0 | 135 |
Amortization of losses from pension and postretirement plans | 465 | 2,513 | 3,403 |
Gain on sale of Large Dispositions | (66,994) | (143,933) | 0 |
Other | (716) | 336 | 350 |
Changes in operating assets and liabilities: | |||
Receivables | (6,362) | 2,517 | 2,034 |
Inventories | (1,384) | (1,175) | (9,749) |
Accounts payable | 3,435 | (559) | 1,863 |
Income tax receivable/payable | (434) | (206) | (894) |
All other operating activities | (1,931) | (10,138) | 6,251 |
CASH PROVIDED BY OPERATING ACTIVITIES | 256,284 | 203,801 | 177,164 |
INVESTING ACTIVITIES | |||
Capital expenditures | (65,345) | (58,723) | (57,293) |
Real estate development investments | (15,784) | (8,746) | (2,676) |
Purchase of timberlands | (242,910) | (366,481) | (98,409) |
Assets purchased in business acquisition | 0 | (887) | 0 |
Net proceeds from Large Dispositions | 95,243 | 203,862 | 0 |
Proceeds from settlement of foreign currency hedge | 0 | 0 | 2,804 |
Rayonier office building under construction | (6,084) | (6,307) | (908) |
Change in restricted cash | 12,005 | (48,184) | (16,836) |
Other | (373) | 2,311 | 7,009 |
CASH USED FOR INVESTING ACTIVITIES | (223,248) | (283,155) | (166,309) |
FINANCING ACTIVITIES | |||
Issuance of debt | 63,389 | 695,916 | 472,558 |
Repayment of debt | (100,157) | (458,415) | (364,402) |
Dividends paid | (127,069) | (122,845) | (124,936) |
Proceeds from the issuance of common shares | 4,751 | 1,576 | 2,117 |
Proceeds from the issuance of common shares from equity offering, net of costs | 152,390 | 0 | 0 |
Repurchase of common shares | (176) | (690) | (100,000) |
Debt issuance costs | 0 | (818) | (1,678) |
Other | 0 | (301) | (122) |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (6,872) | 114,423 | (116,463) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 580 | (937) | (4,173) |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 26,744 | 34,132 | (109,781) |
Balance, beginning of year | 85,909 | 51,777 | 161,558 |
Balance, end of year | 112,653 | 85,909 | 51,777 |
Cash paid during the year: | |||
Interest | 36,041 | 36,289 | 33,011 |
Income taxes | 514 | 501 | 277 |
Non-cash investing activity: | |||
Capital assets purchased on account | 3,809 | 4,683 | 3,429 |
Purchase of timberlands | $ 0 | $ 0 | $ 700 |
Nature of Business Operations
Nature of Business Operations | 12 Months Ended |
Dec. 31, 2017 | |
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. Shares of the Company have a $0.00 par value. Rayonier owns or leases approximately 2.6 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. 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 2.6 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 410,000 gross acres ( 293,000 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 2017, the Company acquired approximately 109,000 acres of timberlands in Florida, Georgia, South Carolina, Washington and New Zealand for $242.9 million . During 2016, the Company acquired approximately 111,000 acres of timberlands in the U.S. for $366.5 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 is comprised of log trading 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 primarily 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, 2017 | |
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 the 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 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. RECLASSIFICATION OF OTHER OPERATING INCOME, NET In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of primarily lease and license income, other non-timber income, carbon credit sales and log agency fees, net of costs from “Other Operating Income (Expense), Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented and had no effect on the presentation of operating income, net income, consolidated balance sheets, or consolidated statements of cash flows. The impact of the reclassification for the three years ended December 31, 2017 are as follows: Year Ended December 31, 2017 Prior to Reclassification Change in Accounting Classification As Adjusted Sales $792,659 $26,937 $819,596 Cost of sales 565,889 2,364 568,253 Other operating (income) expense, net (28,966 ) 24,573 (4,393 ) Year Ended December 31, 2016 As Previously Classified Change in Accounting Classification As Adjusted Sales $788,278 $27,637 $815,915 Cost of sales 524,707 1,732 526,439 Other operating (income) expense, net (34,991 ) 25,905 (9,086 ) Year Ended December 31, 2015 As Previously Classified Change in Accounting Classification As Adjusted Sales $544,874 $23,926 $568,800 Cost of sales 441,099 619 441,718 Other operating (income) expense, net (19,759 ) 23,307 3,548 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 $26.7 million and $25.6 million at December 31, 2017 and December 31, 2016 , 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 net realizable 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 net realizable value and expensed to cost of sales 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. See Note 20 — Other Assets for additional information. 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. See Note 21 — Assets Held for Sale for additional information. TIMBER AND TIMBERLANDS Timber is stated at the lower of cost or net realizable 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 are 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. 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 net realizable 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 sales, 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, 2017; 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 (“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 a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins. 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. Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. For domestic log sales, title and risk are considered passed to the buyer as the logs are delivered to the customer. For export log sales (primarily in New Zealand), title and risk are considered passed to the buyer at the time the ship leaves the port. Non-timber income is primarily comprised of hunting and recreational licenses. Such income and any related cost are recognized ratably over the term of the agreement and included in “Sales” and “Cost of Sales”, respectively. 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 generally recognizes revenue on sales of real estate using the full accrual method at closing when cash has been received, title and risk of loss have passed to the buyer and there is no continuing involvement with the property. Revenue is recognized using the percentage-of-completion method on sales of real estate containing future performance obligations. Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs 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. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. 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, 2017 . Periodic pension and other postretirement expense is included in “Cost of sales” and “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2017 and 2016 , the Company’s pension plans were in a net liability position (underfunded) of $30.6 million and $30.6 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 other 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. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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 is 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 No. 2016-16 is effective for 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. Rayonier early adopted ASU No. 2016-16 during the first quarter ended March 31, 2017. See Note 9 — Income Taxes for additional information. 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 adopted ASU No. 2016-09 during the first quarter ended March 31, 2017. Upon adoption, additional excess tax benefits and tax deficiencies are recorded to “Income tax expense” in the Consolidated Statements of Income and Comprehensive Income, forfeitures are accounted for when they occur and cash paid by Rayonier when directly withholding shares for tax withholding purposes are classified as a financing activity within the Consolidated Statements of Cash Flows. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which revised the definition of a business. This update will likely result in more of Rayonier’s future timberland acquisitions being accounted for as asset acquisitions as opposed to acquisitions of a businesses. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017 with early adoption permitted, including adoption in an interim period. Rayonier early adopted ASU No. 2017-01 during the fourth quarter ended December 31, 2017 and will apply the standard prospectively, as required. Rayonier adopted ASU Nos. 2015-11, 2016-01 (early adopted), 2016-05, 2017-04 (early adopted) and 2017-09 (early adopted) in the fourth quarter ended December 31, 2017 with no material impact on the consolidated financial statements. NEW ACCOUNTING PRONOUNCEMENTS In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU No. 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted and the amended presentation and disclosure guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires that an employer report the service cost component of net periodic benefit cost in the Consolidated Statements of Income in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. If a separate line item is used to present the other components of net benefit cost, that line item must be appropriately described. If a separate line item is not used, the line item used in the income statement to present the other components of net benefit cost must be disclosed. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. ASU No. 2017-07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier intends to adopt ASU No. 2017-07 in the Company’s first quarter 2018 Form 10-Q. Interest cost, expected return on plan assets and amortization of losses or gains are currently recorded in “Selling and general expenses” and “Cost of sales” in the Consolidated Statements of Income and “Timber and timberlands, net of depletion and amortization” in the Consolidated Balance Sheets. Upon adoption, these components of net period benefit cost will be recorded in “Interest income and miscellaneous income (expense), net.” As the Company froze benefits for all employees participating in the pension plan effective December 31, 2016, the service cost component of net period benefit is no longer recognized by Rayonier. Based on current actuarial estimates and management assumptions, Rayonier anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. See Note 15 — Employee Benefit Plans for the components of net periodic benefit cost. In November 2016, the FASB issued 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 Consolidated Statements of Cash Flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-18 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier intends to adopt ASU No. 2016-18 in the Company’s first quarter 2018 Form 10-Q. The Company currently records changes in restricted cash within the investing section of the Consolidated Statements of Cash Flows. Upon adoption, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows and therefore changes in restricted cash will not be reported as cash flow activities. Rayonier will continue to disclose the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. See Note 19 — Restricted Cash for additional information. 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 Consolidated Statements 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 anticipates the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which currently 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 on a modified retrospective basis beginning at the earliest period presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In May 2014, the FASB and 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, non-cash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. 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 expects to adopt using the cumulative-effect method. As of December 31, 2017, and subject to the Company’s ongoing evaluation of new transactions and contracts, Rayonier has substantially completed its evaluation of the expected impact of adopting Topic 606 and anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements aside from adding expanded disclosures. Rayonier is also currently identifying and implementing appropriate changes to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. A material change in controls over financial reporting is not anticipated. SUBSEQUENT EVENTS The Company has evaluated events occurring from December 31, 2017 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
Timberland Acquisitions | TIMBERLAND ACQUISITIONS In 2017, the Company acquired approximately 95,100 acres of timberlands (including approximately 11,000 acres of leased lands) in Florida, Georgia and South Carolina for $214.3 million using proceeds from the offering and sale of 5.75 million shares under the universal shelf registration along with like-kind exchange proceeds. In five additional transactions throughout 2017 , Rayonier purchased approximately 7,000 acres of timberland located in Georgia and Washington for approximately $7.2 million , which were funded with like-kind exchange proceeds. All acquisitions were accounted for as asset purchases. Additionally, in two transactions during 2017, the Company acquired forestry rights covering approximately 8,000 acres of timberland with mature timber in New Zealand for approximately $21.4 million . These acquisitions were funded through the short-term working capital facility, which was fully repaid during the year. In 2016, the Company completed a business combination that resulted in the acquisition of 61,000 acres of timberland in Oregon and Washington for a final purchase price of approximately $263 million . The acquisition was funded with proceeds received from a Large Disposition completed in May 2016 and by entering into a $300 million incremental term loan. 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, and borrowings under the revolving credit facility, and were accounted for as asset purchases. The following table summarizes the timberland acquisitions at December 31, 2017 and 2016 : 2017 2016 Cost Acres Cost Acres Florida $32,334 15,382 $14,323 6,937 Georgia 147,833 68,473 12,485 5,427 Oregon — — 239,896 55,603 South Carolina 39,884 17,651 — — Texas — — 77,139 37,513 Washington 1,483 481 22,638 5,247 New Zealand 21,376 7,546 — — Total Acquisitions $242,910 109,533 $366,481 110,727 |
Segment and Geographical Inform
Segment and Geographical Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | SEGMENT AND GEOGRAPHICAL INFORMATION Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Company’s timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. Sales in the Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. Real Estate sales include all U.S. property sales, including those lands designated as higher and better use (HBU). The Company’s Real Estate sales categories include Improved Development, Unimproved Development, Rural, Non-Strategic / Timberlands and Large Dispositions. Large Dispositions include sales of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in site improvements such as infrastructure. The Trading segment comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. Sales in the Trading segment also include log agency fees. The Trading segment primarily complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.” Segment information for each of the three years ended December 31, 2017 follows: Sales 2017 2016 2015 Southern Timber $144,510 $151,192 $157,845 Pacific Northwest Timber 91,877 77,802 80,214 New Zealand Timber 247,609 177,889 162,803 Real Estate (a) 183,016 299,350 86,493 Trading 152,584 109,682 81,445 Total $819,596 $815,915 $568,800 (a) The years 2017 and 2016 include Large Dispositions of $95.4 million and $207.3 million , respectively. Operating Income/(Loss) 2017 2016 2015 Southern Timber $42,254 $43,098 $46,669 Pacific Northwest Timber 1,127 (3,992 ) 6,917 New Zealand Timber 72,385 33,072 2,775 Real Estate (a) 116,038 202,379 44,263 Trading 4,578 2,002 1,247 Corporate and other (20,891 ) (20,782 ) (24,087 ) Total Operating Income 215,491 255,777 77,784 Unallocated interest expense and other (32,231 ) (32,943 ) (34,702 ) Total Income before Income Taxes $183,260 $222,834 $43,082 (a) The years 2017 and 2016 include Large Dispositions of $67.0 million and $143.9 million , respectively. Gross Capital Expenditures 2017 2016 2015 Capital Expenditures (a) Southern Timber $34,476 $33,487 $33,245 Pacific Northwest Timber 10,254 8,036 8,515 New Zealand Timber 17,046 16,095 15,143 Real Estate 1,348 315 313 Trading — — — Corporate and other 2,221 790 77 Total capital expenditures $65,345 $58,723 $57,293 Timberland Acquisitions Southern Timber $220,051 $103,947 $54,408 Pacific Northwest Timber 1,483 262,534 34,052 New Zealand Timber 21,376 — 9,949 Real Estate — — — Trading — — — Corporate and other — — — Total timberland acquisitions $242,910 $366,481 $98,409 Total Gross Capital Expenditures $308,255 $425,204 $155,702 (a) Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million , $6.3 million and $0.9 million and real estate development investments of $15.8 million , $8.7 million and $2.7 million in the years 2017, 2016 and 2015, respectively. Depreciation, Depletion and Amortization 2017 2016 2015 Southern Timber $49,357 $49,747 $54,299 Pacific Northwest Timber 32,008 25,246 14,842 New Zealand Timber 36,363 23,447 29,741 Real Estate (a) 27,479 52,304 14,533 Trading — — — Corporate and other 794 402 293 Total $146,001 $151,146 $113,708 (a) The years 2017 and 2016 include Large Dispositions of $18.4 million and $36.1 million , respectively. Non-Cash Cost of Land and Improved Development 2017 2016 2015 Southern Timber — — — Pacific Northwest Timber — — — New Zealand Timber 128 1,824 467 Real Estate (a) 23,370 32,038 12,042 Trading — — — Corporate and other — — — Total $23,498 $33,862 $12,509 (a) The years 2017 and 2016 include Large Dispositions of $9.8 million and $22.2 million , respectively. Sales by Product Line 2017 2016 2015 Southern Timber $144,510 $151,192 $157,845 Pacific Northwest Timber 91,877 77,802 80,214 New Zealand Timber 247,609 177,889 162,803 Real Estate Improved Development 6,348 1,740 2,610 Unimproved Development 16,405 5,540 6,399 Rural 18,632 18,672 22,653 Non-Strategic / Timberlands 46,280 66,133 54,831 Large Dispositions 95,351 207,265 — Total Real Estate 183,016 299,350 86,493 Trading 152,584 109,682 81,445 Total Sales $819,596 $815,915 $568,800 Geographical Operating Information Sales Operating Income Identifiable Assets 2017 2016 2015 2017 2016 2015 2017 2016 United States $419,403 $528,344 $324,552 $138,528 $220,703 $73,749 $2,331,230 $2,181,658 New Zealand 400,193 287,571 244,248 76,963 35,074 4,035 527,251 504,102 Total $819,596 $815,915 $568,800 $215,491 $255,777 $77,784 $2,858,481 $2,685,760 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Rayonier’s debt consisted of the following at December 31, 2017 and 2016 : 2017 2016 Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017 $350,000 $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017 300,000 300,000 Mortgage notes repaid in 2017 at fixed interest rates of 4.35% (a) — 31,676 Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017 50,000 25,000 Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016 — 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 3,375 18,796 Total debt 1,028,375 1,065,472 Less: Current maturities of long-term debt (3,375 ) (31,676 ) Less: Deferred financing costs (2,996 ) (3,591 ) Long-term debt, net of deferred financing costs $1,022,004 $1,030,205 Principal payments due during the next five years and thereafter are as follows: 2018 $3,375 2019 — 2020 50,000 2021 — 2022 325,000 Thereafter 650,000 Total debt $1,028,375 (a) The mortgage notes, repaid in August 2017, were recorded at a premium of $0.2 million as of December 31, 2016 . 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, 2017, the periodic interest rate on the term loan facility was LIBOR plus 1.625% . Monthly payments of interest only are due on this loan through maturity. 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 swaps and estimated patronage refunds. For additional information on the Company’s interest rate swaps see Note 13 — Derivative Financial Instruments and Hedging Activities . 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. Semi-annual payments of interest only are due on these notes through maturity. The guarantors were revised in October 2012, leaving TRS and Rayonier Operating Company LLC as the remaining guarantors. See Note 24 - Consolidating Financial Statements for further information regarding the subsidiary 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, 2017, the periodic interest rate on the incremental term loan was LIBOR plus 1.900% . Monthly payments of interest only are due on this loan through maturity. 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. For additional information on the Company’s interest rate swaps see Note 13 — Derivative Financial Instruments and Hedging Activities . $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 had 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 remaining principal on the notes of $31.5 million was repaid in August 2017. 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, 2017, the periodic interest rate on the revolving credit facility was LIBOR plus 1.250% , with an unused commitment fee of 0.175% . Monthly payments of interest only are due on this loan through maturity. At December 31, 2017 , the Company had $139.6 million of available borrowings under this facility, net of $10.4 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 with a remaining principal outstanding of $3 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 was classified as short-term debt at December 31, 2017 since the Company’s intent is to fully repay the loan in 2018. 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. Both working capital facilities were renewed in 2017 for an additional 12-month term, with new expiration dates of June 30, 2018 and December 31, 2018. 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. During the year ended December 31, 2017, the New Zealand JV made borrowings and repayments of $38.4 million on its working capital facility. At December 31, 2017 , there was no outstanding balance on the Working Capital Facility. DEBT COVENANTS In connection with the Company’s $350 million term credit agreement (the “Term Credit Agreement”), $300 million incremental term loan agreement (the “Incremental Term Loan Agreement”) and $200 million revolving credit facility (“the Revolving Credit Facility”), customary covenants must be met, the most significant of which include interest coverage and leverage ratios. In addition to these financial covenants listed above, the Senior Notes, Term Credit Agreement, Incremental Term Loan Agreement and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2017 , 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, 2017 | |
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, 2016 to December 31, 2017 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, 2016 $59,956 $10,418 $70,374 Plus: Current portion (a) 5,096 11,963 17,059 Total Balance at December 31, 2016 65,052 22,381 87,433 Non-cash cost of land and improved development (2,165 ) (4,554 ) (6,719 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (2,768 ) — (2,768 ) Capitalized real estate development investments (b) — 15,784 15,784 Capital expenditures (silviculture) 428 — 428 Intersegment transfers 5,808 (819 ) 4,989 Total Balance at December 31, 2017 66,355 32,792 99,147 Less: Current portion (a) (6,702 ) (11,648 ) (18,350 ) Non-current portion at December 31, 2017 $59,653 $21,144 $80,797 (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 $0.4 million of capitalized interest. |
Joint Venture Investment
Joint Venture Investment | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Joint Venture Investment | JOINT VENTURE INVESTMENT The Company maintains a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand JV”), a joint venture that owns or leases approximately 0.4 million legal acres of New Zealand timberland. Accordingly, the Company 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, 2017 | |
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 for the three years ended December 31 : 2017 2016 2015 Operating Leases $1,992 $2,049 $2,349 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) for the three years ended December 31 : 2017 2016 2015 Long-Term Leases and Deeds on Timberlands $10,731 $10,710 $11,342 At December 31, 2017 , 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 2018 $1,135 $9,698 $11,792 $22,625 2019 914 9,303 6,522 16,739 2020 733 9,040 6,277 16,050 2021 639 8,866 4,017 13,522 2022 608 8,817 3,562 12,987 Thereafter (c) 635 155,232 6,245 162,112 $4,664 $200,956 $38,415 $244,035 (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 $2.9 million of pension contribution requirements in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Wildlight development project and other purchase obligations. For additional information on the pension contribution see Note 15 — Employee Benefit Plans . (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, 2017 , the New Zealand JV has three CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, 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, 2017 | |
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 (“TRS”). During 2017, 2016 and 2015, the primary businesses performed in the TRS included log trading and certain real estate activities, such as the sale and entitlement of development HBU properties. 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: 2017 2016 2015 Current U.S. federal $261 — ($624 ) State (38 ) (254 ) 226 Foreign (245 ) (241 ) (308 ) (22 ) (495 ) (706 ) Deferred U.S. federal 13,028 5,403 3,702 State — (280 ) 107 Foreign (21,659 ) (6,079 ) 2,360 (8,631 ) (956 ) 6,169 Changes in valuation allowance (13,028 ) (3,613 ) (4,604 ) Total ($21,681 ) ($5,064 ) $859 A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: 2017 2016 2015 U.S. federal statutory income tax rate ($64,141 ) (35.0 )% ($77,992 ) (35.0 )% ($15,079 ) (35.0 )% U.S. and foreign REIT income 63,813 34.8 82,037 36.8 17,191 39.9 Matariki Group and Rayonier New Zealand Ltd (19,182 ) (10.5 ) (4,799 ) (2.2 ) 3,457 8.0 Transition tax (3,506 ) (1.9 ) — — — — Change in valuation allowance (13,028 ) (7.1 ) (3,613 ) (1.6 ) (3,607 ) (8.4 ) ASU No. 2016-16 adoption impact 16,631 9.1 — — — — Deemed repatriation of unremitted foreign earnings 7,368 4.0 — — — — Reduction of deferred tax asset for statutory rate change (10,499 ) (5.7 ) — — — — CBPC valuation allowance — — — — (997 ) (2.3 ) Other 863 0.5 (697 ) (0.3 ) (106 ) (0.2 ) Income tax (expense) benefit as reported for net income ($21,681 ) (11.8 )% ($5,064 ) (2.3 )% $859 2.0 % 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. 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: 2017 2016 Gross deferred tax assets: Pension, postretirement and other employee benefits $1,017 $1,648 New Zealand JV 40,224 60,452 CBPC Tax Credit Carry Forwards 14,641 14,641 Capitalized real estate costs 7,058 11,489 U.S. TRS Net Operating Loss 1,872 4,730 Land basis difference 11,090 — Other 5,079 9,165 Total gross deferred tax assets 80,981 102,125 Less: Valuation allowance (34,889 ) (21,861 ) Total deferred tax assets after valuation allowance $46,092 $80,264 Gross deferred tax liabilities: Accelerated depreciation (35 ) (1,322 ) Repatriation of foreign earnings — (7,368 ) New Zealand JV (72,527 ) (70,315 ) Timber installment sale (4,706 ) (7,601 ) Other (1,270 ) (3,833 ) Total gross deferred tax liabilities (78,538 ) (90,439 ) Net deferred tax liability reported as noncurrent ($32,446 ) ($10,175 ) Included below are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2017 : Gross Amount Valuation Allowance Expiration 2017 New Zealand JV NOL Carryforwards $137,949 — None U.S. Net Deferred Tax Asset 20,248 (20,248 ) None Cellulosic Biofuel Producer Credit 14,641 (14,641 ) 2019 Total Valuation Allowance ($34,889 ) 2016 New Zealand JV NOL Carryforwards $215,898 — None U.S. Net Deferred Tax Asset 7,220 (7,220 ) None Cellulosic Biofuel Producer Credit 14,641 (14,641 ) 2019 Total Valuation Allowance ($21,861 ) PREPAID TAXES In the first quarter of 2017, the Company early adopted ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory . ASU No. 2016-16 requires income tax consequences of intra-entity transfers of assets other than inventory be recognized in the period in which they occur. See Note 2 - Summary of Significant Accounting Policies . As a result, a cumulative-effect adjustment to retained earnings was recorded for the 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 TRS. Taxes for the transaction were paid at the time of sale, but the gain and income tax expense were deferred. See the Consolidated Statement of Shareholders’ Equity for the cumulative-effect adjustment to retained earnings due to the adoption of this standard. UNRECOGNIZED TAX BENEFITS 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: 2017 2016 2015 Balance at January 1, $135 $135 — Decreases related to prior year tax positions (135 ) — — 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 and December 31, 2015 related to a prior year deduction, in conjunction with the spin-off of the Performance Fibers business. The unrecognized tax benefit was reduced to zero in 2017 due to the lapse of the applicable statute of limitations. There is no amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2017 , 2016 and 2015 . The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. The Company recorded no benefit to interest expense in 2017, 2016 and 2015, respectively. The Company had no recorded liabilities for the payment of interest at December 31, 2017 and 2016 . 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 2014 - 2016 New Zealand Inland Revenue 2012 - 2016 U.S. TAX REFORM The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017 making significant changes to the Internal Revenue Code. Changes include a permanent reduction in the U.S. statutory corporate income tax rate from 35% to 21% beginning in 2018 and a one-time transition tax on the deemed repatriation of deferred foreign earnings as of December 31, 2017. The SEC issued Staff Accounting Bulletin 118 (“SAB 118”), which provides additional clarification regarding the application of ASC Topic 740 when registrants do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Act for the reporting period in which the Act was enacted. SAB 118 provides a measurement period beginning in the reporting period that includes the Act’s enactment date and ending when the registrant has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements, but in no circumstances should the measurement period extend beyond one year from the enactment date. The Company has not completed its assessment of the accounting implications of the Act. However, the Company has reasonably calculated an estimate of the impact of the Act in the year end income tax provision and recorded $0.1 million of additional income tax expense as of December 31, 2017. This amount was offset by the Alternative Minimum Tax credit benefit, resulting in a zero net effect to income tax expense. This provisional amount is related to the one-time transition tax on the deemed repatriation of deferred foreign earnings as of December 31, 2017. The remeasurement of certain deferred tax assets and liabilities resulting from the permanent reduction in the U.S. statutory corporate tax rate resulted in a provisional amount of zero as the change in rate was offset by the change in the valuation allowance. As the Company completes its analysis of the Act, it may make adjustments to the provisional amounts. Any subsequent adjustments to these amounts will be recorded to current tax expense in 2018 when the analysis is complete. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES In re Rayonier Inc. Securities Litigation 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. On December 31, 2016, the case continued to be in the discovery phase and the Company could not determine whether there was a reasonable likelihood a material loss had been incurred nor could the range of any such loss be estimated. On March 13, 2017, the Company reached an agreement in principle to settle the case and all parties executed a term sheet memorializing such agreement. The parties executed and filed with the Court the Stipulation and Agreement of Settlement on April 12, 2017 (the “Settlement Agreement”), which Settlement Agreement included the material terms contained in the term sheet executed on March 13. Pursuant to the terms of the Settlement Agreement, which was subject to Court approval and requests for exclusion by members of the settlement class, the Company agreed to cause certain of its directors’ and officers’ liability insurance carriers to fund a settlement payment to the class of $73 million (the “Settlement Fund”). The insurance carriers fully funded the Settlement Fund by deposits in an escrow account as required by the Settlement Agreement. On September 19, 2017, the court held the final fairness hearing as to the settlement. The amounts agreed to on March 13, 2017, including the realized amount funded by the insurance carriers, were reflected in the Company’s Consolidated Financial Statements as of September 30, 2017. On October 5, 2017, the court entered orders approving the settlement and plan of distribution, dismissing the case against all defendants with prejudice and awarding Plaintiffs’ counsel certain fees and cost reimbursements to be paid from the Settlement Fund. Derivative Claims 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 (“Derivative Claims”). 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. On October 13, 2017, counsel for all five shareholders involved in the Derivative Claims filed a complaint in the name of one of the shareholders from whom the Company received a request to investigate. That case is pending in the United States District Court for the Middle District of Florida and is styled Molloy v. Boynton, et al. , Civil Action No. 3:17-cv-01157-TJC-MCR. The complaint alleges breaches of fiduciary duties and unjust enrichment and names as defendants, former officers Paul G. Boynton, Hans E. Vanden Noort and N. Lynn Wilson, and former directors C. David Brown, II, Mark E. Gaumond, James H. Miller, Thomas I. Morgan and Ronald Townsend. 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 large deductible insurance plans, primarily in the areas of executive risk, property, automobile 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, 2017 | |
Guarantees [Abstract] | |
Guarantees | GUARANTEES The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2017 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Liability Standby letters of credit (a) $10,353 — Guarantees (b) 2,254 43 Surety bonds (c) 1,284 — Total financial commitments $13,891 $43 (a) Approximately $9.2 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 2018 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, 2017 , 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 performance obligations related to various operational activities and to provide collateral for outstanding claims under the Company’s previous workers’ compensation self-insurance programs in Washington and Florida. 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 2018 and are expected to be renewed as required. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
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 : 2017 2016 2015 Net Income $161,579 $217,770 $43,941 Less: Net income (loss) attributable to noncontrolling interest 12,737 5,798 (2,224 ) Net income attributable to Rayonier Inc. $148,842 $211,972 $46,165 Shares used for determining basic earnings per common share 127,367,608 122,585,200 125,385,085 Dilutive effect of: Stock options 91,956 92,473 116,792 Performance and restricted shares 350,385 134,650 39,863 Assumed conversion of Senior Exchangeable Notes (a) — — 358,449 Assumed conversion of warrants (a) — — — Shares used for determining diluted earnings per common share 127,809,949 122,812,323 125,900,189 Basic earnings per common share attributable to Rayonier Inc.: $1.17 $1.73 $0.37 Diluted earnings per common share attributable to Rayonier Inc.: $1.16 $1.73 $0.37 2017 2016 2015 Anti-dilutive shares excluded from computations of diluted earnings per share: Stock options, performance and restricted shares 596,061 829,469 897,800 Assumed conversion of exchangeable note hedges (a) — — 358,449 Total 596,061 829,469 1,256,249 (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, 2017 | |
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, 2017 , foreign currency exchange contracts and foreign currency option contracts had maturity dates through May 2019 and March 2019, 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. Through our ownership in the New Zealand JV, the Company is exposed to foreign currency risk on shareholder loan payments which are denominated in N.Z. dollars. On behalf of the Company, the New Zealand JV typically hedges 60% to 100% of its estimated foreign currency exposure with respect to the following three months forecasted distributions, up to 75% of forecasted distributions for the forward three to six months and up to 50% of the forward six to 12 months. For the year ended December 31, 2017, the change in fair value of the foreign exchange forward contracts of $0.1 million was recorded in “Interest income and miscellaneous income (expense), net” as the contracts did not qualify for hedge accounting treatment. As of December 31, 2017, foreign exchange forward contracts had maturity dates through June 2018 . INTEREST RATE SWAPS The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement and Incremental Term Loan (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. For additional information on the Company’s interest rate swaps see Note 5 — Debt . The following table contains information on the outstanding interest rate swaps as of December 31, 2017: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.63 % 3.83 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.63 % 3.98 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. 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, 2017 , 2016 and 2015 . Location on Statement of Income and Comprehensive Income 2017 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $2,100 $867 ($205 ) Foreign currency option contracts Other comprehensive income (loss) (52 ) 1,035 370 Interest rate swaps Other comprehensive income (loss) 4,214 21,422 (10,197 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — — 2,875 Foreign currency option contracts Other comprehensive income (loss) — (4,606 ) 4,606 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating (income) expense, net — 895 — Interest income and miscellaneous income (expense), net 47 — — Foreign currency option contracts Other operating (income) expense, net — 258 1,394 Interest rate swaps Interest income and miscellaneous income (expense), net — (1,219 ) (4,391 ) During the next 12 months, the amount of the December 31, 2017 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 $1.8 million . The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016 : Notional Amount 2017 2016 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $107,400 $44,800 Foreign currency option contracts 48,000 91,000 Interest rate swaps 650,000 650,000 Derivatives not designated as hedging instruments: Foreign currency exchange contracts 18,439 — The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016 . 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 2017 2016 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $2,286 $692 Other assets 538 33 Other current liabilities (37 ) (261 ) Foreign currency option contracts Other current assets 389 1,064 Other assets 137 327 Other current liabilities (119 ) (574 ) Other non-current liabilities (55 ) (426 ) Interest rate swaps Other assets 17,473 17,204 Other non-current liabilities (2,033 ) (5,979 ) Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other current assets 209 — Other current liabilities (189 ) — Total derivative contracts: Other current assets $2,884 $1,756 Other assets 18,148 17,564 Total derivative assets $21,032 $19,320 Other current liabilities (345 ) (835 ) Other non-current liabilities (2,088 ) (6,405 ) Total derivative liabilities ($2,433 ) ($7,240 ) (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, 2017 | |
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, 2017 and 2016 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: December 31, 2017 December 31, 2016 Asset (liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $112,653 $112,653 — $85,909 $85,909 — Restricted cash (b) 59,703 59,703 — 71,708 71,708 — Current maturities of long-term debt (3,375 ) — (3,375 ) (31,676 ) — (31,984 ) Long-term debt (c) (1,022,004 ) — (1,030,135 ) (1,030,205 ) — (1,030,708 ) Interest rate swaps (d) 15,440 — 15,440 11,225 — 11,225 Foreign currency exchange contracts (d) 2,807 — 2,807 464 — 464 Foreign currency option contracts (d) 352 — 352 391 — 391 (a) The Company did not have Level 3 assets or liabilities at December 31, 2017 and 2016 . (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. See Note 19 - Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 5 — Debt 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, 2017 | |
Retirement Benefits [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 provides 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 2017 2016 2017 2016 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $81,752 $84,005 $1,285 $1,159 Service cost — 1,307 6 4 Interest cost 3,259 3,474 53 42 Curtailment gain — (5,447 ) — — Actuarial loss 6,123 1,296 89 99 Benefits paid (3,148 ) (2,883 ) (13 ) (19 ) Projected benefit obligation at end of year $87,986 $81,752 $1,420 $1,285 Change in Plan Assets Fair value of plan assets at beginning of year $51,114 $50,970 — — Actual return on plan assets 9,909 3,557 — — Employer contributions 90 29 13 19 Benefits paid (3,148 ) (2,883 ) (13 ) (19 ) Other expense (588 ) (559 ) — — Fair value of plan assets at end of year $57,377 $51,114 — — Funded Status at End of Year: Net accrued benefit cost ($30,609 ) ($30,638 ) ($1,420 ) ($1,285 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($92 ) ($36 ) ($32 ) ($30 ) Noncurrent liabilities (30,517 ) (30,602 ) (1,388 ) (1,255 ) Net amount recognized ($30,609 ) ($30,638 ) ($1,420 ) ($1,285 ) Net gains or losses recognized in other comprehensive income for the three years ended December 31 are as follows: Pension Postretirement 2017 2016 2015 2017 2016 2015 Net (losses) gains ($583 ) $3,119 ($477 ) ($89 ) ($99 ) $123 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 2017 2016 2015 2017 2016 2015 Amortization of losses (gains) $466 $2,526 $3,733 ($1 ) ($13 ) $12 Amortization of prior service cost — — 13 — — — 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 2017 2016 2017 2016 Net (losses) gains ($22,183 ) ($22,065 ) ($157 ) ($67 ) Deferred income tax benefit 1,927 1,927 6 6 AOCI ($20,256 ) ($20,138 ) ($151 ) ($61 ) 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: 2017 2016 Projected benefit obligation $87,986 $81,752 Accumulated benefit obligation 87,986 81,752 Fair value of plan assets 57,377 51,114 The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31 : Pension Postretirement 2017 2016 2015 2017 2016 2015 Components of Net Periodic Benefit (Credit) Cost Service cost — $1,307 $1,484 $6 $4 $11 Interest cost 3,259 3,474 3,319 53 42 52 Expected return on plan assets (3,781 ) (4,030 ) (4,027 ) — — — Amortization of prior service cost — — 13 — — — Amortization of losses (gains) 466 2,526 3,733 (1 ) (13 ) 12 Net periodic benefit (credit) cost (a) ($56 ) $3,277 $4,522 $58 $33 $75 The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows: Pension Postretirement Amortization of loss $635 $2 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 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at December 31: Discount rate 3.48 % 4.01 % 4.20 % 3.56 % 4.12 % 4.34 % Rate of compensation increase — 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.01 % 4.20 % 3.80 % 4.12 % 4.34 % 3.96 % Expected long-term return on plan assets 7.17 % 7.70 % 7.70 % — — — Rate of compensation increase — 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % At December 31, 2017 , the pension plan’s discount rate was 3.5% , which closely approximates interest rates on high quality, long-term obligations. In 2017 , the expected return on plan assets was reduced to 7.2% 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 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, 2017 and 2016 , and target allocation ranges by asset category are as follows: Percentage of Plan Assets Target Allocation Range Asset Category 2017 2016 Domestic equity securities 41 % 41 % 35-45% International equity securities 26 % 25 % 20-30% Domestic fixed income securities 26 % 26 % 25-29% International fixed income securities 4 % 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, 2017 or 2016 . 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, 2017 and 2016 . Fair Value at December 31, 2017 Fair Value at December 31, 2016 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments at Fair Value: Mutual Funds $8,986 — — $8,986 $13,962 — — $13,962 Investments at Net Asset Value: Common Collective Trusts 48,391 37,152 Total Investments at Fair Value $57,377 $51,114 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, 2017 and 2016. CASH FLOWS Expected benefit payments for the next 10 years are as follows: Pension Benefits Postretirement Benefits 2018 $3,315 $32 2019 3,478 35 2020 3,670 37 2021 3,770 40 2022 4,028 43 2023 - 2027 21,803 260 The Company has approximately $2.9 million of pension contribution requirements in 2018. DEFINED CONTRIBUTION PLANS The Company provides defined contribution plans to all of its hourly and salaried employees. Company match contributions charged to expense for these plans were $0.8 million , $0.7 million and $0.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $12.3 million and $12.8 million at December 31, 2017 and 2016 , 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 frozen. In lieu of the pension plan, employees are eligible to receive an enhanced match contribution. Company enhanced match contributions charged to expense for the years ended December 31, 2017 , 2016 and 2015 were $0.8 million , $0.5 million and $0.4 million , respectively. |
Incentive Stock Plans
Incentive Stock Plans | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , a total of 5.1 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: 2017 2016 2015 Selling and general expenses $4,784 $4,607 $3,752 Cost of sales 556 487 635 Timber and Timberlands, net (a) 56 42 97 Total stock-based compensation $5,396 $5,136 $4,484 Tax benefit recognized related to stock-based compensation expense (b) $249 $483 $302 (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. FAIR VALUE CALCULATIONS BY AWARD RESTRICTED STOCK Restricted stock granted to employees under the Stock Plan generally vests in fourths on the first, second, third and fourth anniversary of the grant date. Restricted stock granted to senior management 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. Generally, holders of restricted stock receive dividend equivalent payments on outstanding restricted shares. 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. As of December 31, 2017 , there was $4.3 million of unrecognized compensation cost solely attributable to Rayonier restricted stock held by Rayonier employees. The Company expects to recognize this cost over a weighted average period of 3.0 years. A summary of the Company’s restricted shares is presented below: 2017 2016 2015 Restricted shares granted 97,643 106,326 96,088 Weighted average price of restricted shares granted $28.18 $25.08 $26.28 Intrinsic value of restricted stock outstanding (a) 8,906 6,177 4,434 Grant date fair value of restricted stock vested 1,198 2,248 2,632 Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested $176 $178 $122 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2017 . 2017 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Shares at January 1, 232,231 $29.47 Granted 97,643 28.18 Vested (42,808 ) 27.98 Cancelled (5,497 ) 26.22 Non-vested Restricted Shares at December 31, 281,569 $29.32 PERFORMANCE SHARES 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 on a straight-line basis over the vesting period. The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2017 , there was $4.3 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is solely attributable to awards granted in 2015, 2016 and 2017 to Rayonier employees. This cost is expected to be recognized over a weighted average period of 1.8 years. A summary of the Company’s performance share units is presented below: 2017 2016 2015 Common shares of Company stock reserved for performance shares granted during year 226,448 250,584 219,844 Weighted average fair value of performance share units granted $32.17 $28.79 $29.62 Intrinsic value of outstanding performance share units (a) 10,414 7,482 3,822 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 — — — (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2017 . 2017 Number of Units Weighted Average Grant Date Fair Value Outstanding Performance Share units at January 1, 281,288 $31.35 Granted 113,224 32.17 Other Cancellations/Adjustments (65,273 ) 38.56 Outstanding Performance Share units at December 31, 329,239 $30.21 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, 2017 : 2017 2016 2015 Expected volatility 23.3 % 25.4 % 21.9 % Risk-free rate 1.5 % 0.9 % 0.9 % 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. 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 summary of the status of the Company’s stock options as of and for the year ended December 31, 2017 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. 2017 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, 1,079,800 $28.16 Granted — — Exercised (229,006 ) 20.75 Cancelled or expired (9,728 ) 33.00 Options outstanding at December 31, 841,066 30.13 4.2 $2,589 Options exercisable at December 31, 841,066 $30.13 4.2 $2,589 A summary of additional information pertaining to the Company’s stock options is presented below: 2017 2016 2015 Intrinsic value of options exercised (a) $1,993 $539 $773 Fair value of options vested 6,138 1,317 1,938 Cash received from exercise of options 4,751 1,576 2,117 (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, 2017 , compensation cost related to Rayonier and Rayonier Advanced Materials stock options held by the Company’s employees was fully recognized. |
Other Operating Income (Expense
Other Operating Income (Expense), Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Operating Income (Expense), Net | OTHER OPERATING INCOME (EXPENSE), NET The following table provides the composition of Other operating income (expense), net for the three years ended December 31 : 2017 2016 2015 Foreign currency (loss) income ($394 ) $283 ($89 ) (Loss) gain on sale or disposal of property plant & equipment (68 ) 85 7 Gain (loss) on foreign currency exchange and option contracts 3,438 (645 ) (5,338 ) Deferred payments related to prior land sales — 8,658 — Costs related to business combination — (1,316 ) — Gain on foreign currency derivatives (a) — 1,153 — New Zealand JV log trading marketing fees 1,222 951 976 Miscellaneous income (expense), net 195 (83 ) 896 Total $4,393 $9,086 ($3,548 ) (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. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of December 31, 2017 and 2016 , Rayonier’s inventory was solely comprised of finished goods, as follows: 2017 2016 Finished goods inventory Real estate inventory (a) $18,350 $17,059 Log inventory 5,791 4,320 Total inventory $24,141 $21,379 (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 Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2017 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash | RESTRICTED CASH 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, 2017 and 2016 , the Company had $59.7 million and $71.7 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, 2017 | |
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 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, 2017 , New Zealand JV goodwill was $8.8 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, 2017, there is no indication of impairment of goodwill as of December 31, 2017 . 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, 2017 and 2016 were: 2017 2016 Balance, January 1 (net of $0 of accumulated impairment) $8,679 $8,478 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment 97 201 Balance, December 31 (net of $0 of accumulated impairment) $8,776 $8,679 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, 2017 and 2016 , long-term prepaid roads in the Pacific Northwest were $3.7 million and $3.2 million , respectively. At December 31, 2017 and 2016 , long-term secondary roads in New Zealand were $2.7 million and $2.2 million , respectively. 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 effective interest method. At December 31, 2017 and 2016 , capitalized debt issuance costs on revolving debt were $0.3 million and $0.5 million , respectively. Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2017 and 2016 , capitalized software costs were $4.1 million and $4.1 million , respectively. |
Assets Held For Sale
Assets Held For Sale | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Assets Held For Sale | ASSETS HELD FOR SALE Assets held for sale is composed of properties expected to be sold within the next 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of December 31, 2017, there were no properties identified that met this classification. As of December 31, 2016, the basis in properties meeting this classification was $23.2 million . Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 . All amounts are presented net of tax effect and exclude portions attributable to noncontrolling interest. Foreign currency translation gains/(losses) Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2015 ($2,450 ) $6,271 ($11,592 ) ($25,732 ) ($33,503 ) Other comprehensive income before reclassifications 7,387 — 22,024 3,020 (b) 32,431 Amounts reclassified from accumulated other comprehensive income — (4,606 ) 583 2,513 (c) (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 Other comprehensive income/(loss) before reclassifications 7,416 — 7,321 (a) (673 ) 14,064 Amounts reclassified from accumulated other comprehensive income — — (1,968 ) 465 (c) (1,503 ) Net other comprehensive income/(loss) 7,416 — 5,353 (208 ) 12,561 Balance as of December 31, 2017 $15,975 $1,665 $16,184 ($20,407 ) $13,417 (a) Includes $4.2 million of other comprehensive gain related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information. (b) 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. (c) 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. The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2017 and 2016 : Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement 2017 2016 Realized (gain) loss on foreign currency exchange contracts ($2,631 ) $759 Other operating (income) expense, net Realized (gain) loss on foreign currency option contracts (919 ) 436 Other operating (income) expense, net Noncontrolling interest 817 (385 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax expense (benefit) from foreign currency contracts 765 (227 ) Income tax (expense) benefit (Note 9) Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($1,968 ) $583 |
Quarterly Results for 2017 and
Quarterly Results for 2017 and 2016 (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results for 2017 and 2016 (UNAUDITED) | QUARTERLY RESULTS FOR 2017 and 2016 (UNAUDITED) (thousands of dollars, except per share amounts) Quarter Ended Total Year Mar. 31 June 30 Sept. 30 Dec. 31 2017 Sales $194,491 $200,964 $184,419 $239,722 $819,596 Cost of sales 136,828 144,610 136,983 149,832 568,253 Net Income 35,083 30,773 28,803 66,920 161,579 Net Income attributable to Rayonier Inc. 33,843 26,161 24,688 64,150 148,842 Basic EPS attributable to Rayonier Inc. $0.27 $0.20 $0.19 $0.50 $1.17 Diluted EPS attributable to Rayonier Inc. $0.27 $0.20 $0.19 $0.50 $1.16 2016 Sales $140,575 $269,171 $176,867 $229,302 $815,915 Cost of sales 108,447 138,480 116,922 162,590 526,439 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 In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of non-timber income, including lease and license income, carbon credit sales, log agency fees and other non-timber income, net of costs, from “Other Operating Income, Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented. For additional information on this classification change see Note 2 — Summary of Significant Accounting Policies . See table below for 2017 amounts prior to reclassification and 2016 amounts historically presented: Quarter Ended Total Year Mar. 31 June 30 Sept. 30 Dec. 31 2017 Sales $186,512 $194,719 $177,946 $233,482 $792,659 Cost of sales 136,413 143,687 136,583 149,206 565,889 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 |
Consolidating Financial Stateme
Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
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. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $819,596 — $819,596 Costs and Expenses Cost of sales — — 568,253 — 568,253 Selling and general expenses — 16,797 23,448 — 40,245 Other operating expense (income), net — 479 (4,872 ) — (4,393 ) — 17,276 586,829 — 604,105 OPERATING (LOSS) INCOME — (17,276 ) 232,767 — 215,491 Interest expense (12,556 ) (19,699 ) (1,816 ) — (34,071 ) Interest and miscellaneous income (expense), net 9,679 2,878 (10,717 ) — 1,840 Equity in income from subsidiaries 151,719 186,388 — (338,107 ) — INCOME BEFORE INCOME TAXES 148,842 152,291 220,234 (338,107 ) 183,260 Income tax expense — (572 ) (21,109 ) — (21,681 ) NET INCOME 148,842 151,719 199,125 (338,107 ) 161,579 Less: Net income attributable to noncontrolling interest — — 12,737 — 12,737 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 148,842 151,719 186,388 (338,107 ) 148,842 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment 7,416 — 9,114 (7,416 ) 9,114 New Zealand joint venture cash flow hedges 5,353 4,214 1,479 (5,353 ) 5,693 Actuarial change and amortization of pension and postretirement plan liabilities (208 ) (208 ) — 208 (208 ) Total other comprehensive income 12,561 4,006 10,593 (12,561 ) 14,599 COMPREHENSIVE INCOME 161,403 155,725 209,718 (350,668 ) 176,178 Less: Comprehensive income attributable to noncontrolling interest — — 14,775 — 14,775 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $161,403 $155,725 $194,943 ($350,668 ) $161,403 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $815,915 — $815,915 Costs and Expenses Cost of sales — — 526,439 — 526,439 Selling and general expenses — 15,253 27,532 — 42,785 Other operating expense (income), net — 448 (9,534 ) — (9,086 ) — 15,701 544,437 — 560,138 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 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. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $568,800 — $568,800 Costs and Expenses Cost of sales — — 441,718 — 441,718 Selling and general expenses — 20,468 25,282 — 45,750 Other operating (income) expense, net — (404 ) 3,952 — 3,548 — 20,064 470,952 — 491,016 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 BALANCE SHEETS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $48,564 $25,042 $39,047 — $112,653 Accounts receivable, less allowance for doubtful accounts — 3,726 23,967 — 27,693 Inventory — — 24,141 — 24,141 Prepaid logging roads — — 11,207 — 11,207 Prepaid expenses — 759 4,027 — 4,786 Other current assets — 14 3,033 — 3,047 Total current assets 48,564 29,541 105,422 — 183,527 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,462,066 — 2,462,066 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 80,797 — 80,797 NET PROPERTY, PLANT AND EQUIPMENT — 21 23,357 — 23,378 RESTRICTED CASH — — 59,703 — 59,703 INVESTMENT IN SUBSIDIARIES 1,531,156 2,814,408 — (4,345,564 ) — INTERCOMPANY RECEIVABLE 40,067 (628,167 ) 588,100 — — OTHER ASSETS 2 12,680 36,328 — 49,010 TOTAL ASSETS $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,838 $22,310 — $25,148 Current maturities of long-term debt — — 3,375 — 3,375 Accrued taxes — 48 3,733 — 3,781 Accrued payroll and benefits — 5,298 4,364 — 9,662 Accrued interest 3,047 1,995 12 — 5,054 Deferred revenue — — 9,721 — 9,721 Other current liabilities — 564 11,243 — 11,807 Total current liabilities 3,047 10,743 54,758 — 68,548 LONG-TERM DEBT 323,434 663,570 35,000 — 1,022,004 PENSION AND OTHER POSTRETIREMENT BENEFITS — 32,589 (684 ) — 31,905 OTHER NON-CURRENT LIABILITIES — 9,386 33,698 — 43,084 INTERCOMPANY PAYABLE (299,715 ) (18,961 ) 318,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,814,408 (4,345,564 ) 1,593,023 Noncontrolling interest — — 99,917 — 99,917 TOTAL SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,914,325 (4,345,564 ) 1,692,940 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. 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 INVESTMENTS — — 70,374 — 70,374 NET PROPERTY, PLANT AND EQUIPMENT — 177 13,857 — 14,034 RESTRICTED CASH — — 71,708 — 71,708 INVESTMENT IN SUBSIDIARIES 1,422,081 2,671,428 — (4,093,509 ) — INTERCOMPANY RECEIVABLES 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 Deferred revenue — — 9,099 — 9,099 Other current liabilities — 165 11,415 — 11,580 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 STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($48,104 ) $111,431 $192,957 — $256,284 INVESTING ACTIVITIES Capital expenditures — — (65,345 ) — (65,345 ) Real estate development investments — — (15,784 ) — (15,784 ) Purchase of timberlands — — (242,910 ) — (242,910 ) Net proceeds from Large Dispositions — — 95,243 — 95,243 Rayonier office building under construction — — (6,084 ) — (6,084 ) Change in restricted cash — — 12,005 — 12,005 Investment in subsidiaries — 38,546 — (38,546 ) — Other — — (373 ) — (373 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 38,546 (223,248 ) (38,546 ) (223,248 ) FINANCING ACTIVITIES Issuance of debt — 25,000 38,389 — 63,389 Repayment of debt — (15,000 ) (85,157 ) — (100,157 ) Dividends paid (127,069 ) — — — (127,069 ) Proceeds from the issuance of common shares 4,751 — — — 4,751 Proceeds from the issuance of common shares from equity offering, net of costs 152,390 — — — 152,390 Repurchase of common shares (176 ) — — — (176 ) Issuance of intercompany notes (32,000 ) — 32,000 — — Intercompany distributions 77,319 (144,396 ) 28,531 38,546 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 75,215 (134,396 ) 13,763 38,546 (6,872 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 580 — 580 CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 27,111 15,581 (15,948 ) — 26,744 Balance, beginning of year 21,453 9,461 54,995 — 85,909 Balance, end of year $48,564 $25,042 $39,047 — $112,653 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. 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 Disposition — — 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 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 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 PROVIDED BY 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. 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 — — 7,009 — 7,009 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 126,164 (166,231 ) (126,242 ) (166,309 ) FINANCING ACTIVITIES Issuance of debt 61,000 353,000 58,558 — 472,558 Repayment of debt (61,000 ) (232,973 ) (70,429 ) — (364,402 ) Dividends paid (124,936 ) — — — (124,936 ) Proceeds from the issuance of common shares 2,117 — — — 2,117 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 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 (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, 2017 $33 — (10 ) $23 Year ended December 31, 2016 42 — (9 ) 33 Year ended December 31, 2015 42 — — 42 Deferred tax asset valuation allowance: Year ended December 31, 2017 $21,861 $13,028 (a) — $34,889 Year ended December 31, 2016 18,248 3,613 (a) — 21,861 Year ended December 31, 2015 13,644 4,604 (b) — 18,248 (a) The 2017 and 2016 increase is comprised of valuation allowance against the TRS deferred tax assets. (b) The 2015 increase is comprised of valuation allowance against the TRS deferred tax assets and the CBPC provision to return adjustment. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 the 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 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. |
Reclassification of Other Operating Income, Net | RECLASSIFICATION OF OTHER OPERATING INCOME, NET In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of primarily lease and license income, other non-timber income, carbon credit sales and log agency fees, net of costs from “Other Operating Income (Expense), Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented and had no effect on the presentation of operating income, net income, consolidated balance sheets, or consolidated statements of cash flows. |
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 net realizable 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 net realizable value and expensed to cost of sales 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. |
Assets Held for Sale | 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 AND TIMBERLANDS Timber is stated at the lower of cost or net realizable 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 are 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. 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 net realizable 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 sales, 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. |
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, 2017; 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 (“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 a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins. 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. Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. For domestic log sales, title and risk are considered passed to the buyer as the logs are delivered to the customer. For export log sales (primarily in New Zealand), title and risk are considered passed to the buyer at the time the ship leaves the port. Non-timber income is primarily comprised of hunting and recreational licenses. Such income and any related cost are recognized ratably over the term of the agreement and included in “Sales” and “Cost of Sales”, respectively. 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 generally recognizes revenue on sales of real estate using the full accrual method at closing when cash has been received, title and risk of loss have passed to the buyer and there is no continuing involvement with the property. Revenue is recognized using the percentage-of-completion method on sales of real estate containing future performance obligations. Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs 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. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. |
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, 2017 . Periodic pension and other postretirement expense is included in “Cost of sales” and “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2017 and 2016 , the Company’s pension plans were in a net liability position (underfunded) of $30.6 million and $30.6 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 other 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. |
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. |
New or Recently Adopted Accounting Pronouncements | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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 is 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 No. 2016-16 is effective for 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. Rayonier early adopted ASU No. 2016-16 during the first quarter ended March 31, 2017. See Note 9 — Income Taxes for additional information. 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 adopted ASU No. 2016-09 during the first quarter ended March 31, 2017. Upon adoption, additional excess tax benefits and tax deficiencies are recorded to “Income tax expense” in the Consolidated Statements of Income and Comprehensive Income, forfeitures are accounted for when they occur and cash paid by Rayonier when directly withholding shares for tax withholding purposes are classified as a financing activity within the Consolidated Statements of Cash Flows. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which revised the definition of a business. This update will likely result in more of Rayonier’s future timberland acquisitions being accounted for as asset acquisitions as opposed to acquisitions of a businesses. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017 with early adoption permitted, including adoption in an interim period. Rayonier early adopted ASU No. 2017-01 during the fourth quarter ended December 31, 2017 and will apply the standard prospectively, as required. Rayonier adopted ASU Nos. 2015-11, 2016-01 (early adopted), 2016-05, 2017-04 (early adopted) and 2017-09 (early adopted) in the fourth quarter ended December 31, 2017 with no material impact on the consolidated financial statements. NEW ACCOUNTING PRONOUNCEMENTS In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU No. 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted and the amended presentation and disclosure guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires that an employer report the service cost component of net periodic benefit cost in the Consolidated Statements of Income in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. If a separate line item is used to present the other components of net benefit cost, that line item must be appropriately described. If a separate line item is not used, the line item used in the income statement to present the other components of net benefit cost must be disclosed. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. ASU No. 2017-07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier intends to adopt ASU No. 2017-07 in the Company’s first quarter 2018 Form 10-Q. Interest cost, expected return on plan assets and amortization of losses or gains are currently recorded in “Selling and general expenses” and “Cost of sales” in the Consolidated Statements of Income and “Timber and timberlands, net of depletion and amortization” in the Consolidated Balance Sheets. Upon adoption, these components of net period benefit cost will be recorded in “Interest income and miscellaneous income (expense), net.” As the Company froze benefits for all employees participating in the pension plan effective December 31, 2016, the service cost component of net period benefit is no longer recognized by Rayonier. Based on current actuarial estimates and management assumptions, Rayonier anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. See Note 15 — Employee Benefit Plans for the components of net periodic benefit cost. In November 2016, the FASB issued 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 Consolidated Statements of Cash Flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-18 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier intends to adopt ASU No. 2016-18 in the Company’s first quarter 2018 Form 10-Q. The Company currently records changes in restricted cash within the investing section of the Consolidated Statements of Cash Flows. Upon adoption, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows and therefore changes in restricted cash will not be reported as cash flow activities. Rayonier will continue to disclose the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. See Note 19 — Restricted Cash for additional information. 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 Consolidated Statements 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 anticipates the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which currently 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 on a modified retrospective basis beginning at the earliest period presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In May 2014, the FASB and 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, non-cash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. 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 expects to adopt using the cumulative-effect method. As of December 31, 2017, and subject to the Company’s ongoing evaluation of new transactions and contracts, Rayonier has substantially completed its evaluation of the expected impact of adopting Topic 606 and anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements aside from adding expanded disclosures. Rayonier is also currently identifying and implementing appropriate changes to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. A material change in controls over financial reporting is not anticipated. |
Subsequent Events | SUBSEQUENT EVENTS The Company has evaluated events occurring from December 31, 2017 to the date of issuance for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure. |
Segment and Geographical Information | Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Company’s timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. Sales in the Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. Real Estate sales include all U.S. property sales, including those lands designated as higher and better use (HBU). The Company’s Real Estate sales categories include Improved Development, Unimproved Development, Rural, Non-Strategic / Timberlands and Large Dispositions. Large Dispositions include sales of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in site improvements such as infrastructure. The Trading segment comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. Sales in the Trading segment also include log agency fees. The Trading segment primarily complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.” |
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. |
Derivative Financial Instruments and Hedging Activities | 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. |
Offsetting Derivatives | 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. |
Share-based Compensation | 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. RESTRICTED STOCK Restricted stock granted to employees under the Stock Plan generally vests in fourths on the first, second, third and fourth anniversary of the grant date. Restricted stock granted to senior management 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. Generally, holders of restricted stock receive dividend equivalent payments on outstanding restricted shares. 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. PERFORMANCE SHARES 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 on a straight-line basis over the vesting period. 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. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of the Effects of the Accounting Classification Change | The impact of the reclassification for the three years ended December 31, 2017 are as follows: Year Ended December 31, 2017 Prior to Reclassification Change in Accounting Classification As Adjusted Sales $792,659 $26,937 $819,596 Cost of sales 565,889 2,364 568,253 Other operating (income) expense, net (28,966 ) 24,573 (4,393 ) Year Ended December 31, 2016 As Previously Classified Change in Accounting Classification As Adjusted Sales $788,278 $27,637 $815,915 Cost of sales 524,707 1,732 526,439 Other operating (income) expense, net (34,991 ) 25,905 (9,086 ) Year Ended December 31, 2015 As Previously Classified Change in Accounting Classification As Adjusted Sales $544,874 $23,926 $568,800 Cost of sales 441,099 619 441,718 Other operating (income) expense, net (19,759 ) 23,307 3,548 |
Timberland Acquisitions (Tables
Timberland Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Timberland Acquisitions | The following table summarizes the timberland acquisitions at December 31, 2017 and 2016 : 2017 2016 Cost Acres Cost Acres Florida $32,334 15,382 $14,323 6,937 Georgia 147,833 68,473 12,485 5,427 Oregon — — 239,896 55,603 South Carolina 39,884 17,651 — — Texas — — 77,139 37,513 Washington 1,483 481 22,638 5,247 New Zealand 21,376 7,546 — — Total Acquisitions $242,910 109,533 $366,481 110,727 |
Segment and Geographical Info37
Segment and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment information for each of the three years ended December 31, 2017 follows: Sales 2017 2016 2015 Southern Timber $144,510 $151,192 $157,845 Pacific Northwest Timber 91,877 77,802 80,214 New Zealand Timber 247,609 177,889 162,803 Real Estate (a) 183,016 299,350 86,493 Trading 152,584 109,682 81,445 Total $819,596 $815,915 $568,800 (a) The years 2017 and 2016 include Large Dispositions of $95.4 million and $207.3 million , respectively. Operating Income/(Loss) 2017 2016 2015 Southern Timber $42,254 $43,098 $46,669 Pacific Northwest Timber 1,127 (3,992 ) 6,917 New Zealand Timber 72,385 33,072 2,775 Real Estate (a) 116,038 202,379 44,263 Trading 4,578 2,002 1,247 Corporate and other (20,891 ) (20,782 ) (24,087 ) Total Operating Income 215,491 255,777 77,784 Unallocated interest expense and other (32,231 ) (32,943 ) (34,702 ) Total Income before Income Taxes $183,260 $222,834 $43,082 (a) The years 2017 and 2016 include Large Dispositions of $67.0 million and $143.9 million , respectively. Gross Capital Expenditures 2017 2016 2015 Capital Expenditures (a) Southern Timber $34,476 $33,487 $33,245 Pacific Northwest Timber 10,254 8,036 8,515 New Zealand Timber 17,046 16,095 15,143 Real Estate 1,348 315 313 Trading — — — Corporate and other 2,221 790 77 Total capital expenditures $65,345 $58,723 $57,293 Timberland Acquisitions Southern Timber $220,051 $103,947 $54,408 Pacific Northwest Timber 1,483 262,534 34,052 New Zealand Timber 21,376 — 9,949 Real Estate — — — Trading — — — Corporate and other — — — Total timberland acquisitions $242,910 $366,481 $98,409 Total Gross Capital Expenditures $308,255 $425,204 $155,702 (a) Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million , $6.3 million and $0.9 million and real estate development investments of $15.8 million , $8.7 million and $2.7 million in the years 2017, 2016 and 2015, respectively. Depreciation, Depletion and Amortization 2017 2016 2015 Southern Timber $49,357 $49,747 $54,299 Pacific Northwest Timber 32,008 25,246 14,842 New Zealand Timber 36,363 23,447 29,741 Real Estate (a) 27,479 52,304 14,533 Trading — — — Corporate and other 794 402 293 Total $146,001 $151,146 $113,708 (a) The years 2017 and 2016 include Large Dispositions of $18.4 million and $36.1 million , respectively. Non-Cash Cost of Land and Improved Development 2017 2016 2015 Southern Timber — — — Pacific Northwest Timber — — — New Zealand Timber 128 1,824 467 Real Estate (a) 23,370 32,038 12,042 Trading — — — Corporate and other — — — Total $23,498 $33,862 $12,509 (a) The years 2017 and 2016 include Large Dispositions of $9.8 million and $22.2 million , respectively. Sales by Product Line 2017 2016 2015 Southern Timber $144,510 $151,192 $157,845 Pacific Northwest Timber 91,877 77,802 80,214 New Zealand Timber 247,609 177,889 162,803 Real Estate Improved Development 6,348 1,740 2,610 Unimproved Development 16,405 5,540 6,399 Rural 18,632 18,672 22,653 Non-Strategic / Timberlands 46,280 66,133 54,831 Large Dispositions 95,351 207,265 — Total Real Estate 183,016 299,350 86,493 Trading 152,584 109,682 81,445 Total Sales $819,596 $815,915 $568,800 |
Schedule of Geographical Operating Information | Geographical Operating Information Sales Operating Income Identifiable Assets 2017 2016 2015 2017 2016 2015 2017 2016 United States $419,403 $528,344 $324,552 $138,528 $220,703 $73,749 $2,331,230 $2,181,658 New Zealand 400,193 287,571 244,248 76,963 35,074 4,035 527,251 504,102 Total $819,596 $815,915 $568,800 $215,491 $255,777 $77,784 $2,858,481 $2,685,760 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Rayonier’s debt consisted of the following at December 31, 2017 and 2016 : 2017 2016 Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017 $350,000 $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017 300,000 300,000 Mortgage notes repaid in 2017 at fixed interest rates of 4.35% (a) — 31,676 Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017 50,000 25,000 Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016 — 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 3,375 18,796 Total debt 1,028,375 1,065,472 Less: Current maturities of long-term debt (3,375 ) (31,676 ) Less: Deferred financing costs (2,996 ) (3,591 ) Long-term debt, net of deferred financing costs $1,022,004 $1,030,205 Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) for the three years ended December 31 : 2017 2016 2015 Long-Term Leases and Deeds on Timberlands $10,731 $10,710 $11,342 |
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows: 2018 $3,375 2019 — 2020 50,000 2021 — 2022 325,000 Thereafter 650,000 Total debt $1,028,375 (a) The mortgage notes, repaid in August 2017, were recorded at a premium of $0.2 million as of December 31, 2016 . |
Higher and Better Use Timberl39
Higher and Better Use Timberlands and Real Estate Development Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 to December 31, 2017 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, 2016 $59,956 $10,418 $70,374 Plus: Current portion (a) 5,096 11,963 17,059 Total Balance at December 31, 2016 65,052 22,381 87,433 Non-cash cost of land and improved development (2,165 ) (4,554 ) (6,719 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (2,768 ) — (2,768 ) Capitalized real estate development investments (b) — 15,784 15,784 Capital expenditures (silviculture) 428 — 428 Intersegment transfers 5,808 (819 ) 4,989 Total Balance at December 31, 2017 66,355 32,792 99,147 Less: Current portion (a) (6,702 ) (11,648 ) (18,350 ) Non-current portion at December 31, 2017 $59,653 $21,144 $80,797 (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 $0.4 million of capitalized interest. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Leases | Total rental expense for operating leases for the three years ended December 31 : 2017 2016 2015 Operating Leases $1,992 $2,049 $2,349 |
Schedule of Long-term Leases and Deeds on Timberlands | Rayonier’s debt consisted of the following at December 31, 2017 and 2016 : 2017 2016 Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017 $350,000 $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017 300,000 300,000 Mortgage notes repaid in 2017 at fixed interest rates of 4.35% (a) — 31,676 Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017 50,000 25,000 Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016 — 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 3,375 18,796 Total debt 1,028,375 1,065,472 Less: Current maturities of long-term debt (3,375 ) (31,676 ) Less: Deferred financing costs (2,996 ) (3,591 ) Long-term debt, net of deferred financing costs $1,022,004 $1,030,205 Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) for the three years ended December 31 : 2017 2016 2015 Long-Term Leases and Deeds on Timberlands $10,731 $10,710 $11,342 |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2017 , 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 2018 $1,135 $9,698 $11,792 $22,625 2019 914 9,303 6,522 16,739 2020 733 9,040 6,277 16,050 2021 639 8,866 4,017 13,522 2022 608 8,817 3,562 12,987 Thereafter (c) 635 155,232 6,245 162,112 $4,664 $200,956 $38,415 $244,035 (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 $2.9 million of pension contribution requirements in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Wildlight development project and other purchase obligations. For additional information on the pension contribution see Note 15 — Employee Benefit Plans . (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, 2017 , the New Zealand JV has three CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, 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, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The (provision for)/benefit from income taxes consisted of the following: 2017 2016 2015 Current U.S. federal $261 — ($624 ) State (38 ) (254 ) 226 Foreign (245 ) (241 ) (308 ) (22 ) (495 ) (706 ) Deferred U.S. federal 13,028 5,403 3,702 State — (280 ) 107 Foreign (21,659 ) (6,079 ) 2,360 (8,631 ) (956 ) 6,169 Changes in valuation allowance (13,028 ) (3,613 ) (4,604 ) Total ($21,681 ) ($5,064 ) $859 |
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: 2017 2016 2015 U.S. federal statutory income tax rate ($64,141 ) (35.0 )% ($77,992 ) (35.0 )% ($15,079 ) (35.0 )% U.S. and foreign REIT income 63,813 34.8 82,037 36.8 17,191 39.9 Matariki Group and Rayonier New Zealand Ltd (19,182 ) (10.5 ) (4,799 ) (2.2 ) 3,457 8.0 Transition tax (3,506 ) (1.9 ) — — — — Change in valuation allowance (13,028 ) (7.1 ) (3,613 ) (1.6 ) (3,607 ) (8.4 ) ASU No. 2016-16 adoption impact 16,631 9.1 — — — — Deemed repatriation of unremitted foreign earnings 7,368 4.0 — — — — Reduction of deferred tax asset for statutory rate change (10,499 ) (5.7 ) — — — — CBPC valuation allowance — — — — (997 ) (2.3 ) Other 863 0.5 (697 ) (0.3 ) (106 ) (0.2 ) Income tax (expense) benefit as reported for net income ($21,681 ) (11.8 )% ($5,064 ) (2.3 )% $859 2.0 % |
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: 2017 2016 Gross deferred tax assets: Pension, postretirement and other employee benefits $1,017 $1,648 New Zealand JV 40,224 60,452 CBPC Tax Credit Carry Forwards 14,641 14,641 Capitalized real estate costs 7,058 11,489 U.S. TRS Net Operating Loss 1,872 4,730 Land basis difference 11,090 — Other 5,079 9,165 Total gross deferred tax assets 80,981 102,125 Less: Valuation allowance (34,889 ) (21,861 ) Total deferred tax assets after valuation allowance $46,092 $80,264 Gross deferred tax liabilities: Accelerated depreciation (35 ) (1,322 ) Repatriation of foreign earnings — (7,368 ) New Zealand JV (72,527 ) (70,315 ) Timber installment sale (4,706 ) (7,601 ) Other (1,270 ) (3,833 ) Total gross deferred tax liabilities (78,538 ) (90,439 ) Net deferred tax liability reported as noncurrent ($32,446 ) ($10,175 ) |
Summary of Operating Loss and Tax Credit Carryforwards | Included below are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2017 : Gross Amount Valuation Allowance Expiration 2017 New Zealand JV NOL Carryforwards $137,949 — None U.S. Net Deferred Tax Asset 20,248 (20,248 ) None Cellulosic Biofuel Producer Credit 14,641 (14,641 ) 2019 Total Valuation Allowance ($34,889 ) 2016 New Zealand JV NOL Carryforwards $215,898 — None U.S. Net Deferred Tax Asset 7,220 (7,220 ) None Cellulosic Biofuel Producer Credit 14,641 (14,641 ) 2019 Total Valuation Allowance ($21,861 ) |
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: 2017 2016 2015 Balance at January 1, $135 $135 — Decreases related to prior year tax positions (135 ) — — 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 2014 - 2016 New Zealand Inland Revenue 2012 - 2016 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Liability Standby letters of credit (a) $10,353 — Guarantees (b) 2,254 43 Surety bonds (c) 1,284 — Total financial commitments $13,891 $43 (a) Approximately $9.2 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 2018 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, 2017 , 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 performance obligations related to various operational activities and to provide collateral for outstanding claims under the Company’s previous workers’ compensation self-insurance programs in Washington and Florida. 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 2018 and are expected to be renewed as required. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31 : 2017 2016 2015 Net Income $161,579 $217,770 $43,941 Less: Net income (loss) attributable to noncontrolling interest 12,737 5,798 (2,224 ) Net income attributable to Rayonier Inc. $148,842 $211,972 $46,165 Shares used for determining basic earnings per common share 127,367,608 122,585,200 125,385,085 Dilutive effect of: Stock options 91,956 92,473 116,792 Performance and restricted shares 350,385 134,650 39,863 Assumed conversion of Senior Exchangeable Notes (a) — — 358,449 Assumed conversion of warrants (a) — — — Shares used for determining diluted earnings per common share 127,809,949 122,812,323 125,900,189 Basic earnings per common share attributable to Rayonier Inc.: $1.17 $1.73 $0.37 Diluted earnings per common share attributable to Rayonier Inc.: $1.16 $1.73 $0.37 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 2017 2016 2015 Anti-dilutive shares excluded from computations of diluted earnings per share: Stock options, performance and restricted shares 596,061 829,469 897,800 Assumed conversion of exchangeable note hedges (a) — — 358,449 Total 596,061 829,469 1,256,249 (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 Instrume44
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Interest Rate Swaps | The following table contains information on the outstanding interest rate swaps as of December 31, 2017: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.63 % 3.83 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.63 % 3.98 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. |
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, 2017 , 2016 and 2015 . Location on Statement of Income and Comprehensive Income 2017 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $2,100 $867 ($205 ) Foreign currency option contracts Other comprehensive income (loss) (52 ) 1,035 370 Interest rate swaps Other comprehensive income (loss) 4,214 21,422 (10,197 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — — 2,875 Foreign currency option contracts Other comprehensive income (loss) — (4,606 ) 4,606 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating (income) expense, net — 895 — Interest income and miscellaneous income (expense), net 47 — — Foreign currency option contracts Other operating (income) expense, net — 258 1,394 Interest rate swaps Interest income and miscellaneous income (expense), net — (1,219 ) (4,391 ) |
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, 2017 and 2016 : Notional Amount 2017 2016 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $107,400 $44,800 Foreign currency option contracts 48,000 91,000 Interest rate swaps 650,000 650,000 Derivatives not designated as hedging instruments: Foreign currency exchange contracts 18,439 — |
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, 2017 and 2016 . 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 2017 2016 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $2,286 $692 Other assets 538 33 Other current liabilities (37 ) (261 ) Foreign currency option contracts Other current assets 389 1,064 Other assets 137 327 Other current liabilities (119 ) (574 ) Other non-current liabilities (55 ) (426 ) Interest rate swaps Other assets 17,473 17,204 Other non-current liabilities (2,033 ) (5,979 ) Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other current assets 209 — Other current liabilities (189 ) — Total derivative contracts: Other current assets $2,884 $1,756 Other assets 18,148 17,564 Total derivative assets $21,032 $19,320 Other current liabilities (345 ) (835 ) Other non-current liabilities (2,088 ) (6,405 ) Total derivative liabilities ($2,433 ) ($7,240 ) (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, 2017 | |
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, 2017 and 2016 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: December 31, 2017 December 31, 2016 Asset (liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $112,653 $112,653 — $85,909 $85,909 — Restricted cash (b) 59,703 59,703 — 71,708 71,708 — Current maturities of long-term debt (3,375 ) — (3,375 ) (31,676 ) — (31,984 ) Long-term debt (c) (1,022,004 ) — (1,030,135 ) (1,030,205 ) — (1,030,708 ) Interest rate swaps (d) 15,440 — 15,440 11,225 — 11,225 Foreign currency exchange contracts (d) 2,807 — 2,807 464 — 464 Foreign currency option contracts (d) 352 — 352 391 — 391 (a) The Company did not have Level 3 assets or liabilities at December 31, 2017 and 2016 . (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. See Note 19 - Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 5 — Debt 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, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | Funded Status at End of Year: Net accrued benefit cost ($30,609 ) ($30,638 ) ($1,420 ) ($1,285 ) 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 2017 2016 2017 2016 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $81,752 $84,005 $1,285 $1,159 Service cost — 1,307 6 4 Interest cost 3,259 3,474 53 42 Curtailment gain — (5,447 ) — — Actuarial loss 6,123 1,296 89 99 Benefits paid (3,148 ) (2,883 ) (13 ) (19 ) Projected benefit obligation at end of year $87,986 $81,752 $1,420 $1,285 |
Schedule of Changes in Fair Value of Plan Assets | Change in Plan Assets Fair value of plan assets at beginning of year $51,114 $50,970 — — Actual return on plan assets 9,909 3,557 — — Employer contributions 90 29 13 19 Benefits paid (3,148 ) (2,883 ) (13 ) (19 ) Other expense (588 ) (559 ) — — Fair value of plan assets at end of year $57,377 $51,114 — — |
Schedule of Amounts Recognized in Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($92 ) ($36 ) ($32 ) ($30 ) Noncurrent liabilities (30,517 ) (30,602 ) (1,388 ) (1,255 ) Net amount recognized ($30,609 ) ($30,638 ) ($1,420 ) ($1,285 ) |
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 2017 2016 2015 2017 2016 2015 Net (losses) gains ($583 ) $3,119 ($477 ) ($89 ) ($99 ) $123 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 2017 2016 2015 2017 2016 2015 Amortization of losses (gains) $466 $2,526 $3,733 ($1 ) ($13 ) $12 Amortization of prior service cost — — 13 — — — |
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 2017 2016 2017 2016 Net (losses) gains ($22,183 ) ($22,065 ) ($157 ) ($67 ) Deferred income tax benefit 1,927 1,927 6 6 AOCI ($20,256 ) ($20,138 ) ($151 ) ($61 ) |
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: 2017 2016 Projected benefit obligation $87,986 $81,752 Accumulated benefit obligation 87,986 81,752 Fair value of plan assets 57,377 51,114 |
Schedule of Net Benefit Costs | The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31 : Pension Postretirement 2017 2016 2015 2017 2016 2015 Components of Net Periodic Benefit (Credit) Cost Service cost — $1,307 $1,484 $6 $4 $11 Interest cost 3,259 3,474 3,319 53 42 52 Expected return on plan assets (3,781 ) (4,030 ) (4,027 ) — — — Amortization of prior service cost — — 13 — — — Amortization of losses (gains) 466 2,526 3,733 (1 ) (13 ) 12 Net periodic benefit (credit) cost (a) ($56 ) $3,277 $4,522 $58 $33 $75 |
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 2018 are as follows: Pension Postretirement Amortization of loss $635 $2 |
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 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at December 31: Discount rate 3.48 % 4.01 % 4.20 % 3.56 % 4.12 % 4.34 % Rate of compensation increase — 4.16 % 4.50 % 4.50 % 4.50 % 4.50 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.01 % 4.20 % 3.80 % 4.12 % 4.34 % 3.96 % Expected long-term return on plan assets 7.17 % 7.70 % 7.70 % — — — Rate of compensation increase — 4.16 % 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, 2017 and 2016 , and target allocation ranges by asset category are as follows: Percentage of Plan Assets Target Allocation Range Asset Category 2017 2016 Domestic equity securities 41 % 41 % 35-45% International equity securities 26 % 25 % 20-30% Domestic fixed income securities 26 % 26 % 25-29% International fixed income securities 4 % 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, 2017 and 2016 . Fair Value at December 31, 2017 Fair Value at December 31, 2016 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments at Fair Value: Mutual Funds $8,986 — — $8,986 $13,962 — — $13,962 Investments at Net Asset Value: Common Collective Trusts 48,391 37,152 Total Investments at Fair Value $57,377 $51,114 |
Schedule of Expected Benefit Payments | Expected benefit payments for the next 10 years are as follows: Pension Benefits Postretirement Benefits 2018 $3,315 $32 2019 3,478 35 2020 3,670 37 2021 3,770 40 2022 4,028 43 2023 - 2027 21,803 260 |
Incentive Stock Plans (Tables)
Incentive Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 Selling and general expenses $4,784 $4,607 $3,752 Cost of sales 556 487 635 Timber and Timberlands, net (a) 56 42 97 Total stock-based compensation $5,396 $5,136 $4,484 Tax benefit recognized related to stock-based compensation expense (b) $249 $483 $302 (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: 2017 2016 2015 Restricted shares granted 97,643 106,326 96,088 Weighted average price of restricted shares granted $28.18 $25.08 $26.28 Intrinsic value of restricted stock outstanding (a) 8,906 6,177 4,434 Grant date fair value of restricted stock vested 1,198 2,248 2,632 Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested $176 $178 $122 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2017 . 2017 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Shares at January 1, 232,231 $29.47 Granted 97,643 28.18 Vested (42,808 ) 27.98 Cancelled (5,497 ) 26.22 Non-vested Restricted Shares at December 31, 281,569 $29.32 |
Schedule of Nonvested Performance-based Units Activity | A summary of the Company’s performance share units is presented below: 2017 2016 2015 Common shares of Company stock reserved for performance shares granted during year 226,448 250,584 219,844 Weighted average fair value of performance share units granted $32.17 $28.79 $29.62 Intrinsic value of outstanding performance share units (a) 10,414 7,482 3,822 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 — — — (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2017 . 2017 Number of Units Weighted Average Grant Date Fair Value Outstanding Performance Share units at January 1, 281,288 $31.35 Granted 113,224 32.17 Other Cancellations/Adjustments (65,273 ) 38.56 Outstanding Performance Share units at December 31, 329,239 $30.21 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, 2017 : 2017 2016 2015 Expected volatility 23.3 % 25.4 % 21.9 % Risk-free rate 1.5 % 0.9 % 0.9 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of the Company’s stock options as of and for the year ended December 31, 2017 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. 2017 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, 1,079,800 $28.16 Granted — — Exercised (229,006 ) 20.75 Cancelled or expired (9,728 ) 33.00 Options outstanding at December 31, 841,066 30.13 4.2 $2,589 Options exercisable at December 31, 841,066 $30.13 4.2 $2,589 A summary of additional information pertaining to the Company’s stock options is presented below: 2017 2016 2015 Intrinsic value of options exercised (a) $1,993 $539 $773 Fair value of options vested 6,138 1,317 1,938 Cash received from exercise of options 4,751 1,576 2,117 (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 (Expen48
Other Operating Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income | The following table provides the composition of Other operating income (expense), net for the three years ended December 31 : 2017 2016 2015 Foreign currency (loss) income ($394 ) $283 ($89 ) (Loss) gain on sale or disposal of property plant & equipment (68 ) 85 7 Gain (loss) on foreign currency exchange and option contracts 3,438 (645 ) (5,338 ) Deferred payments related to prior land sales — 8,658 — Costs related to business combination — (1,316 ) — Gain on foreign currency derivatives (a) — 1,153 — New Zealand JV log trading marketing fees 1,222 951 976 Miscellaneous income (expense), net 195 (83 ) 896 Total $4,393 $9,086 ($3,548 ) (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. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of December 31, 2017 and 2016 , Rayonier’s inventory was solely comprised of finished goods, as follows: 2017 2016 Finished goods inventory Real estate inventory (a) $18,350 $17,059 Log inventory 5,791 4,320 Total inventory $24,141 $21,379 (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, 2017 | |
Other Assets [Abstract] | |
Schedule of Changes in Goodwill | Changes in goodwill for the years ended December 31, 2017 and 2016 were: 2017 2016 Balance, January 1 (net of $0 of accumulated impairment) $8,679 $8,478 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment 97 201 Balance, December 31 (net of $0 of accumulated impairment) $8,776 $8,679 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 . All amounts are presented net of tax effect and exclude portions attributable to noncontrolling interest. Foreign currency translation gains/(losses) Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2015 ($2,450 ) $6,271 ($11,592 ) ($25,732 ) ($33,503 ) Other comprehensive income before reclassifications 7,387 — 22,024 3,020 (b) 32,431 Amounts reclassified from accumulated other comprehensive income — (4,606 ) 583 2,513 (c) (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 Other comprehensive income/(loss) before reclassifications 7,416 — 7,321 (a) (673 ) 14,064 Amounts reclassified from accumulated other comprehensive income — — (1,968 ) 465 (c) (1,503 ) Net other comprehensive income/(loss) 7,416 — 5,353 (208 ) 12,561 Balance as of December 31, 2017 $15,975 $1,665 $16,184 ($20,407 ) $13,417 (a) Includes $4.2 million of other comprehensive gain related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information. (b) 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. (c) 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. |
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, 2017 and 2016 : Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement 2017 2016 Realized (gain) loss on foreign currency exchange contracts ($2,631 ) $759 Other operating (income) expense, net Realized (gain) loss on foreign currency option contracts (919 ) 436 Other operating (income) expense, net Noncontrolling interest 817 (385 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax expense (benefit) from foreign currency contracts 765 (227 ) Income tax (expense) benefit (Note 9) Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($1,968 ) $583 |
Quarterly Results for 2017 an52
Quarterly Results for 2017 and 2016 (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | See table below for 2017 amounts prior to reclassification and 2016 amounts historically presented: Quarter Ended Total Year Mar. 31 June 30 Sept. 30 Dec. 31 2017 Sales $186,512 $194,719 $177,946 $233,482 $792,659 Cost of sales 136,413 143,687 136,583 149,206 565,889 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 Quarter Ended Total Year Mar. 31 June 30 Sept. 30 Dec. 31 2017 Sales $194,491 $200,964 $184,419 $239,722 $819,596 Cost of sales 136,828 144,610 136,983 149,832 568,253 Net Income 35,083 30,773 28,803 66,920 161,579 Net Income attributable to Rayonier Inc. 33,843 26,161 24,688 64,150 148,842 Basic EPS attributable to Rayonier Inc. $0.27 $0.20 $0.19 $0.50 $1.17 Diluted EPS attributable to Rayonier Inc. $0.27 $0.20 $0.19 $0.50 $1.16 2016 Sales $140,575 $269,171 $176,867 $229,302 $815,915 Cost of sales 108,447 138,480 116,922 162,590 526,439 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 |
Consolidating Financial State53
Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $819,596 — $819,596 Costs and Expenses Cost of sales — — 568,253 — 568,253 Selling and general expenses — 16,797 23,448 — 40,245 Other operating expense (income), net — 479 (4,872 ) — (4,393 ) — 17,276 586,829 — 604,105 OPERATING (LOSS) INCOME — (17,276 ) 232,767 — 215,491 Interest expense (12,556 ) (19,699 ) (1,816 ) — (34,071 ) Interest and miscellaneous income (expense), net 9,679 2,878 (10,717 ) — 1,840 Equity in income from subsidiaries 151,719 186,388 — (338,107 ) — INCOME BEFORE INCOME TAXES 148,842 152,291 220,234 (338,107 ) 183,260 Income tax expense — (572 ) (21,109 ) — (21,681 ) NET INCOME 148,842 151,719 199,125 (338,107 ) 161,579 Less: Net income attributable to noncontrolling interest — — 12,737 — 12,737 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 148,842 151,719 186,388 (338,107 ) 148,842 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment 7,416 — 9,114 (7,416 ) 9,114 New Zealand joint venture cash flow hedges 5,353 4,214 1,479 (5,353 ) 5,693 Actuarial change and amortization of pension and postretirement plan liabilities (208 ) (208 ) — 208 (208 ) Total other comprehensive income 12,561 4,006 10,593 (12,561 ) 14,599 COMPREHENSIVE INCOME 161,403 155,725 209,718 (350,668 ) 176,178 Less: Comprehensive income attributable to noncontrolling interest — — 14,775 — 14,775 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $161,403 $155,725 $194,943 ($350,668 ) $161,403 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $815,915 — $815,915 Costs and Expenses Cost of sales — — 526,439 — 526,439 Selling and general expenses — 15,253 27,532 — 42,785 Other operating expense (income), net — 448 (9,534 ) — (9,086 ) — 15,701 544,437 — 560,138 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 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. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $568,800 — $568,800 Costs and Expenses Cost of sales — — 441,718 — 441,718 Selling and general expenses — 20,468 25,282 — 45,750 Other operating (income) expense, net — (404 ) 3,952 — 3,548 — 20,064 470,952 — 491,016 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 |
Schedule of Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $48,564 $25,042 $39,047 — $112,653 Accounts receivable, less allowance for doubtful accounts — 3,726 23,967 — 27,693 Inventory — — 24,141 — 24,141 Prepaid logging roads — — 11,207 — 11,207 Prepaid expenses — 759 4,027 — 4,786 Other current assets — 14 3,033 — 3,047 Total current assets 48,564 29,541 105,422 — 183,527 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,462,066 — 2,462,066 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 80,797 — 80,797 NET PROPERTY, PLANT AND EQUIPMENT — 21 23,357 — 23,378 RESTRICTED CASH — — 59,703 — 59,703 INVESTMENT IN SUBSIDIARIES 1,531,156 2,814,408 — (4,345,564 ) — INTERCOMPANY RECEIVABLE 40,067 (628,167 ) 588,100 — — OTHER ASSETS 2 12,680 36,328 — 49,010 TOTAL ASSETS $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,838 $22,310 — $25,148 Current maturities of long-term debt — — 3,375 — 3,375 Accrued taxes — 48 3,733 — 3,781 Accrued payroll and benefits — 5,298 4,364 — 9,662 Accrued interest 3,047 1,995 12 — 5,054 Deferred revenue — — 9,721 — 9,721 Other current liabilities — 564 11,243 — 11,807 Total current liabilities 3,047 10,743 54,758 — 68,548 LONG-TERM DEBT 323,434 663,570 35,000 — 1,022,004 PENSION AND OTHER POSTRETIREMENT BENEFITS — 32,589 (684 ) — 31,905 OTHER NON-CURRENT LIABILITIES — 9,386 33,698 — 43,084 INTERCOMPANY PAYABLE (299,715 ) (18,961 ) 318,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,814,408 (4,345,564 ) 1,593,023 Noncontrolling interest — — 99,917 — 99,917 TOTAL SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,914,325 (4,345,564 ) 1,692,940 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. 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 INVESTMENTS — — 70,374 — 70,374 NET PROPERTY, PLANT AND EQUIPMENT — 177 13,857 — 14,034 RESTRICTED CASH — — 71,708 — 71,708 INVESTMENT IN SUBSIDIARIES 1,422,081 2,671,428 — (4,093,509 ) — INTERCOMPANY RECEIVABLES 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 Deferred revenue — — 9,099 — 9,099 Other current liabilities — 165 11,415 — 11,580 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 |
Schedule of Condensed Consolidating Cash Flows Statement | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($48,104 ) $111,431 $192,957 — $256,284 INVESTING ACTIVITIES Capital expenditures — — (65,345 ) — (65,345 ) Real estate development investments — — (15,784 ) — (15,784 ) Purchase of timberlands — — (242,910 ) — (242,910 ) Net proceeds from Large Dispositions — — 95,243 — 95,243 Rayonier office building under construction — — (6,084 ) — (6,084 ) Change in restricted cash — — 12,005 — 12,005 Investment in subsidiaries — 38,546 — (38,546 ) — Other — — (373 ) — (373 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 38,546 (223,248 ) (38,546 ) (223,248 ) FINANCING ACTIVITIES Issuance of debt — 25,000 38,389 — 63,389 Repayment of debt — (15,000 ) (85,157 ) — (100,157 ) Dividends paid (127,069 ) — — — (127,069 ) Proceeds from the issuance of common shares 4,751 — — — 4,751 Proceeds from the issuance of common shares from equity offering, net of costs 152,390 — — — 152,390 Repurchase of common shares (176 ) — — — (176 ) Issuance of intercompany notes (32,000 ) — 32,000 — — Intercompany distributions 77,319 (144,396 ) 28,531 38,546 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 75,215 (134,396 ) 13,763 38,546 (6,872 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 580 — 580 CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 27,111 15,581 (15,948 ) — 26,744 Balance, beginning of year 21,453 9,461 54,995 — 85,909 Balance, end of year $48,564 $25,042 $39,047 — $112,653 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. 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 Disposition — — 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 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 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 PROVIDED BY 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. 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 — — 7,009 — 7,009 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 126,164 (166,231 ) (126,242 ) (166,309 ) FINANCING ACTIVITIES Issuance of debt 61,000 353,000 58,558 — 472,558 Repayment of debt (61,000 ) (232,973 ) (70,429 ) — (364,402 ) Dividends paid (124,936 ) — — — (124,936 ) Proceeds from the issuance of common shares 2,117 — — — 2,117 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 |
Nature of Business Operations (
Nature of Business Operations (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2011a | Dec. 31, 2017USD ($)asegmentcore_business_area$ / shares | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 | Apr. 04, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Par value (dollars per share) | $ / shares | $ 0 | |||||||
Timberland owned or leased (acres) | 2,600,000 | |||||||
Number of reportable business segments | segment | 5 | |||||||
Additional interest acquired (as a percent) | 39.00% | |||||||
Ownership interest (as a percent) | 77.00% | 77.00% | 65.00% | 65.00% | ||||
Timberlands acquired (acres) | 250,000 | 109,533 | 110,727 | |||||
Payments to acquire timberlands | $ | $ 242,910 | $ 366,481 | $ 98,409 | |||||
Savannah, Georgia to Daytona Beach, Florida | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Timberland owned or leased (acres) | 200,000 | |||||||
New Zealand | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Timberlands acquired (acres) | 7,546 | 0 | ||||||
Payments to acquire timberlands | $ | $ 21,376 | $ 0 | ||||||
Florida, Georgia, South Carolina, Washington and New Zealand | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Timberlands acquired (acres) | 109,000 | |||||||
U.S. | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Timberlands acquired (acres) | 111,000 | |||||||
Payments to acquire timberlands | $ | $ 366,500 | |||||||
New Zealand JV | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Additional interest acquired (as a percent) | 12.00% | |||||||
New Zealand JV | New Zealand | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Timberland owned or leased (acres) | 410,000 | |||||||
Net plantable acres (acres) | 293,000 | |||||||
Trading business | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of core areas of business | core_business_area | 2 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details) | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Accounting Policies [Abstract] | ||||
Ownership percentage by parent | 77.00% | 77.00% | 65.00% | 65.00% |
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Schedule of the Effects of the Accounting Classification Change (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Sales | $ 239,722 | $ 184,419 | $ 200,964 | $ 194,491 | $ 229,302 | $ 176,867 | $ 269,171 | $ 140,575 | $ 819,596 | $ 815,915 | $ 568,800 |
Cost of sales | 149,832 | 136,983 | 144,610 | 136,828 | 162,590 | 116,922 | 138,480 | 108,447 | 568,253 | 526,439 | 441,718 |
Other operating (income) expense, net | (4,393) | (9,086) | 3,548 | ||||||||
Prior to Reclassification | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Sales | 233,482 | 177,946 | 194,719 | 186,512 | 220,464 | 171,421 | 261,550 | 134,843 | 792,659 | 788,278 | 544,874 |
Cost of sales | $ 149,206 | $ 136,583 | $ 143,687 | $ 136,413 | $ 161,918 | $ 116,624 | $ 138,194 | $ 107,971 | 565,889 | 524,707 | 441,099 |
Other operating (income) expense, net | (28,966) | (34,991) | (19,759) | ||||||||
Change in Accounting Classification | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Sales | 26,937 | 27,637 | 23,926 | ||||||||
Cost of sales | 2,364 | 1,732 | 619 | ||||||||
Other operating (income) expense, net | $ 24,573 | $ 25,905 | $ 23,307 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Time deposits | $ 26.7 | $ 25.6 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Property, Plant, Equipment and Depreciation (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Buildings | 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 Accoun59
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Impairment | $ 0 | $ 0 |
New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
Impairment | $ 0 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2017method | |
Accounting Policies [Abstract] | |
Number of primary methods or sales channels | 2 |
Contract duration (or less) | 1 year |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net liability position | $ 30,609 | $ 30,638 |
Timberland Acquisitions - Narra
Timberland Acquisitions - Narrative (Details) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2011a | Dec. 31, 2017USD ($)aacquisitionshares | Dec. 31, 2016USD ($)aacquisition | Dec. 31, 2015USD ($) | May 31, 2016USD ($) | |
Business Acquisition [Line Items] | |||||
Timberlands acquired (acres) | a | 250,000 | 109,533 | 110,727 | ||
Payments to acquire timberlands | $ | $ 242,910 | $ 366,481 | $ 98,409 | ||
Georgia and Washington | |||||
Business Acquisition [Line Items] | |||||
Number of acquisitions | acquisition | 5 | ||||
Timberlands acquired (acres) | a | 7,000 | ||||
Payments to acquire timberlands | $ | $ 7,200 | ||||
Florida, Georgia, and South Carolina | |||||
Business Acquisition [Line Items] | |||||
Timberlands acquired (acres) | a | 95,000 | ||||
Timberlands acquired, leased lands (acres) | a | 11,000 | ||||
Shares sold (shares) | shares | 5,750 | ||||
Payments to acquire timberlands | $ | $ 214,300 | ||||
New Zealand | |||||
Business Acquisition [Line Items] | |||||
Number of acquisitions | acquisition | 2 | ||||
Timberlands acquired (acres) | a | 7,546 | 0 | |||
Payments to acquire timberlands | $ | $ 21,376 | $ 0 | |||
Oregon and Washington | |||||
Business Acquisition [Line Items] | |||||
Timberlands acquired (acres) | a | 61,000 | ||||
Consideration for timberlands | $ | $ 263,000 | ||||
Florida, Georgia, and Texas | |||||
Business Acquisition [Line Items] | |||||
Number of acquisitions | acquisition | 5 | ||||
Timberlands acquired (acres) | a | 50,000 | ||||
Payments to acquire timberlands | $ | $ 103,900 | ||||
Incremental Term Loan | Oregon and Washington | |||||
Business Acquisition [Line Items] | |||||
Incremental term loan | $ | $ 300,000 |
Timberland Acquisitions - Summa
Timberland Acquisitions - Summary of Timberland Acquisitions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2011a | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||
Cost | $ | $ 242,910 | $ 366,481 | $ 98,409 | |
Acres | a | 250,000 | 109,533 | 110,727 | |
Florida | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 32,334 | $ 14,323 | ||
Acres | a | 15,382 | 6,937 | ||
Georgia | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 147,833 | $ 12,485 | ||
Acres | a | 68,473 | 5,427 | ||
Oregon | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 0 | $ 239,896 | ||
Acres | a | 0 | 55,603 | ||
South Carolina | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 39,884 | $ 0 | ||
Acres | a | 17,651 | 0 | ||
Texas | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 0 | $ 77,139 | ||
Acres | a | 0 | 37,513 | ||
Washington | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 1,483 | $ 22,638 | ||
Acres | a | 481 | 5,247 | ||
New Zealand | ||||
Business Acquisition [Line Items] | ||||
Cost | $ | $ 21,376 | $ 0 | ||
Acres | a | 7,546 | 0 |
Segment and Geographical Info64
Segment and Geographical Information - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)segmentcore_business_area | |
Segment Reporting [Abstract] | |
Number of reportable segments | segment | 5 |
Sales of timberland (exceed) | $ | $ 20 |
Trading | |
Segment Reporting Information [Line Items] | |
Number of core business areas | core_business_area | 2 |
Segment and Geographical Info65
Segment and Geographical Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 239,722 | $ 184,419 | $ 200,964 | $ 194,491 | $ 229,302 | $ 176,867 | $ 269,171 | $ 140,575 | $ 819,596 | $ 815,915 | $ 568,800 |
Operating Income/(Loss) | 215,491 | 255,777 | 77,784 | ||||||||
Unallocated interest expense and other | (32,231) | (32,943) | (34,702) | ||||||||
INCOME BEFORE INCOME TAXES | 183,260 | 222,834 | 43,082 | ||||||||
Total capital expenditures | 65,345 | 58,723 | 57,293 | ||||||||
Payments to acquire timberlands | 242,910 | 366,481 | 98,409 | ||||||||
Total Gross Capital Expenditures | 308,255 | 425,204 | 155,702 | ||||||||
Depreciation, Depletion and Amortization | 146,001 | 151,146 | 113,708 | ||||||||
Non-Cash Cost of Land and Improved Development | 23,498 | 33,862 | 12,509 | ||||||||
Spending on office building | 6,084 | 6,307 | 908 | ||||||||
Real estate development investments | 15,784 | 8,746 | 2,676 | ||||||||
Southern Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 144,510 | 151,192 | 157,845 | ||||||||
Pacific Northwest Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 91,877 | 77,802 | 80,214 | ||||||||
New Zealand Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 247,609 | 177,889 | 162,803 | ||||||||
Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 183,016 | 299,350 | 86,493 | ||||||||
Real Estate | Improved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 6,348 | 1,740 | 2,610 | ||||||||
Real Estate | Unimproved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 16,405 | 5,540 | 6,399 | ||||||||
Real Estate | Rural | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 18,632 | 18,672 | 22,653 | ||||||||
Real Estate | Non-Strategic / Timberlands | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 46,280 | 66,133 | 54,831 | ||||||||
Real Estate | Large Dispositions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 95,351 | 207,265 | 0 | ||||||||
Real Estate | Large Dispositions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 95,400 | 207,300 | |||||||||
Operating Income/(Loss) | 67,000 | 143,900 | |||||||||
Depreciation, Depletion and Amortization | 18,400 | 36,100 | |||||||||
Non-Cash Cost of Land and Improved Development | 9,800 | 22,200 | |||||||||
Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 152,584 | 109,682 | 81,445 | ||||||||
Operating segments | Southern Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income/(Loss) | 42,254 | 43,098 | 46,669 | ||||||||
Total capital expenditures | 34,476 | 33,487 | 33,245 | ||||||||
Payments to acquire timberlands | 220,051 | 103,947 | 54,408 | ||||||||
Depreciation, Depletion and Amortization | 49,357 | 49,747 | 54,299 | ||||||||
Non-Cash Cost of Land and Improved Development | 0 | 0 | 0 | ||||||||
Operating segments | Pacific Northwest Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income/(Loss) | 1,127 | (3,992) | 6,917 | ||||||||
Total capital expenditures | 10,254 | 8,036 | 8,515 | ||||||||
Payments to acquire timberlands | 1,483 | 262,534 | 34,052 | ||||||||
Depreciation, Depletion and Amortization | 32,008 | 25,246 | 14,842 | ||||||||
Non-Cash Cost of Land and Improved Development | 0 | 0 | 0 | ||||||||
Operating segments | New Zealand Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income/(Loss) | 72,385 | 33,072 | 2,775 | ||||||||
Total capital expenditures | 17,046 | 16,095 | 15,143 | ||||||||
Payments to acquire timberlands | 21,376 | 0 | 9,949 | ||||||||
Depreciation, Depletion and Amortization | 36,363 | 23,447 | 29,741 | ||||||||
Non-Cash Cost of Land and Improved Development | 128 | 1,824 | 467 | ||||||||
Operating segments | Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income/(Loss) | 116,038 | 202,379 | 44,263 | ||||||||
Total capital expenditures | 1,348 | 315 | 313 | ||||||||
Payments to acquire timberlands | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 27,479 | 52,304 | 14,533 | ||||||||
Non-Cash Cost of Land and Improved Development | 23,370 | 32,038 | 12,042 | ||||||||
Operating segments | Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income/(Loss) | 4,578 | 2,002 | 1,247 | ||||||||
Total capital expenditures | 0 | 0 | 0 | ||||||||
Payments to acquire timberlands | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Non-Cash Cost of Land and Improved Development | 0 | 0 | 0 | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income/(Loss) | (20,891) | (20,782) | (24,087) | ||||||||
Total capital expenditures | 2,221 | 790 | 77 | ||||||||
Payments to acquire timberlands | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 794 | 402 | 293 | ||||||||
Non-Cash Cost of Land and Improved Development | $ 0 | $ 0 | $ 0 |
Segment and Geographical Info66
Segment and Geographical Information - Schedule of Geographical Operating Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $ 239,722 | $ 184,419 | $ 200,964 | $ 194,491 | $ 229,302 | $ 176,867 | $ 269,171 | $ 140,575 | $ 819,596 | $ 815,915 | $ 568,800 |
Operating Income | 215,491 | 255,777 | 77,784 | ||||||||
Identifiable Assets | 2,858,481 | 2,685,760 | 2,858,481 | 2,685,760 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 419,403 | 528,344 | 324,552 | ||||||||
Operating Income | 138,528 | 220,703 | 73,749 | ||||||||
Identifiable Assets | 2,331,230 | 2,181,658 | 2,331,230 | 2,181,658 | |||||||
New Zealand | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 400,193 | 287,571 | 244,248 | ||||||||
Operating Income | 76,963 | 35,074 | $ 4,035 | ||||||||
Identifiable Assets | $ 527,251 | $ 504,102 | $ 527,251 | $ 504,102 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 28, 2016 | Mar. 31, 2012 | Nov. 30, 2011 |
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 1,028,375 | $ 1,065,472 | |||
Less: Current maturities of long-term debt | (3,375) | (31,676) | |||
Less: Deferred financing costs | (2,996) | (3,591) | |||
Long-term debt, net of deferred financing costs | 1,022,004 | 1,030,205 | |||
Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 350,000 | 350,000 | |||
Variable interest rate | 3.00% | ||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 325,000 | 325,000 | |||
Fixed interest rate | 3.75% | 3.75% | |||
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 300,000 | 300,000 | $ 300,000 | ||
Variable interest rate | 3.30% | ||||
Mortgage notes due 2017 at fixed interest rates of 4.35% | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 0 | 31,676 | |||
Fixed interest rate | 4.35% | 4.35% | |||
Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 50,000 | 25,000 | |||
Variable interest rate | 2.80% | ||||
Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016 | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 0 | $ 15,000 | |||
Variable interest rate | 2.00% | ||||
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 3,375 | $ 18,796 | |||
Fixed interest rate | 0.00% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 3,375 | |
2,019 | 0 | |
2,020 | 50,000 | |
2,021 | 0 | |
2,022 | 325,000 | |
Thereafter | 650,000 | |
Total debt | 1,028,375 | $ 1,065,472 |
Mortgage notes due 2017 at fixed interest rates of 4.35% | ||
Debt Disclosure [Abstract] | ||
Total debt | $ 0 | 31,676 |
Debt Instrument [Line Items] | ||
Premium | $ 200 |
Debt - Term Credit Agreement (N
Debt - Term Credit Agreement (Narrative) (Details) - USD ($) | Aug. 05, 2015 | Dec. 31, 2017 |
New credit facilities | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 550,000,000 | |
Term Credit Agreement | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 3.00% | |
Term Credit Agreement | Term loan facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 350,000,000 | |
Debt instrument, term | 9 years | |
Basis spread on variable rate | 1.625% | |
Effective interest rate | 3.30% |
Debt - 3.75% Senior Notes Issue
Debt - 3.75% Senior Notes Issued March 2012 (Narrative) (Details) - 3.75% Senior Notes issued March 2012 - USD ($) | Dec. 31, 2017 | 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, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Incremental term loan | $ 1,028,375 | $ 1,065,472 | |
Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 105,000 | ||
Incremental term loan agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 10 years | ||
Incremental term loan | $ 300,000 | $ 300,000 | $ 300,000 |
Basis spread on variable rate | 1.90% | ||
Effective interest rate | 2.80% |
Debt - $105 Million Secured Mor
Debt - $105 Million Secured Mortgage Notes Assumed (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017USD ($) | Nov. 30, 2011USD ($)a | Dec. 31, 2017a | Dec. 31, 2016USD ($)a | |
Debt Instrument [Line Items] | ||||
Timberlands acquired (acres) | a | 250,000 | 109,533 | 110,727 | |
Mortgage notes due 2017 at fixed interest rates of 4.35% | ||||
Debt Instrument [Line Items] | ||||
Notes assumed | $ 105 | |||
Fixed interest rate | 4.35% | 4.35% | ||
Debt instrument, term | 7 years | |||
Repayments | $ 21 | $ 10.5 | ||
Mortgage notes due 2017 at fixed interest rates of 4.35% | ||||
Debt Instrument [Line Items] | ||||
Remaining principal repaid | $ 31.5 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Narrative) (Details) - USD ($) | 1 Months Ended | |
Aug. 31, 2015 | Dec. 31, 2017 | |
Unsecured revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, term | 5 years | |
Maximum borrowing capacity | $ 200,000,000 | |
Basis spread on variable rate | 1.25% | |
Commitment fee (as a percent) | 0.175% | |
Available borrowings | $ 139,600,000 | |
Unsecured revolving credit facility | Letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 10,400,000 | |
Previous revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 200,000,000 | |
Farm credit facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 |
Debt - Joint Venture Debt (Narr
Debt - Joint Venture Debt (Narrative) (Details) | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Debt Disclosure [Abstract] | ||||
Additional interest acquired (as a percent) | 39.00% | |||
Ownership interest (as a percent) | 77.00% | 77.00% | 65.00% | 65.00% |
Debt - Shareholder Loan (Narrat
Debt - Shareholder Loan (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Interest-free loan from the noncontrolling New Zealand JV partner | New Zealand JV | |
Debt Instrument [Line Items] | |
Face amount | $ 3 |
Debt - Working Capital Faciliti
Debt - Working Capital Facilities (Narrative) (Details) - New Zealand JV | 1 Months Ended | 12 Months Ended |
Jun. 30, 2016NZD | Dec. 31, 2017USD ($) | |
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 | |
Working Capital Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | NZD 40,000,000 | |
Borrowings | $ | $ 38,400,000 | |
Repayments | $ | 38,400,000 | |
Outstanding balance | $ | $ 0 |
Debt - Senior Secured Facilitie
Debt - Senior Secured Facilities Agreement (Narrative) (Details) | Jun. 30, 2016NZD |
New Zealand JV | Previous Working Capital Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | NZD 40,000,000 |
Debt - Debt Covenants (Narrativ
Debt - Debt Covenants (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 28, 2016 | Aug. 31, 2015 | Aug. 05, 2015 |
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 1,028,375,000 | $ 1,065,472,000 | |||
Term Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | 350,000,000 | 350,000,000 | |||
Incremental Term Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||
Term Loan Facility | Term Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 350,000,000 | ||||
Debt, carrying amount | $ 350,000,000 | ||||
Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 200,000,000 |
Higher and Better Use Timberl79
Higher and Better Use Timberlands and Real Estate Development Investments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | $ 70,374 |
Plus: Current portion, beginning balance | 17,059 |
Total Balance, beginning | 87,433 |
Non-cash cost of land and improved development | (6,719) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (2,768) |
Capitalized real estate development investments | 15,784 |
Capital expenditures (silviculture) | 428 |
Intersegment transfers | 4,989 |
Total Balance, ending | 99,147 |
Less: Current portion, ending balance | (18,350) |
Non-current portion, ending balance | 80,797 |
Capitalized interest | 400 |
Land and Timber | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 59,956 |
Plus: Current portion, beginning balance | 5,096 |
Total Balance, beginning | 65,052 |
Non-cash cost of land and improved development | (2,165) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (2,768) |
Capitalized real estate development investments | 0 |
Capital expenditures (silviculture) | 428 |
Intersegment transfers | 5,808 |
Total Balance, ending | 66,355 |
Less: Current portion, ending balance | (6,702) |
Non-current portion, ending balance | 59,653 |
Development Investments | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 10,418 |
Plus: Current portion, beginning balance | 11,963 |
Total Balance, beginning | 22,381 |
Non-cash cost of land and improved development | (4,554) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 |
Capitalized real estate development investments | 15,784 |
Capital expenditures (silviculture) | 0 |
Intersegment transfers | (819) |
Total Balance, ending | 32,792 |
Less: Current portion, ending balance | (11,648) |
Non-current portion, ending balance | $ 21,144 |
Joint Venture Investment (Detai
Joint Venture Investment (Details) - a a in Millions | Dec. 31, 2017 | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 | Apr. 04, 2013 |
Noncontrolling Interest [Line Items] | |||||
Ownership percentage by parent | 77.00% | 77.00% | 65.00% | 65.00% | |
Acres of timberland owned | 2.6 | ||||
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% | ||||
Matariki Forestry Group | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership percentage by parent | 77.00% | ||||
Acres of timberland owned | 0.4 | ||||
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% |
Commitments (Details)
Commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)lease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments | |||
2,018 | $ 11,792 | ||
2,019 | 6,522 | ||
2,020 | 6,277 | ||
2,021 | 4,017 | ||
2,022 | 3,562 | ||
Thereafter | 6,245 | ||
Total | 38,415 | ||
Commitments: | |||
2,018 | 22,625 | ||
2,019 | 16,739 | ||
2,020 | 16,050 | ||
2,021 | 13,522 | ||
2,022 | 12,987 | ||
Thereafter | 162,112 | ||
Total | 244,035 | ||
Pension contribution requirements in next fiscal year | $ 2,900 | ||
Matariki Crown Forest Licenses | |||
Commitments: | |||
Future minimum payments included, years | 20 years | ||
Termination notice | 35 years | ||
Renewal term | 1 year | ||
Number of leases under termination notice | lease | 3 | ||
Number of fixed term forest leases expiring | lease | 2 | ||
Operating Leases | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | $ 1,992 | $ 2,049 | $ 2,349 |
Leases: | |||
2,018 | 1,135 | ||
2,019 | 914 | ||
2,020 | 733 | ||
2,021 | 639 | ||
2,022 | 608 | ||
Thereafter | 635 | ||
Total | 4,664 | ||
Timber Leases | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 10,731 | $ 10,710 | $ 11,342 |
Leases: | |||
2,018 | 9,698 | ||
2,019 | 9,303 | ||
2,020 | 9,040 | ||
2,021 | 8,866 | ||
2,022 | 8,817 | ||
Thereafter | 155,232 | ||
Total | $ 200,956 | ||
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, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009tax_credit$ / gal | Dec. 31, 2014USD ($) | |
AFMC for CBPC Exchange [Line Items] | ||||||
Number of tax credits | tax_credit | 2 | |||||
Valuation allowance | $ 34,889 | $ 21,861 | ||||
Valuation allowance adjustment | $ 13,028 | $ 3,613 | $ 3,607 | |||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | |||
U.S. federal | $ 261 | $ 0 | $ (624) |
State | (38) | (254) | 226 |
Foreign | (245) | (241) | (308) |
Total Current | (22) | (495) | (706) |
Deferred | |||
U.S. federal | 13,028 | 5,403 | 3,702 |
State | 0 | (280) | 107 |
Foreign | (21,659) | (6,079) | 2,360 |
Total Deferred | (8,631) | (956) | 6,169 |
Changes in valuation allowance | (13,028) | (3,613) | (4,604) |
Income tax (expense) benefit | $ (21,681) | $ (5,064) | $ 859 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal statutory income tax rate | $ (64,141) | $ (77,992) | $ (15,079) |
U.S. and foreign REIT income | 63,813 | 82,037 | 17,191 |
Matariki Group and Rayonier New Zealand Ltd | (19,182) | (4,799) | 3,457 |
Transition tax | (3,506) | 0 | 0 |
Change in valuation allowance | (13,028) | (3,613) | (3,607) |
ASU No. 2016-16 adoption impact | 16,631 | 0 | 0 |
Deemed repatriation of unremitted foreign earnings | 7,368 | 0 | 0 |
Reduction of deferred tax asset for statutory rate change | (10,499) | 0 | 0 |
CBPC valuation allowance | 0 | 0 | 997 |
Other | 863 | (697) | (106) |
Income tax (expense) benefit as reported for net income | $ (21,681) | $ (5,064) | $ 859 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | (35.00%) | (35.00%) | (35.00%) |
U.S. and foreign REIT income | 34.80% | 36.80% | 39.90% |
Matariki Group and Rayonier New Zealand Ltd | (10.50%) | (2.20%) | 8.00% |
Transition tax | (0.019) | 0 | 0 |
Change in valuation allowance | (7.10%) | (1.60%) | (8.40%) |
ASU No. 2016-16 adoption impact | 9.10% | 0.00% | 0.00% |
Deemed repatriation of unremitted foreign earnings | 4.00% | 0.00% | 0.00% |
Reduction of deferred tax asset for statutory rate change | (5.70%) | (0.00%) | (0.00%) |
CBPC valuation allowance | (0.00%) | (0.00%) | 2.30% |
Other | 0.50% | (0.30%) | (0.20%) |
Income tax (expense) benefit as reported for net income | (11.80%) | (2.30%) | 2.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Gross deferred tax assets: | ||
Pension, postretirement and other employee benefits | $ 1,017 | $ 1,648 |
New Zealand JV | 40,224 | 60,452 |
CBPC Tax Credit Carry Forwards | 14,641 | 14,641 |
Capitalized real estate costs | 7,058 | 11,489 |
U.S. TRS Net Operating Loss | 1,872 | 4,730 |
Land basis difference | 11,090 | 0 |
Other | 5,079 | 9,165 |
Total gross deferred tax assets | 80,981 | 102,125 |
Less: Valuation allowance | (34,889) | (21,861) |
Total deferred tax assets after valuation allowance | 46,092 | 80,264 |
Gross deferred tax liabilities: | ||
Accelerated depreciation | (35) | (1,322) |
Repatriation of foreign earnings | 0 | (7,368) |
New Zealand JV | (72,527) | (70,315) |
Timber installment sale | (4,706) | (7,601) |
Other | (1,270) | (3,833) |
Total gross deferred tax liabilities | (78,538) | (90,439) |
Net deferred tax liability reported as noncurrent | $ (32,446) | $ (10,175) |
Income Taxes - Summary of Opera
Income Taxes - Summary of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
NOL Carryforwards | ||
Deferred Tax Asset, Nontaxable Entities, Gross Amount | $ 20,248 | $ 7,220 |
Valuation Allowance, Nontaxable Entities | (20,248) | (7,220) |
Total Valuation Allowance | (34,889) | (21,861) |
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 | 137,949 | 215,898 |
Valuation Allowance, NOL Carryforwards | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Tax Cuts And Jobs Act Of 2017, provisional income tax expense (benefit) | $ 100 | ||
Accounting Standards Update 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative-effect adjustment due to adoption of ASU No. 2016-16 | $ (14,365) | ||
Accounting Standards Update 2016-16 | Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative-effect adjustment due to adoption of ASU No. 2016-16 | $ (14,365) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 135 | $ 135 | $ 0 |
Decreases related to prior year tax positions | (135) | 0 | 0 |
Increases related to prior year tax positions | 0 | 0 | 135 |
Ending balance | $ 0 | $ 135 | $ 135 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits - Narrative (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits | $ 0 | $ 135,000 | $ 135,000 | $ 0 |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 0 | 0 | $ 0 | |
Interest on income taxes accrued | $ 0 | $ 0 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) $ in Millions | Jan. 09, 2015claimplaintiff | Nov. 10, 2014claim | Apr. 12, 2017USD ($) |
Loss Contingencies [Line Items] | |||
Number of new claims filed | 5 | ||
Number of plaintiffs | plaintiff | 2 | ||
Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Number of new claims filed | 5 | ||
Number of consolidated claims filed | 1 | ||
Directors and Officers Liability Insurance | Rayonier Inc. Securities Litigation | |||
Loss Contingencies [Line Items] | |||
Insurance settlements payable | $ | $ 73 |
Guarantees (Details)
Guarantees (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 13,891 |
Carrying Amount of Liability | 43 |
Standy letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 10,353 |
Carrying Amount of Liability | 0 |
Standy letters of credit | Bonds | |
Guarantor Obligations [Line Items] | |
Letter of credit for development project | 9,200 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 2,254 |
Carrying Amount of Liability | 43 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 1,284 |
Carrying Amount of Liability | $ 0 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income | $ 66,920 | $ 28,803 | $ 30,773 | $ 35,083 | $ 50,509 | $ 40,624 | $ 111,579 | $ 15,058 | $ 161,579 | $ 217,770 | $ 43,941 |
Less: Net income (loss) attributable to noncontrolling interest | 12,737 | 5,798 | (2,224) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 64,150 | $ 24,688 | $ 26,161 | $ 33,843 | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | $ 148,842 | $ 211,972 | $ 46,165 |
Shares used for determining basic earnings per common share (in shares) | 127,367,608 | 122,585,200 | 125,385,085 | ||||||||
Dilutive effect of: | |||||||||||
Stock options (in shares) | 91,956 | 92,473 | 116,792 | ||||||||
Performance and restricted shares (in shares) | 350,385 | 134,650 | 39,863 | ||||||||
Assumed conversion of Senior Exchangeable Notes (in shares) | 0 | 0 | 358,449 | ||||||||
Assumed conversion of warrants (in shares) | 0 | 0 | 0 | ||||||||
Shares used for determining diluted earnings per common share (in shares) | 127,809,949 | 122,812,323 | 125,900,189 | ||||||||
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.50 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.39 | $ 0.32 | $ 0.90 | $ 0.12 | $ 1.17 | $ 1.73 | $ 0.37 |
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.50 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.39 | $ 0.32 | $ 0.89 | $ 0.12 | $ 1.16 | $ 1.73 | $ 0.37 |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Shares Excluded from the Computation (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares) | 596,061 | 829,469 | 1,256,249 |
Stock options, performance and restricted shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares) | 596,061 | 829,469 | 897,800 |
Assumed conversion of exchangeable note hedges | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares) | 0 | 0 | 358,449 |
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 Instrume95
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 1,800 | ||
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 exchange contracts | Not Designated as Hedging Instrument | Interest income and miscellaneous income (expense), net | |||
Derivative [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | $ 47 | $ 0 | $ 0 |
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other operating income, net | |||
Derivative [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 0 | 895 | 0 |
Interest rate swaps | Not Designated as Hedging Instrument | Interest income and miscellaneous income (expense), net | |||
Derivative [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | $ 0 | $ (1,219) | $ (4,391) |
New Zealand JV | Foreign currency exchange contracts | Minimum | |||
Derivative [Line Items] | |||
Percentage of foreign currency exposure, next three months | 60.00% | ||
New Zealand JV | Foreign currency exchange contracts | Maximum | |||
Derivative [Line Items] | |||
Percentage of foreign currency exposure, next three months | 100.00% | ||
Percentage of foreign currency exposure, next three to six months | 75.00% | ||
Percentage of foreign currency exposure, next six to twelve months | 50.00% | ||
New Zealand JV | Foreign Currency Exchange And Option Contracts, Scale 4 | Minimum | |||
Derivative [Line Items] | |||
Foreign currency cash flow hedge, period (in months) | 3 months | ||
New Zealand JV | Foreign Currency Exchange And Option Contracts, Scale 5 | Minimum | |||
Derivative [Line Items] | |||
Foreign currency cash flow hedge, period (in months) | 3 months | ||
New Zealand JV | Foreign Currency Exchange And Option Contracts, Scale 5 | Maximum | |||
Derivative [Line Items] | |||
Foreign currency cash flow hedge, period (in months) | 6 months | ||
New Zealand JV | Foreign Currency Exchange And Option Contracts, Scale 6 | Minimum | |||
Derivative [Line Items] | |||
Foreign currency cash flow hedge, period (in months) | 6 months | ||
New Zealand JV | Foreign Currency Exchange And Option Contracts, Scale 6 | Maximum | |||
Derivative [Line Items] | |||
Foreign currency cash flow hedge, period (in months) | 12 months |
Derivative Financial Instrume96
Derivative Financial Instruments and Hedging Activities - Outstanding Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument | 12 Months Ended |
Dec. 31, 2017USD ($) | |
August 2,015 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 170,000 |
Fixed Rate of Swap | 2.20% |
Bank Margin on Debt | 1.63% |
Total Rate | 3.83% |
August 2,015 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 180,000 |
Fixed Rate of Swap | 2.35% |
Bank Margin on Debt | 1.63% |
Total Rate | 3.98% |
April 2,016 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.90% |
Total Rate | 3.50% |
April 2,016 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.90% |
Total Rate | 3.50% |
July 2,016 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.26% |
Bank Margin on Debt | 1.90% |
Total Rate | 3.16% |
Derivative Financial Instrume97
Derivative Financial Instruments and Hedging Activities - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 2,100 | $ 867 | $ (205) |
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 | (52) | 1,035 | 370 |
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 | 4,214 | 21,422 | (10,197) |
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 | 0 | 2,875 |
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 | 0 | (4,606) | 4,606 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other operating (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 0 | 895 | 0 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Interest income and miscellaneous income (expense), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 47 | 0 | 0 |
Not Designated as Hedging Instrument | Foreign currency option contracts | Other operating (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 0 | 258 | 1,394 |
Not Designated as Hedging Instrument | Interest rate swaps | Interest income and miscellaneous income (expense), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | $ 0 | $ (1,219) | $ (4,391) |
Derivative Financial Instrume98
Derivative Financial Instruments and Hedging Activities - Notional Amounts of Outstanding Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 107,400 | $ 44,800 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 48,000 | 91,000 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 650,000 | 650,000 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 18,439 | $ 0 |
Derivative Financial Instrume99
Derivative Financial Instruments and Hedging Activities - Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 21,032 | $ 19,320 |
Derivative Liability | (2,433) | (7,240) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 2,884 | 1,756 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 18,148 | 17,564 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (345) | (835) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (2,088) | (6,405) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 2,286 | 692 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 538 | 33 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (37) | (261) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 389 | 1,064 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 137 | 327 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (119) | (574) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (55) | (426) |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 17,473 | 17,204 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (2,033) | (5,979) |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 209 | 0 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ (189) | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, at carrying value | $ 112,653 | $ 85,909 | $ 51,777 | $ 161,558 |
Restricted cash | 59,703 | 71,708 | ||
Current maturities of long-term debt | (3,375) | (31,676) | ||
Long-term debt | (1,022,004) | (1,030,205) | ||
Carrying Amount | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, at carrying value | 112,653 | 85,909 | ||
Restricted cash | 59,703 | 71,708 | ||
Current maturities of long-term debt | (3,375) | (31,676) | ||
Long-term debt | (1,022,004) | (1,030,205) | ||
Carrying Amount | Fair Value, Measurements, Recurring | Interest rate swaps | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps, assets | 15,440 | |||
Interest rate swaps, liabilities | 11,225 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Foreign currency exchange contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency option contracts | 2,807 | 464 | ||
Carrying Amount | Fair Value, Measurements, Recurring | Foreign currency option contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency option contracts | 352 | 391 | ||
Fair Value | Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 112,653 | 85,909 | ||
Restricted cash | 59,703 | 71,708 | ||
Current maturities of long-term debt | 0 | 0 | ||
Long-term debt | 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 option contracts | 0 | 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 option contracts | 0 | 0 | ||
Fair Value | Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current maturities of long-term debt | (3,375) | (31,984) | ||
Long-term debt | (1,030,135) | (1,030,708) | ||
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 | 15,440 | |||
Interest rate swaps, liabilities | 11,225 | |||
Fair Value | Level 2 | Fair Value, Measurements, Recurring | Foreign currency exchange contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency option contracts | 2,807 | 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 option contracts | $ 352 | $ 391 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)pension_plan | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of qualified defined benefit plans | pension_plan | 1 | ||
Pension contribution requirements in next fiscal year | $ | $ 2.9 | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.48% | 4.01% | 4.20% |
Expected long-term return on plan assets, percent | 7.17% | 7.70% | 7.70% |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent liabilities | $ (31,905) | $ (31,856) | |
Pension | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 81,752 | 84,005 | |
Service cost | 0 | 1,307 | $ 1,484 |
Interest cost | 3,259 | 3,474 | 3,319 |
Curtailment gain | 0 | (5,447) | |
Actuarial loss | 6,123 | 1,296 | |
Benefits paid | (3,148) | (2,883) | |
Projected benefit obligation at end of year | 87,986 | 81,752 | 84,005 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 51,114 | 50,970 | |
Actual return on plan assets | 9,909 | 3,557 | |
Employer contributions | 90 | 29 | |
Benefits paid | (3,148) | (2,883) | |
Other expense | (588) | (559) | |
Fair value of plan assets at end of year | 57,377 | 51,114 | 50,970 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Net accrued benefit cost | (30,609) | (30,638) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Current liabilities | (92) | (36) | |
Noncurrent liabilities | (30,517) | (30,602) | |
Net amount recognized | (30,609) | (30,638) | |
Postretirement | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 1,285 | 1,159 | |
Service cost | 6 | 4 | 11 |
Interest cost | 53 | 42 | 52 |
Curtailment gain | 0 | 0 | |
Actuarial loss | 89 | 99 | |
Benefits paid | (13) | (19) | |
Projected benefit obligation at end of year | 1,420 | 1,285 | 1,159 |
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 | 13 | 19 | |
Benefits paid | (13) | (19) | |
Other expense | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Net accrued benefit cost | (1,420) | (1,285) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Current liabilities | (32) | (30) | |
Noncurrent liabilities | (1,388) | (1,255) | |
Net amount recognized | $ (1,420) | $ (1,285) |
Employee Benefit Plans - Other
Employee Benefit Plans - Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net (losses) gains | $ (583) | $ 3,119 | $ (477) |
Amortization of losses (gains) | 466 | 2,526 | 3,733 |
Amortization of prior service cost | 0 | 0 | 13 |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net (losses) gains | (89) | (99) | 123 |
Amortization of losses (gains) | (1) | (13) | 12 |
Amortization of prior service cost | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net (losses) gains | $ (22,183) | $ (22,065) |
Deferred income tax benefit | 1,927 | 1,927 |
AOCI | (20,256) | (20,138) |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net (losses) gains | (157) | (67) |
Deferred income tax benefit | 6 | 6 |
AOCI | $ (151) | $ (61) |
Employee Benefit Plans - Acc105
Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 87,986 | $ 81,752 |
Accumulated benefit obligation | 87,986 | 81,752 |
Fair value of plan assets | $ 57,377 | $ 51,114 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 1,307 | $ 1,484 |
Interest cost | 3,259 | 3,474 | 3,319 |
Expected return on plan assets | (3,781) | (4,030) | (4,027) |
Amortization of prior service cost | 0 | 0 | 13 |
Amortization of losses (gains) | 466 | 2,526 | 3,733 |
Net periodic benefit (credit) cost | (56) | 3,277 | 4,522 |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 6 | 4 | 11 |
Interest cost | 53 | 42 | 52 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of losses (gains) | (1) | (13) | 12 |
Net periodic benefit (credit) cost | $ 58 | $ 33 | $ 75 |
Employee Benefit Plans - AOCI A
Employee Benefit Plans - AOCI Amortization in Next Fiscal Year (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss | $ 635 |
Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss | $ 2 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Calculations (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, percent | 3.48% | 4.01% | 4.20% |
Rate of compensation, percent | 0.00% | 4.16% | 4.50% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (post-spin off), percent | 4.01% | 4.20% | 3.80% |
Expected long-term return on plan assets, percent | 7.17% | 7.70% | 7.70% |
Rate of compensation increase, percent | 0.00% | 4.16% | 4.50% |
Postretirement | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, percent | 3.56% | 4.12% | 4.34% |
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 (post-spin off), percent | 4.12% | 4.34% | 3.96% |
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 | Dec. 31, 2017 | Dec. 31, 2016 |
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% | 41.00% |
International equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 26.00% | 25.00% |
Domestic fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 26.00% | 26.00% |
International fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 4.00% | 5.00% |
Real estate fund | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 3.00% | 3.00% |
Minimum | Domestic equity securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 35.00% | |
Minimum | International equity securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 20.00% | |
Minimum | Domestic fixed income securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 25.00% | |
Minimum | International fixed income securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 3.00% | |
Minimum | Real estate fund | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 2.00% | |
Maximum | Domestic equity securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 45.00% | |
Maximum | International equity securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 30.00% | |
Maximum | Domestic fixed income securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 29.00% | |
Maximum | International fixed income securities | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 7.00% | |
Maximum | Real estate fund | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum, percent | 4.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value Measurements (Details) - Pension - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | $ 57,377 | $ 51,114 | $ 50,970 |
Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | 8,986 | 13,962 | |
Mutual Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | 8,986 | 13,962 | |
Mutual Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments at Fair Value: | 0 | 0 | |
Mutual Funds | Level 3 | |||
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: | $ 48,391 | $ 37,152 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,018 | $ 3,315 |
2,019 | 3,478 |
2,020 | 3,670 |
2,021 | 3,770 |
2,022 | 4,028 |
2023 - 2027 | 21,803 |
Postretirement Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,018 | 32 |
2,019 | 35 |
2,020 | 37 |
2,021 | 40 |
2,022 | 43 |
2023 - 2027 | $ 260 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Cost recognized | $ 0.8 | $ 0.7 | $ 0.7 |
Amount of employer and related party securities included in plan assets | 12.3 | 12.8 | |
Contributions for 401k plan enhancement | $ 0.8 | $ 0.5 | $ 0.4 |
Incentive Stock Plans - Narrati
Incentive Stock Plans - Narrative (Details) | Dec. 31, 2017shares |
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 | 5,100,000 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction of shares available for issuance | 1 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction of shares available for issuance | 2.27 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction of shares available for issuance | 2.27 |
Incentive Stock Plans - Schedul
Incentive Stock Plans - Schedule of Stock Based Compensation Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 5,396 | $ 5,136 | $ 4,484 |
Tax benefit recognized related to stock-based compensation expense | 249 | 483 | 302 |
Timber and Timberlands, Net | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation cost, capitalized amount | 56 | 42 | 97 |
Selling and general expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation cost | 4,784 | 4,607 | 3,752 |
Cost of sales | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation cost | $ 556 | $ 487 | $ 635 |
Incentive Stock Plans - Restric
Incentive Stock Plans - Restricted Stock - Narrative (Details) - Restricted Stock $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 4.3 |
Weighted average period for recognition, years | 3 years |
Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rate of restricted stock | 25.00% |
Management | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rate of restricted stock | 33.00% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted | 97,643 | 106,326 | 96,088 |
Weighted average price of restricted shares granted (in dollars per share) | $ 28.18 | $ 25.08 | $ 26.28 |
Intrinsic value of restricted stock outstanding | $ 8,906 | $ 6,177 | $ 4,434 |
Grant date fair value of restricted stock vested | 1,198 | 2,248 | 2,632 |
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested | $ 176 | $ 178 | $ 122 |
Incentive Stock Plans - Sche117
Incentive Stock Plans - Schedule of Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | |||
Beginning Balance (in shares) | 232,231 | ||
Granted (in shares) | 97,643 | 106,326 | 96,088 |
Vested (in shares) | (42,808) | ||
Cancelled (in shares) | (5,497) | ||
Ending Balance (in shares) | 281,569 | 232,231 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance (in dollars per share) | $ 29.47 | ||
Granted (in dollars per share) | 28.18 | $ 25.08 | $ 26.28 |
Vested (in dollars per share) | 27.98 | ||
Cancelled (in dollars per share) | 26.22 | ||
Ending Balance (in dollars per share) | $ 29.32 | $ 29.47 |
Incentive Stock Plans - Perform
Incentive Stock Plans - Performance Share Units - Narrative (Details) - Performance Shares $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Unrecognized compensation cost | $ 4.3 |
Weighted average period for recognition, years | 1 year 10 months |
Incentive Stock Plans - Summ119
Incentive Stock Plans - Summary of Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares of Company stock reserved for performance shares granted during year | 226,448 | 250,584 | 219,844 |
Weighted average fair value of performance share units granted (in dollars per share) | $ 32.17 | $ 28.79 | $ 29.62 |
Intrinsic value of outstanding performance share units | $ 10,414 | $ 7,482 | $ 3,822 |
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 | $ 0 |
Incentive Stock Plans - Sche120
Incentive Stock Plans - Schedule of Performance Share Activity (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Units | |||
Beginning Balance (in shares) | 281,288 | ||
Granted (in shares) | 113,224 | ||
Other Cancellations/Adjustments (in shares) | (65,273) | ||
Ending Balance (in shares) | 329,239 | 281,288 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance (in dollars per share) | $ 31.35 | ||
Weighted average price of restricted shares granted (in dollars per share) | 32.17 | $ 28.79 | $ 29.62 |
Other Cancellations/Adjustments (in dollars per share) | 38.56 | ||
Ending Balance (in dollars per share) | $ 30.21 | $ 31.35 |
Incentive Stock Plans - Sche121
Incentive Stock Plans - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 23.30% | 25.40% | 21.90% |
Risk-free rate | 1.50% | 0.90% | 0.90% |
Incentive Stock Plans - Non-Qua
Incentive Stock Plans - Non-Qualified Employee Stock Options - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum term (in years) | 10 years |
Incentive Stock Plans - Sche123
Incentive Stock Plans - Schedule of Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Number of Shares | |
Number of Shares, Beginning Balance | shares | 1,079,800 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (229,006) |
Cancelled or expired (in shares) | shares | (9,728) |
Number of Shares, Ending Balance | shares | 841,066 |
Number of Shares, Options exercisable | shares | 841,066 |
Weighted Average Exercise Price (per common share) | |
Weighted Average Exercise Price (in dollars per common share), Beginning Balance | $ / shares | $ 28.16 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 20.75 |
Cancelled or expired (in dollars per share) | $ / shares | 33 |
Weighted Average Exercise Price (in dollars per common share), Ending Balance | $ / shares | 30.13 |
Weighted Average Exercise Price (in dollars per common share), Options exercisable | $ / shares | $ 30.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual term (in years), Options outstanding | 4 years 2 months 12 days |
Weighted Average Remaining Contractual term (in years), Options exercisable | 4 years 2 months 12 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 2,589 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 2,589 |
Incentive Stock Plans - Summ124
Incentive Stock Plans - Summary of Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 1,993 | $ 539 | $ 773 |
Fair value of options vested | 6,138 | 1,317 | 1,938 |
Cash received from exercise of options | $ 4,751 | $ 1,576 | $ 2,117 |
Other Operating Income (Expe125
Other Operating Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Foreign currency (loss) income | $ (394) | $ 283 | $ (89) |
(Loss) gain on sale or disposal of property plant & equipment | (68) | 85 | 7 |
Gain (loss) on foreign currency exchange and option contracts | 3,438 | (645) | (5,338) |
Deferred payments related to prior land sales | 0 | 8,658 | 0 |
Costs related to business combination | 0 | (1,316) | 0 |
Gain on foreign currency derivatives | 0 | 1,153 | 0 |
New Zealand JV log trading marketing fees | 1,222 | 951 | 976 |
Miscellaneous income (expense), net | 195 | (83) | 896 |
Total | $ 4,393 | $ 9,086 | $ (3,548) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Inventory | $ 24,141 | $ 21,379 |
Real Estate Inventory | ||
Inventory [Line Items] | ||
Inventory | 18,350 | 17,059 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 5,791 | $ 4,320 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Cash and Investments [Abstract] | ||
Maximum time period proceeds from LKE sale maintained with third party intermediary, days | 180 days | |
Restricted deposits | $ 59,703 | $ 71,708 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 8,776 | $ 8,679 | $ 8,478 |
Capitalized debt issuance costs | 300 | 500 | |
Capitalized Software | 4,100 | 4,100 | |
Pacific Northwest | |||
Finite-Lived Intangible Assets [Line Items] | |||
Prepaid roads | 3,700 | 3,200 | |
New Zealand | |||
Finite-Lived Intangible Assets [Line Items] | |||
Prepaid roads | $ 2,700 | $ 2,200 | |
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 | $ 8,800 |
Other Assets - Changes in Goodw
Other Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance (net of $0 of accumulated impairment) | $ 8,679 | $ 8,478 |
Changes to carrying amount | ||
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Foreign currency adjustment | 97 | 201 |
Goodwill Ending Balance (net of $0 accumulated impairment) | $ 8,776 | $ 8,679 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Period expected for sales to finalize | 12 months | |
Assets held for sale | $ 0 | $ 23,171 |
Accumulated Other Comprehens131
Accumulated Other Comprehensive Income/(Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 856 | |
Recapitalization of New Zealand JV | $ 0 | |
Ending balance | 13,417 | 856 |
Net periodic pension cost | 2,400 | |
Curtailment gain | 5,400 | |
Accumulated Other Comprehensive Income/(Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 856 | (33,503) |
Other comprehensive income/(loss) before reclassifications | 14,064 | 32,431 |
Amounts reclassified from accumulated other comprehensive income | (1,503) | (1,510) |
Net other comprehensive income/(loss) | 12,561 | 30,921 |
Recapitalization of New Zealand JV | 3,438 | |
Ending balance | 13,417 | 856 |
Foreign currency translation gains/(losses) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 8,559 | (2,450) |
Other comprehensive income/(loss) before reclassifications | 7,416 | 7,387 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net other comprehensive income/(loss) | 7,416 | 7,387 |
Recapitalization of New Zealand JV | 3,622 | |
Ending balance | 15,975 | 8,559 |
Net investment hedges of New Zealand JV | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 1,665 | 6,271 |
Other comprehensive income/(loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | (4,606) |
Net other comprehensive income/(loss) | 0 | (4,606) |
Recapitalization of New Zealand JV | 0 | |
Ending balance | 1,665 | 1,665 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 10,831 | (11,592) |
Other comprehensive income/(loss) before reclassifications | 7,321 | 22,024 |
Amounts reclassified from accumulated other comprehensive income | (1,968) | 583 |
Net other comprehensive income/(loss) | 5,353 | 22,607 |
Recapitalization of New Zealand JV | (184) | |
Ending balance | 16,184 | 10,831 |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income/(loss) before reclassifications | 4,200 | |
Employee benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (20,199) | (25,732) |
Other comprehensive income/(loss) before reclassifications | (673) | 3,020 |
Amounts reclassified from accumulated other comprehensive income | 465 | 2,513 |
Net other comprehensive income/(loss) | (208) | 5,533 |
Recapitalization of New Zealand JV | 0 | |
Ending balance | $ (20,407) | $ (20,199) |
Accumulated Other Comprehens132
Accumulated Other Comprehensive Income/(Loss) - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other operating (income) expense, net | $ 4,393 | $ 9,086 | $ (3,548) |
Comprehensive income (loss) attributable to noncontrolling interest | (14,775) | (9,555) | 13,027 |
Income tax (expense) benefit (Note 9) | (21,681) | (5,064) | $ 859 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | (1,968) | 583 | |
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 | 817 | (385) | |
Income tax (expense) benefit (Note 9) | 765 | (227) | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Realized (gain) loss on foreign currency exchange contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other operating (income) expense, net | (2,631) | 759 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Realized (gain) loss on foreign currency option contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other operating (income) expense, net | $ (919) | $ 436 |
Quarterly Results for 2017 a133
Quarterly Results for 2017 and 2016 (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales | $ 239,722 | $ 184,419 | $ 200,964 | $ 194,491 | $ 229,302 | $ 176,867 | $ 269,171 | $ 140,575 | $ 819,596 | $ 815,915 | $ 568,800 |
Cost of sales | 149,832 | 136,983 | 144,610 | 136,828 | 162,590 | 116,922 | 138,480 | 108,447 | 568,253 | 526,439 | 441,718 |
Net Income | 66,920 | 28,803 | 30,773 | 35,083 | 50,509 | 40,624 | 111,579 | 15,058 | 161,579 | 217,770 | 43,941 |
Net Income attributable to Rayonier Inc. | $ 64,150 | $ 24,688 | $ 26,161 | $ 33,843 | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | $ 148,842 | $ 211,972 | $ 46,165 |
Net Income, Basic (in dollars per share) | $ 0.50 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.39 | $ 0.32 | $ 0.90 | $ 0.12 | $ 1.17 | $ 1.73 | $ 0.37 |
Net income, Diluted (in dollars per share) | $ 0.50 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.39 | $ 0.32 | $ 0.89 | $ 0.12 | $ 1.16 | $ 1.73 | $ 0.37 |
Prior to Reclassification | |||||||||||
Sales | $ 233,482 | $ 177,946 | $ 194,719 | $ 186,512 | $ 220,464 | $ 171,421 | $ 261,550 | $ 134,843 | $ 792,659 | $ 788,278 | $ 544,874 |
Cost of sales | $ 149,206 | $ 136,583 | $ 143,687 | $ 136,413 | $ 161,918 | $ 116,624 | $ 138,194 | $ 107,971 | $ 565,889 | $ 524,707 | $ 441,099 |
Consolidating Financial Stat134
Consolidating Financial Statements - Narrative (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% - USD ($) | Dec. 31, 2017 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||
Face amount | $ 325,000,000 | |
Fixed interest rate | 3.75% | 3.75% |
Consolidating Financial Stat135
Consolidating Financial Statements - Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||||||||||
SALES | $ 239,722 | $ 184,419 | $ 200,964 | $ 194,491 | $ 229,302 | $ 176,867 | $ 269,171 | $ 140,575 | $ 819,596 | $ 815,915 | $ 568,800 |
Costs and Expenses | |||||||||||
Cost of sales | 149,832 | 136,983 | 144,610 | 136,828 | 162,590 | 116,922 | 138,480 | 108,447 | 568,253 | 526,439 | 441,718 |
Selling and general expenses | 40,245 | 42,785 | 45,750 | ||||||||
Other operating (income) expense, net | (4,393) | (9,086) | 3,548 | ||||||||
Costs and Expenses, Total | 604,105 | 560,138 | 491,016 | ||||||||
OPERATING INCOME | 215,491 | 255,777 | 77,784 | ||||||||
Interest expense | (34,071) | (32,245) | (31,699) | ||||||||
Interest and miscellaneous income (expense), net | 1,840 | (698) | (3,003) | ||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | ||||||||
INCOME BEFORE INCOME TAXES | 183,260 | 222,834 | 43,082 | ||||||||
Income tax (expense) benefit | (21,681) | (5,064) | 859 | ||||||||
NET INCOME | 66,920 | 28,803 | 30,773 | 35,083 | 50,509 | 40,624 | 111,579 | 15,058 | 161,579 | 217,770 | 43,941 |
Less: Net income (loss) attributable to noncontrolling interest | 12,737 | 5,798 | (2,224) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 64,150 | $ 24,688 | $ 26,161 | $ 33,843 | $ 48,324 | $ 39,355 | $ 109,821 | $ 14,472 | 148,842 | 211,972 | 46,165 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066 | 9,114 | 6,322 | (32,451) | ||||||||
New Zealand joint venture cash flow hedges | 5,693 | 22,822 | (9,961) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | (208) | 5,533 | 2,933 | ||||||||
Total other comprehensive income | 14,599 | 34,677 | (39,479) | ||||||||
COMPREHENSIVE INCOME | 176,178 | 252,447 | 4,462 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 14,775 | 9,555 | (13,027) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 161,403 | 242,892 | 17,489 | ||||||||
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 | (338,107) | (462,107) | (126,611) | ||||||||
INCOME BEFORE INCOME TAXES | (338,107) | (462,107) | (126,611) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
NET INCOME | (338,107) | (462,107) | (126,611) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | (338,107) | (462,107) | (126,611) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066 | (7,416) | (2,782) | 21,567 | ||||||||
New Zealand joint venture cash flow hedges | (5,353) | (22,608) | 10,042 | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | 208 | (5,533) | (2,933) | ||||||||
Total other comprehensive income | (12,561) | (30,923) | 28,676 | ||||||||
COMPREHENSIVE INCOME | (350,668) | (493,030) | (97,935) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | (350,668) | (493,030) | (97,935) | ||||||||
Rayonier Inc.(Parent Issuer) | Reportable Legal Entities | |||||||||||
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 | (12,556) | (12,555) | (12,703) | ||||||||
Interest and miscellaneous income (expense), net | 9,679 | 8,613 | 7,789 | ||||||||
Equity in income from subsidiaries | 151,719 | 215,914 | 51,079 | ||||||||
INCOME BEFORE INCOME TAXES | 148,842 | 211,972 | 46,165 | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
NET INCOME | 148,842 | 211,972 | 46,165 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 148,842 | 211,972 | 46,165 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066 | 7,416 | 2,780 | (21,567) | ||||||||
New Zealand joint venture cash flow hedges | 5,353 | 22,607 | (10,042) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | (208) | 5,533 | 2,933 | ||||||||
Total other comprehensive income | 12,561 | 30,920 | (28,676) | ||||||||
COMPREHENSIVE INCOME | 161,403 | 242,892 | 17,489 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 161,403 | 242,892 | 17,489 | ||||||||
Subsidiary Guarantors | Reportable Legal Entities | |||||||||||
Income Statement [Abstract] | |||||||||||
SALES | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling and general expenses | 16,797 | 15,253 | 20,468 | ||||||||
Other operating (income) expense, net | 479 | 448 | (404) | ||||||||
Costs and Expenses, Total | 17,276 | 15,701 | 20,064 | ||||||||
OPERATING INCOME | (17,276) | (15,701) | (20,064) | ||||||||
Interest expense | (19,699) | (16,775) | (9,135) | ||||||||
Interest and miscellaneous income (expense), net | 2,878 | 2,750 | 2,612 | ||||||||
Equity in income from subsidiaries | 186,388 | 246,193 | 75,532 | ||||||||
INCOME BEFORE INCOME TAXES | 152,291 | 216,467 | 48,945 | ||||||||
Income tax (expense) benefit | (572) | (553) | 2,134 | ||||||||
NET INCOME | 151,719 | 215,914 | 51,079 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 151,719 | 215,914 | 51,079 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066 | 0 | (4,606) | 7,922 | ||||||||
New Zealand joint venture cash flow hedges | 4,214 | 21,422 | (10,195) | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | (208) | 5,533 | 2,933 | ||||||||
Total other comprehensive income | 4,006 | 22,349 | 660 | ||||||||
COMPREHENSIVE INCOME | 155,725 | 238,263 | 51,739 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 155,725 | 238,263 | 51,739 | ||||||||
Non- guarantors | Reportable Legal Entities | |||||||||||
Income Statement [Abstract] | |||||||||||
SALES | 819,596 | 815,915 | 568,800 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 568,253 | 526,439 | 441,718 | ||||||||
Selling and general expenses | 23,448 | 27,532 | 25,282 | ||||||||
Other operating (income) expense, net | (4,872) | (9,534) | 3,952 | ||||||||
Costs and Expenses, Total | 586,829 | 544,437 | 470,952 | ||||||||
OPERATING INCOME | 232,767 | 271,478 | 97,848 | ||||||||
Interest expense | (1,816) | (2,915) | (9,861) | ||||||||
Interest and miscellaneous income (expense), net | (10,717) | (12,061) | (13,404) | ||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | ||||||||
INCOME BEFORE INCOME TAXES | 220,234 | 256,502 | 74,583 | ||||||||
Income tax (expense) benefit | (21,109) | (4,511) | (1,275) | ||||||||
NET INCOME | 199,125 | 251,991 | 73,308 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 12,737 | 5,798 | (2,224) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 186,388 | 246,193 | 75,532 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066 | 9,114 | 10,930 | (40,373) | ||||||||
New Zealand joint venture cash flow hedges | 1,479 | 1,401 | 234 | ||||||||
Actuarial change and amortization of pension and postretirement plan liabilities | 0 | 0 | 0 | ||||||||
Total other comprehensive income | 10,593 | 12,331 | (40,139) | ||||||||
COMPREHENSIVE INCOME | 209,718 | 264,322 | 33,169 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 14,775 | 9,555 | (13,027) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 194,943 | $ 254,767 | $ 46,196 |
Consolidating Financial Stat136
Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 112,653 | $ 85,909 | $ 51,777 | $ 161,558 |
Accounts receivable, less allowance for doubtful accounts | 27,693 | 20,664 | ||
Inventory | 24,141 | 21,379 | ||
Prepaid logging roads | 11,207 | 10,228 | ||
Prepaid expenses | 4,786 | 1,579 | ||
Assets held for sale (Note 21) | 0 | 23,171 | ||
Other current assets | 3,047 | 1,874 | ||
Total current assets | 183,527 | 164,804 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,462,066 | 2,291,015 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 80,797 | 70,374 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 23,378 | 14,034 | ||
RESTRICTED CASH (NOTE 19) | 59,703 | 71,708 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS (NOTE 20) | 49,010 | 73,825 | ||
TOTAL ASSETS | 2,858,481 | 2,685,760 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 25,148 | 22,337 | ||
Current maturities of long-term debt | 3,375 | 31,676 | ||
Accrued taxes | 3,781 | 2,657 | ||
Accrued payroll and benefits | 9,662 | 9,277 | ||
Accrued interest | 5,054 | 5,340 | ||
Deferred revenue | 9,721 | 9,099 | ||
Other current liabilities | 11,807 | 11,580 | ||
Total current liabilities | 68,548 | 91,966 | ||
LONG-TERM DEBT | 1,022,004 | 1,030,205 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 31,905 | 31,856 | ||
OTHER NON-CURRENT LIABILITIES | 43,084 | 34,981 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,593,023 | 1,411,610 | ||
Noncontrolling interest | 99,917 | 85,142 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,692,940 | 1,496,752 | 1,361,740 | 1,575,151 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,858,481 | 2,685,760 | ||
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 CASH (NOTE 19) | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | (4,345,564) | (4,093,509) | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS (NOTE 20) | 0 | 0 | ||
TOTAL ASSETS | (4,345,564) | (4,093,509) | ||
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 | ||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
LONG-TERM DEBT | 0 | 0 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | (4,345,564) | (4,093,509) | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | (4,345,564) | (4,093,509) | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | (4,345,564) | (4,093,509) | ||
Rayonier Inc.(Parent Issuer) | Reportable Legal Entities | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 48,564 | 21,453 | 2,472 | 102,218 |
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 | 48,564 | 21,453 | ||
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 CASH (NOTE 19) | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 1,531,156 | 1,422,081 | ||
INTERCOMPANY NOTES RECEIVABLE | 40,067 | 26,472 | ||
OTHER ASSETS (NOTE 20) | 2 | 2 | ||
TOTAL ASSETS | 1,619,789 | 1,470,008 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | 31,676 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 3,047 | 3,047 | ||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 3,047 | 34,723 | ||
LONG-TERM DEBT | 323,434 | 291,390 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | (299,715) | (267,715) | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,593,023 | 1,411,610 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,593,023 | 1,411,610 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,619,789 | 1,470,008 | ||
Subsidiary Guarantors | Reportable Legal Entities | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 25,042 | 9,461 | 13,217 | 8,105 |
Accounts receivable, less allowance for doubtful accounts | 3,726 | 2,991 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 759 | 427 | ||
Assets held for sale (Note 21) | 0 | |||
Other current assets | 14 | 236 | ||
Total current assets | 29,541 | 13,115 | ||
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 | 21 | 177 | ||
RESTRICTED CASH (NOTE 19) | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 2,814,408 | 2,671,428 | ||
INTERCOMPANY NOTES RECEIVABLE | (628,167) | (611,571) | ||
OTHER ASSETS (NOTE 20) | 12,680 | 46,846 | ||
TOTAL ASSETS | 2,228,483 | 2,119,995 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 2,838 | 1,194 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 48 | (111) | ||
Accrued payroll and benefits | 5,298 | 5,013 | ||
Accrued interest | 1,995 | 2,040 | ||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 564 | 165 | ||
Total current liabilities | 10,743 | 8,301 | ||
LONG-TERM DEBT | 663,570 | 663,343 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 32,589 | 32,541 | ||
OTHER NON-CURRENT LIABILITIES | 9,386 | 12,690 | ||
INTERCOMPANY PAYABLE | (18,961) | (18,961) | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,531,156 | 1,422,081 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,531,156 | 1,422,081 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,228,483 | 2,119,995 | ||
Non- guarantors | Reportable Legal Entities | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 39,047 | 54,995 | $ 36,088 | $ 51,235 |
Accounts receivable, less allowance for doubtful accounts | 23,967 | 17,673 | ||
Inventory | 24,141 | 21,379 | ||
Prepaid logging roads | 11,207 | 10,228 | ||
Prepaid expenses | 4,027 | 1,152 | ||
Assets held for sale (Note 21) | 23,171 | |||
Other current assets | 3,033 | 1,638 | ||
Total current assets | 105,422 | 130,236 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,462,066 | 2,291,015 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6) | 80,797 | 70,374 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 23,357 | 13,857 | ||
RESTRICTED CASH (NOTE 19) | 59,703 | 71,708 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 588,100 | 585,099 | ||
OTHER ASSETS (NOTE 20) | 36,328 | 26,977 | ||
TOTAL ASSETS | 3,355,773 | 3,189,266 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 22,310 | 21,143 | ||
Current maturities of long-term debt | 3,375 | 0 | ||
Accrued taxes | 3,733 | 2,768 | ||
Accrued payroll and benefits | 4,364 | 4,264 | ||
Accrued interest | 12 | 253 | ||
Deferred revenue | 9,721 | 9,099 | ||
Other current liabilities | 11,243 | 11,415 | ||
Total current liabilities | 54,758 | 48,942 | ||
LONG-TERM DEBT | 35,000 | 75,472 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | (684) | (685) | ||
OTHER NON-CURRENT LIABILITIES | 33,698 | 22,291 | ||
INTERCOMPANY PAYABLE | 318,676 | 286,676 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,814,408 | 2,671,428 | ||
Noncontrolling interest | 99,917 | 85,142 | ||
TOTAL SHAREHOLDERS’ EQUITY | 2,914,325 | 2,756,570 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,355,773 | $ 3,189,266 |
Consolidating Financial Stat137
Consolidating Financial Statements - Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | $ 256,284 | $ 203,801 | $ 177,164 |
INVESTING ACTIVITIES | |||
Capital expenditures | (65,345) | (58,723) | (57,293) |
Real estate development investments | (15,784) | (8,746) | (2,676) |
Purchase of timberlands | (242,910) | (366,481) | (98,409) |
Proceeds from settlement of foreign currency derivative | 0 | 0 | 2,804 |
Assets purchased in business acquisition | 0 | (887) | 0 |
Net proceeds from Large Dispositions | 95,243 | 203,862 | 0 |
Rayonier office building under construction | (6,084) | (6,307) | (908) |
Change in restricted cash | 12,005 | (48,184) | (16,836) |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | (373) | 2,311 | 7,009 |
CASH USED FOR INVESTING ACTIVITIES | (223,248) | (283,155) | (166,309) |
FINANCING ACTIVITIES | |||
Issuance of debt | 63,389 | 695,916 | 472,558 |
Repayment of debt | (100,157) | (458,415) | (364,402) |
Dividends paid | (127,069) | (122,845) | (124,936) |
Proceeds from the issuance of common shares | 4,751 | 1,576 | 2,117 |
Proceeds from the issuance of common shares from equity offering, net of costs | 152,390 | 0 | 0 |
Repurchase of common shares | (176) | (690) | (100,000) |
Debt issuance costs | 0 | (818) | (1,678) |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 0 | 0 | 0 |
Other | 0 | (301) | (122) |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (6,872) | 114,423 | (116,463) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 580 | (937) | (4,173) |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 26,744 | 34,132 | (109,781) |
Balance, beginning of year | 85,909 | 51,777 | 161,558 |
Balance, end of year | 112,653 | 85,909 | 51,777 |
Consolidating Adjustments | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 0 | 0 |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 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 | 0 | |
Rayonier office building under construction | 0 | 0 | 0 |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | (38,546) | 293,820 | (126,242) |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | (38,546) | 293,820 | (126,242) |
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 the issuance of common shares from equity offering, net of costs | 0 | ||
Repurchase of common shares | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 38,546 | (293,820) | 126,242 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 38,546 | (293,820) | 126,242 |
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) | Reportable Legal Entities | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | (48,104) | (7,480) | (4,890) |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 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 | 0 | |
Rayonier office building under construction | 0 | 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 | 0 | 61,000 |
Repayment of debt | 0 | 0 | (61,000) |
Dividends paid | (127,069) | (122,845) | (124,936) |
Proceeds from the issuance of common shares | 4,751 | 1,576 | 2,117 |
Proceeds from the issuance of common shares from equity offering, net of costs | 152,390 | ||
Repurchase of common shares | (176) | (690) | (100,000) |
Debt issuance costs | 0 | 0 | |
Issuance of intercompany notes | (32,000) | (12,000) | (35,500) |
Intercompany distributions | 77,319 | 160,597 | 163,585 |
Other | (177) | (122) | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 75,215 | 26,461 | (94,856) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 27,111 | 18,981 | (99,746) |
Balance, beginning of year | 21,453 | 2,472 | 102,218 |
Balance, end of year | 48,564 | 21,453 | 2,472 |
Subsidiary Guarantors | Reportable Legal Entities | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 111,431 | 113,775 | (21,421) |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | (78) |
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 | 0 | |
Rayonier office building under construction | 0 | 0 | 0 |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 38,546 | (293,820) | 126,242 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 38,546 | (293,820) | 126,164 |
FINANCING ACTIVITIES | |||
Issuance of debt | 25,000 | 548,000 | 353,000 |
Repayment of debt | (15,000) | (140,000) | (232,973) |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | ||
Repurchase of common shares | 0 | 0 | 0 |
Debt issuance costs | (818) | (1,678) | |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | (144,396) | (230,893) | (217,980) |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (134,396) | 176,289 | (99,631) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 15,581 | (3,756) | 5,112 |
Balance, beginning of year | 9,461 | 13,217 | 8,105 |
Balance, end of year | 25,042 | 9,461 | 13,217 |
Non- guarantors | Reportable Legal Entities | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 192,957 | 97,506 | 203,475 |
INVESTING ACTIVITIES | |||
Capital expenditures | (65,345) | (58,723) | (57,215) |
Real estate development investments | (15,784) | (8,746) | (2,676) |
Purchase of timberlands | (242,910) | (366,481) | (98,409) |
Proceeds from settlement of foreign currency derivative | 2,804 | ||
Assets purchased in business acquisition | (887) | ||
Net proceeds from Large Dispositions | 95,243 | 203,862 | |
Rayonier office building under construction | (6,084) | (6,307) | (908) |
Change in restricted cash | 12,005 | (48,184) | (16,836) |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | (373) | 2,311 | 7,009 |
CASH USED FOR INVESTING ACTIVITIES | (223,248) | (283,155) | (166,231) |
FINANCING ACTIVITIES | |||
Issuance of debt | 38,389 | 147,916 | 58,558 |
Repayment of debt | (85,157) | (318,415) | (70,429) |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | ||
Repurchase of common shares | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Issuance of intercompany notes | 32,000 | 12,000 | 35,500 |
Intercompany distributions | 28,531 | 364,116 | (71,847) |
Other | (124) | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 13,763 | 205,493 | (48,218) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 580 | (937) | (4,173) |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | (15,948) | 18,907 | (15,147) |
Balance, beginning of year | 54,995 | 36,088 | 51,235 |
Balance, end of year | $ 39,047 | $ 54,995 | $ 36,088 |
Schedule II - Valuation and 138
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additions Charged to Cost and Expenses | $ (13,028) | $ (3,613) | $ (4,604) |
Income tax provision | 21,681 | 5,064 | (859) |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 33 | 42 | 42 |
Additions Charged to Cost and Expenses | 0 | 0 | 0 |
Deductions | (10) | (9) | 0 |
Balance at End of Year | 23 | 33 | 42 |
Deferred tax asset valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 21,861 | 18,248 | 13,644 |
Additions Charged to Cost and Expenses | 13,028 | 3,613 | 4,604 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | $ 34,889 | $ 21,861 | $ 18,248 |