x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company o |
Item | Page | ||
PART I - FINANCIAL INFORMATION | |||
1. | |||
2. | |||
3. | |||
4. | |||
PART II - OTHER INFORMATION | |||
6. | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
SALES | $ | 409,077 | $ | 348,096 | $ | 802,796 | $ | 684,667 | |||||||
Costs and Expenses | |||||||||||||||
Cost of sales | 297,698 | 243,571 | 563,716 | 479,279 | |||||||||||
Selling and general expenses | 16,929 | 15,892 | 33,028 | 35,157 | |||||||||||
Other operating expense (income), net | 291 | (5,295 | ) | (3,212 | ) | (6,433 | ) | ||||||||
314,918 | 254,168 | 593,532 | 508,003 | ||||||||||||
Equity in income of New Zealand joint venture | 304 | 170 | 562 | 184 | |||||||||||
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 94,463 | 94,098 | 209,826 | 176,848 | |||||||||||
Gain related to consolidation of New Zealand joint venture (Note 6) | 16,098 | — | 16,098 | — | |||||||||||
OPERATING INCOME | 110,561 | 94,098 | 225,924 | 176,848 | |||||||||||
Interest expense | (10,019 | ) | (16,056 | ) | (17,736 | ) | (27,880 | ) | |||||||
Interest and miscellaneous income, net | 2,598 | 84 | 2,656 | 60 | |||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 103,140 | 78,126 | 210,844 | 149,028 | |||||||||||
Income tax expense | (15,249 | ) | (12,035 | ) | (19,695 | ) | (30,338 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS | 87,891 | 66,091 | 191,149 | 118,690 | |||||||||||
DISCONTINUED OPERATIONS, NET (Note 2) | |||||||||||||||
Income from discontinued operations, net of income tax expense of $0, $1,505, $22,273 and $1,927 | — | 2,988 | 44,477 | 3,825 | |||||||||||
NET INCOME | 87,891 | 69,079 | 235,626 | 122,515 | |||||||||||
Net income attributable to noncontrolling interest | 727 | — | 727 | — | |||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 87,164 | 69,079 | 234,899 | 122,515 | |||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||
Foreign currency translation adjustment | (28,201 | ) | (8,081 | ) | (27,226 | ) | (2,255 | ) | |||||||
New Zealand joint venture cash flow hedges | 222 | (1,998 | ) | 775 | (793 | ) | |||||||||
Amortization of pension and postretirement plans, net of income tax expense of $1,620, $1,482, $3,824 and $2,850 | 3,717 | 3,401 | 8,687 | 6,541 | |||||||||||
Total other comprehensive (loss) income | (24,262 | ) | (6,678 | ) | (17,764 | ) | 3,493 | ||||||||
COMPREHENSIVE INCOME | 63,629 | 62,401 | 217,862 | 126,008 | |||||||||||
Comprehensive loss attributable to noncontrolling interest | (9,505 | ) | — | (9,505 | ) | — | |||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 73,134 | $ | 62,401 | $ | 227,367 | $ | 126,008 | |||||||
EARNINGS PER COMMON SHARE (Note 3) | |||||||||||||||
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | |||||||||||||||
Continuing Operations | $ | 0.69 | $ | 0.54 | $ | 1.52 | $ | 0.97 | |||||||
Discontinued Operations | — | 0.02 | 0.36 | 0.03 | |||||||||||
Net Income | $ | 0.69 | $ | 0.56 | $ | 1.88 | $ | 1.00 | |||||||
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | |||||||||||||||
Continuing Operations | $ | 0.67 | $ | 0.52 | $ | 1.46 | $ | 0.93 | |||||||
Discontinued Operations | — | 0.02 | 0.34 | 0.03 | |||||||||||
Net Income | $ | 0.67 | $ | 0.54 | $ | 1.80 | $ | 0.96 |
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 343,581 | $ | 280,596 | |||
Accounts receivable, less allowance for doubtful accounts of $685 and $417 | 116,538 | 100,359 | |||||
Inventory | |||||||
Finished goods | 79,121 | 103,568 | |||||
Work in progress | 3,047 | 4,446 | |||||
Raw materials | 14,620 | 17,602 | |||||
Manufacturing and maintenance supplies | 2,303 | 2,350 | |||||
Total inventory | 99,091 | 127,966 | |||||
Deferred tax assets | 55,563 | 15,845 | |||||
Prepaid and other current assets | 67,444 | 41,508 | |||||
Total current assets | 682,217 | 566,274 | |||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,080,611 | 1,573,309 | |||||
PROPERTY, PLANT AND EQUIPMENT | |||||||
Land | 22,996 | 27,383 | |||||
Buildings | 166,578 | 147,445 | |||||
Machinery and equipment | 1,644,945 | 1,444,012 | |||||
Construction in progress | 123,621 | 268,459 | |||||
Total property, plant and equipment, gross | 1,958,140 | 1,887,299 | |||||
Less — accumulated depreciation | (1,105,708 | ) | (1,180,261 | ) | |||
Total property, plant and equipment, net | 852,432 | 707,038 | |||||
INVESTMENT IN JOINT VENTURE (Note 6) | — | 72,419 | |||||
OTHER ASSETS | 212,791 | 203,911 | |||||
TOTAL ASSETS | $ | 3,828,051 | $ | 3,122,951 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 133,255 | $ | 70,381 | |||
Current maturities of long-term debt | 75,463 | 150,000 | |||||
Accrued taxes | 20,158 | 13,824 | |||||
Accrued payroll and benefits | 20,489 | 28,068 | |||||
Accrued interest | 9,835 | 7,956 | |||||
Accrued customer incentives | 10,743 | 10,849 | |||||
Other current liabilities | 51,842 | 18,640 | |||||
Current liabilities for dispositions and discontinued operations (Note 13) | 8,686 | 8,105 | |||||
Total current liabilities | 330,471 | 307,823 | |||||
LONG-TERM DEBT | 1,591,834 | 1,120,052 | |||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 13) | 69,442 | 73,590 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 15) | 158,594 | 159,582 | |||||
OTHER NON-CURRENT LIABILITIES | 27,590 | 23,900 | |||||
COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 14) | |||||||
SHAREHOLDERS’ EQUITY | |||||||
Common Shares, 480,000,000 shares authorized, 126,119,760 and 123,332,444 shares issued and outstanding | 679,803 | 670,749 | |||||
Retained earnings | 1,000,647 | 876,634 | |||||
Accumulated other comprehensive loss | (116,911 | ) | (109,379 | ) | |||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,563,539 | 1,438,004 | |||||
Noncontrolling interest | 86,581 | — | |||||
TOTAL SHAREHOLDERS’ EQUITY | 1,650,120 | 1,438,004 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,828,051 | $ | 3,122,951 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 235,626 | $ | 122,515 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | 79,659 | 64,592 | |||||
Non-cash cost of real estate sold | 2,593 | 2,401 | |||||
Stock-based incentive compensation expense | 6,226 | 9,460 | |||||
Amortization of debt discount/premium | 837 | 3,863 | |||||
Deferred income taxes | 38,107 | (15,044 | ) | ||||
Tax benefit of AFMC for CBPC exchange | (18,761 | ) | — | ||||
Amortization of losses from pension and postretirement plans | 11,617 | 9,391 | |||||
Gain on sale of discontinued operations, net | (42,670 | ) | — | ||||
Gain related to consolidation of New Zealand joint venture | (16,098 | ) | — | ||||
Other | (8,936 | ) | (586 | ) | |||
Changes in operating assets and liabilities: | |||||||
Receivables | (11,782 | ) | (13,773 | ) | |||
Inventories | 27,325 | 7,096 | |||||
Accounts payable | 19,535 | (9,518 | ) | ||||
Income tax receivable/payable | (5,626 | ) | 31,758 | ||||
All other operating activities | (7,654 | ) | 1,524 | ||||
Payment to exchange AFMC for CBPC | (70,311 | ) | — | ||||
Expenditures for dispositions and discontinued operations | (4,015 | ) | (4,803 | ) | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 235,672 | 208,876 | |||||
INVESTING ACTIVITIES | |||||||
Capital expenditures | (94,126 | ) | (76,246 | ) | |||
Purchase of additional interest in New Zealand joint venture | (139,879 | ) | — | ||||
Purchase of timberlands | (10,447 | ) | (8,687 | ) | |||
Jesup mill cellulose specialties expansion (gross purchases of $114,449 and $72,662, net of purchases on account of $14,264 and $8,664) | (100,185 | ) | (63,998 | ) | |||
Proceeds from disposition of Wood Products business, net of income tax payments of $11,137 | 72,953 | — | |||||
Change in restricted cash | 7,603 | (14,427 | ) | ||||
Other | 20,076 | (704 | ) | ||||
CASH USED FOR INVESTING ACTIVITIES | (244,005 | ) | (164,062 | ) | |||
FINANCING ACTIVITIES | |||||||
Issuance of debt | 455,000 | 355,000 | |||||
Repayment of debt | (273,087 | ) | (188,110 | ) | |||
Dividends paid | (113,222 | ) | (98,201 | ) | |||
Proceeds from the issuance of common shares | 6,643 | 3,980 | |||||
Excess tax benefits on stock-based compensation | 7,399 | 4,234 | |||||
Debt issuance costs | — | (3,653 | ) | ||||
Repurchase of common shares | (11,241 | ) | (7,783 | ) | |||
CASH PROVIDED BY FINANCING ACTIVITIES | 71,492 | 65,467 | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (174 | ) | 219 | ||||
CASH AND CASH EQUIVALENTS | |||||||
Change in cash and cash equivalents | 62,985 | 110,500 | |||||
Balance, beginning of year | 280,596 | 78,603 | |||||
Balance, end of period | $ | 343,581 | $ | 189,103 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
Cash paid during the period: | |||||||
Interest | $ | 16,754 | $ | 10,936 | |||
Income taxes | $ | 84,508 | $ | 10,989 | |||
Non-cash investing activity: | |||||||
Capital assets purchased on account | $ | 59,729 | $ | 30,175 | |||
Non-cash financing activity: | |||||||
Shareholder debt assumed in acquisition of New Zealand joint venture | $ | 125,532 | $ | — | |||
Conversion of shareholder debt to equity noncontrolling interest | $ | (95,961 | ) | $ | — |
1. | BASIS OF PRESENTATION |
2. | SALE OF WOOD PRODUCTS BUSINESS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Sales | $ | — | $ | 23,830 | $ | 16,968 | $ | 43,039 | |||||||
Cost of sales and other | — | (19,337 | ) | (14,258 | ) | (37,287 | ) | ||||||||
Gain on sale of discontinued operations | — | — | 64,040 | — | |||||||||||
Income from discontinued operations before income taxes | — | 4,493 | 66,750 | 5,752 | |||||||||||
Income tax expense | — | (1,505 | ) | (22,273 | ) | (1,927 | ) | ||||||||
Income from discontinued operations, net | $ | — | $ | 2,988 | $ | 44,477 | $ | 3,825 |
March 1, 2013 | |||
Accounts receivable, net | $ | 4,127 | |
Inventory | 4,270 | ||
Prepaid and other current assets | 2,053 | ||
Property, plant and equipment, net | 9,990 | ||
Total assets | $ | 20,440 | |
Total liabilities | $ | 596 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Wood chip purchases | $ | — | $ | 3,003 | $ | 1,650 | $ | 6,237 | |||||||
Saw timber procurement services | — | 287 | 223 | 574 | |||||||||||
Total intercompany | $ | — | $ | 3,290 | $ | 1,873 | $ | 6,811 |
3. | EARNINGS PER COMMON SHARE |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Income from continuing operations | $ | 87,891 | $ | 66,091 | $ | 191,149 | $ | 118,690 | |||||||
Income from continuing operations attributable to noncontrolling interest | 727 | — | 727 | — | |||||||||||
Income from continuing operations attributable to Rayonier Inc. | $ | 87,164 | $ | 66,091 | $ | 190,422 | $ | 118,690 | |||||||
Income from discontinued operations attributable to Rayonier Inc. | $ | — | $ | 2,988 | $ | 44,477 | $ | 3,825 | |||||||
Net income attributable to Rayonier Inc. | $ | 87,164 | $ | 69,079 | $ | 234,899 | $ | 122,515 | |||||||
Shares used for determining basic earnings per common share | 126,027,297 | 122,455,464 | 125,257,876 | 122,403,388 | |||||||||||
Dilutive effect of: | |||||||||||||||
Stock options | 504,321 | 669,298 | 519,014 | 692,622 | |||||||||||
Performance and restricted shares | 386,228 | 726,368 | 384,910 | 727,968 | |||||||||||
Assumed conversion of Senior Exchangeable Notes (a) | 2,217,058 | 2,669,808 | 2,173,658 | 2,830,382 | |||||||||||
Assumed conversion of warrants (a) (b) | 1,632,345 | 890,189 | 2,250,361 | 1,077,217 | |||||||||||
Shares used for determining diluted earnings per common share | 130,767,249 | 127,411,127 | 130,585,819 | 127,731,577 | |||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | |||||||||||||||
Continuing operations | $ | 0.69 | $ | 0.54 | $ | 1.52 | $ | 0.97 | |||||||
Discontinued operations | — | 0.02 | 0.36 | 0.03 | |||||||||||
Net income | $ | 0.69 | $ | 0.56 | $ | 1.88 | $ | 1.00 | |||||||
Diluted earnings per common share attributable to Rayonier Inc.: | |||||||||||||||
Continuing operations | $ | 0.67 | $ | 0.52 | $ | 1.46 | $ | 0.93 | |||||||
Discontinued operations | — | 0.02 | 0.34 | 0.03 | |||||||||||
Net income | $ | 0.67 | $ | 0.54 | $ | 1.80 | $ | 0.96 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | |||||||||||
Stock options, performance and restricted shares | 199,245 | 318,666 | 207,097 | 326,777 | |||||||
Assumed conversion of exchangeable note hedges (a) | 2,217,058 | 2,669,808 | 2,173,658 | 2,830,382 | |||||||
Total | 2,416,303 | 2,988,474 | 2,380,755 | 3,157,159 |
4. | INCOME TAXES |
Three Months Ended June 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Income tax expense at federal statutory rate | $ | 36 | 35.0 | % | $ | 27 | 35.0 | % | |||||
REIT income not subject to tax | (15 | ) | (14.3 | ) | (6 | ) | (8.7 | ) | |||||
Income tax expense before discrete items | 21 | 20.7 | % | 21 | 26.3 | % | |||||||
Exchange of AFMC for CBPC | — | — | (9 | ) | (10.9 | ) | |||||||
Other | (6 | ) | (5.9 | ) | — | — | |||||||
Income tax expense as reported | $ | 15 | 14.8 | % | $ | 12 | 15.4 | % |
Six Months Ended June 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Income tax expense at federal statutory rate | $ | 74 | 35.0 | % | $ | 52 | 35.0 | % | |||||
REIT income not subject to tax | (26 | ) | (12.4 | ) | (12 | ) | (8.1 | ) | |||||
Other | (2 | ) | (0.7 | ) | (1 | ) | (0.5 | ) | |||||
Income tax expense before discrete items | 46 | 21.9 | % | 39 | 26.4 | % | |||||||
Exchange of AFMC for CBPC | (19 | ) | (8.9 | ) | (9 | ) | (6.0 | ) | |||||
Gain related to consolidation of New Zealand joint venture | (5 | ) | (2.7 | ) | — | — | |||||||
Other | (2 | ) | (1.0 | ) | — | — | |||||||
Income tax expense as reported | $ | 20 | 9.3 | % | $ | 30 | 20.4 | % |
5. | RESTRICTED DEPOSITS |
6. | JOINT VENTURE INVESTMENT |
April 4, 2013 | |||
Accounts receivable, net | $ | 9,777 | |
Inventory | 2,465 | ||
Other current assets | 6,767 | ||
Timber and timberlands, net | 545,287 | ||
Other assets | 25,436 | ||
Total identifiable assets acquired | 589,732 | ||
Accounts payable | 11,679 | ||
Current maturities of long-term debt | 3,843 | ||
Accrued interest | 2,038 | ||
Other current liabilities | 3,624 | ||
Long-term debt (third party) | 196,319 | ||
Long-term debt (shareholders) (a) | 125,532 | ||
Other non-current liabilities | 13,565 | ||
Total liabilities assumed | 356,600 | ||
Net identifiable assets | 233,132 | ||
Less: Fair value of equity method investment | (93,253 | ) | |
Purchase price | $ | 139,879 |
Revenue and earnings from April 4, 2013 to June 30, 2013 | |||
Sales | $ | 47,426 | |
Net Income | 2,076 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Sales | $ | 409,077 | $ | 399,228 | $ | 837,322 | $ | 778,810 | |||||||
Net Income | $ | 87,891 | $ | 67,376 | $ | 233,867 | $ | 118,730 |
7. | SHAREHOLDERS’ EQUITY |
Rayonier Inc. Shareholders | ||||||||||||||||||||||
Common Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Non-controlling Interest | Total Shareholders’ Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 31, 2011 | 122,035,177 | $ | 630,286 | $ | 806,235 | $ | (113,448 | ) | $ | — | $ | 1,323,073 | ||||||||||
Net income | — | — | 278,685 | — | — | 278,685 | ||||||||||||||||
Dividends ($1.68 per share) | — | — | (208,286 | ) | — | — | (208,286 | ) | ||||||||||||||
Issuance of shares under incentive stock plans | 1,467,024 | 25,495 | — | — | — | 25,495 | ||||||||||||||||
Stock-based compensation | — | 15,116 | — | — | — | 15,116 | ||||||||||||||||
Excess tax benefit on stock-based compensation | — | 7,635 | — | — | — | 7,635 | ||||||||||||||||
Repurchase of common shares | (169,757 | ) | (7,783 | ) | — | — | — | (7,783 | ) | |||||||||||||
Net loss from pension and postretirement plans | — | — | — | (496 | ) | — | (496 | ) | ||||||||||||||
Foreign currency translation adjustment | — | — | — | 4,352 | — | 4,352 | ||||||||||||||||
Joint venture cash flow hedges | — | — | — | 213 | — | 213 | ||||||||||||||||
Balance, December 31, 2012 | 123,332,444 | $ | 670,749 | $ | 876,634 | $ | (109,379 | ) | $ | — | $ | 1,438,004 | ||||||||||
Acquisition of noncontrolling interest | — | — | — | — | 96,086 | 96,086 | ||||||||||||||||
Net income | — | — | 234,899 | — | 727 | 235,626 | ||||||||||||||||
Dividends ($0.88 per share) | — | — | (110,886 | ) | — | — | (110,886 | ) | ||||||||||||||
Issuance of shares under incentive stock plans | 861,838 | 6,643 | — | — | — | 6,643 | ||||||||||||||||
Stock-based compensation | — | 6,253 | — | — | — | 6,253 | ||||||||||||||||
Excess tax benefit on stock-based compensation | — | 7,399 | — | — | — | 7,399 | ||||||||||||||||
Repurchase of common shares | (209,743 | ) | (11,241 | ) | — | — | — | (11,241 | ) | |||||||||||||
Settlement of warrants (Note 16) | 2,135,221 | — | — | — | — | — | ||||||||||||||||
Amortization of pension and postretirement plans | — | — | — | 8,687 | — | 8,687 | ||||||||||||||||
Foreign currency translation adjustment | — | — | — | (17,650 | ) | (9,576 | ) | (27,226 | ) | |||||||||||||
Joint venture cash flow hedges | — | — | — | 1,431 | (656 | ) | 775 | |||||||||||||||
Balance, June 30, 2013 | 126,119,760 | $ | 679,803 | $ | 1,000,647 | $ | (116,911 | ) | $ | 86,581 | $ | 1,650,120 |
8. | SEGMENT AND GEOGRAPHICAL INFORMATION |
June 30, | December 31, | ||||||
ASSETS | 2013 | 2012 | |||||
Forest Resources | $ | 2,275,145 | $ | 1,690,030 | |||
Real Estate | 85,018 | 112,647 | |||||
Performance Fibers | 1,067,673 | 902,309 | |||||
Wood Products (a) | — | 18,454 | |||||
Other Operations | 31,045 | 23,296 | |||||
Corporate and other | 369,170 | 376,215 | |||||
Total | $ | 3,828,051 | $ | 3,122,951 |
(a) | The Company sold its Wood Products segment during the first quarter of 2013. See Note 2 — Sale of Wood Products Business for additional information. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
SALES | 2013 | 2012 | 2013 | 2012 | |||||||||||
Forest Resources | $ | 109,060 | $ | 52,663 | $ | 166,162 | $ | 104,858 | |||||||
Real Estate | 13,376 | 11,680 | 37,673 | 24,326 | |||||||||||
Performance Fibers | 253,025 | 254,509 | 537,213 | 505,364 | |||||||||||
Other Operations | 33,872 | 29,268 | 62,099 | 50,409 | |||||||||||
Intersegment Eliminations (b) | (256 | ) | (24 | ) | (351 | ) | (290 | ) | |||||||
Total | $ | 409,077 | $ | 348,096 | $ | 802,796 | $ | 684,667 |
(b) | Intersegment eliminations primarily reflect sales from our Forest Resources segment to our Performance Fibers segment. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
OPERATING INCOME(LOSS) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Forest Resources | $ | 20,890 | $ | 8,249 | $ | 34,145 | $ | 16,254 | |||||||
Real Estate | 6,105 | 5,999 | 22,947 | 12,477 | |||||||||||
Performance Fibers | 79,081 | 83,727 | 170,751 | 164,357 | |||||||||||
Other Operations | 1,779 | 1,148 | 1,944 | 218 | |||||||||||
Corporate and other (c) | 2,706 | (5,025 | ) | (3,863 | ) | (16,458 | ) | ||||||||
Total | $ | 110,561 | $ | 94,098 | $ | 225,924 | $ | 176,848 |
(c) | The three and six months ended June 30, 2013 includes a $16.1 million gain related to the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2013 | 2012 | 2013 | 2012 | |||||||||||
Forest Resources | $ | 27,291 | $ | 17,066 | $ | 43,735 | $ | 33,900 | |||||||
Real Estate | 2,469 | 1,600 | 6,646 | 3,445 | |||||||||||
Performance Fibers | 13,649 | 15,139 | 28,802 | 26,500 | |||||||||||
Corporate and other | 258 | 374 | 476 | 747 | |||||||||||
Total | $ | 43,667 | $ | 34,179 | $ | 79,659 | $ | 64,592 |
9. | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES |
June 30, 2013 | |||||||||
Income Statement Location | Three Months Ended | Six Months Ended | |||||||
Derivatives designated as cash flow hedges: | |||||||||
Foreign currency exchange contracts | Other comprehensive income/(loss) (a) | $ | (1,509 | ) | $ | (1,509 | ) | ||
Foreign currency option contracts | Other comprehensive income/(loss) (a) | (363 | ) | (363 | ) | ||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency exchange contracts | Other operating (expense) income | (456 | ) | 1,426 | |||||
Foreign currency option contracts | Other operating (expense) income | (1,491 | ) | (1,491 | ) | ||||
Interest rate swaps | Interest and other miscellaneous income | 2,650 | 2,650 | ||||||
Fuel hedges | Cost of sales - benefit | 148 | 148 |
(a) | See Note 17 — Accumulated Other Comprehensive Loss. |
June 30, 2013 | ||
Notional Amount (a) | ||
Derivatives designated as cash flow hedges: | ||
Foreign currency exchange contracts | 19,000 | |
Foreign currency option contracts | 26,000 | |
Derivatives not designated as hedging instruments: | ||
Foreign currency exchange contracts | 7,020 | |
Foreign currency option contracts | 30,000 | |
Interest rate swaps | 172,497 | |
Fuel contracts | 40 |
June 30, 2013 | |||||
Location on Balance Sheet | Fair Value Assets (Liabilities) (a) | ||||
Derivatives designated as cash flow hedges: | |||||
Foreign currency exchange contracts | Other current liabilities | (891 | ) | ||
Foreign currency option contracts | Other current liabilities | (363 | ) | ||
Derivatives not designated as hedging instruments: | |||||
Foreign currency exchange contracts | Other current liabilities | (174 | ) | ||
Foreign currency option contracts | Other current liabilities | (352 | ) | ||
Interest rate swaps | Other current liabilities | (2,843 | ) | ||
Other non-current liabilities | (6,443 | ) | |||
Fuel contracts | Other assets | 69 | |||
Total derivative contracts: | |||||
Other assets | 69 | ||||
Total derivative assets | $ | 69 | |||
Other current liabilities | (4,623 | ) | |||
Other non-current liabilities | (6,443 | ) | |||
Total derivative liabilities | $ | (11,066 | ) |
(a) | See Note 10 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
10. | FAIR VALUE MEASUREMENTS |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Asset (liability) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||
Cash and cash equivalents | $ | 343,581 | $ | 343,581 | $ | — | $ | 280,596 | $ | 280,596 | $ | — | |||||||||||
Restricted cash (a) | 2,956 | 2,956 | — | 10,559 | 10,559 | — | |||||||||||||||||
Current maturities of long-term debt | (75,463 | ) | — | (75,463 | ) | (150,000 | ) | — | (150,000 | ) | |||||||||||||
Long-term debt | (1,591,834 | ) | — | (1,718,249 | ) | (1,120,052 | ) | — | (1,250,341 | ) | |||||||||||||
Interest rate swaps (b) | (9,286 | ) | — | (9,286 | ) | — | — | — | |||||||||||||||
Foreign currency exchange contracts (b) | (1,065 | ) | — | (1,065 | ) | — | — | — | |||||||||||||||
Foreign currency option contracts (b) | (716 | ) | — | (716 | ) | — | — | — | |||||||||||||||
Fuel contracts (b) | 69 | — | 69 | — | — | — |
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. |
(b) | See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
11. | GUARANTEES |
Financial Commitments | Maximum Potential Payment | Carrying Amount of Liability | ||||||
Standby letters of credit (a) | $ | 18,205 | $ | 15,000 | ||||
Guarantees (b) | 2,254 | 43 | ||||||
Surety bonds (c) | 7,231 | 1,360 | ||||||
Total financial commitments | $ | 27,690 | $ | 16,403 |
(a) | Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2013 and 2014 and will be renewed as required. |
(b) | In conjunction with a timberland sale and note monetization in the first quarter of 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 June 30, 2013, the Company has a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement. |
(c) | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2013 and 2014 and are expected to be renewed as required. |
12. | COMMITMENTS |
Forestry Rights (a) | Forest Leases (b) | ||||||
Remaining 2013 | $ | 884 | $ | 541 | |||
2014 | 1,528 | 1,075 | |||||
2015 | 1,528 | 1,075 | |||||
2016 | 1,528 | 1,075 | |||||
2017 | 1,528 | 1,075 | |||||
Thereafter | 39,757 | 53,889 | |||||
$ | 46,753 | $ | 58,730 |
13. | LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS |
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
Balance, beginning of period | $ | 81,695 | $ | 90,824 | ||||
Expenditures charged to liabilities | (4,015 | ) | (9,926 | ) | ||||
Increase to liabilities | 448 | 797 | ||||||
Balance, end of period | 78,128 | 81,695 | ||||||
Less: Current portion | (8,686 | ) | (8,105 | ) | ||||
Non-current portion | $ | 69,442 | $ | 73,590 |
14. | CONTINGENCIES |
15. | EMPLOYEE BENEFIT PLANS |
Pension | Postretirement | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||
Service cost | $ | 2,011 | $ | 2,102 | $ | 249 | $ | 227 | |||||||
Interest cost | 3,953 | 4,321 | 240 | 242 | |||||||||||
Expected return on plan assets | (5,966 | ) | (6,369 | ) | — | — | |||||||||
Amortization of prior service cost | 322 | 327 | 6 | 6 | |||||||||||
Amortization of losses | 4,791 | 4,394 | 218 | 156 | |||||||||||
Net periodic benefit cost | $ | 5,111 | $ | 4,775 | $ | 713 | $ | 631 |
Pension | Postretirement | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||
Service cost | $ | 4,430 | $ | 4,042 | $ | 498 | $ | 437 | |||||||
Interest cost | 8,787 | 8,309 | 480 | 465 | |||||||||||
Expected return on plan assets | (13,390 | ) | (12,248 | ) | — | — | |||||||||
Amortization of prior service cost | 710 | 629 | 13 | 12 | |||||||||||
Amortization of losses | 10,516 | 8,451 | 436 | 299 | |||||||||||
Net periodic benefit cost | $ | 11,053 | $ | 9,183 | $ | 1,427 | $ | 1,213 | |||||||
16. | DEBT |
June 30, 2013 | |||
Senior Secured Facilities Agreement | |||
Revolving Credit Facility due 2014 at variable interest rate of 3.61% | $ | 123,488 | |
Revolving Credit Facility due 2016 at variable interest rate of 3.76% | 57,885 | ||
Working Capital Facility due 2013 at variable interest rate of 3.94% | 463 | ||
Noncontrolling interest shareholder loan at a 0% interest rate | 29,571 | ||
Total debt | 211,407 | ||
Less: Current maturities of long-term debt | (463 | ) | |
Long-term debt | $ | 210,944 |
17. | ACCUMULATED OTHER COMPREHENSIVE LOSS |
Foreign currency translation gains | New Zealand joint venture cash flow hedges | Unrecognized components of employee benefit plans, net of tax | Total | ||||||||||||
Balance as of December 31, 2012 | $ | 38,829 | $ | (3,628 | ) | $ | (144,580 | ) | $ | (109,379 | ) | ||||
Other comprehensive income before reclassifications | (17,650 | ) | (a) | (728 | ) | 530 | (17,848 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | 2,159 | 8,157 | (b) | 10,316 | ||||||||||
Net other comprehensive income | (17,650 | ) | 1,431 | 8,687 | (7,532 | ) | |||||||||
Balance as of June 30, 2013 | $ | 21,179 | $ | (2,197 | ) | $ | (135,893 | ) | $ | (116,911 | ) |
(a) | The loss is due to a six cent decrease in the New Zealand dollar exchange rate. |
(b) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 — Employee Benefit Plans for additional information. |
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement where net income is presented | ||||
New Zealand joint venture cash flow hedges | $ | 2,159 | Gain related to consolidation of New Zealand joint venture |
18. | OTHER OPERATING (EXPENSE) INCOME, NET |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Lease income, primarily from hunting leases | $ | 2,313 | $ | 2,520 | $ | 4,774 | $ | 4,905 | |||||||
Other non-timber income | 604 | 1,048 | 1,078 | 1,891 | |||||||||||
Foreign currency gain (loss) | 979 | 680 | 795 | (185 | ) | ||||||||||
Loss on sale or disposal of property, plant & equipment | (269 | ) | (711 | ) | (698 | ) | (1,732 | ) | |||||||
Insurance recoveries | — | 2,319 | — | 2,319 | |||||||||||
Loss on foreign currency contracts | (1,947 | ) | — | (65 | ) | — | |||||||||
Legal and corporate development costs | (1,971 | ) | (561 | ) | (2,672 | ) | (765 | ) | |||||||
Total | $ | (291 | ) | $ | 5,295 | $ | 3,212 | $ | 6,433 |
19. | CONSOLIDATING FINANCIAL STATEMENTS |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 409,077 | $ | — | $ | 409,077 | |||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | — | — | — | 297,698 | — | 297,698 | |||||||||||||||||
Selling and general expenses | — | 2,680 | — | 14,249 | — | 16,929 | |||||||||||||||||
Other operating expense (income), net | 180 | (74 | ) | — | 846 | (661 | ) | 291 | |||||||||||||||
180 | 2,606 | — | 312,793 | (661 | ) | 314,918 | |||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 304 | — | 304 | |||||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | (180 | ) | (2,606 | ) | — | 96,588 | 661 | 94,463 | |||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | |||||||||||||||||
OPERATING (LOSS) INCOME | (180 | ) | (2,606 | ) | — | 112,686 | 661 | 110,561 | |||||||||||||||
Interest (expense) income | (3,414 | ) | (266 | ) | (6,997 | ) | 658 | — | (10,019 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 1,759 | 1,104 | (797 | ) | 532 | — | 2,598 | ||||||||||||||||
Equity in income from subsidiaries | 89,064 | 91,235 | 35,968 | — | (216,267 | ) | — | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 87,229 | 89,467 | 28,174 | 113,876 | (215,606 | ) | 103,140 | ||||||||||||||||
Income tax (expense) benefit | (65 | ) | (403 | ) | 2,847 | (17,691 | ) | 63 | (15,249 | ) | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 87,164 | 89,064 | 31,021 | 96,185 | (215,543 | ) | 87,891 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
NET INCOME | 87,164 | 89,064 | 31,021 | 96,185 | (215,543 | ) | 87,891 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 727 | — | 727 | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC | 87,164 | 89,064 | 31,021 | 95,458 | (215,543 | ) | 87,164 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment | (18,625 | ) | (28,201 | ) | (1,725 | ) | (18,625 | ) | 38,975 | (28,201 | ) | ||||||||||||
New Zealand joint venture cash flow hedges | 878 | 222 | (1,873 | ) | 877 | 118 | 222 | ||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,717 | 3,717 | 2,819 | 6,831 | (13,367 | ) | 3,717 | ||||||||||||||||
Total other comprehensive loss | (14,030 | ) | (24,262 | ) | (779 | ) | (10,917 | ) | 25,726 | (24,262 | ) | ||||||||||||
COMPREHENSIVE INCOME | 73,134 | 64,802 | 30,242 | 85,268 | (189,817 | ) | 63,629 | ||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (9,505 | ) | — | (9,505 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 73,134 | $ | 64,802 | $ | 30,242 | $ | 94,773 | $ | (189,817 | ) | $ | 73,134 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 348,096 | $ | — | $ | 348,096 | |||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | — | — | — | 243,571 | — | 243,571 | |||||||||||||||||
Selling and general expenses | — | 1,904 | — | 13,988 | — | 15,892 | |||||||||||||||||
Other operating income, net | — | (109 | ) | — | (5,186 | ) | — | (5,295 | ) | ||||||||||||||
— | 1,795 | — | 252,373 | — | 254,168 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 170 | — | 170 | |||||||||||||||||
OPERATING (LOSS) INCOME | — | (1,795 | ) | — | 95,893 | — | 94,098 | ||||||||||||||||
Interest expense | (3,117 | ) | (212 | ) | (10,243 | ) | (2,484 | ) | — | (16,056 | ) | ||||||||||||
Interest and miscellaneous income (expense), net | 1,544 | 1,659 | (834 | ) | (2,285 | ) | — | 84 | |||||||||||||||
Equity in income from subsidiaries | 70,652 | 70,948 | 60,407 | — | (202,007 | ) | — | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 69,079 | 70,600 | 49,330 | 91,124 | (202,007 | ) | 78,126 | ||||||||||||||||
Income tax benefit (expense) | — | 52 | 4,043 | (16,130 | ) | — | (12,035 | ) | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 69,079 | 70,652 | 53,373 | 74,994 | (202,007 | ) | 66,091 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 2,988 | — | 2,988 | |||||||||||||||||
NET INCOME | 69,079 | 70,652 | 53,373 | 77,982 | (202,007 | ) | 69,079 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment | (8,081 | ) | (8,081 | ) | 478 | (8,081 | ) | 15,684 | (8,081 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (1,998 | ) | (1,998 | ) | — | (1,998 | ) | 3,996 | (1,998 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,401 | 3,401 | 2,579 | 2,579 | (8,559 | ) | 3,401 | ||||||||||||||||
Total other comprehensive (loss) income | (6,678 | ) | (6,678 | ) | 3,057 | (7,500 | ) | 11,121 | (6,678 | ) | |||||||||||||
COMPREHENSIVE INCOME | $ | 62,401 | $ | 63,974 | $ | 56,430 | $ | 70,482 | $ | (190,886 | ) | $ | 62,401 |
CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 802,796 | $ | — | $ | 802,796 | |||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | — | — | — | 563,716 | — | 563,716 | |||||||||||||||||
Selling and general expenses | — | 5,081 | — | 27,947 | — | 33,028 | |||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 449 | — | (1,299 | ) | (661 | ) | (3,212 | ) | |||||||||||||
(1,701 | ) | 5,530 | — | 590,364 | (661 | ) | 593,532 | ||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | |||||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | (5,530 | ) | — | 212,994 | 661 | 209,826 | ||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | |||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (5,530 | ) | — | 229,092 | 661 | 225,924 | ||||||||||||||||
Interest expense | (6,689 | ) | (518 | ) | (13,615 | ) | 3,086 | — | (17,736 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 4,178 | 1,633 | (1,548 | ) | (1,607 | ) | — | 2,656 | |||||||||||||||
Equity in income from subsidiaries | 235,774 | 240,000 | 159,437 | — | (635,211 | ) | — | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 234,964 | 235,585 | 144,274 | 230,571 | (634,550 | ) | 210,844 | ||||||||||||||||
Income tax (expense) benefit | (65 | ) | 189 | 5,537 | (25,418 | ) | 62 | (19,695 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 234,899 | 235,774 | 149,811 | 205,153 | (634,488 | ) | 191,149 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 44,477 | — | 44,477 | |||||||||||||||||
NET INCOME | 234,899 | 235,774 | 149,811 | 249,630 | (634,488 | ) | 235,626 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 727 | — | 727 | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC | 234,899 | 235,774 | 149,811 | 248,903 | (634,488 | ) | 234,899 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment | (17,650 | ) | (27,226 | ) | (1,485 | ) | (17,650 | ) | 36,785 | (27,226 | ) | ||||||||||||
New Zealand joint venture cash flow hedges | 1,431 | 775 | (1,873 | ) | 1,431 | (989 | ) | 775 | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 8,687 | 8,687 | 6,831 | 6,831 | (22,349 | ) | 8,687 | ||||||||||||||||
Total other comprehensive (loss) income | (7,532 | ) | (17,764 | ) | 3,473 | (9,388 | ) | 13,447 | (17,764 | ) | |||||||||||||
COMPREHENSIVE INCOME | 227,367 | 218,010 | 153,284 | 240,242 | (621,041 | ) | 217,862 | ||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (9,505 | ) | — | (9,505 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 227,367 | $ | 218,010 | $ | 153,284 | $ | 249,747 | $ | (621,041 | ) | $ | 227,367 |
CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non-Guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 684,667 | $ | — | $ | 684,667 | |||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | — | — | — | 479,279 | — | 479,279 | |||||||||||||||||
Selling and general expenses | — | 5,215 | — | 29,942 | — | 35,157 | |||||||||||||||||
Other operating expense (income), net | — | 12 | — | (6,445 | ) | — | (6,433 | ) | |||||||||||||||
— | 5,227 | — | 502,776 | — | 508,003 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 184 | — | 184 | |||||||||||||||||
OPERATING (LOSS) INCOME | — | (5,227 | ) | — | 182,075 | — | 176,848 | ||||||||||||||||
Interest expense | (4,366 | ) | (450 | ) | (20,469 | ) | (2,595 | ) | — | (27,880 | ) | ||||||||||||
Interest and miscellaneous income (expense), net | 3,455 | 2,986 | (2,042 | ) | (4,339 | ) | — | 60 | |||||||||||||||
Equity in income from subsidiaries | 123,426 | 126,394 | 106,152 | — | (355,972 | ) | — | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 122,515 | 123,703 | 83,641 | 175,141 | (355,972 | ) | 149,028 | ||||||||||||||||
Income tax (expense) benefit | — | (277 | ) | 8,217 | (38,278 | ) | — | (30,338 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 122,515 | 123,426 | 91,858 | 136,863 | (355,972 | ) | 118,690 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 3,825 | — | 3,825 | |||||||||||||||||
NET INCOME | 122,515 | 123,426 | 91,858 | 140,688 | (355,972 | ) | 122,515 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment | (2,255 | ) | (2,255 | ) | 376 | (2,255 | ) | 4,134 | (2,255 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (793 | ) | (793 | ) | — | (793 | ) | 1,586 | (793 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 6,541 | 6,541 | 4,959 | 4,959 | (16,459 | ) | 6,541 | ||||||||||||||||
Total other comprehensive income | 3,493 | 3,493 | 5,335 | 1,911 | (10,739 | ) | 3,493 | ||||||||||||||||
COMPREHENSIVE INCOME | $ | 126,008 | $ | 126,919 | $ | 97,193 | $ | 142,599 | $ | (366,711 | ) | $ | 126,008 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2013 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 170,442 | $ | 6,449 | $ | 26,790 | $ | 139,900 | $ | — | $ | 343,581 | |||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 15 | 892 | 115,631 | — | 116,538 | |||||||||||||||||
Inventory | — | — | — | 99,091 | — | 99,091 | |||||||||||||||||
Deferred tax assets | — | — | — | 55,563 | — | 55,563 | |||||||||||||||||
Prepaid and other current assets | — | 2,136 | 639 | 64,669 | — | 67,444 | |||||||||||||||||
Total current assets | 170,442 | 8,600 | 28,321 | 474,854 | — | 682,217 | |||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,080,611 | — | 2,080,611 | |||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,217 | — | 850,215 | — | 852,432 | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,575,156 | 1,696,714 | 1,037,668 | — | (4,309,538 | ) | — | ||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 217,073 | — | 20,166 | — | (237,239 | ) | — | ||||||||||||||||
OTHER ASSETS | 3,928 | 30,171 | 4,513 | 174,179 | — | 212,791 | |||||||||||||||||
TOTAL ASSETS | $ | 1,966,599 | $ | 1,737,702 | $ | 1,090,668 | $ | 3,579,859 | $ | (4,546,777 | ) | $ | 3,828,051 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,129 | $ | 505 | $ | 131,621 | $ | — | $ | 133,255 | |||||||||||
Current maturities of long-term debt | 75,000 | — | — | 463 | — | 75,463 | |||||||||||||||||
Accrued taxes | — | 2,603 | — | 17,555 | — | 20,158 | |||||||||||||||||
Accrued payroll and benefits | — | 10,689 | — | 9,800 | — | 20,489 | |||||||||||||||||
Accrued interest | 3,060 | 538 | 3,753 | 2,484 | — | 9,835 | |||||||||||||||||
Accrued customer incentives | — | — | — | 10,743 | — | 10,743 | |||||||||||||||||
Other current liabilities | — | 3,189 | — | 48,653 | — | 51,842 | |||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 8,686 | — | 8,686 | |||||||||||||||||
Total current liabilities | 78,060 | 18,148 | 4,258 | 230,005 | — | 330,471 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 979,511 | 287,323 | — | 1,591,834 | |||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 69,442 | — | 69,442 | |||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 130,244 | — | 28,350 | — | 158,594 | |||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 13,989 | — | 13,601 | — | 27,590 | |||||||||||||||||
INTERCOMPANY PAYABLE | — | 165 | — | 265,823 | (265,988 | ) | — | ||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,563,539 | 1,575,156 | 106,899 | 2,598,734 | (4,280,789 | ) | 1,563,539 | ||||||||||||||||
Noncontrolling interest | — | — | — | 86,581 | — | 86,581 | |||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,563,539 | 1,575,156 | 106,899 | 2,685,315 | (4,280,789 | ) | 1,650,120 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,966,599 | $ | 1,737,702 | $ | 1,090,668 | $ | 3,579,859 | $ | (4,546,777 | ) | $ | 3,828,051 |
CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 252,888 | $ | 3,966 | $ | 19,358 | $ | 4,384 | $ | — | $ | 280,596 | |||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 386 | — | 99,973 | — | 100,359 | |||||||||||||||||
Inventory | — | — | — | 127,966 | — | 127,966 | |||||||||||||||||
Deferred tax assets | — | — | — | 15,845 | — | 15,845 | |||||||||||||||||
Prepaid and other current assets | — | 1,566 | 691 | 39,251 | — | 41,508 | |||||||||||||||||
Total current assets | 252,888 | 5,918 | 20,049 | 287,419 | — | 566,274 | |||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 1,573,309 | — | 1,573,309 | |||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,321 | — | 704,717 | — | 707,038 | |||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | — | 72,419 | — | 72,419 | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,445,205 | 1,677,782 | 1,452,027 | — | (4,575,014 | ) | — | ||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 213,863 | 14,000 | 19,831 | — | (247,694 | ) | — | ||||||||||||||||
OTHER ASSETS | 4,148 | 27,779 | 5,182 | 166,802 | — | 203,911 | |||||||||||||||||
TOTAL ASSETS | $ | 1,916,104 | $ | 1,727,800 | $ | 1,497,089 | $ | 2,804,666 | $ | (4,822,708 | ) | $ | 3,122,951 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable | $ | — | $ | 2,099 | $ | 33 | $ | 68,249 | $ | — | $ | 70,381 | |||||||||||
Current maturities of long-term debt | 150,000 | — | — | — | — | 150,000 | |||||||||||||||||
Accrued taxes | — | 485 | — | 13,339 | — | 13,824 | |||||||||||||||||
Accrued payroll and benefits | — | 15,044 | — | 13,024 | — | 28,068 | |||||||||||||||||
Accrued interest | 3,100 | 379 | 3,197 | 1,280 | — | 7,956 | |||||||||||||||||
Accrued customer incentives | — | — | — | 10,849 | — | 10,849 | |||||||||||||||||
Other current liabilities | — | 2,925 | — | 15,715 | — | 18,640 | |||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 8,105 | — | 8,105 | |||||||||||||||||
Total current liabilities | 153,100 | 20,932 | 3,230 | 130,561 | — | 307,823 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 718,321 | 76,731 | — | 1,120,052 | |||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 73,590 | — | 73,590 | |||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 129,156 | — | 30,426 | — | 159,582 | |||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 16,432 | — | 7,468 | — | 23,900 | |||||||||||||||||
INTERCOMPANY PAYABLE | — | 116,075 | — | 137,797 | (253,872 | ) | — | ||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | 1,445,205 | 775,538 | 2,348,093 | (4,568,836 | ) | 1,438,004 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | $ | 1,727,800 | $ | 1,497,089 | $ | 2,804,666 | $ | (4,822,708 | ) | $ | 3,122,951 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 248,552 | $ | 247,599 | $ | 64,000 | $ | 212,977 | $ | (537,456 | ) | $ | 235,672 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Capital expenditures | — | (89 | ) | — | (94,037 | ) | — | (94,126 | ) | ||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | (139,879 | ) | — | (139,879 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (10,447 | ) | — | (10,447 | ) | |||||||||||||||
Intercompany purchase of real estate | — | — | — | 984 | (984 | ) | — | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (100,185 | ) | — | (100,185 | ) | |||||||||||||||
Proceeds from the disposition of Wood Products business | — | — | — | 72,953 | — | 72,953 | |||||||||||||||||
Change in restricted cash | — | — | — | 7,603 | — | 7,603 | |||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (138,178 | ) | (249,481 | ) | — | 525,837 | — | ||||||||||||||
Other | — | 1,700 | — | 18,376 | — | 20,076 | |||||||||||||||||
CASH (USED FOR) INVESTING ACTIVITIES | (138,178 | ) | (136,567 | ) | (249,481 | ) | (244,632 | ) | 524,853 | (244,005 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Issuance of debt | 175,000 | — | 280,000 | — | — | 455,000 | |||||||||||||||||
Repayment of debt | (250,000 | ) | — | (23,087 | ) | — | — | (273,087 | ) | ||||||||||||||
Dividends paid | (113,222 | ) | — | — | — | — | (113,222 | ) | |||||||||||||||
Proceeds from the issuance of common shares | 6,643 | — | — | — | — | 6,643 | |||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 7,399 | — | 7,399 | |||||||||||||||||
Repurchase of common shares | (11,241 | ) | — | — | — | — | (11,241 | ) | |||||||||||||||
Intercompany distributions | — | (108,549 | ) | (64,000 | ) | 159,946 | 12,603 | — | |||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (192,820 | ) | (108,549 | ) | 192,913 | 167,345 | 12,603 | 71,492 | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (174 | ) | — | (174 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||||
Change in cash and cash equivalents | (82,446 | ) | 2,483 | 7,432 | 135,516 | — | 62,985 | ||||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | |||||||||||||||||
Balance, end of period | $ | 170,442 | $ | 6,449 | $ | 26,790 | $ | 139,900 | $ | — | $ | 343,581 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012 | |||||||||||||||||||||||
Rayonier Inc. (Parent Guarantor) | ROC (Subsidiary Guarantor) | Rayonier TRS Holdings Inc. (Issuer) | Non- guarantors | Consolidating Adjustments | Total Consolidated | ||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 3,173 | $ | 51,579 | $ | 12,000 | $ | 181,124 | $ | (39,000 | ) | $ | 208,876 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Capital expenditures | — | (165 | ) | — | (76,081 | ) | — | (76,246 | ) | ||||||||||||||
Purchase of timberlands | — | — | — | (8,687 | ) | — | (8,687 | ) | |||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (63,998 | ) | — | (63,998 | ) | |||||||||||||||
Change in restricted cash | — | — | — | (14,427 | ) | — | (14,427 | ) | |||||||||||||||
Investment in Subsidiaries | (5,181 | ) | — | (39,436 | ) | — | 44,617 | — | |||||||||||||||
Other | — | (69 | ) | — | (635 | ) | — | (704 | ) | ||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (5,181 | ) | (234 | ) | (39,436 | ) | (163,828 | ) | 44,617 | (164,062 | ) | ||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Issuance of debt | 325,000 | — | 15,000 | 15,000 | — | 355,000 | |||||||||||||||||
Repayment of debt | (120,000 | ) | (30,000 | ) | (23,110 | ) | (15,000 | ) | — | (188,110 | ) | ||||||||||||
Dividends paid | (98,201 | ) | — | — | — | — | (98,201 | ) | |||||||||||||||
Proceeds from the issuance of common shares | 3,980 | — | — | — | — | 3,980 | |||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 4,234 | — | 4,234 | |||||||||||||||||
Debt issuance costs | (3,653 | ) | — | — | — | — | (3,653 | ) | |||||||||||||||
Repurchase of common shares | (7,783 | ) | — | — | — | — | (7,783 | ) | |||||||||||||||
Intercompany distributions | — | 5,181 | (9,233 | ) | 9,669 | (5,617 | ) | — | |||||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 99,343 | (24,819 | ) | (17,343 | ) | 13,903 | (5,617 | ) | 65,467 | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 219 | — | 219 | |||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||||
Change in cash and cash equivalents | 97,335 | 26,526 | (44,779 | ) | 31,418 | — | 110,500 | ||||||||||||||||
Balance, beginning of year | — | 8,977 | 59,976 | 9,650 | — | 78,603 | |||||||||||||||||
Balance, end of period | $ | 97,335 | $ | 35,503 | $ | 15,197 | $ | 41,068 | $ | — | $ | 189,103 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
SALES | $ | — | $ | — | $ | 409,077 | $ | — | $ | 409,077 | |||||||||
Costs and Expenses | |||||||||||||||||||
Cost of sales | — | — | 297,698 | — | 297,698 | ||||||||||||||
Selling and general expenses | — | 2,680 | 14,249 | — | 16,929 | ||||||||||||||
Other operating expense (income), net | 180 | (74 | ) | 846 | (661 | ) | 291 | ||||||||||||
180 | 2,606 | 312,793 | (661 | ) | 314,918 | ||||||||||||||
Equity in income of New Zealand joint venture | — | — | 304 | — | 304 | ||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | (180 | ) | (2,606 | ) | 96,588 | 661 | 94,463 | ||||||||||||
Gain on consolidation of New Zealand joint venture | — | — | 16,098 | — | 16,098 | ||||||||||||||
OPERATING (LOSS) INCOME | (180 | ) | (2,606 | ) | 112,686 | 661 | 110,561 | ||||||||||||
Interest (expense) income | (3,414 | ) | (7,263 | ) | 658 | — | (10,019 | ) | |||||||||||
Interest and miscellaneous income, net | 1,759 | 307 | 532 | — | 2,598 | ||||||||||||||
Equity in income from subsidiaries | 89,064 | 96,185 | — | (185,249 | ) | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 87,229 | 86,623 | 113,876 | (184,588 | ) | 103,140 | |||||||||||||
Income tax (expense) benefit | (65 | ) | 2,441 | (17,691 | ) | 66 | (15,249 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 87,164 | 89,064 | 96,185 | (184,522 | ) | 87,891 | |||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
NET INCOME | 87,164 | 89,064 | 96,185 | (184,522 | ) | 87,891 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | 727 | — | 727 | ||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 87,164 | 89,064 | 95,458 | (184,522 | ) | 87,164 | |||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Foreign currency translation adjustment | (18,625 | ) | (28,201 | ) | (18,625 | ) | 37,250 | (28,201 | ) | ||||||||||
New Zealand joint venture cash flow hedges | 878 | 221 | 877 | (1,754 | ) | 222 | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,717 | 3,718 | 6,831 | (10,549 | ) | 3,717 | |||||||||||||
Total other comprehensive loss | (14,030 | ) | (24,262 | ) | (10,917 | ) | 24,947 | (24,262 | ) | ||||||||||
COMPREHENSIVE INCOME | 73,134 | 64,802 | 85,268 | (159,575 | ) | 63,629 | |||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 73,134 | $ | 64,802 | $ | 94,773 | $ | (159,575 | ) | $ | 73,134 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
SALES | $ | — | $ | — | $ | 348,096 | $ | — | $ | 348,096 | |||||||||
Costs and Expenses | |||||||||||||||||||
Cost of sales | — | — | 243,571 | — | 243,571 | ||||||||||||||
Selling and general expenses | — | 1,904 | 13,988 | — | 15,892 | ||||||||||||||
Other operating income, net | — | (109 | ) | (5,186 | ) | — | (5,295 | ) | |||||||||||
— | 1,795 | 252,373 | — | 254,168 | |||||||||||||||
Equity in income of New Zealand joint venture | — | — | 170 | — | 170 | ||||||||||||||
OPERATING (EXPENSE) INCOME | — | (1,795 | ) | 95,893 | — | 94,098 | |||||||||||||
Interest expense | (3,117 | ) | (10,455 | ) | (2,484 | ) | — | (16,056 | ) | ||||||||||
Interest and miscellaneous income (expense), net | 1,544 | 825 | (2,285 | ) | — | 84 | |||||||||||||
Equity in income from subsidiaries | 70,652 | 77,982 | — | (148,634 | ) | — | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 69,079 | 66,557 | 91,124 | (148,634 | ) | 78,126 | |||||||||||||
Income tax benefit (expense) | — | 4,095 | (16,130 | ) | — | (12,035 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 69,079 | 70,652 | 74,994 | (148,634 | ) | 66,091 | |||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 2,988 | — | 2,988 | ||||||||||||||
NET INCOME (LOSS) | 69,079 | 70,652 | 77,982 | (148,634 | ) | 69,079 | |||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Foreign currency translation adjustment | (8,081 | ) | (8,080 | ) | (8,081 | ) | 16,161 | (8,081 | ) | ||||||||||
New Zealand joint venture cash flow hedges | (1,998 | ) | (1,998 | ) | (1,998 | ) | 3,996 | (1,998 | ) | ||||||||||
Gain from pension and postretirement plans, net of income tax | 3,401 | 3,401 | 2,579 | (5,980 | ) | 3,401 | |||||||||||||
Total other comprehensive loss | (6,678 | ) | (6,677 | ) | (7,500 | ) | 14,177 | (6,678 | ) | ||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 62,401 | $ | 63,975 | $ | 70,482 | $ | (134,457 | ) | $ | 62,401 |
CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
SALES | $ | — | $ | — | $ | 802,796 | $ | — | $ | 802,796 | |||||||||
Costs and Expenses | |||||||||||||||||||
Cost of sales | — | — | 563,716 | — | 563,716 | ||||||||||||||
Selling and general expenses | — | 5,081 | 27,947 | — | 33,028 | ||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 449 | (1,299 | ) | (661 | ) | (3,212 | ) | ||||||||||
(1,701 | ) | 5,530 | 590,364 | (661 | ) | 593,532 | |||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | ||||||||||||||
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | (5,530 | ) | 212,994 | 661 | 209,826 | |||||||||||||
Gain on consolidation of New Zealand joint venture | — | — | 16,098 | — | 16,098 | ||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (5,530 | ) | 229,092 | 661 | 225,924 | |||||||||||||
Interest (expense) income | (6,689 | ) | (14,133 | ) | 3,086 | — | (17,736 | ) | |||||||||||
Interest and miscellaneous income (expense), net | 4,178 | 85 | (1,607 | ) | — | 2,656 | |||||||||||||
Equity in income from subsidiaries | 235,774 | 249,630 | — | (485,404 | ) | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 234,964 | 230,052 | 230,571 | (484,743 | ) | 210,844 | |||||||||||||
Income tax benefit (expense) | (65 | ) | 5,722 | (25,418 | ) | 66 | (19,695 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 234,899 | 235,774 | 205,153 | (484,677 | ) | 191,149 | |||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 44,477 | — | 44,477 | ||||||||||||||
NET INCOME | 234,899 | 235,774 | 249,630 | (484,677 | ) | 235,626 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | 727 | — | 727 | ||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 234,899 | 235,774 | 248,903 | (484,677 | ) | 234,899 | |||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Foreign currency translation adjustment | (17,650 | ) | (27,226 | ) | (17,650 | ) | 35,300 | (27,226 | ) | ||||||||||
New Zealand joint venture cash flow hedges | 1,431 | 775 | 1,431 | (2,862 | ) | 775 | |||||||||||||
Gain from pension and postretirement plans, net of income tax | 8,687 | 8,687 | 6,831 | (15,518 | ) | 8,687 | |||||||||||||
Total other comprehensive income | (7,532 | ) | (17,764 | ) | (9,388 | ) | 16,920 | (17,764 | ) | ||||||||||
COMPREHENSIVE INCOME | 227,367 | 218,010 | 240,242 | (467,757 | ) | 217,862 | |||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 227,367 | $ | 218,010 | $ | 249,747 | $ | (467,757 | ) | $ | 227,367 | ||||||||
CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | All Other Subsidiaries (Non- guarantors) | Consolidating Adjustments | Total Consolidated | |||||||||||||||
SALES | $ | — | $ | — | $ | 684,667 | $ | — | $ | 684,667 | |||||||||
Costs and Expenses | |||||||||||||||||||
Cost of sales | — | — | 479,279 | — | 479,279 | ||||||||||||||
Selling and general expenses | — | 5,215 | 29,942 | — | 35,157 | ||||||||||||||
Other operating expense (income), net | — | 12 | (6,445 | ) | — | (6,433 | ) | ||||||||||||
— | 5,227 | 502,776 | — | 508,003 | |||||||||||||||
Equity in income of New Zealand joint venture | — | — | 184 | — | 184 | ||||||||||||||
OPERATING (LOSS) INCOME | — | (5,227 | ) | 182,075 | — | 176,848 | |||||||||||||
Interest expense | (4,366 | ) | (20,919 | ) | (2,595 | ) | — | (27,880 | ) | ||||||||||
Interest and miscellaneous income (expense), net | 3,455 | 944 | (4,339 | ) | — | 60 | |||||||||||||
Equity in income from subsidiaries | 123,426 | 140,688 | — | (264,114 | ) | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 122,515 | 115,486 | 175,141 | (264,114 | ) | 149,028 | |||||||||||||
Income tax benefit (expense) | — | 7,940 | (38,278 | ) | — | (30,338 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 122,515 | 123,426 | 136,863 | (264,114 | ) | 118,690 | |||||||||||||
DISCONTINUED OPERATIONS, NET | |||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 3,825 | — | 3,825 | ||||||||||||||
NET INCOME | 122,515 | 123,426 | 140,688 | (264,114 | ) | 122,515 | |||||||||||||
OTHER COMPREHENSIVE INCOME | — | ||||||||||||||||||
Foreign currency translation adjustment | (2,255 | ) | (2,255 | ) | (2,255 | ) | 4,510 | (2,255 | ) | ||||||||||
New Zealand joint venture cash flow hedges | (793 | ) | (793 | ) | (793 | ) | 1,586 | (793 | ) | ||||||||||
Gain from pension and postretirement plans, net of income tax | 6,541 | 6,541 | 4,959 | (11,500 | ) | 6,541 | |||||||||||||
Total other comprehensive income | 3,493 | 3,493 | 1,911 | (5,404 | ) | 3,493 | |||||||||||||
COMPREHENSIVE INCOME | $ | 126,008 | $ | 126,919 | $ | 142,599 | $ | (269,518 | ) | $ | 126,008 | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2013 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 170,442 | $ | 33,239 | $ | 139,900 | $ | — | $ | 343,581 | |||||||||
Accounts receivable, less allowance for doubtful accounts | — | 907 | 115,631 | — | 116,538 | ||||||||||||||
Inventory | — | — | 99,091 | — | 99,091 | ||||||||||||||
Deferred tax asset | — | — | 55,563 | — | 55,563 | ||||||||||||||
Prepaid and other current assets | — | 2,775 | 64,669 | — | 67,444 | ||||||||||||||
Total current assets | 170,442 | 36,921 | 474,854 | — | 682,217 | ||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,080,611 | — | 2,080,611 | ||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,217 | 850,215 | — | 852,432 | ||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | — | — | — | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,575,156 | 2,627,483 | — | (4,202,639 | ) | — | |||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 217,073 | 20,166 | — | (237,239 | ) | — | |||||||||||||
OTHER ASSETS | 3,928 | 34,684 | 174,179 | — | 212,791 | ||||||||||||||
TOTAL ASSETS | $ | 1,966,599 | $ | 2,721,471 | $ | 3,579,859 | $ | (4,439,878 | ) | $ | 3,828,051 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Accounts payable | $ | — | $ | 1,634 | $ | 131,621 | $ | — | $ | 133,255 | |||||||||
Current maturities of long-term debt | 75,000 | — | 463 | — | 75,463 | ||||||||||||||
Accrued taxes | — | 2,603 | 17,555 | — | 20,158 | ||||||||||||||
Accrued payroll and benefits | — | 10,689 | 9,800 | — | 20,489 | ||||||||||||||
Accrued interest | 3,060 | 4,291 | 2,484 | — | 9,835 | ||||||||||||||
Accrued customer incentives | — | — | 10,743 | — | 10,743 | ||||||||||||||
Other current liabilities | — | 3,189 | 48,653 | — | 51,842 | ||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 8,686 | — | 8,686 | ||||||||||||||
Total current liabilities | 78,060 | 22,406 | 230,005 | — | 330,471 | ||||||||||||||
LONG-TERM DEBT | 325,000 | 979,511 | 287,323 | — | 1,591,834 | ||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 69,442 | — | 69,442 | ||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 130,244 | 28,350 | — | 158,594 | ||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 13,989 | 13,601 | — | 27,590 | ||||||||||||||
INTERCOMPANY PAYABLE | — | 165 | 265,823 | (265,988 | ) | — | |||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,563,539 | 1,575,156 | 2,598,734 | (4,173,890 | ) | 1,563,539 | |||||||||||||
Noncontrolling interest | — | — | 86,581 | — | 86,581 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,563,539 | 1,575,156 | 2,685,315 | (4,173,890 | ) | 1,650,120 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,966,599 | $ | 2,721,471 | $ | 3,579,859 | $ | (4,439,878 | ) | $ | 3,828,051 |
CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 252,888 | $ | 23,324 | $ | 4,384 | $ | — | $ | 280,596 | |||||||||
Accounts receivable, less allowance for doubtful accounts | — | 386 | 99,973 | — | 100,359 | ||||||||||||||
Inventory | — | — | 127,966 | — | 127,966 | ||||||||||||||
Deferred tax assets | — | — | 15,845 | — | 15,845 | ||||||||||||||
Prepaid and other current assets | — | 2,257 | 39,251 | — | 41,508 | ||||||||||||||
Total current assets | 252,888 | 25,967 | 287,419 | — | 566,274 | ||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 1,573,309 | — | 1,573,309 | ||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,321 | 704,717 | — | 707,038 | ||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | 72,419 | — | 72,419 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,445,205 | 2,354,270 | — | (3,799,475 | ) | — | |||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 213,863 | 33,831 | — | (247,694 | ) | — | |||||||||||||
OTHER ASSETS | 4,148 | 32,961 | 166,802 | — | 203,911 | ||||||||||||||
TOTAL ASSETS | $ | 1,916,104 | $ | 2,449,350 | $ | 2,804,666 | $ | (4,047,169 | ) | $ | 3,122,951 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Accounts payable | $ | — | $ | 2,132 | $ | 68,249 | $ | — | $ | 70,381 | |||||||||
Current maturities of long-term debt | 150,000 | — | — | — | 150,000 | ||||||||||||||
Accrued taxes | — | 485 | 13,339 | — | 13,824 | ||||||||||||||
Accrued payroll and benefits | — | 15,044 | 13,024 | — | 28,068 | ||||||||||||||
Accrued interest | 3,100 | 3,576 | 1,280 | — | 7,956 | ||||||||||||||
Accrued customer incentives | — | — | 10,849 | — | 10,849 | ||||||||||||||
Other current liabilities | — | 2,925 | 15,715 | — | 18,640 | ||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 8,105 | — | 8,105 | ||||||||||||||
Total current liabilities | 153,100 | 24,162 | 130,561 | — | 307,823 | ||||||||||||||
LONG-TERM DEBT | 325,000 | 718,321 | 76,731 | — | 1,120,052 | ||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 73,590 | — | 73,590 | ||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 129,156 | 30,426 | — | 159,582 | ||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 16,432 | 7,468 | — | 23,900 | ||||||||||||||
INTERCOMPANY PAYABLE | — | 116,074 | 137,797 | (253,871 | ) | — | |||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | 1,445,205 | 2,348,093 | (3,793,298 | ) | 1,438,004 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | $ | 2,449,350 | $ | 2,804,666 | $ | (4,047,169 | ) | $ | 3,122,951 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2013 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 248,552 | $ | 247,599 | $ | 212,977 | $ | (473,456 | ) | $ | 235,672 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | — | (89 | ) | (94,037 | ) | — | (94,126 | ) | |||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | (139,879 | ) | — | (139,879 | ) | ||||||||||||
Purchase of timberlands | — | — | (10,447 | ) | — | (10,447 | ) | ||||||||||||
Intercompany purchase of real estate | — | — | 984 | (984 | ) | — | |||||||||||||
Jesup mill cellulose specialties expansion | — | — | (100,185 | ) | — | (100,185 | ) | ||||||||||||
Proceeds from the disposition of Wood Products business | — | — | 72,953 | — | 72,953 | ||||||||||||||
Change in restricted cash | — | — | 7,603 | — | 7,603 | ||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (387,659 | ) | — | 525,837 | — | ||||||||||||
Other | — | 1,700 | 18,376 | — | 20,076 | ||||||||||||||
CASH (USED FOR) INVESTING ACTIVITIES | (138,178 | ) | (386,048 | ) | (244,632 | ) | 524,853 | (244,005 | ) | ||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Issuance of debt | 175,000 | 280,000 | — | — | 455,000 | ||||||||||||||
Repayment of debt | (250,000 | ) | (23,087 | ) | — | — | (273,087 | ) | |||||||||||
Dividends paid | (113,222 | ) | — | — | — | (113,222 | ) | ||||||||||||
Proceeds from the issuance of common shares | 6,643 | — | — | — | 6,643 | ||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 7,399 | — | 7,399 | ||||||||||||||
Debt issuance costs | — | — | — | — | — | ||||||||||||||
Repurchase of common shares | (11,241 | ) | — | — | — | (11,241 | ) | ||||||||||||
Issuance of intercompany notes | — | — | — | — | — | ||||||||||||||
Intercompany distributions | — | (108,549 | ) | 159,946 | (51,397 | ) | — | ||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (192,820 | ) | 148,364 | 167,345 | (51,397 | ) | 71,492 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (174 | ) | — | (174 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||
Change in cash and cash equivalents | (82,446 | ) | 9,915 | 135,516 | — | 62,985 | |||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | ||||||||||||||
Balance, end of period | $ | 170,442 | $ | 33,239 | $ | 139,900 | $ | — | $ | 343,581 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012 | |||||||||||||||||||
Rayonier Inc. (Parent Issuer) | Subsidiary Guarantors | Non- guarantors | Consolidating Adjustments | Total Consolidated | |||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 3,173 | $ | 54,346 | $ | 181,124 | $ | (29,767 | ) | $ | 208,876 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | — | (165 | ) | (76,081 | ) | — | (76,246 | ) | |||||||||||
Purchase of timberlands | — | — | (8,687 | ) | — | (8,687 | ) | ||||||||||||
Jesup mill cellulose specialties expansion | — | — | (63,998 | ) | — | (63,998 | ) | ||||||||||||
Change in restricted cash | — | — | (14,427 | ) | — | (14,427 | ) | ||||||||||||
Investment in Subsidiaries | (5,181 | ) | (39,436 | ) | — | 44,617 | — | ||||||||||||
Other | — | (69 | ) | (635 | ) | — | (704 | ) | |||||||||||
CASH (USED FOR) INVESTING ACTIVITIES | (5,181 | ) | (39,670 | ) | (163,828 | ) | 44,617 | (164,062 | ) | ||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Issuance of debt | 325,000 | 15,000 | 15,000 | — | 355,000 | ||||||||||||||
Repayment of debt | (120,000 | ) | (53,110 | ) | (15,000 | ) | — | (188,110 | ) | ||||||||||
Dividends paid | (98,201 | ) | — | — | — | (98,201 | ) | ||||||||||||
Proceeds from the issuance of common shares | 3,980 | — | — | — | 3,980 | ||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 4,234 | — | 4,234 | ||||||||||||||
Debt issuance costs | (3,653 | ) | — | — | — | (3,653 | ) | ||||||||||||
Repurchase of common shares | (7,783 | ) | — | — | — | (7,783 | ) | ||||||||||||
Intercompany distributions | — | 5,181 | 9,669 | (14,850 | ) | — | |||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 99,343 | (32,929 | ) | 13,903 | (14,850 | ) | 65,467 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 219 | — | 219 | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||
Change in cash and cash equivalents | 97,335 | (18,253 | ) | 31,418 | — | 110,500 | |||||||||||||
Balance, beginning of year | — | 68,953 | 9,650 | — | 78,603 | ||||||||||||||
Balance, end of period | $ | 97,335 | $ | 50,700 | $ | 41,068 | $ | — | $ | 189,103 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Financial Information (in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Sales | |||||||||||||||
Forest Resources | |||||||||||||||
Atlantic | $ | 19 | $ | 16 | $ | 37 | $ | 31 | |||||||
Gulf States | 13 | 9 | 25 | 19 | |||||||||||
Northern | 30 | 26 | 54 | 50 | |||||||||||
New Zealand | 47 | 2 | 50 | 5 | |||||||||||
Total Forest Resources | 109 | 53 | 166 | 105 | |||||||||||
Real Estate | |||||||||||||||
Development | — | — | 2 | — | |||||||||||
Rural | 9 | 11 | 11 | 23 | |||||||||||
Non-Strategic Timberlands | 4 | 1 | 25 | 1 | |||||||||||
Total Real Estate | 13 | 12 | 38 | 24 | |||||||||||
Performance Fibers | |||||||||||||||
Cellulose specialties | 233 | 220 | 480 | 432 | |||||||||||
Absorbent materials | 20 | 35 | 57 | 73 | |||||||||||
Total Performance Fibers | 253 | 255 | 537 | 505 | |||||||||||
Other Operations | 34 | 28 | 62 | 51 | |||||||||||
Total Sales | $ | 409 | $ | 348 | $ | 803 | $ | 685 | |||||||
Operating Income (Loss) | |||||||||||||||
Forest Resources | $ | 21 | $ | 8 | $ | 34 | $ | 16 | |||||||
Real Estate | 6 | 6 | 23 | 12 | |||||||||||
Performance Fibers | 79 | 84 | 171 | 164 | |||||||||||
Other Operations | 2 | 1 | 2 | — | |||||||||||
Corporate and other (a) | 3 | (5 | ) | (4 | ) | (15 | ) | ||||||||
Operating Income | 111 | 94 | 226 | 177 | |||||||||||
Interest Expense, Interest Income and Other | (8 | ) | (16 | ) | (15 | ) | (28 | ) | |||||||
Income Tax Expense | (15 | ) | (12 | ) | (20 | ) | (30 | ) | |||||||
Income from Continuing Operations | $ | 88 | $ | 66 | $ | 191 | $ | 119 | |||||||
Discontinued Operations, Net | — | 3 | 45 | 4 | |||||||||||
Net Income | $ | 88 | $ | 69 | $ | 236 | $ | 123 | |||||||
Net income Attributable to Noncontrolling Interest | (1 | ) | — | (1 | ) | — | |||||||||
Net Income Attributable to Rayonier Inc. | $ | 87 | $ | 69 | $ | 235 | $ | 123 | |||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||||
Continuing Operations | $ | 0.67 | $ | 0.52 | $ | 1.46 | $ | 0.93 | |||||||
Discontinued Operations | — | 0.02 | 0.34 | 0.03 | |||||||||||
Net Income | $ | 0.67 | $ | 0.54 | $ | 1.80 | $ | 0.96 |
Sales (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Three Months Ended June 30, | Price | Volume/ Mix/Other | |||||||||||||
Atlantic | $ | 16 | $ | 1 | $ | 2 | $ | 19 | |||||||
Gulf States | 9 | — | 4 | 13 | |||||||||||
Northern | 26 | 5 | (1 | ) | 30 | ||||||||||
New Zealand | 2 | — | 45 | 47 | |||||||||||
Total Sales | $ | 53 | $ | 6 | $ | 50 | $ | 109 |
Sales (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Six Months Ended June 30, | Price | Volume/ Mix/Other | |||||||||||||
Atlantic | $ | 31 | $ | 3 | $ | 3 | $ | 37 | |||||||
Gulf States | 19 | 2 | 4 | 25 | |||||||||||
Northern | 50 | 6 | (2 | ) | 54 | ||||||||||
New Zealand | 5 | — | 45 | 50 | |||||||||||
Total Sales | $ | 105 | $ | 11 | $ | 50 | $ | 166 | |||||||
Operating Income (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||||||
Three Months Ended June 30, | Price | Volume/ Mix | Cost/Other | ||||||||||||||||
Atlantic | $ | 2 | $ | 1 | $ | — | $ | 2 | $ | 5 | |||||||||
Gulf States | 2 | — | 1 | — | 3 | ||||||||||||||
Northern | 4 | 5 | 2 | (1 | ) | 10 | |||||||||||||
New Zealand/Other | — | — | — | 3 | 3 | ||||||||||||||
Total Operating Income | $ | 8 | $ | 6 | $ | 3 | $ | 4 | $ | 21 |
Operating Income (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||||||
Six Months Ended June 30, | Price | Volume/ Mix | Cost/Other | ||||||||||||||||
Atlantic | $ | 5 | $ | 3 | $ | 1 | $ | 1 | $ | 10 | |||||||||
Gulf States | 2 | 2 | 1 | — | 5 | ||||||||||||||
Northern | 8 | 6 | 3 | (2 | ) | 15 | |||||||||||||
New Zealand/Other | 1 | — | — | 3 | 4 | ||||||||||||||
Total Operating Income | $ | 16 | $ | 11 | $ | 5 | $ | 2 | $ | 34 | |||||||||
Sales (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Three Months Ended June 30, | Price | Volume/Mix | |||||||||||||
Development | $ | — | $ | — | $ | — | $ | — | |||||||
Rural | 11 | (2 | ) | — | 9 | ||||||||||
Non-Strategic Timberlands | 1 | 1 | 2 | 4 | |||||||||||
Total Sales | $ | 12 | $ | (1 | ) | $ | 2 | $ | 13 |
Sales (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Six Months Ended June 30, | Price | Volume/Mix | |||||||||||||
Development | $ | — | $ | 1 | $ | 1 | $ | 2 | |||||||
Rural | 23 | (1 | ) | (11 | ) | 11 | |||||||||
Non-Strategic Timberlands | 1 | 13 | 11 | 25 | |||||||||||
Total Sales | $ | 24 | $ | 13 | $ | 1 | $ | 38 | |||||||
Operating Income (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Three Months Ended June 30, | Price | Volume/Mix | |||||||||||||
Total Operating Income | $ | 6 | $ | (1 | ) | $ | 1 | $ | 6 |
Operating Income (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Six Months Ended June 30, | Price | Volume/Mix | |||||||||||||
Total Operating Income | $ | 12 | $ | 13 | $ | (2 | ) | $ | 23 | ||||||
Sales (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Three Months Ended June 30, | Price | Volume/ Mix | |||||||||||||
Cellulose specialties | $ | 220 | $ | 1 | $ | 12 | $ | 233 | |||||||
Absorbent materials | 35 | (2 | ) | (13 | ) | 20 | |||||||||
Total Sales | $ | 255 | $ | (1 | ) | $ | (1 | ) | $ | 253 | |||||
Sales (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||
Six Months Ended June 30, | Price | Volume/ Mix | |||||||||||||
Cellulose specialties | $ | 432 | $ | 9 | $ | 39 | $ | 480 | |||||||
Absorbent materials | 73 | (7 | ) | (9 | ) | 57 | |||||||||
Total Sales | $ | 505 | $ | 2 | $ | 30 | $ | 537 | |||||||
Operating Income (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||||||
Three Months Ended June 30, | Price | Volume/ Mix | Cost/Other | ||||||||||||||||
Total Operating Income | $ | 84 | $ | (1 | ) | $ | 5 | $ | (9 | ) | $ | 79 |
Operating Income (in millions) | 2012 | Changes Attributable to: | 2013 | ||||||||||||||||
Six Months Ended June 30, | Price | Volume/ Mix | Cost/Other | ||||||||||||||||
Total Operating Income | $ | 164 | $ | 2 | $ | 15 | $ | (10 | ) | $ | 171 | ||||||||
June 30, | December 31, | ||||||
2013 | 2012 | ||||||
Cash and cash equivalents (a) | $ | 344 | $ | 281 | |||
Total debt | 1,667 | 1,270 | |||||
Shareholders’ equity | 1,650 | 1,438 | |||||
Total capitalization (total debt plus equity) | 3,317 | 2,708 | |||||
Debt to capital ratio | 50 | % | 47 | % |
2013 | 2012 | ||||||
Cash provided by (used for): | |||||||
Operating activities | $ | 236 | $ | 209 | |||
Investing activities | (244 | ) | (164 | ) | |||
Financing activities | 71 | 65 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Income to EBITDA Reconciliation | |||||||||||||||
Net Income | $ | 88 | $ | 69 | $ | 236 | $ | 123 | |||||||
Interest, net | 8 | 16 | 15 | 28 | |||||||||||
Income tax expense, continuing operations | 15 | 12 | 20 | 30 | |||||||||||
Income tax expense, discontinued operations | — | 2 | 22 | 2 | |||||||||||
Depreciation, depletion and amortization | 44 | 34 | 80 | 64 | |||||||||||
Depreciation, depletion and amortization from discontinued operations | — | 1 | 1 | 2 | |||||||||||
EBITDA | $ | 155 | $ | 134 | $ | 374 | $ | 249 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
EBITDA by Segment | |||||||||||||||
Forest Resources | $ | 49 | $ | 25 | $ | 78 | $ | 50 | |||||||
Real Estate | 8 | 8 | 29 | 15 | |||||||||||
Performance Fibers | 93 | 99 | 200 | 190 | |||||||||||
Other Operations | 2 | 1 | 2 | — | |||||||||||
Corporate and other | 3 | 1 | 65 | (6 | ) | ||||||||||
EBITDA | $ | 155 | $ | 134 | $ | 374 | $ | 249 |
Forest Resources | Real Estate | Performance Fibers | Other Operations | Corporate and Other | Total | ||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||
Operating Income | $ | 21 | $ | 6 | $ | 79 | $ | 2 | $ | 3 | $ | 111 | |||||||||||
Add: Depreciation, depletion and amortization | 28 | 2 | 14 | — | — | 44 | |||||||||||||||||
Add: Income from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation, depletion and amortization from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
EBITDA | $ | 49 | $ | 8 | $ | 93 | $ | 2 | $ | 3 | $ | 155 | |||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||
Operating Income | $ | 8 | $ | 6 | $ | 84 | $ | 1 | $ | (5 | ) | $ | 94 | ||||||||||
Add: Depreciation, depletion and amortization | 17 | 2 | 15 | — | — | 34 | |||||||||||||||||
Add: Income from discontinued operations | — | — | — | — | 5 | 5 | |||||||||||||||||
Add: Depreciation, depletion and amortization from discontinued operations | — | — | — | — | 1 | 1 | |||||||||||||||||
EBITDA | $ | 25 | $ | 8 | $ | 99 | $ | 1 | $ | 1 | $ | 134 | |||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||
Operating Income | $ | 34 | $ | 23 | $ | 171 | $ | 2 | $ | (4 | ) | $ | 226 | ||||||||||
Add: Depreciation, depletion and amortization | 44 | 6 | 29 | — | 1 | 80 | |||||||||||||||||
Add: Income from discontinued operations | — | — | — | — | 67 | 67 | |||||||||||||||||
Add: Depreciation, depletion and amortization from discontinued operations | — | — | — | — | 1 | 1 | |||||||||||||||||
EBITDA | $ | 78 | $ | 29 | $ | 200 | $ | 2 | $ | 65 | $ | 374 | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||
Operating Income | $ | 16 | $ | 12 | $ | 164 | $ | — | $ | (15 | ) | $ | 177 | ||||||||||
Add: Depreciation, depletion and amortization | 34 | 3 | 26 | — | 1 | 64 | |||||||||||||||||
Add: Income from discontinued operations | — | — | — | — | 6 | 6 | |||||||||||||||||
Add: Depreciation, depletion and amortization from discontinued operations | — | — | — | — | 2 | 2 | |||||||||||||||||
EBITDA | $ | 50 | $ | 15 | $ | 190 | $ | — | $ | (6 | ) | $ | 249 | ||||||||||
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash provided by operating activities | $ | 236 | $ | 209 | |||
Capital expenditures (a) | (94 | ) | (76 | ) | |||
Change in committed cash | — | 3 | |||||
Excess tax benefits on stock-based compensation | 7 | 4 | |||||
Other | 21 | 1 | |||||
CAD | 170 | 141 | |||||
Mandatory debt repayments | — | (23 | ) | ||||
Adjusted CAD | $ | 170 | $ | 118 |
Cash used for investing activities | $ | (244 | ) | $ | (164 | ) | |
Cash provided by financing activities | $ | 71 | $ | 65 |
(a) | Capital expenditures exclude strategic capital. Strategic capital totaled $114 million for the CSE, $140 million for the New Zealand acquisition and $10 million for timberland acquisitions for the six months ended June 30, 2013. Strategic capital totaled $73 million for the CSE and $9 million for timberland acquisitions for the six months ended June 30, 2012. |
Contractual Financial Obligations (in millions) | Total | Payments Due by Period | |||||||||||||||||
Remaining 2013 | 2014-2015 | 2016-2017 | Thereafter | ||||||||||||||||
Long-term debt (a) | $ | 181 | $ | — | $ | 123 | $ | 58 | $ | — | |||||||||
Interest payments on long-term debt (b) | 13 | 3 | 8 | 2 | — | ||||||||||||||
Operating leases — timberland | 105 | 1 | 5 | 5 | 94 | ||||||||||||||
Purchase obligations (c) | 11 | 1 | 1 | 1 | 8 | ||||||||||||||
Total contractual cash obligations | $ | 310 | $ | 5 | $ | 137 | $ | 66 | $ | 102 |
(a) | Contractual payments were calculated based on outstanding principal amounts and maturity dates as of June 30, 2013. The maturity dates changed in July 2013 due to the amendment of the Senior Secured Revolving Credit Agreement. See Note 16 — Debt for additional information on this subsequent event. |
(b) | Projected interest payments for variable-rate debt were calculated based on outstanding principal amounts and interest rates as of June 30, 2013. For changes made in conjunction with the subsequent refinancing, see Note 16 — Debt. |
(c) | Purchase obligations represent derivative instruments held. See Note 9 — Derivative Financial Instruments and Hedging Activities. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Forest Resources — in thousands of short green tons | |||||||||||
Atlantic | 904 | 823 | 1,772 | 1,560 | |||||||
Gulf States | 514 | 403 | 923 | 845 | |||||||
Northern | 512 | 426 | 967 | 868 | |||||||
New Zealand | 601 | — | 601 | — | |||||||
Total | 2,531 | 1,652 | 4,263 | 3,273 | |||||||
Real Estate — in acres | |||||||||||
Development | 47 | 15 | 133 | 35 | |||||||
Rural | 3,831 | 4,036 | 5,006 | 9,488 | |||||||
Non-Strategic Timberlands | 3,372 | 717 | 8,947 | 956 | |||||||
Total | 7,250 | 4,768 | 14,086 | 10,479 | |||||||
Performance Fibers | |||||||||||
Sales volume — in thousands of metric tons | |||||||||||
Cellulose specialties | 123 | 116 | 255 | 234 | |||||||
Absorbent materials | 29 | 46 | 85 | 97 | |||||||
Total | 152 | 162 | 340 | 331 |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
10.1 | Summary of Bonus Award to Charles Margiotta | Filed herewith | |
31.1 | Chief Executive Officer’s Certification Pursuant to Rule 13a-14(a) / 15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |
31.2 | Chief Financial Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14-(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |
32 | Certification of Periodic Financial Reports Under Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith | |
101 | The following financial information from our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013, formatted in Extensible Business Reporting Language (“XBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2013 and 2012; (ii) the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012 (iii) the Consolidated Statements of Cash Flows for the Six Months Ended June, 2013 and 2012; and (iv) the Notes to Consolidated Financial Statements | Filed herewith |
RAYONIER INC. | ||
(Registrant) | ||
By: | /S/ HANS E. VANDEN NOORT | |
Hans E. Vanden Noort Senior Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Rayonier Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/S/ PAUL G. BOYNTON | |
Paul G. Boynton Chairman, President and Chief Executive Officer, Rayonier Inc. |
1. | I have reviewed this quarterly report on Form 10-Q of Rayonier Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ HANS E. VANDEN NOORT | |
Hans E. Vanden Noort Senior Vice President, Chief Financial Officer and Treasurer, Rayonier Inc. |
1. | The quarterly report on Form 10-Q of Rayonier Inc. (the "Company") for the period ended June 30, 2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ PAUL G. BOYNTON | /s/ HANS E. VANDEN NOORT | |
Paul G. Boynton | Hans E. Vanden Noort | |
Chairman, President and Chief Executive Officer, Rayonier Inc. | Senior Vice President, Chief Financial Officer and Treasurer, Rayonier Inc. |
Fair Value Measurements (Notes)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Text Block] |
Fair Value of Financial Instruments The Accounting Standards Codification established a three-level hierarchy that prioritizes the inputs used to measure fair value 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, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at June 30, 2013 and December 31, 2012, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles:
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 options contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Fuel contracts — The fair value of diesel fuel 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. |
Shareholders' Equity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Apr. 02, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Mar. 31, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
|
Jun. 30, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
|
Jun. 30, 2013
Common Stock Including Additional Paid in Capital [Member]
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Dec. 31, 2012
Common Stock Including Additional Paid in Capital [Member]
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Jun. 30, 2013
Common Stock Including Additional Paid in Capital [Member]
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Jun. 30, 2013
Retained Earnings [Member]
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Dec. 31, 2012
Retained Earnings [Member]
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Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Member]
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Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Member]
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Jun. 30, 2013
Noncontrolling Interest [Member]
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Dec. 31, 2012
Noncontrolling Interest [Member]
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Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Stockholders' Equity Attributable to Parent, Period Start | $ 1,438,004 | $ 670,749 | $ 630,286 | $ 876,634 | $ 806,235 | $ (109,379) | $ (113,448) | ||||||||||
Shares Issued, Period Start | 123,332,444 | 122,035,177 | |||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Period Start | 0 | 0 | 0 | ||||||||||||||
Total Stockholders' Equity, Period Start | 1,438,004 | 1,323,073 | 1,323,073 | ||||||||||||||
Acquisition of noncontrolling interest | 96,086 | 96,086 | |||||||||||||||
Net income attributable to Parent | 87,164 | 69,079 | 234,899 | 122,515 | 234,899 | 278,685 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 727 | 0 | 727 | 0 | 727 | 0 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 87,891 | 69,079 | 235,626 | 122,515 | 278,685 | ||||||||||||
Dividends | (110,886) | (208,286) | (110,886) | (208,286) | |||||||||||||
Issuance of shares under incentive stock plans | 6,643 | 25,495 | 6,643 | 25,495 | |||||||||||||
Issuance of shares under incentive stock plan, Shares | 861,838 | 1,467,024 | |||||||||||||||
Stock-based compensation | 6,253 | 15,116 | 6,253 | 15,116 | |||||||||||||
Excess tax benefit on stock-based compensation | 7,399 | 7,635 | 7,399 | 7,635 | |||||||||||||
Repurchase of common shares | (11,241) | (7,783) | (11,241) | (7,783) | |||||||||||||
Stock Repurchased During Period, Shares | (209,743) | (169,757) | |||||||||||||||
Maturity of Warrants, Value | 0 | 0 | |||||||||||||||
Maturity of Warrants, Shares | 97,918 | 2,037,303 | 2,135,221 | 2,135,221 | |||||||||||||
Amortization of pension and postretirement plans attributable to Rayonier Inc. | 8,687 | (496) | |||||||||||||||
Amortization of pension and postretirement plans attributable to noncontrolling interest | 0 | 0 | |||||||||||||||
Amortization of pension and postretirement plans | 3,717 | 3,401 | 8,687 | 6,541 | (496) | ||||||||||||
Foreign currency translation adjustment attributable to Rayonier Inc. | (17,650) | 4,352 | |||||||||||||||
Foreign currency translation adjustment attributable to noncontrolling interest | (9,576) | 0 | |||||||||||||||
Foreign currency translation adjustment | (28,201) | (8,081) | (27,226) | (2,255) | 4,352 | ||||||||||||
Joint venture cash flow hedges attributable to Rayonier Inc. | 1,431 | 213 | |||||||||||||||
Joint venture cash flow hedges attributable to noncontrolling interest | (656) | 0 | |||||||||||||||
Joint venture cash flow hedges | 222 | (1,998) | 775 | (793) | 213 | ||||||||||||
Stockholders' Equity Attributable to Parent, Period End | 1,563,539 | 1,563,539 | 1,438,004 | 679,803 | 670,749 | 1,000,647 | 876,634 | (116,911) | (109,379) | ||||||||
Shares Issued, Period End | 126,119,760 | 123,332,444 | |||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Period End | 86,581 | 86,581 | 0 | 86,581 | 0 | ||||||||||||
Total Stockholders' Equity, Period End | $ 1,650,120 | $ 1,650,120 | $ 1,438,004 | ||||||||||||||
Dividends [Abstract] | |||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.88 | $ 1.68 |
Earnings Per Common Share (Notes)
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share [Text Block] |
The following table provides details of the calculations of basic and diluted earnings per common share:
(a) The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was only included for the three and six months ended June 30, 2012, while the effect of the 2015 Notes was included for all periods presented. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter and 97,918 shares were issued in the first week of April. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants for the 2015 Notes if the stock price exceeds $39.35 per share. For information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2012 Annual Report on Form 10-K and Note 16 — Debt of this Form 10-Q. (b) The higher shares used for the assumed conversion of the warrants were primarily due to an increase in the average stock price from $43.74 for the three months ended June 30, 2012 to $57.15 for the three months ended June 30, 2013 and from $44.40 for the six months ended June 30, 2012 to $56.34 for the six months ended June 30, 2013. The impact of the higher stock price was partially offset by a decrease in dilutive shares due to the maturity of the warrants on the Notes due 2012. |
Accumulated Other Comprehensive Loss (Notes)
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Jun. 30, 2013
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Text Block] |
Accumulated Other Comprehensive Loss was comprised of the following:
The following table presents details of the amounts reclassified in their entirety from AOCI for the six-month period ended June 30, 2012:
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Debt (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended |
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Jun. 30, 2013
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
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Jun. 30, 2013
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
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Jun. 30, 2013
Term Credit Agreement due 2019 [Member]
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Jun. 30, 2013
April 2011 Line of Credit as Amended October 2012 [Member]
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Apr. 02, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Mar. 31, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Jun. 30, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
unit
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Debt Instrument [Line Items] | |||||||
Beginning Date for Maturity of Warrants | Jan. 15, 2013 | ||||||
Ending Date for Maturity of Warrants | Mar. 27, 2013 | ||||||
Number of Warrants Settled | 8,313,511 | ||||||
Total Number of Warrants | 8,313,511 | ||||||
Shares issued on conversion of warrants | 97,918 | 2,037,303 | 2,135,221 | ||||
Debt Instrument, Exchange Feature, Exchange Period, Beginning Date | Jun. 30, 2013 | Mar. 31, 2013 | |||||
Debt Instrument, Face Amount | $ 172.5 | $ 172.5 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||
Debt Instrument, Maturity Date, Description | 2015 | ||||||
Debt Instrument, Exchange Feature, Exchange Period, End Date | Sep. 30, 2013 | Jun. 30, 2013 | |||||
Debt Instrument, Exchange Feature, Description | Per the indenture, in order for the notes to become exchangeable, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days during a period of 30 consecutive trading days as of the last day of the quarter. | ||||||
Line of Credit Facility, Increase (Decrease) for Period, Net | (15) | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 450 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 187 | ||||||
Debt Instrument, Increase, Additional Borrowings | 200 | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 140 |
Derivative Financial Instruments and Hedging Activities - Income Statement Location (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||||
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Sep. 30, 2013
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Jun. 30, 2013
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Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
AOCI balance expected to be reclassified in next twelve months | $ 1,900,000 | |||||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Designated hedged item, gain (loss) recognized in other comprehensive income | (1,509,000) | [1] | (1,509,000) | [1] | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Designated hedged item, gain (loss) recognized in other comprehensive income | (363,000) | [1] | (363,000) | [1] | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Operating Income (Expense) [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Non-designated hedged item, gain (Ioss) recognized in income | (456,000) | 1,426,000 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | Other Operating Income (Expense) [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Non-designated hedged item, gain (Ioss) recognized in income | (1,491,000) | (1,491,000) | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest and Other Miscellaneous Income [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Non-designated hedged item, gain (Ioss) recognized in income | 2,650,000 | 2,650,000 | ||||
Not Designated as Hedging Instrument [Member] | Fuel [Member] | Cost of Sales [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Non-designated hedged item, gain (Ioss) recognized in income | $ 148,000 | $ 148,000 | ||||
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Guarantees (Notes)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Text Block] |
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2013, the following financial guarantees were outstanding:
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Income Taxes AFMC for CBPC exchange (Details) (USD $)
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3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | |||||
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Jun. 30, 2013
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Mar. 31, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Mar. 31, 2013
Exchange of Alternative Fuel Tax Benefit [Member]
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Jun. 30, 2012
Exchange of Alternative Fuel Tax Benefit [Member]
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Dec. 31, 2009
Cellulosic Biofuel Producer Credit [Member]
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Dec. 31, 2009
Alternative Fuel Mixture Credit [Member]
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AFMC for CBPC Exchange [Line Items] | |||||||||
Tax Credit Amount per Gallon | $ 1.01 | $ 0.50 | |||||||
Gallons Exchanged | 120000000 | 60000000 | |||||||
Income Tax Benefit | 19,000,000 | 9,100,000 | |||||||
Interest Expense | $ 10,019,000 | $ 16,056,000 | $ 17,736,000 | $ 27,880,000 | $ 3,400,000 |
Derivative Financial Instruments and Hedging Activities - Notional Amounts (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
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Derivatives, Fair Value [Line Items] | ||||
Notional Amount (in USD) | $ 7,020 | [1] | ||
Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member]
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Derivatives, Fair Value [Line Items] | ||||
Notional Amount (in USD) | 30,000 | [1] | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
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Derivatives, Fair Value [Line Items] | ||||
Notional Amount (in USD) | 172,497 | [1] | ||
Fuel [Member] | Not Designated as Hedging Instrument [Member]
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Derivatives, Fair Value [Line Items] | ||||
Notional Amount (in thousands of barrels) | 40,000 | [1] | ||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
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Derivatives, Fair Value [Line Items] | ||||
Notional Amount (in USD) | 19,000 | [1] | ||
Cash Flow Hedging [Member] | Foreign Exchange Option [Member] | Designated as Hedging Instrument [Member]
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Derivatives, Fair Value [Line Items] | ||||
Notional Amount (in USD) | $ 26,000 | [1] | ||
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Liabilities for Dispositions and Discontinued Operations (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Environmental Loss Contingencies [Table Text Block] | An analysis of the liabilities for dispositions and discontinued operations follows:
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Significant Accounting Policies (Policies)
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6 Months Ended |
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Jun. 30, 2013
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Derivative [Line Items] | |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Certain 2012 amounts have been reclassified to agree with the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The standard requires enhanced disclosures about assets and liabilities that are subject to a master netting agreement or when the right of offset exists. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This pronouncement limits the scope of ASU No. 2011-1. The standards’ disclosure requirements are retrospective and were effective beginning in first quarter 2013. See Note 9 — Derivative Financial Instruments and Hedging Activities for the disclosures required under this guidance. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard requires reporting, in one place, information about reclassifications out of AOCI by component. An entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount is reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other currently required disclosures that provide additional detail about those amounts. The information required by this standard must be presented in one place, either parenthetically on the face of the financial statements by income statement line item or in a note. See Note 17 — Accumulated Other Comprehensive Loss for the disclosures required under this guidance. In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard requires a parent entity to release a related foreign entity’s cumulative translation adjustment into net income only if its sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The cumulative translation adjustment should be released into net income if the transaction results in the loss of a controlling financial interest in a foreign entity or results in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. ASU No. 2013-05 will be effective for first quarter 2014. The Company does not expect that the adoption of this standard will have a material impact on the consolidated financial statements. |
Equity Method Investments, Policy [Policy Text Block] | The Company’s operating results for the three and six months ended June 30, 2013 reflect 26 percent of the JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. |
Consolidation of Joint Venture [Policy Text Block] | 100 percent of the results of its operations subsequent to April 4, 2013 have been included in the Company’s consolidated financial statements, along with 100 percent of the JV’s assets and liabilities at June 30, 2013. The portions of the consolidated financial position and results of operations attributable to the JV’s 35 percent noncontrolling interest are also shown separately. 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. |
Segment Reporting, Policy [Policy Text Block] | Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations. |
Derivatives, Policy [Policy Text Block] | Accounting for derivative financial instruments is governed by ASC Topic 815, “Derivatives and Hedging,” (“ASC 815”). In accordance with ASC 815, the Company records its derivatives 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. The ineffective portion of any hedge as well as 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. |
Fair Value of Financial Instruments [Policy Text Block] | 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 options contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Fuel contracts — The fair value of diesel fuel 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. |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | 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. |
Foreign Exchange Contract [Member]
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Derivative [Line Items] | |
Fair Value of Financial Instruments [Policy Text Block] | 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. |
Commodity Contract [Member]
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Derivative [Line Items] | |
Fair Value of Financial Instruments [Policy Text Block] | The fair value of the fuel swap 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. |
Consolidating Financial Statements (Notes)
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CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Financial Statements [Text Block] |
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 August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes are guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC (“ROC”) as the Subsidiary Guarantor. In connection with these exchangeable 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.
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. The notes are fully and unconditionally guaranteed by ROC and Rayonier TRS Holdings Inc. In connection with these notes, the Company provides the following 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.
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Earnings Per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Apr. 02, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Mar. 31, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Jun. 30, 2013
Warrants on Senior Exchangeable Notes due 2012 [Member]
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Jun. 30, 2013
Warrants on Senior Exchangeable Notes due 2015 [Member]
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Income amounts attributable to Rayonier Inc. | ||||||||||||||||||
Income from continuing operations | $ 87,891 | $ 66,091 | $ 191,149 | $ 118,690 | ||||||||||||||
Income from continuing operations attributable to noncontrolling interest | 727 | 0 | 727 | 0 | ||||||||||||||
Income from continuing operations attributable to Rayonier Inc. | 87,164 | 66,091 | 190,422 | 118,690 | ||||||||||||||
Income from discontinued operations attributable to Rayonier Inc. | 0 | 2,988 | 44,477 | 3,825 | ||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 87,164 | 69,079 | 234,899 | 122,515 | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,650,120 | $ 1,650,120 | $ 1,438,004 | $ 1,323,073 | ||||||||||||||
Shares used for determining basic earnings per common share | 126,027,297 | 122,455,464 | 125,257,876 | 122,403,388 | ||||||||||||||
Dilutive Effect of: | ||||||||||||||||||
Stock options | 504,321 | 669,298 | 519,014 | 692,622 | ||||||||||||||
Performance and restricted shares | 386,228 | 726,368 | 384,910 | 727,968 | ||||||||||||||
Assumed conversion of Senior Exchangeable Notes | 2,217,058 | [1] | 2,669,808 | [1] | 2,173,658 | [1] | 2,830,382 | [1] | ||||||||||
Assumed conversion of warrants | 1,632,345 | [1],[2] | 890,189 | [1],[2] | 2,250,361 | [1],[2] | 1,077,217 | [1],[2] | ||||||||||
Shares used for determining diluted earnings per common share | 130,767,249 | 127,411,127 | 130,585,819 | 127,731,577 | ||||||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||||
Continuing operations | $ 0.69 | $ 0.54 | $ 1.52 | $ 0.97 | ||||||||||||||
Discontinued operations | $ 0.00 | $ 0.02 | $ 0.36 | $ 0.03 | ||||||||||||||
Net Income | $ 0.69 | $ 0.56 | $ 1.88 | $ 1.00 | ||||||||||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||||
Continuing operations | $ 0.67 | $ 0.52 | $ 1.46 | $ 0.93 | ||||||||||||||
Discontinued operations | $ 0.00 | $ 0.02 | $ 0.34 | $ 0.03 | ||||||||||||||
Net Income | $ 0.67 | $ 0.54 | $ 1.80 | $ 0.96 | ||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||
Beginning Date for Maturity of Warrants | Jan. 15, 2013 | |||||||||||||||||
Ending Date for Maturity of Warrants | Mar. 27, 2013 | |||||||||||||||||
Shares issued on conversion of warrants | 97,918 | 2,037,303 | 2,135,221 | |||||||||||||||
Strike price of warrants | 39.35 | |||||||||||||||||
Average Stock Price | $ 57.15 | $ 43.74 | $ 56.34 | $ 44.40 | ||||||||||||||
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Derivative Financial Instruments and Hedging Activities (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the second quarter and six months ended June 30, 2013:
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheet at June 30, 2013:
(a) All notional amounts are stated in dollars except fuel contracts which are denominated in thousands of barrels. |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheet at June 30, 2013:
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Debt (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The JV’s debt consisted of the following at June 30, 2013:
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Joint Venture Investment (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
(a) Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity. |
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Business Acquisition, Pro Forma Information [Table Text Block] | The amounts of revenue and earnings of the JV included in the Company’s Consolidated Statements of Income and Comprehensive Income from the acquisition date to the period ended June 30, 2013 are as follows:
The following represents the pro forma consolidated sales and net income as if the JV had been included in the consolidated results of the Company for the three and six months ended June 30, 2013 and 2012:
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Liabilities for Dispositions and Discontinued Operations Narrative (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2013
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Environmental Remediation Obligations [Abstract] | |
Environmental Applicability, Impact and Conclusion Disclosures | The Company is exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of June 30, 2013, this amount could range up to $29 million, attributable to several of the applicable sites, and arises from uncertainty over the availability, feasibility and effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies, potential changes in applicable law and regulations, and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies. |
Environmental Contingency, Loss Exposure in Excess of Accrual, High Estimate | $ 29 |
Environmental Loss Contingencies Term | 20 years |
Environmental Exit Costs, Nature of Costs | Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control. |
Consolidating Financial Statements Text (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2013
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Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
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Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | August 2009 |
Debt Instrument, Face Amount | $ 172.5 |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% |
Debt Instrument, Maturity Date, Description | 2015 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]
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Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | March 2012 |
Debt Instrument, Face Amount | $ 325.0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% |
Debt Instrument, Maturity Date, Description | 2022 |
Liabilities for Dispositions and Discontinued Operations Analysis of Activity (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
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Jun. 30, 2013
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Dec. 31, 2012
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Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Balance, beginning of period | $ 81,695 | $ 90,824 |
Expenditures charged to liabilities | (4,015) | (9,926) |
Increase to liabilities | 448 | 797 |
Balance, end of period | 78,128 | 81,695 |
Less: Current portion | (8,686) | (8,105) |
Non-current portion | $ 69,442 | $ 73,590 |
Consolidating Financial Statements (Tables)
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Senior Exchangeable Notes due 2015 [Member] [Domain]
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Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Income and Comprehensive Income [Table Text Block] |
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Schedule of Condensed Consolidating Balance Sheets [Table Text Block] |
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Schedule of Condensed Consolidating Statements of Cash Flows [Table Text Block] |
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Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]
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Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Income and Comprehensive Income [Table Text Block] |
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Schedule of Condensed Consolidating Balance Sheets [Table Text Block] |
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Schedule of Condensed Consolidating Statements of Cash Flows [Table Text Block] |
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Debt Subsequent Event (Details) (Matariki Forestry Group [Member], USD $)
In Millions, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2013
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Senior Secured Facilities Agreement, Revolving Facilities due 2014 to 2016 [Member] | Minimum [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.775% |
Senior Secured Facilities Agreement, Revolving Facilities due 2014 to 2016 [Member] | Maximum [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Amendment of Existing Senior Secured Revolving Credit Agreement [Member]
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Subsequent Event [Line Items] | |
Subsequent Event, Date | Jul. 05, 2013 |
Subsequent Event, Description | the New Zealand JV negotiated amendments to the existing Senior Secured Facilities Agreement. |
Amendment of Existing Senior Secured Revolving Credit Agreement [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member]
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Subsequent Event [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 181 |
Debt Instrument, Maturity Date, Description | September 2016 |
Amendment of Existing Senior Secured Revolving Credit Agreement [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Minimum [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Amendment of Existing Senior Secured Revolving Credit Agreement [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Maximum [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.85% |
Amendment of Existing Senior Secured Revolving Credit Agreement [Member] | Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member]
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Subsequent Event [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 18 |
Debt Instrument, Maturity Date, Description | July 2014 |
Amendment of Existing Senior Secured Revolving Credit Agreement [Member] | Senior Secured Facilities Agreement as Amended July 2013 [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Covenant Description | The maximum leverage ratio was increased to 40 percent and the interest coverage ratio was amended to allow a minimum ratio of 1.25 to 1, provided that the ratio is not below 1.50 to 1 for any two consecutive quarters. |
Other Operating Income, Net (Notes)
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Jun. 30, 2013
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Other Operating Income, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Other Expense Disclosure [Text Block] |
Other operating (expense) income, net was comprised of the following:
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Basis Of Presentation (Notes)
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Basis of Presentation [Text Block] |
Basis of Presentation The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries (“Rayonier” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC. Reclassifications Certain 2012 amounts have been reclassified to agree with the current year presentation. See Note 2 — Sale of Wood Products Business for information regarding reclassifications for discontinued operations. New Accounting Standards In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The standard requires enhanced disclosures about assets and liabilities that are subject to a master netting agreement or when the right of offset exists. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This pronouncement limits the scope of ASU No. 2011-1. The standards’ disclosure requirements are retrospective and were effective beginning in first quarter 2013. See Note 9 — Derivative Financial Instruments and Hedging Activities for the disclosures required under this guidance. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard requires reporting, in one place, information about reclassifications out of AOCI by component. An entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount is reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other currently required disclosures that provide additional detail about those amounts. The information required by this standard must be presented in one place, either parenthetically on the face of the financial statements by income statement line item or in a note. See Note 17 — Accumulated Other Comprehensive Loss for the disclosures required under this guidance. In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard requires a parent entity to release a related foreign entity’s cumulative translation adjustment into net income only if its sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The cumulative translation adjustment should be released into net income if the transaction results in the loss of a controlling financial interest in a foreign entity or results in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. ASU No. 2013-05 will be effective for first quarter 2014. The Company does not expect that the adoption of this standard will have a material impact on the consolidated financial statements. Subsequent Events The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and two subsequent events were identified that warranted disclosure. On July 19, 2013, the Board of Directors approved an increase in the quarterly dividend per share from $0.44 per share to $0.49 per share effective for the third quarter 2013 distribution. Additionally, the New Zealand JV negotiated an amendment to its debt facility, as discussed in Note 16 — Debt. |
Income Taxes (Notes)
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Text Block] |
Rayonier is a real estate investment trust (“REIT”). In general, only its taxable REIT subsidiaries, whose businesses include the Company’s non-REIT qualified activities, and foreign operations are subject to corporate income taxes. However, the Company was subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2010. In 2011, the law provided a built-in-gains tax holiday. In 2013, the law provided a built-in gains tax holiday for 2012 (retroactive) and 2013. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on taxable REIT subsidiaries’ income and foreign operations. 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 through December 31, 2009. The AFMC is a $.50 per gallon refundable 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 produces and uses an alternative fuel (“black liquor”) at its Jesup, Georgia and Fernandina Beach, Florida performance fibers mills, which qualified for both credits. The Company claimed the AFMC on its 2009 tax return. In the first quarter of 2013 and the second quarter of 2012, management approved the exchange of approximately 120 million and 60 million gallons respectively, of black liquor previously claimed for the AFMC for the CBPC. As a result, the Company recorded a $19 million tax benefit in first quarter 2013. The second quarter 2012 impact of the exchange was a $9.1 million tax benefit partially offset by a $3.4 million interest expense accrual. The IRS later released guidance stating interest payments are not required for AFMC funds exchanged for the CBPC, based upon the manner of the Company's original claim. As such, Rayonier subsequently reversed the interest expense in third quarter 2012. For additional information on the AFMC and CBPC, see Note 8 — Income Taxes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Provision for Income Taxes from Continuing Operations The Company’s effective tax rate is below the 35 percent U.S. statutory tax rate primarily due to tax benefits associated with being a REIT. The Company’s effective tax rate in 2013 was lower than 2012 primarily due to recording the additional AFMC exchange, the federal research and experimentation tax credit and a $4.9 million benefit associated with the completion of an internal transfer of properties. The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented (in millions of dollars):
Provision for Income Taxes from Discontinued Operations In the first quarter, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. For the six months ended June 30, 2013 and 2012, income tax expense related to discontinued operations was $22.3 million ($21.4 million from the gain on sale) and $1.9 million, respectively. For the three months ended June 30, 2012, income tax related to discontinued operations was $1.5 million. See Note 2 — Sale of Wood Products Business for additional information. |
Sale of Wood Products Business (Notes)
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interfor”) for $80 million plus a working capital adjustment. The sale is consistent with the Company’s strategic plan to fully position its manufacturing operations in the specialty chemicals sector. Rayonier will not have significant continuing involvement in the operations of the Wood Products business. Accordingly, the operating results of the Wood Products business, formerly reported as a separate operating segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the Wood Products segment, which will remain with the Company after the sale, are reported in continuing operations. Rayonier recognized an after-tax gain of $42.7 million on the sale. The gain is included in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2013. The following table summarizes the operating results of the Company’s discontinued operations and the related gain for the three and six months ended June 30, 2013 and 2012, as presented in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income:
The sale did not meet the “held for sale” criteria prior to the period it was completed. The major classes of Wood Products assets and liabilities included in the sale were as follows:
Cash flows from discontinued operations are immaterial both individually and in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows. Pursuant to the purchase and sale agreement, Rayonier will provide Interfor with saw timber procurement services for the three lumber mills through December 31, 2013. Rayonier also contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill and market other wood chips produced by the mills to third parties on Interfor’s behalf. The Company will purchase 100 percent of the Baxley mill chips for five years and 25 percent of the Swainsboro mill chips through 2013. The purchase price of these chips will be based on the average price paid by the Company to unrelated third parties. Prior to the Wood Products sale, saw timber procurement services for and wood chip purchases from the lumber mills were intercompany transactions eliminated in consolidation as follows:
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Accumulated Other Comprehensive Loss (Tables)
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Jun. 30, 2013
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss was comprised of the following:
The following table presents details of the amounts reclassified in their entirety from AOCI for the six-month period ended June 30, 2012:
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Sale of Wood Products Business (Tables)
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Jun. 30, 2013
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The major classes of Wood Products assets and liabilities included in the sale were as follows:
Prior to the Wood Products sale, saw timber procurement services for and wood chip purchases from the lumber mills were intercompany transactions eliminated in consolidation as follows:
The following table summarizes the operating results of the Company’s discontinued operations and the related gain for the three and six months ended June 30, 2013 and 2012, as presented in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income:
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Shareholders' Equity (Tables)
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Jun. 30, 2013
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | An analysis of shareholders’ equity for the six months ended June 30, 2013 and the year ended December 31, 2012 is shown below (share amounts not in thousands):
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