XML 99 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 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)  
Costs and Expenses, Total 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 on consolidation of New Zealand joint venture (Note 6) 16,098 0 16,098 0  
OPERATING INCOME 110,561 94,098 225,924 176,848  
Interest expense (10,019) (16,056) (17,736) (27,880)  
Interest and miscellaneous (expense) 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  
Income from discontinued operations, net of income tax expense of $0, $1,505, $22,273 and $1,927 0 2,988 44,477 3,825  
NET INCOME 87,891 69,079 235,626 122,515 278,685
Net income attributable to noncontrolling interest 727 0 727 0  
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) 4,352
New Zealand joint venture cash flow hedges 222 (1,998) 775 (793) 213
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 (496)
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) 0 (9,505) 0  
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $ 73,134 $ 62,401 $ 227,367 $ 126,008  
BASIC EARNINGS PER 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 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