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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Notes)
 3 Months Ended
Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Consolidated Financial Statements
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

Subsequent to the issuance of the Original Filing, the Company identified issues related to its historical timber harvest levels, its estimate of merchantable timber inventory and the effect of such estimate on its calculation of depletion expense in the quarterly period ended March 31, 2014. The Company determined that it had understated its depletion expense in cost of goods sold (referred to as “Cost of sales” in the Company’s consolidated statements of income and comprehensive income) by approximately $2 million for the period. As a result, the financial amounts noted below have been restated from amounts previously reported.

The following tables summarize the effect of these restatements for the period:

 
 
Consolidated Statements of Income
and Comprehensive Income for the
Three Months Ended March 31, 2014

 
 
As Previously Reported
 
Restatement
 
As Restated
Operating Income
 
$
65,008

 
$
(1,969
)
 
$
63,039

Income Tax Expense
 
(7,732
)
 
20

 
(7,712
)
Income from Continuing Operations
 
43,292

 
(1,949
)
 
41,343

Net Income
 
43,292

 
(1,949
)
 
41,343

Net Income Attributable to Rayonier Inc.
 
43,375

 
(1,949
)
 
41,426

Basic Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.34

 
(0.01
)
 
$
0.33

Discontinued Operations
 
—

 
—

 
—

Net Income
 
$
0.34

 
$
(0.01
)
 
$
0.33

Diluted Earnings Per Share Attributable to Rayonier Inc.
 
 
 
 
 
 
Continuing Operations
 
$
0.34

 
(0.02
)
 
$
0.32

Discontinued Operations
 
—

 
—

 
—

Net Income
 
$
0.34

 
$
(0.02
)
 
$
0.32

 
 
 
Consolidated Balance Sheet
as of March 31, 2014

 
 
As Previously Reported
 
Restatement
 
As Restated
Prepaid and Other Current Assets
 
$
54,557

 
$
20

 
$
54,577

Timber and Timberlands, Net of Depletion and Amortization
 
2,069,518

 
(1,969
)
 
2,067,549

Retained earnings
 
996,573

 
(1,949
)
 
994,624