XML 91 R45.htm IDEA: XBRL DOCUMENT v2.4.1.9
Accumulated Other Comprehensive Income/(Loss) (Tables)
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in AOCI by component for the years ended December 31, 2014 and 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.
 
Foreign currency translation gains/(losses)
 
Net investment hedge of New Zealand JV
 
New Zealand JV cash flow hedges (a)
 
Unrecognized components of employee benefit plans
 
Total
Balance as of December 31, 2012
$38,829
 
—

 
$(3,628)
 
$(144,580)
 
$(109,379)
Other comprehensive income/(loss) before reclassifications
(1,915
)
 
—

 
798

 
45,931

(b)
44,814

Amounts reclassified from accumulated other comprehensive loss
—

 
—

 
2,488

 
15,938

(c)
18,426

Net other comprehensive income/(loss)
(1,915
)
 
—

 
3,286

 
61,869

 
63,240

Balance as of December 31, 2013
$36,914
 
—

 
$(342)
 
$(82,711)
 
$(46,139)
Other comprehensive income/(loss) before reclassifications
(11,381)
 
(145)
 
510
 
47,938
(d)
36,922
Amounts reclassified from accumulated other comprehensive loss
—

 
—

 
(1,716)
 
6,108
(e)
4,392
Net other comprehensive income/(loss)
(11,381
)
 
(145
)
 
(1,206
)
 
54,046

 
41,314

Balance as of December 31, 2014
$25,533
 
$(145)
 
$(1,548)
 
$(28,665)
 
$(4,825)
 
 
 
 
(a)
Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition.
(b)
The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013.
(c)
This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information.
(d)
Reflects $78 million, net of taxes, of comprehensive income due to the transfer of losses to Rayonier Advanced Materials Pension Plans. This comprehensive income was offset by $30 million, net of taxes, of losses as a result of revaluations required due to the spin-off and at year-end. The actuarial losses were primarily caused by a decrease in the discount rate from 4.6 percent as of December 31, 2013 to 3.8 percent as of December 31, 2014. See Note 22 — Employee Benefit Plans for additional information.
(e)
This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off.
Reclassification out of Accumulated Other Comprehensive Income
The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2014 and 2013:
Details about accumulated other comprehensive income components
 
Amount reclassified from accumulated other comprehensive income
 
Affected line item in the income statement
 
 
2014
 
2013
 
 
Loss from New Zealand joint venture cash flow hedges
 
—

 
$2,159
 
Gain related to consolidated of New Zealand joint venture
Realized (gain) loss on foreign currency exchange contracts
 
(2,858)
 
843
 
Other operating income, net
Realized gain on foreign currency option contracts
 
(1,007)
 
—

 
Other operating income, net
Noncontrolling interest
 
1,352
 
(295)
 
Comprehensive loss attributable to noncontrolling interest
Income tax expense (benefit) from foreign currency contracts
 
797
 
(219)
 
Income tax benefit
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income
 
(1,716)
 
2,488
 
 
Income tax expense on pension plan contributed to Rayonier Advanced Materials
 
843
 
—

 
Income tax benefit
Net (gain) loss reclassified from accumulated other comprehensive income
 
$(873)
 
$2,488