10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 1-6780

RAYONIER INC.

Incorporated in the State of North Carolina

I.R.S. Employer Identification No. 13-2607329

225 WATER STREET, SUITE 1400

JACKSONVILLE, FL 32202

(Principal Executive Office)

Telephone Number: (904) 357-9100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES x        NO  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES x       NO  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x	Accelerated filer  o
Non-accelerated filer  o	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES o        NO  x

As of July 31, 2015, there were outstanding 125,941,960 Common Shares of the registrant.

TABLE OF CONTENTS

Item		Page
	PART I - FINANCIAL INFORMATION
1.	Financial Statements (unaudited)	1
	Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2015 and 2014	1
	Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014	2
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014	3
	Notes to Consolidated Financial Statements	4
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	39
3.	Quantitative and Qualitative Disclosures about Market Risk	63
4.	Controls and Procedures	64
	PART II - OTHER INFORMATION
1.	Legal Proceedings	65
2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
6.	Exhibits	66
	Signature	67

i

PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

AND COMPREHENSIVE (LOSS) INCOME

(Unaudited)

(Dollars in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
SALES		$115,801			$163,145			$256,106			$306,332
Costs and Expenses
Cost of sales	103,689			123,096			210,923			238,995
Selling and general expenses	12,727			13,861			23,626			27,098
Other operating income, net (Note 17)	(7,138		)	(11,389		)	(12,713		)	(11,764		)
	109,278			125,568			221,836			254,329
OPERATING INCOME	6,523			37,577			34,270			52,003
Interest expense	(8,483		)	(15,612		)	(17,027		)	(26,286		)
Interest income and miscellaneous expense, net	(1,196		)	(4,385		)	(2,691		)	(5,397		)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(3,156		)	17,580			14,552			20,320
Income tax benefit (expense)	296			(13,556		)	768			(5,961		)
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,860		)	4,024			15,320			14,359
DISCONTINUED OPERATIONS, NET (Note 2)
Income from discontinued operations, net of income tax expense of $0, $5,966, $0 and $21,231	—			12,084			—			43,092
NET (LOSS) INCOME	(2,860		)	16,108			15,320			57,451
Less: Net loss attributable to noncontrolling interest	(1,324		)	(245		)	(891		)	(328		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	16,353			16,211			57,779
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(25,395		)	3,517			(39,717		)	21,320
New Zealand joint venture cash flow hedges, net of income tax benefit (expense) of $1,133, $401, $1,501 and ($100)	(2,917		)	(920		)	(3,863		)	791
Amortization of pension and postretirement plans, net of income tax expense of $179, $35,944, $337 and $36,875	743			58,873			1,524			60,970
Total other comprehensive (loss) income	(27,569		)	61,470			(42,056		)	83,081
COMPREHENSIVE (LOSS) INCOME	(30,429		)	77,578			(26,736		)	140,532
Less: Comprehensive (loss) income attributable to noncontrolling interest	(9,731		)	297			(13,522		)	5,722
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($20,698	)		$77,281			($13,214	)		$134,810
(LOSS) EARNINGS PER COMMON SHARE (Note 3)
BASIC (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations		($0.01	)		$0.03			$0.13			$0.12
Discontinued Operations	—			0.10			—			0.34
Net (Loss) Income		($0.01	)		$0.13			$0.13			$0.46
DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations		($0.01	)		$0.03			$0.13			$0.11
Discontinued Operations	—			0.09			—			0.33
Net (Loss) Income		($0.01	)		$0.12			$0.13			$0.44
Dividends declared per share		$0.25			$0.49			$0.50			$0.98

See Notes to Consolidated Financial Statements.

1

RAYONIER INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

	June 30, 2015			December 31, 2014
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$91,632			$161,558
Accounts receivable, less allowance for doubtful accounts of $42 and $42	19,444			24,018
Inventory (Note 14)	13,362			8,383
Prepaid and other current assets	21,222			19,745
Total current assets	145,660			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,086,729			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT      COSTS (NOTE 5)	69,726			77,433
PROPERTY, PLANT AND EQUIPMENT
Land	1,833			1,833
Buildings	8,977			8,961
Machinery and equipment	3,388			3,503
Construction in progress	772			579
Total property, plant and equipment, gross	14,970			14,876
Less — accumulated depreciation	(8,536		)	(8,170		)
Total property, plant and equipment, net	6,434			6,706
OTHER ASSETS	57,772			66,771
TOTAL ASSETS		$2,366,321			$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$22,396			$20,211
Current maturities of long-term debt	30,000			129,706
Accrued taxes	15,811			11,405
Accrued payroll and benefits	4,596			6,390
Accrued interest	8,043			8,433
Other current liabilities	31,614			25,857
Total current liabilities	112,460			202,002
LONG-TERM DEBT	722,353			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 13)	33,396			33,477
OTHER NON-CURRENT LIABILITIES	20,840			20,636
COMMITMENTS AND CONTINGENCIES (Notes 11 and 12)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 126,492,061 and 126,773,097 shares issued and outstanding	694,835			702,598
Retained earnings	743,528			790,697
Accumulated other comprehensive loss	(34,250		)	(4,825		)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113			1,488,470
Noncontrolling interest	73,159			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,477,272			1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$2,366,321			$2,453,115

See Notes to Consolidated Financial Statements.

2

RAYONIER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

	Six Months Ended June 30,
	2015			2014
OPERATING ACTIVITIES
Net income		$15,320			$57,451
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	53,826			56,316
Non-cash cost of land sold and real estate development costs recovered upon sale	4,938			5,398
Stock-based incentive compensation expense	2,588			5,980
Deferred income taxes	(1,322		)	10,103
Depreciation and amortization from discontinued operations	—			37,985
Amortization of losses from pension and postretirement plans	1,861			5,896
Other	944			(43		)
Changes in operating assets and liabilities:
Receivables	2,414			9,988
Inventories	(8,107		)	4,765
Accounts payable	3,874			27,299
Income tax receivable/payable	(321		)	5,217
All other operating activities	9,868			7,885
Expenditures for dispositions and discontinued operations	—			(5,096		)
CASH PROVIDED BY OPERATING ACTIVITIES	85,883			229,144
INVESTING ACTIVITIES
Capital expenditures	(26,130		)	(33,597		)
Capital expenditures from discontinued operations	—			(47,050		)
Real estate development costs	(578		)	(2,595		)
Purchase of timberlands	(88,414		)	(74,817		)
Change in restricted cash	4,160			63,128
Other	3,689			(478		)
CASH USED FOR INVESTING ACTIVITIES	(107,273		)	(95,409		)
FINANCING ACTIVITIES
Issuance of debt	59,100			1,238,389
Repayment of debt	(31,472		)	(1,107,062		)
Dividends paid	(63,421		)	(124,628		)
Proceeds from the issuance of common shares	718			3,347
Repurchase of common shares	(9,057		)	(1,834		)
Debt issuance costs	—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	—			(106,420		)
Other	—			(680		)
CASH USED FOR FINANCING ACTIVITIES	(44,132		)	(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(4,404		)	(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(69,926		)	22,417
Balance, beginning of year	161,558			199,644
Balance, end of period		$91,632			$222,061
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)		$15,303			$26,980
Income taxes	270			10,417
Non-cash investing activity:
Capital assets purchased on account	2,396			11,547

(a) Interest paid is presented net of patronage refunds received of $1.3 million for the six months ended June 30, 2015 and $2.1 million for the six months ended June 30, 2014. For additional information on patronage refunds, see Note 13 — Debt in the 2014 Form 10-K.

See Notes to Consolidated Financial Statements.

3

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

1. BASIS OF PRESENTATION

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 (the “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, 2014, as filed with the SEC (the “2014 Form 10-K”).

Reclassifications

Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These adjustments are reflected in the June 30, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented.

Certain 2014 amounts have also been adjusted for reclassification of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations.

The Consolidated Statement of Cash Flow for the six months ended June 30, 2014 has not been restated to exclude Performance Fibers cash flows.

See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business.

New Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In July 2015, the FASB approved a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is required to be applied on a retrospective basis. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015-03 in the Company’s first quarter 2016 Form 10-Q filing and does not expect adoption to have a material impact on the consolidated financial statements.

4

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

     In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015–07 in the Company’s first quarter 2016 Form 10-Q filing and does not expect adoption to have a material impact on the consolidated financial statements.

Subsequent Events

Quarterly Dividend

On July 20, 2015, the Company announced a third quarter dividend of 25 cents per share payable September 30, 2015, to shareholders of record on September 16, 2015.

Debt Refinancing and Recapitalization of New Zealand JV

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture.

2. DISCONTINUED OPERATIONS

Spin-Off of the Performance Fibers Business

On June 27, 2014, Rayonier completed the tax-free spin-off of its Performance Fibers business and retained its timber, real estate and trading businesses. The spin-off resulted in two independent, publicly-traded companies, with the Performance Fibers business being spun-off to Rayonier shareholders as a newly formed public company named Rayonier Advanced Materials Inc. (“Rayonier Advanced Materials”). On June 27, 2014, the shareholders of record received one share of Rayonier Advanced Materials common stock for every three common shares of Rayonier held as of the close of business on the record date of June 18, 2014.

In connection with the spin-off, Rayonier Advanced Materials distributed $906.2 million in cash to Rayonier from $550 million in Senior Notes issued by Rayonier A.M. Products (a wholly-owned subsidiary of Rayonier Advanced Materials), $325 million in term loans, and $75 million from a revolving credit facility Rayonier Advanced Materials entered into prior to the spin-off. Pursuant to the terms of the Internal Revenue Service spin-off ruling, $75 million of this cash was paid to Rayonier’s shareholders as dividends. Of this $75 million, $63.2 million was paid to shareholders as a special dividend in the third quarter of 2014.

In order to effect the spin-off and govern the Company’s relationship with Rayonier Advanced Materials after the spin-off, Rayonier and Rayonier Advanced Materials entered into a Separation and Distribution Agreement, an Intellectual Property Agreement, a Tax Sharing Agreement, an Employee Matters Agreement and a Transition Services Agreement. See Note 3 — Discontinued Operations in the 2014 Form 10-K for further details concerning these agreements.

Rayonier will not have significant continuing involvement in the operations of the Performance Fibers business going forward. Accordingly, the operating results of the Performance Fibers business, formerly disclosed as a separate reportable segment, are classified as discontinued operations in the Company's Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for all periods presented. Certain administrative and general costs historically allocated to the Performance Fibers segment are reported in continuing operations, as required.

5

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three and six months ended June 30, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Sales		$212,680			$456,180
Cost of sales and other	(174,961		)	(368,868		)
Transaction expenses	(19,669		)	(22,989		)
Income from discontinued operations before income taxes	18,050			64,323
Income tax expense	(5,966		)	(21,231		)
Income from discontinued operations, net		$12,084			$43,092

In accordance with Accounting Standards Codification (“ASC”) 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business.  Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Timber and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the three and six months ended June 30, 2014:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Interest expense allocated to the Performance Fibers business		($1,910	)		($4,205	)

The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Depreciation and amortization		$17,336		$37,985
Capital expenditures	29,880		47,050

Pursuant to a Memorandum of Understanding agreement, Rayonier may provide Rayonier Advanced Materials with up to 120,000 tons of hardwood annually through July 30, 2017. Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Hardwood purchases		$1,190		$3,935

6

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

3. (LOSS) EARNINGS PER COMMON SHARE

The following table provides details of the calculations of basic and diluted (loss) earnings per common share:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
(Loss) income from continuing operations		($2,860	)		$4,024			$15,320			$14,359
Less: Net (loss) from continuing operations attributable to noncontrolling interest	(1,324		)	(245		)	(891		)	(328		)
(Loss) income from continuing operations attributable to Rayonier Inc.		($1,536	)		$4,269			$16,211			$14,687
Income from discontinued operations, net, attributable to Rayonier Inc.	—				$12,084		—			43,092
Net (loss) income attributable to Rayonier Inc.		($1,536	)		$16,353			$16,211			$57,779
Shares used for determining basic (loss) earnings per common share	126,635,710			126,434,376			126,625,081			126,390,891
Dilutive effect of:
Stock options	—			293,213			146,754			296,768
Performance and restricted shares	—			201,956			30,515			194,995
Assumed conversion of Senior Exchangeable Notes (a)	—			2,631,514			702,301			2,579,402
Assumed conversion of warrants (a)	—			2,738,606			—			2,656,633
Shares used for determining diluted (loss) earnings per common share	126,635,710			132,299,665			127,504,651			132,118,689
Basic (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.01	)		$0.03			$0.13			$0.12
Discontinued operations	—			0.10			—			0.34
Net (loss) income		($0.01	)		$0.13			$0.13			$0.46
Diluted (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.01	)		$0.03			$0.13			$0.11
Discontinued operations	—			0.09			—			0.33
Net (loss) income		($0.01	)		$0.12			$0.13			$0.44

7

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
Stock options, performance and restricted shares (b)	158,191	507,044	937,236	499,193
Assumed conversion of exchangeable note hedges (a)	—	2,631,514	702,301	2,579,402
Assumed conversion of Senior Exchangeable Notes due 2015 (b)	501,189	—	—	—
Total	659,380	3,138,558	1,639,537	3,078,595

(a)     Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period.

Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debtin the 2014 Form 10-K and Note 15 — Debtof this Form 10-Q.

(b)    For the three months ended June 30, 2015, the assumed conversion of the 2015 Notes, as well as incremental shares related to stock options, performance shares, and restricted shares, were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.

4.     INCOME TAXES

The operations conducted by the Company’s real estate investment trust (“REIT”) entities are generally not subject to U.S. federal and state income taxation. Non-REIT qualifying operations are conducted by the Company’s taxable REIT subsidiaries. Prior to the June 27, 2014 spin-off of Rayonier Advanced Materials, the Company’s taxable REIT subsidiaries (“TRS”) operations included the Performance Fibers business. As such, during 2014 and prior periods the income tax benefit from continuing operations was significantly impacted by the TRS businesses. Subsequent to the spin-off, the primary businesses performed in Rayonier’s taxable REIT subsidiaries include log trading and certain real estate activities, such as the sale and entitlement of development HBU properties.

Provision for Income Taxes from Continuing Operations

The Company’s effective tax rate is below the 35 percent U.S. statutory rate due to tax benefits associated with being a REIT. The income tax benefit for the three and six months ended June 30, 2015 is principally related to the Matariki Forestry Group joint venture (the “New Zealand JV”). The prior year period’s benefit was due to losses at Rayonier's taxable operations primarily from interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business and is not comparable to the current year.

8

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented:

	Three Months Ended June 30,
	2015					2014
Income tax (benefit) expense at federal statutory rate		($1,105	)	35.0	%		$6,153		35.0	%
REIT income and taxable losses	1,077			(34.1	)	(5,625		)	(32.0	)
Foreign operations	101			(3.2	)	(728		)	(4.1	)
Net operating loss valuation allowance	(216		)	6.9		—			—
Non-deductible real estate losses	—			—		590			3.4
Other	(153		)	4.8		119			0.6
Income tax (benefit) expense before discrete items		($296	)	9.4	%		$509		2.9	%
CBPC valuation allowance	—			—		15,574			88.7
Spin-off related costs	—			—		797			4.5
Deferred tax inventory valuations	—			—		(3,293		)	(18.7	)
Other	—			—		(31		)	(0.3	)
Income tax (benefit) expense as reported for continuing operations		($296	)	9.4	%		$13,556		77.1	%

	Six Months Ended June 30,
	2015					2014
Income tax expense at federal statutory rate		$5,093		35.0	%		$7,112		35.0	%
REIT income and taxable losses	(6,894		)	(47.4	)	(13,823		)	(69.3	)
Foreign operations	(645		)	(4.4	)	(841		)	(0.3	)
Net operating loss valuation allowance	1,386			9.5		—			—
Non-deductible real estate losses	—			—		681			1.2
Other	292			2.0		138			0.3
Income tax benefit before discrete items		($768	)	(5.3	)%		($6,733	)	(33.1	)%
CBPC valuation allowance	—			—		15,574			76.6
Spin-off related costs	—			—		797			3.9
Deferred tax inventory valuations	—			—		(3,293		)	(16.2	)
Other	—			—		(384		)	(1.9	)
Income tax (benefit) expense as reported for continuing operations		($768	)	(5.3	)%		$5,961		29.3	%

Provision for Income Taxes from Discontinued Operations

On June 27, 2014, Rayonier completed the spin-off of its Performance Fibers business. For the three and six months ended June 30, 2014, income tax expense related to Performance Fibers discontinued operations was $6.0 million and $21.2 million, respectively. See Note 2 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business.

9

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

5.     HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS

Rayonier continuously assesses potential alternative uses of its timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. The Company periodically transfers, via a sale or contribution from the REIT to TRS, HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also acquires HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, the Company also selectively pursues various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.

An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to June 30, 2015 is shown below:

	Higher and Better Use Timberlands and Real Estate Development Costs
	Land and Timber			Development Costs			Total
Non-current portion at December 31, 2014		$65,959			$11,474			$77,433
Plus: Current portion (a)	4,875			57			4,932
Total Balance at December 31, 2014	70,834			11,531			82,365
Non-cash cost of land sold and real estate development costs recovered upon sale	(4,205		)	(57		)	(4,262		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,340		)	—			(1,340		)
Capitalized real estate development costs (b)	—			926			926
Capital expenditures (silviculture)	100			—			100
Acquisitions	—			—			—
Transfers	—			—			—
Other	—			(28		)	(28		)
Total Balance at June 30, 2015	65,389			12,372			77,761
Less: Current portion (a)	(7,488		)	(547		)	(8,035		)
Non-current portion at June 30, 2015		$57,901			$11,825			$69,726

(a) The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information.

(b) Capitalized real estate development costs for the six months ended June 30, 2015 of $926,000 consisted of $578,000 in cash outflows and a $348,000 change in accrued spending.

6. RESTRICTED DEPOSITS

In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of June 30, 2015 and December 31, 2014, the Company had $2.5 million and $6.7 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

10

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

7. SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the six months ended June 30, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands):

	Rayonier Inc. Shareholders’ Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares (a)		Amount
Balance, December 31, 2013	126,257,870			$692,100			$1,015,209			($46,139	)		$94,073			$1,755,243
Net income (loss)	—		—			99,337			—			(1,491		)	97,846
Dividends ($2.03 per share)	—		—			(256,861		)	—			—			(256,861		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,318		)	80,749			—			19,130
Adjustments to Rayonier Advanced Materials (b)	—		—			(5,670		)	(2,556		)	—			(8,226		)
Issuance of shares under incentive stock plans	561,701		5,579			—			—			—			5,579
Stock-based compensation	—		7,869			—			—			—			7,869
Tax deficiency on stock-based compensation	—		(791		)	—			—			—			(791		)
Repurchase of common shares	(46,474	)	(1,858		)	—			—			—			(1,858		)
Net loss from pension and postretirement plans	—		—			—			(24,147		)	—			(24,147		)
Noncontrolling interest redemption of shares	—		—			—			—			(931		)	(931		)
Foreign currency translation adjustment	—		—			—			(11,526		)	(4,321		)	(15,847		)
Joint venture cash flow hedges	—		—			—			(1,206		)	(649		)	(1,855		)
Balance, December 31, 2014	126,773,097			$702,598			$790,697			($4,825	)		$86,681			$1,575,151
Net income (loss)	—		—			16,211			—			(891		)	15,320
Dividends ($0.50 per share)	—		—			(63,380		)	—			—			(63,380		)
Issuance of shares under incentive stock plans	134,448		718			—			—			—			718
Stock-based compensation	—		2,588			—			—			—			2,588
Tax deficiency on stock-based compensation	—		(272		)	—			—			—			(272		)
Repurchase of common shares (c) (d)	(415,484	)	(10,797		)	—			—			—			(10,797		)
Net gain from pension and postretirement plans	—		—			—			1,524			—			1,524
Foreign currency translation adjustment	—		—			—			(28,438		)	(11,279		)	(39,717		)
Joint venture cash flow hedges	—		—			—			(2,511		)	(1,352		)	(3,863		)
Balance, June 30, 2015	126,492,061			$694,835			$743,528			($34,250	)		$73,159			$1,477,272

(a) The Company’s common shares are registered in North Carolina and have a $0.00 par value.

(b) Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.

(c) During the second quarter the Company repurchased approximately $10.7 million of common stock at an average price of $25.94 per share. As of June 30, 2015, the Company had 126.5 million shares of common stock outstanding and $89.3 million remaining in its share repurchase authorization announced in June 2015.

(d) Includes shares of the Company’s common stock purchased from employees in non-open market transactions. The shares of stock were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of restricted stock awards under the Company’s stock incentive plan. The price per share surrendered is based on the closing price of the company’s stock on the respective vesting dates of the awards.

8. SEGMENT AND GEOGRAPHICAL INFORMATION

On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. Effective with the fourth quarter of 2014, the Company realigned its segments considering the economic characteristics of each business unit and the way management internally evaluates business performance and makes capital allocation decisions. All prior period amounts have been reclassified to reflect the newly realigned segment structure. See Item 2 — Management’s Discussion and Analysis of Financial Condition — Our Company and Results of Operations for additional information.

Sales between operating segments are made based on estimated fair market value. Intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) 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.

Segment information for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
SALES	2015		2014			2015		2014
Southern Timber		$32,681		$31,525			$68,212		$65,402
Pacific Northwest Timber	17,102		25,053			36,256		58,090
New Zealand Timber	39,223		44,543			80,417		82,307
Real Estate	6,945		34,017			30,736		39,547
Trading	19,850		29,224			40,485		64,910
Intersegment Eliminations	—		(1,217		)	—		(3,924		)
Total		$115,801		$163,145			$256,106		$306,332

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME	2015			2014			2015			2014
Southern Timber		$11,777			$8,886			$24,190			$19,379
Pacific Northwest Timber	1,687			8,785			4,275			21,427
New Zealand Timber	(945		)	2,249			4,749			4,660
Real Estate	1,421			27,764			14,003			28,489
Trading	(84		)	(132		)	186			(544		)
Corporate and other	(7,333		)	(9,975		)	(13,133		)	(21,408		)
Total Operating Income		$6,523			$37,577		34,270			52,003
Unallocated interest expense and other	(9,679		)		($19,997	)	(19,718		)	(31,683		)
Total (loss) income from continuing operations before income taxes		($3,156	)		$17,580			$14,552			$20,320

11

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$12,650		$10,709		$26,951		$22,705
Pacific Northwest Timber	2,941		5,194		6,731		11,492
New Zealand Timber	7,183		7,669		15,186		14,163
Real Estate	1,006		6,422		4,818		7,333
Trading	—		—		—		—
Corporate and other	70		341		140		623
Total		$23,850		$30,335		$53,826		$56,316

	Three Months Ended June 30,					Six Months Ended June 30,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014			2015		2014
Southern Timber	—		—			—		—
Pacific Northwest Timber	—		—			—		—
New Zealand Timber	—		(2		)	—		2,096
Real Estate	1,191		2,324			4,938		3,302
Trading	—		—			—		—
Corporate and other	—		—			—		—
Total		$1,191		$2,322			$4,938		$5,398

9. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. The Company’s New Zealand JV uses derivative financial instruments to mitigate the financial impact of exposure to these risks. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars.

Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in New Zealand is partially or completely liquidated. 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. The Company’s hedge ineffectiveness was immaterial for all periods presented.

Foreign Currency Exchange and Option Contracts

The functional currency of Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) and the New Zealand JV is the New Zealand dollar. The New Zealand JV is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The timber operations of the New Zealand JV are typically hedged 50 percent to 90 percent of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 50 percent to 75 percent of forecasted sales and purchases for the forward three to 12 months and up to 50 percent of the forward 12 to 18 months. Foreign currency exposure from the New Zealand JV’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of June 30, 2015, foreign currency exchange contracts and foreign currency option contracts had maturity dates through December 2016.

12

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments that were entered into subsequent to the Company’s acquisition of a majority interest in the New Zealand JV qualify for cash flow hedge accounting. The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

In December 2014, the Company entered into a foreign currency exchange contract to mitigate the risk of fluctuations in foreign currency exchange rates when translating RNZ’s balance sheet to U.S. dollars. This contract hedges a portion of the Company’s net investment in New Zealand and qualifies as a net investment hedge. The fair value of the foreign currency exchange contract 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 ineffectiveness of the foreign currency exchange contract is measured using the spot rate method, whereby the change in the fair value of the contract, other than the change attributable to movements in the spot rate, is excluded from the measure of hedge ineffectiveness and is reported directly in earnings. The Company does not expect any ineffectiveness or changes other than those attributable to movements in the spot rate as the critical risks of the forward contract and the net investment in RNZ coincide. This foreign currency exchange contract matures on December 21, 2015.

Interest Rate Swaps

The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of June 30, 2015, the Company’s interest rate contracts hedged 81 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020.

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture subsequent to June 30, 2015.

Fuel Hedge Contracts

The Company has historically used fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. Due to the low volume of diesel fuel purchases made by the New Zealand JV in 2013, the Company decided to no longer hedge its diesel fuel purchases effective November 2013. There were no contracts remaining as of December 31, 2014.    

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the six months ended June 30, 2015 and 2014.

		Three Months Ended June 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($1,621	)		($818	)
Foreign currency option contracts	Other comprehensive (loss) income	(2,658		)	(504		)
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income		$2,173		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			—
Foreign currency option contracts	Other operating (income) expense	546			—
Interest rate swaps	Interest income and miscellaneous expense, net	(1,417		)	(729		)
Fuel hedge contracts	Cost of sales (benefit)	—			(92		)

13

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

		Six Months Ended June 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($2,308	)		$669
Foreign currency option contracts	Other comprehensive (loss) income	(3,339		)	221
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	3,107			—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			25
Foreign currency option contracts	Other operating (income) expense	546			7
Interest rate swaps	Interest and miscellaneous (expense) income, net	(3,273		)	(1,862		)
Fuel hedge contracts	Cost of sales (benefit)	—			225

During the next 12 months, the amount of the June 30, 2015 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $4.1 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Notional Amount
	June 30, 2015		December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$28,200		$28,540
Foreign currency option contracts	135,700		79,400
Derivative designated as a net investment hedge:
Foreign currency exchange contract	23,828		27,419
Derivatives not designated as hedging instruments:
Interest rate swaps	129,352		161,968

14

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		June 30, 2015			December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	—				$132
	Other assets	—			59
	Other current liabilities	(2,197		)	(272		)
	Other non-current liabilities	(639		)	—
Foreign currency option contracts	Prepaid and other current assets	—			299
	Other assets	—			198
	Other current liabilities	(3,614		)	(1,439		)
	Other non-current liabilities	(653		)	(196		)
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Prepaid and other current assets	2,884			—
	Other current liabilities	—			(223		)
Derivatives not designated as hedging instruments:
Interest rate swaps	Other non-current liabilities	(8,271		)	(7,247		)
Total derivative contracts:
Prepaid and other current assets			$2,884			$431
Other assets		—			257
Total derivative assets		2,884			688
Other current liabilities		(5,811		)	(1,934		)
Other non-current liabilities		(9,563		)	(7,443		)
Total derivative liabilities			($15,374	)		($9,377	)

(a) See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

Offsetting Derivatives

Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

15

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

10. FAIR VALUE MEASUREMENTS

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 and estimated fair values of financial instruments held by the Company at June 30, 2015 and December 31, 2014, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:

	June 30, 2015							December 31, 2014
Asset (liability)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$91,632			$91,632	—			$161,558			$161,558	—
Restricted cash (a)	2,528			2,528		—		6,688			6,688		—
Current maturities of long-term debt	(30,000		)	—		(32,812	)	(129,706		)	—		(156,762	)
Long-term debt	(722,353		)	—		(725,543	)	(621,849		)	—		(628,476	)
Interest rate swaps (b)	(8,271		)	—		(8,271	)	(7,247		)	—		(7,247	)
Foreign currency exchange contracts (b)	48			—		48		(304		)	—		(304	)
Foreign currency option contracts (b)	(4,267		)	—		(4,267	)	(1,138		)	—		(1,138	)

(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.

Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments:

Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.

Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.

Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.

Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

16

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

11. GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2015, the following financial guarantees were outstanding:

Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$16,685		$15,000
Guarantees (b)	2,254		43
Surety bonds (c)	776		—
Total financial commitments		$19,715		$15,043

(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. These letters of credit will expire at various dates during 2015 and will be renewed as required.

(b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c) Rayonier issues surety bonds primarily to secure 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 during 2015 and 2016 and are expected to be renewed as required.

12. CONTINGENCIES

Following the Company’s November 10, 2014 earnings release and filing of the restated interim financial statements for the quarterly periods ended March 31, 2014 and June 30, 2014 (the “November 2014 Announcement”), shareholders of the Company filed five putative class actions against the Company and Paul G. Boynton, Hans E. Vanden Noort, David L. Nunes, and H. Edwin Kiker arising from circumstances described in the November 2014 Announcement, entitled respectively:

• Sating v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01395; filed November 12, 2014 in the United States District Court for the Middle District of Florida;

• Keasler v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01398, filed November 13, 2014 in the United States District Court for the Middle District of Florida;

• Lake Worth Firefighters’ Pension Trust Fund v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01403, filed November 13, 2014 in the United States District Court for the Middle District of Florida;

• Christie v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01429, filed November 21, 2014 in the United States District Court for the Middle District of Florida; and

• Brown v. Rayonier Inc. et al, Civil Action No. 1:14-cv-08986, initially filed in the United States District Court for the Southern District of New York and later transferred to the United States District Court for the Middle District of Florida and assigned as Civil Action No. 3:14-cv-01474.

17

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

On January 9, 2015, the five securities actions were consolidated into one putative class action entitled In re Rayonier Inc. Securities Litigation, Case No. 3:14-cv-01395-TJC-JBT, in the United States District Court for the Middle District of Florida. The plaintiffs alleged that the defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The plaintiffs sought unspecified monetary damages and attorneys’ fees and costs. Two shareholders, the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund moved for appointment as lead plaintiff on January 12, 2015, which was granted on February 25, 2015. On April 7, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Amended Complaint”). In the Amended Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. With the filing of the Amended Complaint, David L. Nunes and H. Edwin Kiker were dropped from the case as defendants. Defendants timely filed Motions to Dismiss on May 15, 2015. The court has set a hearing on the motion for August 25, 2015. At this preliminary stage, the Company cannot determine whether there is a reasonable likelihood a material loss has been incurred nor can the range of any such loss be estimated.

On November 26, 2014, December 29, 2014, January 26, 2015, February 13, 2015, and May 12, 2015, the Company received separate letters from shareholders requesting that the Company investigate or pursue derivative claims against certain officers and directors related to the November 2014 Announcement. Although these demands do not identify any claims against the Company, the Company could potentially incur certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company may also incur expenses as a result of any costs arising from the investigation of the claims alleged in the various demands. At this preliminary stage, the ultimate outcome of these matters cannot be predicted, nor can the range of potential expenses the Company may incur as a result of the obligations identified above be estimated.

In November 2014, the Company received a subpoena from the SEC seeking documents related to the Company’s amended reports filed with the SEC on November 10, 2014. The Company is cooperating with the SEC and complying with the subpoena. The Company does not currently believe that the investigation will have a material impact on the Company’s financial condition, results of operations, or cash flow, but cannot predict the timing or outcome of the SEC investigation.

The Company has also been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

18

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

13. EMPLOYEE BENEFIT PLANS

The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Currently, the pension plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In the first quarter of 2015, the Company lowered its return on asset assumption from 8.5 percent to 7.7 percent for 2015.

The net pension and postretirement benefit costs that have been recorded are shown in the following table:

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$371			$1,544			$3		$147
Interest cost	830			4,452			13		199
Expected return on plan assets	(1,007		)	(6,330		)	—		—
Amortization of prior service cost	3			277			—		4
Amortization of losses	916			2,603			3		116
Amortization of negative plan amendment	—			—			—		(133		)
Net periodic benefit cost (a)		$1,113			$2,546			$19		$333

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$742			$3,168			$6		$326
Interest cost	1,659			9,135			26		405
Expected return on plan assets	(2,014		)	(12,988		)	—		—
Amortization of prior service cost	6			569			—		8
Amortization of losses	1,849			5,340			6		245
Amortization of negative plan amendment	—			—			—		(267		)
Net periodic benefit cost (a)		$2,242			$5,224			$38		$717

(a) Net periodic benefit cost for the three and six months ended June 30, 2014 includes $2.0 million and $4.0 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income.

In 2015, the Company has no mandatory pension contribution requirement.

19

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

14. INVENTORY

In the first quarter of 2015, Rayonier reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets, as discussed at Note 1 — Basis of Presentation. As of June 30, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:

	June 30, 2015		December 31, 2014
Finished goods inventory
Real estate inventory (a)		$8,035		$4,932
Log inventory	5,327		3,451
Total inventory		$13,362		$8,383

(a) Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months.

15. DEBT

As of March 31, 2015, the Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for the calendar quarter ended June 30, 2015. According to the indenture, the notes became exchangeable on May 15, 2015 through maturity. The notes mature in August of 2015 and the Company has both the ability and intent to refinance $100 million of these notes. Therefore, this amount is classified as long-term debt. Approximately $30 million of the exchangeable notes are expected to be paid with the Company’s available cash and, as such, are classified as current maturities of long-term debt as of June 30, 2015.

Net draws of $27.0 million were made in the second quarter of 2015 on the revolving credit facility. At June 30, 2015, the Company had available borrowings of $153.2 million under the revolving credit facility, net of $1.8 million to secure its outstanding letters of credit, and additional draws available of $100 million under the term credit agreement.

As of June 30, 2015, the New Zealand JV had $160 million of long-term variable rate debt maturing in September 2016. This debt is subject to interest rate risk resulting from changes in the 90-day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at June 30, 2015 was $129.0 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 80 basis points with an additional 80 basis point credit line fee. The Company estimates the periodic effective interest rate on New Zealand JV debt for the second quarter was approximately 6.5% after consideration of interest rate swaps.

During the six months ended June 30, 2015, the New Zealand JV had made additional borrowings and repayments of $2.1 million on its working capital facility. Additional draws totaling $16 million remain available on the working capital facility. In addition, the New Zealand JV paid $1.4 million of its shareholder loan held with the non-controlling interest party. Favorable changes in exchange rates through June 30, 2015 decreased debt on a U.S. dollar basis for the revolving facility and shareholder loan by $24.1 million and $3.5 million, respectively.

There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the 2014 Form 10-K.

20

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

Subsequent Event

On August 5, 2015, the Company announced the closing of a nine-year $350 million term loan facility and a five-year $200 million revolving credit facility (the “Credit Agreement”). In addition, the Company has entered into an interest rate swap transaction to fix the cost of the term loan facility over its nine-year term. Based on the swap rate, the company’s current leverage ratio and the pricing grid, the all-in fixed-rate cost of the term loan facility (net of estimated patronage payments) is expected to be approximately 3.3% and the floating-rate cost of the revolving credit facility will be LIBOR + 1.25%. The Company intends to use approximately $160 million of proceeds from the term loan facility to fund a capital infusion into the New Zealand JV, which the New Zealand JV will in turn use for repayment of all outstanding amounts under its existing NZ$235 million credit facility plus NZ$7 million of related fees and expenses (assuming an exchange rate of US$0.66 per NZ$1.00). The investment into the New Zealand JV is subject to certain closing conditions, including New Zealand Overseas Investment Office approval and the preparation of customary transaction documents. The remaining proceeds of the term loan facility will be used to fund repayment of the company’s 4.50% senior exchangeable notes maturing August 2015 (approximately $131 million), to fund repayment of amounts outstanding under the Company’s existing revolving credit facility (approximately $45 million), to pay transaction fees and expenses (approximately $2 million), and for cash and general corporate purposes (approximately $12 million). In order to provide timing flexibility with respect to the New Zealand JV recapitalization, the term loan facility provides that proceeds can be drawn in up to two advances for up to eight months post-closing. The Credit Agreement contains financial covenants related to leverage and interest coverage, as well as other affirmative and negative covenants relating to, among other things, dividends, liens, mergers, dispositions of timber and timberlands, subsidiary debt, sales and issuances of capital stock of subsidiaries, and affiliate transactions.

16. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2015 and the year ended December 31, 2014. 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			Unrecognized components of employee benefit plans				Total
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			(a)	36,922
Amounts reclassified from accumulated other comprehensive loss	—			—			(1,716		)	6,108			(b)	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	)
Other comprehensive income/(loss) before reclassifications	(30,456		)	2,019			(3,700		)	—				(32,137		)
Amounts reclassified from accumulated other comprehensive loss	—			—			1,188			1,524			(c)	2,712
Net other comprehensive income/(loss)	(30,456		)	2,019			(2,512		)	1,524				(29,425		)
Balance as of June 30, 2015		($4,923	)		$1,874			($4,060	)		($27,141	)			($34,250	)

(a) 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 at December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.

(b) 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.

(c) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plansfor additional information.

21

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2015 and June 30, 2014:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	June 30, 2015			June 30, 2014
Realized loss (gain) on foreign currency exchange contracts		$1,504			($2,542	)	Other operating income, net
Realized loss (gain) on foreign currency option contracts	1,035			(937		)	Other operating income, net
Noncontrolling interest	(889		)	1,218			Comprehensive (loss) income attributable to noncontrolling interest
Income tax (benefit) expense on loss from foreign currency contracts	(462		)	254			Income tax benefit
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	1,188			(2,007		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	—			843			Income tax expense
Net loss (gain) from accumulated other comprehensive income		$1,188			($1,164	)

17. OTHER OPERATING INCOME, NET

Other operating income, net comprised the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Lease income, primarily from hunting leases		$5,890			$3,966			$9,999			$7,003
Other non-timber income	688			440			2,052			993
Foreign currency income (loss)	108			1,232			215			(255		)
Gain (loss) on sale or disposal of property, plant & equipment	3			(20		)	3			(20		)
(Loss) gain on foreign currency exchange contracts	(645		)	—			(994		)	(32		)
Bankruptcy claim settlement	—			5,779			—			5,779
Gain (loss) on sale of carbon credits (a)	352			(307		)	352			(307		)
Miscellaneous income (expense), net	742			299			1,086			(1,397		)
Total		$7,138			$11,389			$12,713			$11,764

(a) Loss in 2014 reflects surrender of carbon credit units.

22

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

18. CONSOLIDATING FINANCIAL STATEMENTS

The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries.

In August 2009, Rayonier TRS Holdings Inc. issued $172.5 million of 4.50% Senior Exchangeable Notes due August 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.

The subsidiary issuer and subsidiary guarantor are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiary and Rayonier Inc.

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			—			103,689			—			103,689
Selling and general expenses	—			6,330			—			6,397			—			12,727
Other operating expense (income), net	—			(461		)	—			(6,677		)	—			(7,138		)
	—			5,869			—			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	—			12,392			—			6,523
Interest expense	(3,169		)	(131		)	(2,409		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			817			(137		)	(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	4,966			2,796			—			(7,524		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(217		)	250			5,871			(7,524		)	(3,156		)
Income tax (expense) benefit	—			(21		)	948			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	1,198			5,240			(7,524		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	1,198			6,564			(7,524		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(74		)	(25,395		)	36,090			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(1,896		)	(2,917		)	5,688			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(5		)	(733		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(1,975		)	(28,317		)	41,045			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(777		)	(23,077		)	33,521			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($777	)		($13,347	)		$33,522			($20,698	)

23

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			—			123,096			—			123,096
Selling and general expenses	—			2,394			—			11,467			—			13,861
Other operating expense (income), net	—			1,573			—			(12,962		)	—			(11,389		)
	—			3,967			—			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	—			41,544			—			37,577
Interest expense	(3,196		)	(225		)	(10,982		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(3,003		)	(1,098		)	(3,017		)	—			(4,385		)
Equity in income (loss) from subsidiaries	16,814			23,549			(54,081		)	—			13,718			—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			16,354			(66,161		)	37,318			13,718			17,580
Income tax benefit (expense)	—			460			4,409			(18,425		)	—			(13,556		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	16,351			16,814			(61,752		)	18,893			13,718			4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			12,084			—			12,084
NET INCOME (LOSS)	16,351			16,814			(61,752		)	30,977			13,718			16,108
Less: Net loss attributable to noncontrolling interest	—			—			—			(245		)	—			(245		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			(61,752		)	31,222			13,718			16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,653			513			3,517			(5,819		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(598		)	(920		)	1,794			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			92,714			(244,301		)	58,873
Total other comprehensive income	60,928			60,928			92,629			95,311			(248,326		)	61,470
COMPREHENSIVE INCOME	77,279			77,742			30,877			126,288			(234,608		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,742			$30,877			$125,991			($234,608	)		$77,281

24

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			—			210,923			—			210,923
Selling and general expenses	—			11,279			—			12,347			—			23,626
Other operating income, net	—			(461		)	—			(12,252		)	—			(12,713		)
	—			10,818			—			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	—			45,088			—			34,270
Interest expense	(6,337		)	(223		)	(4,841		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,654			(281		)	(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			28,149			4,223			—			(51,113		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			18,762			(899		)	31,591			(51,113		)	14,552
Income tax (expense) benefit	—			(21		)	1,908			(1,119		)	—			768
NET INCOME	16,211			18,741			1,009			30,472			(51,113		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			1,009			31,363			(51,113		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(926		)	(39,718		)	57,803			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(2,511		)	(3,863		)	7,533			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			15			(1,554		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(3,422		)	(43,566		)	63,782			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(2,413		)	(13,094		)	12,669			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		($2,413	)		$428			$12,669			($13,214	)

25

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			—			238,995			—			238,995
Selling and general expenses	—			4,544			—			22,554			—			27,098
Other operating expense (income), net	—			3,948			—			(15,712		)	—			(11,764		)
	—			8,492			—			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	—			60,495			—			52,003
Interest expense	(6,389		)	(468		)	(17,672		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(2,189		)	(2,145		)	(6,494		)	—			(5,397		)
Equity in income (loss) from subsidiaries	58,737			70,049			(22,951		)	—			(105,835		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			58,900			(42,768		)	52,244			(105,835		)	20,320
Income tax (expense) benefit	—			(163		)	7,233			(13,031		)	—			(5,961		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	57,779			58,737			(35,535		)	39,213			(105,835		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			43,092			—			43,092
NET INCOME (LOSS)	57,779			58,737			(35,535		)	82,305			(105,835		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			—			(328		)	—			(328		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			(35,535		)	82,633			(105,835		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			1,279			21,312			(32,365		)	21,320
New Zealand joint venture cash flow hedges	514			514			514			791			(1,542		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			94,334			(249,638		)	60,970
Total other comprehensive income	77,031			77,031			96,127			116,437			(283,545		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			60,592			198,742			(389,380		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$60,592			$193,020			($389,380	)		$134,810

26

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	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		$5,366		$94			$45,847		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		—			91		19,353			—			19,444
Inventory	—		—			—		13,362			—			13,362
Prepaid and other current assets	—		1,855			3,008		16,359			—			21,222
Total current assets	5,366		1,949			48,946		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480			—		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,182,721			843,077		—			(4,542,206		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		—			21,928		—			(274,743		)	—
OTHER ASSETS	2,570		16,476			1,325		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,434			$83		$18,879		—				$22,396
Current maturities of long-term debt	—		—			30,000		—			—			30,000
Accrued taxes	—		14			—		15,797			—			15,811
Accrued payroll and benefits	—		2,476			—		2,120			—			4,596
Accrued interest	3,046		(12		)	2,505		35,499			(32,995		)	8,043
Other current liabilities	—		2,420			9,570		19,624			—			31,614
Total current liabilities	3,046		8,332			42,158		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		—			115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081			—		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615			—		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190			—		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,128,525			(4,402,079		)	1,404,113
Noncontrolling interest	—		—			—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,201,684			(4,402,079		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321

27

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	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		$102,218		$11			$8,094		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		—			1,409		22,609			—			24,018
Inventory	—		—			—		8,383			—			8,383
Prepaid and other current assets	—		2,003			6		17,736			—			19,745
Total current assets	102,218		2,014			9,509		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433			—		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		1,923,185			640,678		—			(4,027,166		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		—			21,500		—			(269,733		)	—
OTHER ASSETS	2,763		16,610			1,759		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,687			$123		$17,401		—				$20,211
Current maturities of long-term debt	—		—			129,706		—			—			129,706
Accrued taxes	—		11			—		11,394			—			11,405
Accrued payroll and benefits	—		3,253			—		3,137			—			6,390
Accrued interest	3,047		(3		)	2,520		31,281			(28,412		)	8,433
Other current liabilities	—		928			145		24,784			—			25,857
Total current liabilities	3,047		6,876			132,494		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		—			31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161			—		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436			—		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466			—		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,017,520			(3,990,775		)	1,488,470
Noncontrolling interest	—		—			—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,104,201			(3,990,775		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115

28

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)	—				$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	—			(25,996		)	—			(26,130		)
Real estate development costs	—			—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			—			4,160			—			4,160
Investment in Subsidiaries	—			—			8,753			—			(8,753		)	—
Other	—			—			—			3,689			—			3,689
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(134		)	8,753			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			—			57,000			2,100			—			59,100
Repayment of debt	—			—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			—			(9,057		)
Intercompany distributions	—			13,778			—			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	13,778			29,000			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	83			37,753			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			11			8,094			51,235			—			161,558
Balance, end of period		$5,366			$94			$45,847			$40,325		—				$91,632

29

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518		—				$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	—			(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			—			63,128			—			63,128
Investment in Subsidiaries	—			—			(62,800		)	—			62,800			—
Other	—			—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(201		)	(62,800		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,238,389			—			—			1,238,389
Repayment of debt	—			—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			—			(1,834		)
Debt issuance costs	—			—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	—			65,318			84,207			—
Other	—			—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(149,525		)	118,947			64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	792			56,147			56,478			—			22,417
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period		$39,181			$1,096			$66,866			$114,918		—				$222,061

30

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.

The subsidiary guarantors, ROC and Rayonier TRS Holdings, Inc., are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries.

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			103,689			—			103,689
Selling and general expenses	—			6,330			6,397			—			12,727
Other operating income, net	—			(461		)	(6,677		)	—			(7,138		)
	—			5,869			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	12,392			—			6,523
Interest expense	(3,169		)	(2,540		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			680			(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	6,564			—			(6,326		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(1,165		)	5,871			(6,326		)	(3,156		)
Income tax benefit (expense)	—			927			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	5,240			(6,326		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	6,564			(6,326		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(25,395		)	36,016			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(2,917		)	3,792			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(738		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(28,317		)	39,070			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(23,077		)	32,744			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($13,347	)		$32,745			($20,698	)

31

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			123,096			—			123,096
Selling and general expenses	—			2,394			11,467			—			13,861
Other operating expense (income), net	—			1,573			(12,962		)	—			(11,389		)
	—			3,967			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	41,544			—			37,577
Interest expense	(3,196		)	(11,207		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(4,101		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			31,220			—			(48,034		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			11,945			37,318			(48,034		)	17,580
Income tax benefit (expense)	—			4,869			(18,425		)	—			(13,556		)
INCOME FROM CONTINUING OPERATIONS	16,351			16,814			18,893			(48,034		)	4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			12,084			—			12,084
NET INCOME	16,351			16,814			30,977			(48,034		)	16,108
Less: Net loss attributable to noncontrolling interest	—			—			(245		)	—			(245		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			31,222			(48,034		)	16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,655			3,517			(5,308		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(920		)	1,196			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			(151,587		)	58,873
Total other comprehensive income	60,928			60,930			95,311			(155,699		)	61,470
COMPREHENSIVE INCOME	77,279			77,744			126,288			(203,733		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,744			$125,991			($203,733	)		$77,281

32

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			210,923			—			210,923
Selling and general expenses	—			11,279			12,347			—			23,626
Other operating income, net	—			(461		)	(12,252		)	—			(12,713		)
	—			10,818			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	45,088			—			34,270
Interest expense	(6,337		)	(5,064		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,373			(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			31,363			—			(50,104		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			16,854			31,591			(50,104		)	14,552
Income tax benefit (expense)	—			1,887			(1,119		)	—			768
NET INCOME	16,211			18,741			30,472			(50,104		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			31,363			(50,104		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(39,718		)	56,877			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(3,863		)	5,022			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			(1,539		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(43,566		)	60,360			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(13,094		)	10,256			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		$428			$10,256			($13,214	)

33

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			238,995			—			238,995
Selling and general expenses	—			4,544			22,554			—			27,098
Other operating expense (income), net	—			3,948			(15,712		)	—			(11,764		)
	—			8,492			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	60,495			—			52,003
Interest expense	(6,389		)	(18,140		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(4,334		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			82,633			—			(141,370		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			51,667			52,244			(141,370		)	20,320
Income tax benefit (expense)	—			7,070			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			39,213			(141,370		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			43,092			—			43,092
NET INCOME	57,779			58,737			82,305			(141,370		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			82,633			(141,370		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			21,312			(31,086		)	21,320
New Zealand joint venture cash flow hedges	514			514			791			(1,028		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			(155,304		)	60,970
Total other comprehensive income	77,031			77,031			116,437			(187,418		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			198,742			(328,788		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$193,020			($328,788	)		$134,810

34

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$5,366		$45,941		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		91		19,353			—			19,444
Inventory	—		—		13,362			—			13,362
Prepaid and other current assets	—		4,863		16,359			—			21,222
Total current assets	5,366		50,895		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,268,652		—			(3,785,060		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		21,928		—			(274,743		)	—
OTHER ASSETS	2,570		17,801		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,517		$18,879		—				$22,396
Current maturities of long-term debt	—		30,000		—			—			30,000
Accrued taxes	—		14		15,797			—			15,811
Accrued payroll and benefits	—		2,476		2,120			—			4,596
Accrued interest	3,046		2,493		35,499			(32,995		)	8,043
Other current liabilities	—		11,990		19,624			—			31,614
Total current liabilities	3,046		50,490		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,128,525			(3,644,933		)	1,404,113
Noncontrolling interest	—		—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,201,684			(3,644,933		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321

35

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$102,218		$8,105		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		1,409		22,609			—			24,018
Inventory	—		—		8,383			—			8,383
Prepaid and other current assets	—		2,009		17,736			—			19,745
Total current assets	102,218		11,523		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		2,053,911		—			(3,517,214		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		21,500		—			(269,733		)	—
OTHER ASSETS	2,763		18,369		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,810		$17,401		—				$20,211
Current maturities of long-term debt	—		129,706		—			—			129,706
Accrued taxes	—		11		11,394			—			11,405
Accrued payroll and benefits	—		3,253		3,137			—			6,390
Accrued interest	3,047		2,517		31,281			(28,412		)	8,433
Other current liabilities	—		1,073		24,784			—			25,857
Total current liabilities	3,047		139,370		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,017,520			(3,480,823		)	1,488,470
Noncontrolling interest	—		—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,104,201			(3,480,823		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115

36

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)		$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	(25,996		)	—			(26,130		)
Real estate development costs	—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			4,160			—			4,160
Investment in Subsidiaries	—			8,753			—			(8,753		)	—
Other	—			—			3,689			—			3,689
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			8,619			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			57,000			2,100			—			59,100
Repayment of debt	—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			(9,057		)
Intercompany distributions	—			13,778			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	42,778			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	37,836			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			8,105			51,235			—			161,558
Balance, end of period		$5,366			$45,941			$40,325		—				$91,632

37

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518			$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			63,128			—			63,128
Investment in Subsidiaries	—			(62,800		)	—			62,800			—
Other	—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(63,001		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			1,238,389			—			—			1,238,389
Repayment of debt	—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Debt issuance costs	—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	65,318			84,207			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(30,578		)	64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	56,939			56,478			—			22,417
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period		$39,181			$67,962			$114,918		—				$222,061

38

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

When we refer to “we,” “us,” “our,” “the Company,” or “Rayonier,” we mean Rayonier Inc. and its consolidated subsidiaries. References herein to “Notes to Financial Statements” refer to the Notes to the Consolidated Financial Statements of Rayonier Inc. included in Item 1 of this Report.

This MD&A is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors which may affect future results. Our MD&A should be read in conjunction with our Consolidated Financial Statements included in Item 1 of this report, our Annual Report on Form 10-K for the year ended December 31, 2014 (the “Form 10-K”) and information contained in our subsequent reports filed with the Securities and Exchange Commission (the “SEC”).

Forward-Looking Statements

Certain statements in this document regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, and outlook, expected dividend rate, expected harvest schedules, timberland acquisitions, sales of non-strategic timberlands, the anticipated benefits of Rayonier’s business strategy, expected availability and access to borrowings, and other similar statements relating to Rayonier’s future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The risk factors contained in Item 1A — Risk Factors in the Form 10-K and similar discussions included in other reports that we subsequently file with the SEC, among others, could cause actual results or events to differ materially from the Company’s historical experience and those expressed in forward-looking statements made in this document.

Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward- looking statements except as required by law. You are advised, however, to review any subsequent disclosures the Company makes on related subjects in its subsequent reports filed with the SEC.

Our Company

We are a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive timber growing regions in the U.S. and New Zealand. Our revenues, operating income and cash flows are primarily derived from the following core business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. As of June 30, 2015 we owned or leased under long-term agreements approximately 2.3 million acres of timberlands located in the U.S. South (1.9 million acres) and U.S. Pacific Northwest (373,000 acres). We also have a 65 percent ownership interest in Matariki Forestry Group, a joint venture (“New Zealand JV”), that owns or leases approximately 444,000 acres (303,000 net plantable acres) of timberlands in New Zealand.

The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber and other non-timber income activities such as the leasing of properties for hunting, mineral extraction and cell towers. The New Zealand Timber segment also reflects any land sales that occur within our New Zealand portfolio.

The Real Estate segment includes all U.S. land sales disaggregated into four sales categories: Improved Development, Unimproved Development, Rural, and Non-Strategic / Timberlands.

The Trading segment includes log trading in New Zealand, conducted by the New Zealand JV in two core areas of business — managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV.

39

Industry and Market Conditions

The demand for timber is directly related to the underlying demand for pulp, paper, lumber and other wood products. The significant majority of timber sold in our Southern Timber segment is consumed domestically. With a higher proportion of pulpwood, our Southern Timber segment relies heavily on downstream markets for pulp and paper, and to a lesser extent wood pellet markets. Our Pacific Northwest segment relies primarily on domestic customers but also exports a significant volume of timber, particularly to China. Both the Southern and Pacific Northwest segments rely on the strength of U.S. lumber markets as well as underlying housing starts. Our New Zealand Timber segment sells timber to domestic New Zealand wood products mills and also exports a significant portion of its volume to markets in China, Korea, and India. In addition to market dynamics in the Pacific Rim, the New Zealand Timber segment is subject to foreign exchange fluctuations, which can impact the competitiveness of its products.

In the second quarter of 2015 in our Southern Timber segment, we continued to see strong pulpwood demand and steady demand for sawtimber. In our Pacific Northwest Timber and New Zealand Timber segments, prices generally declined primarily due to lower demand from China, which also put pressure on domestic pricing in both regions.

For additional information on market conditions impacting our business, see Results of Operations.

Critical Accounting Policies and Use of Estimates

The preparation of financial statements requires us to make estimates, assumptions and judgments that affect our assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base these estimates and assumptions on historical data and trends, current fact patterns, expectations and other sources of information we believe are reasonable. Actual results may differ from these estimates. For a full description of our critical accounting policies, see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2014 Form 10-K.

Discussion of Timber Inventory and Sustainable Yield

See Item 1 — Business — Discussion of Timber Inventory and Sustainable Yield of our 2014 Form 10-K.

40

Our Timberlands

Our timber operations are disaggregated into three geographically distinct segments: Southern Timber, Pacific Northwest Timber and New Zealand Timber. The following table provides a breakdown of our timberland holdings as of June 30, 2015 and December 31, 2014:

(acres in 000s)	As of June 30, 2015			As of December 31, 2014
	Owned	Leased	Total	Owned	Leased	Total
Southern
Alabama	308	24	332	309	24	333
Arkansas	—	18	18	—	18	18
Florida	284	94	378	281	105	386
Georgia	573	123	696	575	125	700
Louisiana	149	1	150	126	1	127
Mississippi	91	—	91	91	—	91
Oklahoma	92	—	92	92	—	92
Tennessee	1	—	1	1	—	1
Texas	157	—	157	158	—	158
	1,655	260	1,915	1,633	273	1,906
Pacific Northwest
Oregon	6	—	6	—	—	—
Washington	366	1	367	371	1	372
	372	1	373	371	1	372
New Zealand (a)	185	259	444	185	266	451
Total	2,212	520	2,732	2,189	540	2,729

(a) Represents legal acres owned and leased by the New Zealand JV, in which Rayonier owns a 65 percent interest. As of June 30, 2015, legal acres in New Zealand were comprised of 303,000 plantable acres and 142,000 non-productive acres.

41

The following tables detail activity for owned and leased acres in our timberland holdings by state from December 31, 2014 to June 30, 2015:

(acres in 000s)	Acres Owned
	December 31, 2014	Acquisitions	Sales		Other	June 30, 2015
Southern
Alabama	309	—	(1	)	—	308
Florida	281	3	—		—	284
Georgia	575	1	(3	)	—	573
Louisiana	126	24	(1	)	—	149
Mississippi	91	—	—		—	91
Oklahoma	92	—	—		—	92
Tennessee	1	—	—		—	1
Texas	158	—	(1	)	—	157
	1,633	28	(6	)	—	1,655
Pacific Northwest
Oregon	—	6	—		—	6
Washington	371	—	(5	)	—	366
	371	6	(5	)	—	372
New Zealand (a)	185	—	—		—	185
Total	2,189	34	(11	)	—	2,212

(a) Represents legal acres owned by the New Zealand JV, in which Rayonier has a 65 percent interest.

(acres in 000s)	Acres Leased
	December 31, 2014	Expired Leases (a)		Other (b)		June 30, 2015
Southern
Alabama	24	—		—		24
Arkansas	18	—		—		18
Florida	105	(11	)	—		94
Georgia	125	(2	)	—		123
Louisiana	1	—		—		1
	273	(13	)	—		260
Pacific Northwest
Washington	1	—		—		1
New Zealand (c)	266	(1	)	(6	)	259
Total	540	(14	)	(6	)	520

(a) Includes acres previously under lease that have been harvested or sold.

(b) Includes activity for the purchase of leased acres and changes in classification between owned and leased acres.

(c) Represents legal acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest.

42

Results of Operations

Consolidated Results

The following table provides key financial information by segment and on a consolidated basis:

	Three Months Ended June 30,						Six Months Ended June 30,
Financial Information (in millions)	2015			2014			2015			2014
Sales
Southern Timber		$32.7			$31.5			$68.2			$65.4
Pacific Northwest Timber	17.1			25.1			36.3			58.1
New Zealand Timber	39.2			44.4			80.4			82.3
Real Estate
Improved Development	0.8			—			0.8			—
Unimproved Development	0.8			1.4			5.6			1.6
Rural	3.3			5.4			10.1			10.5
Non-Strategic / Timberlands	2.0			27.2			14.2			27.4
Total Real Estate	6.9			34.0			30.7			39.5
Trading	19.8			29.2			40.5			64.9
Intersegment Eliminations	0.1				($1.1	)	—			(3.9		)
Total Sales		$115.8			$163.1			$256.1			$306.3
Operating Income
Southern Timber		$11.8			$8.9			$24.2			$19.4
Pacific Northwest Timber	1.7			8.8			4.3			21.4
New Zealand Timber	(0.9		)	2.2			4.8			4.6
Real Estate	1.4			27.8			14.0			28.5
Trading	(0.1		)	(0.1		)	0.2			(0.5		)
Corporate and other	(7.4		)	(10.0		)	(13.2		)	(21.4		)
Operating Income	6.5			37.6			34.3			52.0
Interest Expense, Interest Income and Other	(9.7		)	(20.0		)	(19.7		)	(31.7		)
Income Tax Benefit (Expense)	0.3			(13.6		)	0.7			(5.9		)
(Loss) Income from Continuing Operations	(2.9		)	4.0			15.3			14.4
Discontinued Operations, Net	—			12.1			—			43.1
Net (Loss) Income	(2.9		)	16.1			15.3			57.5
Less: Net (loss) income attributable to noncontrolling interest	(1.4		)	(0.3		)	(0.9		)	(0.3		)
Net (Loss) Income Attributable to Rayonier Inc.		($1.5	)		$16.4			$16.2			$57.8
Adjusted EBITDA (a)
Southern Timber		$24.4			$19.6			$51.2			$42.1
Pacific Northwest Timber	4.6			14.0			11.0			32.9
New Zealand Timber	6.2			9.9			19.9			20.9
Real Estate	3.6			36.5			23.8			39.1
Trading	(0.1		)	(0.1		)	0.2			(0.5		)
Corporate and Other	(5.6		)	(9.7		)	(11.5		)	(20.8		)
Total Adjusted EBITDA (a)		$33.1			$70.2			$94.6			$113.7

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

43

Southern Timber

Second quarter sales of $32.7 millionincreased$1.2 millionversusthe prior year period due to higher harvest volumes and improved pricing. Harvest volumes increased13% to 1.3 million tons versus1.1 million tons in the prior year period. Average sawtimber stumpage prices increased4% to $27.33 per ton versus$26.16 per ton in the prior year period, while pulpwood stumpage prices increased1% to $19.10 per ton versus$18.94 per ton in the prior year period. The increase in average sawtimber prices was driven by restricted supply as a result of wet weather, partially offset by increased harvest activity in lower-price sawtimber regions. The increase in average pulpwood prices was driven primarily by strong demand in the Company’s core pulpwood markets. Overall, weighted average stumpage prices (including hardwood) increased2% to $21.03 per ton versus$20.71 per ton in the prior year period. Operating income of $11.8 millionincreased$2.9 millionversusthe prior year period due to higher volumes ($1.9 million), higher pricing ($0.1 million), and higher non-timber income ($1.9 million), which were partially offset by higher depletion rates ($0.6 million) and higher costs ($0.5 million). Second quarter Adjusted EBITDA of $24.4 million was $4.8 millionabovethe prior year period.

Year-to-date sales of $68.2 millionincreased$2.8 millionversusthe prior year period due to higher harvest volumes and improved pricing. Harvest volumes increased10% to 2.7 million tons versus2.4 million tons in the prior year period. Average sawtimber stumpage prices increased6% to $28.13 per ton versus$26.63 per ton in the prior year period, while pulpwood stumpage prices increased1% to $18.96 per ton versus$18.74 per ton in the prior year period. The increase in average sawtimber prices was driven by restricted supply as a result of wet weather, partially offset by increased harvest activity in lower-price sawtimber regions. The increase in average pulpwood prices was driven primarily by strong demand in the Company’s core pulpwood markets. Overall, weighted average stumpage prices (including hardwood) increased3% to $21.37 per ton versus$20.71 per ton in the prior year period. Operating income of $24.2 millionincreased$4.8 millionversusthe prior year period due to higher volumes ($3.2 million), higher pricing ($0.9 million), and higher non-timber income ($3.4 million), which were partially offset by higher depletion rates ($1.7 million) and costs ($1.0 million). Year-to-date Adjusted EBITDA of $51.2 million was $9.1 millionabovethe prior year period.

44

The following table provides key operating statistics and financial information for the Southern Timber segment:

	Three Months Ended June 30,						Six Months Ended June 30,
Southern Timber Overview	2015			2014			2015			2014
Sales Volume (in thousands of tons)
Pine Pulpwood	845			707			1,750			1,483
Pine Sawtimber	375			363			793			750
Total Pine Volume	1,220			1,070			2,543			2,233
Hardwood	74			79			121			190
Total Volume	1,294			1,149			2,664			2,423
Percentage Delivered Sales	25		%	36		%	25		%	33		%
Percentage Stumpage Sales	75		%	64		%	75		%	67		%
Net Stumpage Pricing(dollars per ton)
Pine Pulpwood		$19.10			$18.94			$18.96			$18.74
Pine Sawtimber	27.33			26.16			28.13			26.63
Weighted Average Pine		$21.63			$21.39			$21.94			$21.55
Hardwood	11.33			11.58			11.79			12.91
Weighted Average Total		$21.03			$20.71			$21.37			$20.71
Summary Financial Data (in millions of dollars)
Sales		$32.7			$31.5			$68.2			$65.40
Less: Cut and Haul	(5.5		)	(7.7		)	(11.3		)	(15.2		)
Net Stumpage Sales		$27.2			$23.8			$56.9			$50.2
Operating Income		$11.8			$8.9			$24.2			$19.4
Adjusted EBITDA (a)		$24.4			$19.6			$51.2			$42.1
Other Data
Non-Timber Income (in millions of dollars)		$4.4			$2.4			$8.0			$4.5
Period-End Acres (in thousands)	1,915			1,901			1,915			1,901

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

45

The following tables provide variance analyses for sales, operating income and Adjusted EBITDA for the Southern Timber segment:

Sales (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$31.5			$65.4
Changes Attributable to:
Volume/Mix	1.3		2.3
Price	(0.1	)	0.5
June 30, 2015	$32.7			$68.2

Operating Income (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$8.9			$19.4
Changes Attributable to:
Volume/Mix	1.9		3.2
Price	0.1		0.9
Cost	(0.5	)	(1.0		)
Non-timber income	1.9		3.4
Depreciation, depletion and amortization	(0.6	)	(1.7		)
Other	0.1		—
June 30, 2015	$11.8			$24.2

Adjusted EBITDA (in millions of dollars) (a)	Three Months Ended		Six Months Ended
June 30, 2014	$19.6			$42.1
Changes Attributable to:
Volume/Mix	3.3		5.8
Price	0.1		0.9
Cost	(0.5	)	(1.0		)
Non-timber income	1.9		3.4
Other	—		—
June 30, 2015	$24.4			$51.2

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

46

Pacific Northwest Timber

Second quarter sales of $17.1 milliondecreased$8.0 millionversusthe prior year period due to the planned reduction of harvest volumes and, to a lesser extent, lower sawtimber prices. Harvest volumes declined44% to 0.25 million tons versus 0.45 million tons in the prior year period. Average delivered sawtimber prices decreased9% to $76.80 per ton versus$84.46 per ton in the prior year period, while delivered pulpwood prices increased17% to $43.37 per ton versus$37.10 per ton in the prior year period. Weaker demand from China contributed to sawtimber price declines in the region, while strong local demand for pulpwood proximate to our properties resulted in lower haul costs and higher net stumpage prices. Operating income of $1.7 milliondecreased$7.1 millionversusthe prior year period due to lower volumes ($5.5 million) and lower prices ($2.0 million), which were partially offset by higher non-timber income ($0.5 million) primarily as a result of a strong cedar market. Second quarter Adjusted EBITDA of $4.6 million was $9.4 million below the prior year period.

Year-to-date sales of $36.3 milliondecreased$21.8 millionversusthe prior year period due to the planned reduction of harvest volumes and, to a lesser extent, lower sawtimber prices. Harvest volumes declined42% to 0.58 million tons versus 1.0 million tons in the prior year period. Average delivered sawtimber prices decreased11% to $73.98 per ton versus$83.05 per ton in the prior year period, while delivered pulpwood prices increased15% to $43.29 per ton versus$37.55 per ton in the prior year period. Weaker demand from China resulted in a lower export mix of 22%versus24% in the prior year period and contributed to sawtimber price declines in the region. Operating income of $4.3 milliondecreased$17.1 millionversusthe prior year period due to lower volumes ($13.0 million), lower prices ($4.6 million) and higher costs ($0.4 million), which were partially offset by higher non-timber income ($1.0 million). Year-to-date Adjusted EBITDA of $11.0 million was $21.9 millionbelow the prior year period.

47

The following table provides key operating statistics and financial information for the Pacific Northwest Timber segment:

	Three Months Ended June 30,						Six Months Ended June 30,
Pacific Northwest Timber Overview	2015			2014			2015			2014
Sales Volume (in thousands of tons)
Pulpwood	63			73			118			158
Sawtimber	187			375			457			833
Total Volume	250			448			575			991
Sales Volume (converted to MBF)
Pulpwood	5,985			6,860			11,125			14,971
Sawtimber	25,180			49,093			58,635			103,663
Total Volume	31,165			55,953			69,760			118,634
Percentage Delivered Sales	100		%	41		%	88		%	44		%
Percentage Stumpage Sales	—			59		%	12		%	56		%
Delivered Log Pricing (in dollars per ton)
Pulpwood		$43.37			$37.10			$43.29			$37.55
Sawtimber	76.80			84.46			73.98			83.05
Weighted Average Log Price		$68.36			$74.51			$67.63			$74.21
Summary Financial Data (in millions of dollars)
Sales		$17.1			$25.1			$36.3			$58.1
Less: Cut and Haul	(8.6		)	(5.9		)	(16.7		)	(14.2		)
Net Stumpage Sales		$8.5			$19.2			$19.6			$43.9
Operating Income		$1.7			$8.8			$4.3			$21.4
Adjusted EBITDA (a)		$4.6			$14.0			$11.0			$32.9
Other Data
Non-Timber Income (in millions of dollars)		$1.0			$0.5			$1.7			$0.7
Period-End Acres (in thousands)	373			372			373			372
Sawtimber (in dollars per MBF)		$571			$629			$590			$659
Estimated Percentage of Export Volume	26		%	21		%	22		%	24		%

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

48

The following tables provide variance analyses for sales, operating income and Adjusted EBITDA for the Pacific Northwest Timber segment:

Sales (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$25.1			$58.1
Changes Attributable to:
Volume/Mix	(6.4	)	(17.4		)
Price	(1.5	)	(4.5		)
Other	(0.1	)	0.1
June 30, 2015	$17.1			$36.3

Operating Income (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$8.8			$21.4
Changes Attributable to:
Volume/Mix	(5.5	)	(13.0		)
Price	(2.0	)	(4.6		)
Cost	—		(0.4		)
Non-timber income	0.5		1.0
Other	(0.1	)	(0.1		)
June 30, 2015	$1.7			$4.3

Adjusted EBITDA (in millions of dollars) (a)	Three Months Ended		Six Months Ended
June 30, 2014	$14.0			$32.9
Changes Attributable to:
Volume/Mix	(7.7	)	(17.8		)
Price	(2.0	)	(4.6		)
Cost	—		(0.4		)
Non-timber income	0.5		1.0
Other	(0.2	)	(0.1		)
June 30, 2015	$4.6			$11.0

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

49

New Zealand Timber

Second quarter sales of $39.2 milliondecreased$5.2 millionversusthe prior year period due to lower domestic and export product prices, which were partially offset by higher domestic pulpwood and export sawtimber volumes. Harvest volumes increased11% to 0.58 million tons versus0.52 million tons in the prior year period. Average delivered prices for export sawtimber declined28% to $85.31 per ton versus$118.12 per ton in the prior year period, while average delivered prices for domestic sawtimber declined21% to $66.96 per ton versus$84.64 per ton in the prior year period. The decline in export sawtimber prices was primarily due to weaker demand from China, while the decline in domestic sawtimber prices (in U.S. dollar terms) was driven primarily by the fall in the NZ$/US$ exchange rate (US$.74 per NZ$1.00versus US$.86 per NZ$1.00). Operating loss of ($0.9) millionversus operating income of $2.2 million in the prior year period was primarily due to the decrease in prices ($3.9 million) and foreign exchange losses ($2.0 million), which were partially offset by lower depletion rates ($1.7 million) and lower costs ($1.4 million). Second quarter Adjusted EBITDA of $6.2 million was $3.7 millionbelowthe prior year period.

Year-to-date sales of $80.4 milliondecreased$1.9 millionversusthe prior year period due to lower domestic and export product prices, which were partially offset by higher domestic pulpwood and export sawtimber volumes. Harvest volumes increased14% to 1.1 million tons versus1.0 million tons in the prior year period. Average delivered prices for export sawtimber declined22% to $93.21 per ton versus$119.15 per ton in the prior year period, while average delivered prices for domestic sawtimber declined17% to $68.76 per ton versus$82.53 per ton in the prior year period. The decline in export sawtimber prices was primarily due to weaker demand from China, while the decline in domestic sawtimber prices (in U.S. dollar terms) was driven primarily by the fall in the NZ$/US$ exchange rate (US$.75 per NZ$1.00versus US$.84 per NZ$1.00). Operating income of $4.8 million was comparable to the prior year period, as the decrease in prices ($4.8 million) and foreign exchange losses ($2.0 million) were largely offset by lower depletion rates ($2.9 million) and costs ($2.2 million). Year-to-date Adjusted EBITDA of $19.9 million was $1.0 millionbelowthe prior year period.

50

The following table provides key operating statistics and financial information for the New Zealand Timber segment:

	Three Months Ended June 30,						Six Months Ended June 30,
New Zealand Timber Overview	2015			2014			2015			2014
Sales Volume (in thousands of tons)
Domestic Sawtimber (Delivered)	169			170			319			314
Domestic Pulpwood (Delivered)	110			77			210			150
Export Sawtimber (Delivered)	248			193			449			335
Export Pulpwood (Delivered)	21			16			32			25
Stumpage	35			67			111			158
Total Volume	583			523			1,121			982
Percentage Delivered Sales	94		%	87		%	90		%	84		%
Percentage Stumpage Sales	6		%	13		%	10		%	16		%
Delivered Log Pricing (in dollars per ton)
Domestic Sawtimber		$66.96			$84.64			$68.76			$82.53
Domestic Pulpwood		$33.59			$39.52			$34.45			$38.94
Export Sawtimber		$85.31			$118.12			$93.21			$119.15
Summary Financial Data (in millions of dollars)
Sales		$38.4			$44.1			$76.2			$79.9
Less: Cut and Haul	(19.2		)	(20.3		)	(35.2		)	(36.2		)
Less: Port and Freight Costs	(8.1		)	(9.0		)	(14.7		)	(14.6		)
Net Stumpage Sales		$11.1			$14.8			$26.3			$29.1
Land Sales	0.8			0.3			4.2			2.4
Total Sales		$39.2			$44.4			$80.4			$82.3
Operating (Loss) Income		($0.9	)		$2.2			$4.8			$4.6
Adjusted EBITDA (a)		$6.2			$9.9			$19.9			$20.9
Other Data
New Zealand Dollar to U.S. Dollar Exchange Rate (b)	0.7398			0.8575			0.7477			0.8414
Net Plantable Period-End Acres (in thousands)	303			313			303			313
Export Sawtimber (in dollars per JAS m3)		$99.84			$137.05			$108.90			$138.27

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

(b) Represents the average period rate.

51

The following tables provide variance analyses for sales, operating income and Adjusted EBITDA for the New Zealand Timber segment:

Sales (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$44.4			$82.3
Changes Attributable to:
Volume/Mix	5.2		12.1
Price	(10.4	)	(14.8		)
Other	—		0.8
June 30, 2015	$39.2			$80.4

Operating (Loss) Income (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$2.2			$4.6
Changes Attributable to:
Volume/Mix	(0.4	)	0.6
Price	(3.9	)	(4.8		)
Cost	1.4		2.2
Non-timber income (a)	1.1		2.6
Foreign exchange	(2.0	)	(2.0		)
Depreciation, depletion and amortization	1.7		2.9
Non-cash cost of land and real estate development costs recovered upon sale	—		2.1
Other (b)	(1.0	)	(3.4		)
June 30, 2015	($0.9)			$4.8

(a) Three and six months include $0.4 million and $1.8 million, respectively, primarily related to timber sold in conjunction with the relinquishment of a forestry right and $0.6 million related to the sale of carbon credits.

(b) Three and six months include $0.6 million and $2.4 million, respectively, of cost basis of timber sold in conjunction with the relinquishment of a forestry right.

Adjusted EBITDA (in millions of dollars) (a)	Three Months Ended		Six Months Ended
June 30, 2014	$9.9			$20.9
Changes Attributable to:
Volume/Mix	0.2		2.1
Price	(3.9	)	(4.8		)
Cost	1.4		2.2
Non-timber income	1.1		2.6
Foreign exchange	(2.0	)	(2.0		)
Other	(0.5	)	(1.1		)
June 30, 2015	$6.2			$19.9

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

52

The following table provides additional information on depreciation, depletion and amortization and capital expenditures for the timber segments:

	Three Months Ended June 30,				Six Months Ended June 30,
Timber Segments Selected Operating Information	2015		2014		2015		2014
Depreciation, Depletion and Amortization (in millions of dollars)
Southern Timber		$12.6		$10.7		$27.0		$22.7
Pacific Northwest Timber	2.9		5.2		6.7		11.5
New Zealand Timber	7.1		7.7		15.1		14.2
Total		$22.6		$23.6		$48.8		$48.4
Timber Capital Expenditures (in millions of dollars)
U.S. Timber
Reforestation, silvicultural and other capital expenditures	4.8		5.5		9.5		11.0
Property taxes	1.9		1.6		3.8		3.7
Lease payments	0.8		0.9		3.1		3.5
Allocated overhead	1.3		1.6		2.7		3.2
Timberland acquisitions	65.3		62.0		88.4		72.7
Subtotal U.S. Timber		$74.1		$71.6		$107.5		$94.1
New Zealand Timber
Reforestation, silvicultural and other capital expenditures	1.6		2.9		3.1		4.7
Property taxes	0.1		0.2		0.3		0.4
Lease payments	1.0		1.6		1.5		1.9
Allocated overhead	0.5		0.8		1.2		1.6
Timberland acquisitions	—		—		—		2.1
Subtotal New Zealand Timber		$3.2		$5.5		$6.1		$10.7
Total Timber Segments Capital Expenditures		$77.3		$77.1		$113.6		$104.8

53

Real Estate

Second quarter sales of $6.9 milliondecreased$27.1 millionversusthe prior year period, and operating income of $1.4 milliondecreased$26.4 millionversusthe prior year period. Sales and operating income decreased in the second quarter due to lower volumes (2,337 acres sold versus25,283 acres in the prior year period) partially offset by higher weighted average prices ($2,971 per acre versus$1,345 per acre in the prior year period).

Year-to-date sales of $30.7 milliondecreased$8.8 millionversusthe prior year period, and operating income of $14.0 milliondecreased$14.5 millionversusthe prior year period. Sales and operating income decreased due to lower volumes (9,734 acres sold versus27,405 acres in the prior year period) partially offset by higher weighted average prices ($3,157 per acre versus$1,443 per acre in the prior year period).

Second quarter and year-to-date operating income also decreased as the prior year periods included $5.8 million in proceeds from a bankruptcy settlement with respect to a former land sale customer.

Improved Development second quarter and year-to-date sales of $0.8 million were comprised of 19 acres in the Belfast Commerce Centre near Savannah, Georgia for $42,281 per acre.

Unimproved Development second quarter sales of $0.8 milliondecreased$0.6 millionversusthe prior year period. The prior year period included a six-acre sale to the Florida Department of Transportation for $173,574 per acre. Year-to-date sales of $5.6 millionincreased$4.1 millionversusthe prior year period and included 217 acres in St. Johns County, Florida for $17,000 per acre, 76 acres in Bryan County, Georgia for $8,305 per acre and 20 acres in Baker County, Florida for $10,000 per acre.

Rural second quarter and year-to-date sales of $3.3 million and $10.1 milliondecreased$2.1 million and $0.4 million, respectively, versusthe prior year periods due to a decrease in average prices. The prior year period included a 656-acre sale in Nassau County, Florida for $2,750 per acre and a higher proportion of sales in higher-price regions.

Non-strategic/Timberland second quarter and year-to-date sales of $2.0 million and $14.2 milliondecreased$25.2 million and $13.3 million, respectively, versusthe prior year period. The prior year period included 19,556 acres of non-strategic timberlands in Gilchrist County, Florida at $1,125 per acre and 3,629 acres sold to the Alabama Department of Conservation for $1,435 per acre.

Second quarter and year-to-date Adjusted EBITDAof $3.6 million and $23.8 million were $32.9 million and $15.3 million, respectively, belowthe prior year period.

54

The following table provides key operating statistics and financial information for the Real Estate segment:

	Three Months Ended June 31,						Six Months Ended June 30,
Real Estate Overview	2015			2014			2015			2014
Sales (in millions of dollars)
Improved Development (a)	0.8			—			0.8			—
Unimproved Development	0.8			1.4			5.6			1.6
Rural (b)	3.3			5.4			10.1			10.5
Non-Strategic / Timberlands (b)	2.0			27.2			14.2			27.4
Total Sales		$6.9			$34.0			$30.7			$39.5
Sales (Development and Rural Only) (c)		$4.1			$6.8			$15.7			$12.1
Acres Sold
Improved Development (a)	19			—			19			—
Unimproved Development	86			68			495			95
Rural (b)	1,393			2,030			4,270			3,763
Non-Strategic / Timberlands (b)	839			23,185			4,950			23,547
Total Acres Sold	2,337			25,283			9,734			27,405
Acre Sold (Development and Rural Only) (c)	1,479			2,098			4,765			3,858
Percentage of U.S. South acreage sold (d)	0.1		%	0.1		%	0.3		%	0.2		%
Price per Acre (dollars per acre)
Improved Development (a)		$42,281		—				$42,281		—
Unimproved Development	8,908			20,897			11,282			16,450
Rural (b)	2,377			2,654			2,371			2,794
Non-Strategic / Timberlands (b)	2,440			1,174			2,870			1,167
Weighted Average (Total)		$2,971			$1,345			$3,157			$1,443
Weighted Average (Development and Rural) (c)		$2,757			$3,245			$3,297			$3,136

(a) Reflects land with capital invested in infrastructure improvements.

(b) Conservation sales previously reported as Rural are now reported with Non-Strategic / Timberlands.

(c) Excludes Improved Development.

(d) Calculated as Southern development and rural acres sold over U.S. South acres owned.

55

The following tables provide variance analyses for sales, operating income and Adjusted EBITDA for the Real Estate segment:

Sales (in millions of dollars)	Three Months Ended			Six Months Ended
June 30, 2014		$34.0			$39.5
Changes Attributable to:
Volume/Mix	(30.9		)	(25.5		)
Price	3.8			16.7
June 30, 2015		$6.9			$30.7

Operating Income (in millions of dollars)	Three Months Ended			Six Months Ended
June 30, 2014		$27.8			$28.5
Changes Attributable to:
Volume/Mix	(22.3		)	(18.0		)
Price	3.8			16.7
Cost	(0.8		)	(1.5		)
Depreciation, depletion and amortization	(0.3		)	(2.1		)
Non-cash cost of land and real estate development costs recovered upon sale	(1.0		)	(3.8		)
Other (a)	(5.8		)	(5.8		)
June 30, 2015		$1.4			$14.0

(a) Three and six month prior year periods include $5.8 million in proceeds from a bankruptcy settlement related to a former land sale customer.

Adjusted EBITDA (in millions of dollars) (a)	Three Months Ended			Six Months Ended
June 30, 2014		$36.5			$39.1
Changes Attributable to:
Volume/Mix	(30.1		)	(24.7		)
Price	3.8			16.7
Cost	(0.8		)	(1.5		)
Other (b)		($5.8	)		($5.8	)
June 30, 2015		$3.6			$23.8

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

(b) Three and six month prior year periods include $5.8 million in proceeds from a bankruptcy settlement related to a former land sale customer.

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Trading

The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. Trading also generally contributes modestly to earnings without significant investment and provides market intelligence that benefits the timber business.

Second quarter sales of $19.8 milliondecreased$9.4 millionversusthe prior year period due to lower volumes and prices primarily as a result of continued weak demand in China. Sales volumes decreased1.3% to 234,000 tons versus237,000 tons in the prior year period. Average prices decreased29.4% to $84.16 per ton versus$119.28 per ton in the prior year period. Operating loss of $0.1 million was comparable to the prior year period.

Year-to-date sales of $40.5 milliondecreased$24.4 millionversusthe prior year period due to lower volumes and prices as a result of unfavorable China market conditions. Sales volumes decreased12.7% to 448,000 tons versus513,000 tons in the prior year period. Average prices decreased27.8% to $88.58 per ton versus$122.67 per ton in the prior year period. Operating income increased$0.7 millionversusthe prior year period, as the reductions in price and volume were more than offset byfavorable costs and NZ$/US$ exchange gains ($1.3 million).

The following tables provide variance analyses for sales, operating income and Adjusted EBITDA for the Trading segment:

Sales (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	$29.2			$64.9
Changes Attributable to:
Volume/Other	(0.4	)	(8.0		)
Price	(8.2	)	(15.3		)
Other	(0.8	)	(1.2		)
June 30, 2015	$19.8			$40.5

Operating (Loss) Income (in millions of dollars)	Three Months Ended		Six Months Ended
June 30, 2014	($0.1)			($0.5	)
Changes Attributable to:
Foreign exchange	0.2		1.3
Other	(0.2	)	(0.6		)
June 30, 2015	($0.1)			$0.2

Adjusted EBITDA (in millions of dollars) (a)	Three Months Ended		Six Months Ended
June 30, 2014	($0.1)			($0.5	)
Changes Attributable to:
Foreign exchange	0.2		1.3
Other	(0.2	)	(0.6		)
June 30, 2015	($0.1)			$0.2

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.

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Other Items

Corporate and Other Expense/Eliminations

Second quarter and year-to-date corporate and other operating expenses of $7.3 million and $13.2 milliondecreased$2.6 million and $8.2 million, respectively, versusthe prior year periods primarily due to lower selling, general and administrative expenses as a result of the spin-off of the Performance Fibers business. Second quarter and year-to-date corporate and other operating expenses include $1.5 million and $1.6 million, respectively, of costs related to the shareholder litigation (“costs related to shareholder litigation”). Costs related to shareholder litigation include expenses incurred as a result of the securities litigation, the shareholder derivative demands and the Securities and Exchange Commission investigation. See Note 12—Contingencies.

Interest Expense

Second quarter and year-to-date interest expense of $8.5 million and $17.0 milliondecreased$7.1 million and $9.3 million, respectively, versusthe prior year periods primarily due to lower outstanding debt and $5.0 million of interest expense related to an early repayment of debt in the prior year periods.

Other Non-Operating Expense

Second quarter and year-to-date other non-operating expenses of $1.2 million and $2.7 milliondecreased$3.2 million and $2.7 million, respectively, primarily due to $3.8 millionof costs related to the spin-off in the prior year period, partially offset by unfavorable mark-to-market adjustments on New Zealand joint venture interest rate swaps.

Income Tax Benefit (Expense)

The second quarter and year-to-date income tax benefit from continuing operations was $0.3 million and $0.7 millionversus an income tax expense of $13.6 million and $5.9 million, respectively, in the prior year periods. The current quarter and year-to-date tax benefit is principally related to the New Zealand joint venture. The expense in the prior year periods was primarily related to the Performance Fibers business.

Share Repurchases

During the second quarter the Company repurchased approximately $10.7 million of common stock at an average price of $25.94 per share. As of June 30, 2015, the Company had 126.5 million shares of common stock outstanding and $89.3 million remaining in its current share repurchase authorization.

Outlook

In our Southern Timber segment, we anticipate continued strong pulpwood demand and prices in our key market areas. We continue to expect that the gradual improvement in U.S. housing demand will drive increases in Southern sawtimber prices over the long term; however, we expect limited upside to current prices through the remainder of 2015. In our Pacific Northwest and New Zealand segments, we anticipate near-term weakness in the China export market will weigh on prices but that export demand will gradually improve, although likely at a slower pace than we expected earlier in the year. In our Real Estate segment, we continue to see steady demand for rural properties and increasing interest in selected development properties as we execute on our strategy and develop catalysts for demand.

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Liquidity and Capital Resources

Our principal source of cash is cash flow from operations, primarily the harvesting of timber and sales of real estate. Our main use of cash is dividends due to the REIT distribution requirements. We also use cash to maintain the productivity of our timberlands through replanting and silviculture. Our operations have generally produced consistent cash flow and required limited capital resources. Short-term borrowings have helped fund working capital needs while acquisitions of timberlands generally require funding from external sources.

Summary of Liquidity and Financing Commitments

	June 30,			December 31,
(millions of dollars)	2015			2014
Cash and cash equivalents		$91.6			$161.6
Total debt	752.4			751.5
Shareholders’ equity	1,477.3			1,575.2
Total capitalization (total debt plus equity)	2,229.7			2,326.7
Debt to capital ratio	34		%	32		%
Net debt to enterprise value (a)	17		%	14		%

(a) Enterprise value is calculated as the number of shares outstanding multiplied by the Company’s share price plus net debt as of June 30, 2015 and December 31, 2014.

Cash Flows

The following table summarizes our cash flows from operating, investing and financing activities for the six months ended June 30. The Consolidated Statements of Cash Flows for 2014 has not been restated to exclude discontinued operations.

(millions of dollars)	2015			2014
Cash provided by (used for):
Operating activities		$85.9			$229.1
Investing activities	(107.3		)	(95.4		)
Financing activities	(44.1		)	(111.3		)

Cash Provided by Operating Activities

The decline in cash provided by operating activities in 2015 was primarily attributable to the inclusion of the results of the Performance Fibers business in the prior year period before the June 27, 2014 spin-off. Year-to-date 2015 also benefited from lower working capital requirements.

Cash Used for Investing Activities

Cash used for investing activities increased$11.9 million in the first half of 2015 compared to 2014 primarily due to the lower change in restricted cash ($58.9 million) and higher timberland acquisitions ($13.6 million) in the current period. Partially offsetting these increases was a $7.5 million and $47.1 milliondecrease in capital expenditures from continuing and discontinued operations, respectively, and a $2.0 milliondecrease in real estate development costs compared to the prior year period.

Cash Used for Financing Activities

Cash used for financing activities declined$67.1 million from the prior year period. Of the decrease, $106.4 million is due to the net cash disbursed upon spin-off of the Performance Fibers business. Additionally, dividend payments decreased $61.2 million compared to prior year due to the change in the dividend rate from $0.49 per share to $0.25 per share on a post-spin basis. These decreases were partially offset by net debt issuances of $27.7 million in first half of 2015 versus $118.9 million in first half of 2014. Repurchases of common stock increased $7.2 million and included $9.0 million of shares repurchased in connection with the Board of Directors’ approval to repurchase up to $100 million of the Company’s common shares.

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Expected 2015 Expenditures

Capital expenditures in 2015 are expected to be approximately $65 million, excluding any strategic timberland acquisitions we may make. Capital expenditures are expected to be primarily comprised of seedling planting, fertilization and other silvicultural activities, and other capitalized costs. Aside from capital expenditures, we may also make strategic timberland acquisitions as we actively evaluate acquisition opportunities. We also expect to invest approximately $7 million in 2015 for land use entitlements and infrastructure improvements to increase the value and marketability of selected real estate properties.

Our 2015 dividend payments are expected to be approximately $127 million assuming no change in the quarterly dividend rate of $0.25 per share.

Future share repurchases, if any, will depend on the Company’s liquidity and cash flow, as well as general market conditions and other considerations.

We have no mandatory pension contributions in 2015 but may make discretionary contributions in the future. On an ongoing basis, cash income tax payments are expected to be minimal. During 2015, we may repatriate approximately $27 million of proceeds received from the sale of our forestry assets to the New Zealand JV when it was formed in 2005. If this occurs, we anticipate that cash payments for income taxes in 2015 will be approximately $3 million.

Performance and Liquidity Indicators

The discussion below is presented to enhance the reader’s understanding of our operating performance, liquidity, ability to generate cash and satisfy rating agency and creditor requirements. This information includes two measures of financial results: Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”), and Cash Available for Distribution (“CAD”). These measures are not defined by Generally Accepted Accounting Principles (“GAAP”) and the discussion of Adjusted EBITDA and CAD is not intended to conflict with or change any of the GAAP disclosures described above. Management considers these measures to be important to estimate the enterprise and shareholder values of the Company as a whole and of its core segments, and for allocating capital resources. In addition, analysts, investors and creditors use these measures when analyzing our operating performance, financial condition and cash generating ability. Management uses Adjusted EBITDA as a performance measure and CAD as a liquidity measure. Adjusted EBITDA and CAD as defined may not be comparable to similarly titled measures reported by other companies.

We define Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land sold and real estate development costs recovered upon sale, costs related to shareholder litigation, and in 2014 costs related to the spin-off of the Performance Fibers business, discontinued operations, and internal review and restatement costs. Costs related to shareholder litigation include expenses incurred as a result of the securities litigation, the shareholder’s derivative demands and the Securities and Exchange Commission investigation. See Note 12—Contingencies.

We reconcile Adjusted EBITDA to Net Income for the consolidated Company and to Operating Income for the Segments, as those are the nearest GAAP measures for each. Below is a reconciliation of Net Income to Adjusted EBITDA for the respective periods (in millions of dollars):

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net (Loss) Income to Adjusted EBITDA Reconciliation
Net (loss) income		($2.9	)		$16.1			$15.3			$57.5
Interest, net, continuing operations	9.7			16.2			19.7			27.9
Income tax (benefit) expense, continuing operations	(0.3		)	13.6			(0.7		)	5.9
Depreciation, depletion and amortization	23.9			30.3			53.8			56.3
Non-cash cost of land sold and real estate development costs recovered upon sale	1.2			2.3			4.9			5.4
Costs related to shareholder litigation (a)	1.5			—			1.6			—
Cost related to spin-off of the Performance Fibers business	—			3.8			—			3.8
Discontinued operations	—			(12.1		)	—			(43.1		)
Adjusted EBITDA		$33.1			$70.2			$94.6			$113.7

(a) Costs related to shareholder litigation include expenses incurred as a result of the securities litigation, the shareholder’s derivative demands and the Securities and Exchange Commission investigation. See Note 12—Contingencies.

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The following tables reconcile Operating Income by segment to Adjusted EBITDA by segment (millions of dollars):

Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber			Real Estate		Trading			Corporate and other			Total
June 30, 2015
Operating income (loss)		$11.8		$1.7		($0.9	)		$1.4		($0.1	)		($7.4	)		$6.5
Depreciation, depletion and amortization	12.6		2.9		7.1			1.0		—			0.3			23.9
Non-cash cost of land sold and real estate development costs recovered upon sale	—		—		—			1.2		—			—			1.2
Costs related to shareholder litigation (a)	—		—		—			—		—			1.5			1.5
Adjusted EBITDA		$24.4		$4.6		$6.2			$3.6		($0.1	)		($5.6	)		$33.1
June 30, 2014
Operating income (loss)		$8.9		$8.8		$2.2			$27.8		($0.1	)		($10.0	)		$37.6
Depreciation, depletion and amortization	10.7		5.2		7.7			6.4		—			0.3			30.3
Non-cash cost of land sold and real estate development costs recovered upon sale	—		—		—			2.3		—			—			2.3
Adjusted EBITDA		$19.6		$14.0		$9.9			$36.5		($0.1	)		($9.7	)		$70.2

(a)     Costs related to shareholder litigation include expenses incurred as a result of the securities litigation, the shareholder’s derivative demands and the Securities and Exchange Commission investigation. See Note 12—Contingencies.

Six Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading			Corporate and other			Total
June 30, 2015
Operating income (loss)		$24.2		$4.3		$4.8		$14.0		$0.2			($13.2	)		$34.3
Depreciation, depletion and amortization	27.0		6.7		15.1		4.9		—			0.1			53.8
Non-cash cost of land sold and real estate development costs recovered upon sale	—		—		—		4.9		—			—			4.9
Costs related to shareholder litigation (a)	—		—		—		—		—			1.6			1.6
Adjusted EBITDA		$51.2		$11.0		$19.9		$23.8		$0.2			($11.5	)		$94.6
June 30, 2014
Operating income (loss)		$19.4		$21.4		$4.6		$28.5		($0.5	)		($21.4	)		$52.0
Depreciation, depletion and amortization	22.7		11.5		14.2		7.3		—			0.6			56.3
Non-cash cost of land sold and real estate development costs recovered upon sale	—		—		2.1		3.3		—			—			5.4
Adjusted EBITDA		$42.1		$32.9		$20.9		$39.1		($0.5	)		($20.8	)		$113.7

(a) Costs related to shareholder litigation include expenses incurred as a result of the securities litigation, the shareholder’s derivative demands and the Securities and Exchange Commission investigation. See Note 12—Contingencies.

CAD is a non-GAAP measure of cash generated during a period which is available for dividend distribution, repurchase of the Company’s common shares, debt reduction and strategic acquisitions. We define CAD as Cash Provided by Operating Activities adjusted for capital spending (excluding strategic acquisitions), real estate development costs, cash provided by discontinued operations and working capital and other balance sheet changes. In compliance with SEC requirements for non-GAAP measures, we reduce CAD by mandatory debt repayments which results in the measure entitled “Adjusted CAD.”

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Below is a reconciliation of Cash Provided by Operating Activities to Adjusted CAD (in millions of dollars):

	Six Months Ended June 30,
	2015			2014
Cash provided by operating activities		$85.9			$229.1
Capital expenditures from continuing operations (a)	(26.1		)	(33.6		)
Real estate development costs	(0.6		)	(2.6		)
Cash flow from discontinued operations	—			(64.0		)
Working capital and other balance sheet changes	(6.9		)	(88.8		)
CAD	52.3			40.1
Mandatory debt repayments	—			—
Adjusted CAD		$52.3			$40.1

Cash used for investing activities	($107.3	)	($95.4	)
Cash used for financing activities	($44.1	)	($111.3	)

(a) Capital expenditures exclude timberland acquisitions of $88.4 million and $74.8 million during the six months ended June 30, 2015 and June 30, 2014, respectively.

Adjusted CAD increased in the current year as lower operating results from continuing operations was more than offset by lower interest, lower tax payments and lower capital expenditures from continuing operations and real estate development costs. Adjusted CAD generated in any period is not necessarily indicative of the amounts that may be generated in future periods.

Liquidity Facilities

Net draws of $29.0 million were made in the first half on the revolving credit facility for general corporate purposes. At June 30, 2015, the Company had available borrowings of $153.2 million, net of $1.8 million to secure its outstanding letters of credit, under the revolving credit facility and additional draws available of $100.0 million under the term credit agreement.

During the six months ended June 30, 2015, the New Zealand JV made additional borrowings and repayments of $2.1 million on its working capital facility. Additional draws totaling $17.0 million remain available on the working capital facility. In addition, the New Zealand JV paid $1.4 million of its shareholder loan held with the non-controlling interest party. Favorable changes in exchange rates through June 30, 2015 decreased debt on a U.S. dollar basis for the revolving facility and shareholder loan by $24.1 million and $3.5 million, respectively.

In connection with our term credit agreement and credit facility, covenants must be met, including ratios based on the covenant definition of EBITDA, ratios based on consolidated funded debt compared to consolidated net worth, and ratios of subsidiary debt to consolidated net tangible assets. Covenants must also be met in connection with the New Zealand JV’s credit facility, including ratios of debt to forestry and land valuations and ratios of operating cash flows to financing costs. As of June 30, 2015, we were in compliance with all applicable financial covenants. In addition to these financial covenants, the mortgage note, term credit agreement and revolving credit facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others.

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture subsequent to June 30, 2015.

Contractual Financial Obligations and Off-Balance Sheet Arrangements

We have no material changes to the Contractual Obligations table as presented in Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2014 Form 10-K. See Note 11 — Guarantees for details on the letters of credit, surety bonds and guarantees as of June 30, 2015. For information on our outstanding debt and derivative purchase obligations as of June 30, 2015 see Note 15 — Debt and Note 9 — Derivative Financial Instruments and Hedging Activities, respectively.

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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market and Other Economic Risks

We are exposed to various market risks, including changes in interest rates, commodity prices and foreign exchange rates. Our objective is to minimize the economic impact of these market risks. We use derivatives in accordance with policies and procedures approved by the Audit Committee of the Board of Directors. Derivatives are managed by a senior executive committee whose responsibilities include initiating, managing and monitoring resulting exposures. We do not enter into financial instruments for trading or speculative purposes.

As of June 30, 2015 we had $60 million of U.S. long-term variable rate debt which is subject to interest rate risk. At this borrowing level, a hypothetical one-percentage point increase/decrease in interest rates would result in a corresponding increase/decrease of approximately $0.6 million in interest payments and expense over a 12 month period. Our primary interest rate exposure on variable rate debt results from changes in LIBOR.

As of June 30, 2015, our New Zealand JV had $160 million of long-term variable rate debt. This debt is subject to interest rate risk resulting from changes in the 90 day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at June 30, 2015 was $129 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 80 basis points with an additional 80 basis point credit line fee. We estimate the periodic effective interest rate on New Zealand JV debt for the second quarter was approximately 6.5% after consideration of interest rate swaps.

The fair market value of our long-term fixed interest rate debt is also subject to interest rate risk. The estimated fair value of our long-term fixed-rate debt at June 30, 2015 was $482 million compared to the $478 million principal amount. We use interest rates of debt with similar terms and maturities to estimate the fair value of our debt. Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise. A hypothetical one-percentage point increase/decrease in prevailing interest rates at June 30, 2015 would result in a corresponding decrease/increase in the fair value of our long-term fixed-rate debt of approximately $20 million.

The functional currency of the Company’s New Zealand-based operations and New Zealand JV is the New Zealand dollar. Through these operations and our ownership in the New Zealand JV, we are exposed to foreign currency risk on cash held in foreign currencies and on foreign export sales and ocean freight payments that are predominantly denominated in U.S. dollars. To mitigate these risks, the New Zealand JV routinely enters into foreign currency exchange contracts and foreign currency option contracts to hedge a portion of the New Zealand JV’s foreign exchange exposure. At June 30, 2015, the New Zealand JV had foreign currency exchange contracts with a notional amount of $28 million and foreign currency option contracts with a notional amount of $136 million outstanding. The amount hedged represents 67 percent of forecast U.S. dollar denominated harvesting sales proceeds over the next 18 months and 31 percent of log trading sales proceeds over the next 3 months. In December 2014, we entered into a foreign currency exchange contract with a notional amount of $24 million. The foreign currency contract is designated as a net investment hedge of our New Zealand based-operations to mitigate our risk to fluctuations in foreign currency exchange rates. For additional information regarding our derivative balances and activity, see Note 9 — Derivative Financial Instruments and Hedging Activities.

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture subsequent to June 30, 2015.

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Item 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Rayonier management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)), are designed with the objective of ensuring information required to be disclosed by the Company in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.

Based on an evaluation of our disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, our management, including the Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of June 30, 2015.

In the quarter ended June 30, 2015, based upon the evaluation required by paragraph (d) of SEC Rule 13a-15, there were no changes in our internal control over financial reporting that would materially affect or are reasonably likely to materially affect our internal control over financial reporting.

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PART II.    OTHER INFORMATION

Item 1. Legal Proceedings

The information set forth in Note 12—Contingencies in the “Notes to the Consolidated Financial Statements” under Item 1 of Part I of this Report is incorporated herein by reference. 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

In 1996, we began a Common Share repurchase program (the “anti-dilutive program”) to minimize the dilutive effect of our employee incentive stock plans on earnings per share. This program limits the number of shares that may be purchased each year to the greater of 1.5 percent of outstanding shares at the beginning of the year or the number of incentive shares issued to employees during the year. In October 2000, July 2003 and October 2011, our board of directors authorized the purchase of additional shares in the program totaling 2.1 million shares. None of these shares have expiration dates. There were no shares purchased under this program in the second quarter of 2015 and there were 3,836,655 shares available for purchase at June 30, 2015.

In June 2015, the Board of Directors approved the repurchase of up to $100 million of Rayonier’s common shares (the “share repurchase program”) to be made at management’s discretion. The program has no time limit and may be suspended or discontinued at any time. There were 412,500 shares repurchased under this program in the second quarter of 2015 and there was $89.3 million, or approximately 3,495,027 shares based on the period end closing stock price of $25.55, available for repurchase as of June 30, 2015.

The following table provides information regarding our purchases ofRayonier common stock during the quarter ended June 30, 2015:

Period		Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b)
April 1 to April 30		—	—		—	3,836,655
May 1 to May 31		—	—		—	3,836,655
June 1 to June 30		412,500		$25.94	412,500	7,331,682
	Total	412,500			412,500	7,331,682

(a) Purchases made in open-market transactions under the $100 million share repurchase program announced on June 16, 2015.

(b) Maximum number of shares yet to be purchased as of June 30, 2015 include 3,836,655 under the 1996 anti-dilutive program and approximately 3,495,027 under the share repurchase program.

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Item 6. Exhibits

10.1	Credit Agreement dated August 5, 2015 among Rayonier Inc., Rayonier TRS Holdings Inc. and Rayonier Operating Company LLC, as Borrowers, COBANK, ACB, as Administrative Agent, Swing Line Lender and Issuing Bank, JPMORGAN CHASE BANK, N.A. And FARM CREDIT OF FLORIDA, ACA, as Co-Syndication Agents CREDIT SUISSE AG and SUNTRUST BANK, as Co-Documentation Agents and COBANK, ACB, as Sole Lead Arranger and Sole Bookrunner	Incorporated by reference to Exhibit 10.1 to the Registrant’s August 5, 2015 Form 8-K
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, 2015, formatted in Extensible Business Reporting Language (“XBRL”), includes: (i) the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2015 and 2014; (ii) the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014; (iii) the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014; and (iv) the Notes to Consolidated Financial Statements	Filed herewith

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	RAYONIER INC.
	(Registrant)
By:	/s/ H. EDWIN KIKER
	H. Edwin Kiker Chief Accounting Officer (Duly Authorized Officer, Principal Accounting Officer)

Date: August 7, 2015

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EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, David L. Nunes, certify that:

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.

Date: August 7, 2015

/S/ DAVID L NUNES

David L. Nunes

President and Chief Executive Officer, Rayonier Inc.

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Mark McHugh, certify that:

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.

Date: August 7, 2015

/s/ MARK MCHUGH

Mark McHugh

Senior Vice President and Chief Financial Officer, Rayonier Inc.

EX-32

EXHIBIT 32

CERTIFICATION

The undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to our knowledge:

1. The quarterly report on Form 10-Q of Rayonier Inc. (the "Company") for the period ended June 30, 2015 (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.

August 7, 2015

/s/ DAVID L. NUNES	/s/ MARK MCHUGH
David L. Nunes	Mark McHugh
President and Chief Executive Officer, Rayonier Inc.	Senior Vice President and Chief Financial Officer, Rayonier Inc.

XML

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			—			103,689			—			103,689
Selling and general expenses	—			6,330			—			6,397			—			12,727
Other operating expense (income), net	—			(461		)	—			(6,677		)	—			(7,138		)
	—			5,869			—			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	—			12,392			—			6,523
Interest expense	(3,169		)	(131		)	(2,409		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			817			(137		)	(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	4,966			2,796			—			(7,524		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(217		)	250			5,871			(7,524		)	(3,156		)
Income tax (expense) benefit	—			(21		)	948			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	1,198			5,240			(7,524		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	1,198			6,564			(7,524		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(74		)	(25,395		)	36,090			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(1,896		)	(2,917		)	5,688			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(5		)	(733		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(1,975		)	(28,317		)	41,045			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(777		)	(23,077		)	33,521			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($777	)		($13,347	)		$33,522			($20,698	)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			—			123,096			—			123,096
Selling and general expenses	—			2,394			—			11,467			—			13,861
Other operating expense (income), net	—			1,573			—			(12,962		)	—			(11,389		)
	—			3,967			—			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	—			41,544			—			37,577
Interest expense	(3,196		)	(225		)	(10,982		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(3,003		)	(1,098		)	(3,017		)	—			(4,385		)
Equity in income (loss) from subsidiaries	16,814			23,549			(54,081		)	—			13,718			—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			16,354			(66,161		)	37,318			13,718			17,580
Income tax benefit (expense)	—			460			4,409			(18,425		)	—			(13,556		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	16,351			16,814			(61,752		)	18,893			13,718			4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			12,084			—			12,084
NET INCOME (LOSS)	16,351			16,814			(61,752		)	30,977			13,718			16,108
Less: Net loss attributable to noncontrolling interest	—			—			—			(245		)	—			(245		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			(61,752		)	31,222			13,718			16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,653			513			3,517			(5,819		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(598		)	(920		)	1,794			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			92,714			(244,301		)	58,873
Total other comprehensive income	60,928			60,928			92,629			95,311			(248,326		)	61,470
COMPREHENSIVE INCOME	77,279			77,742			30,877			126,288			(234,608		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,742			$30,877			$125,991			($234,608	)		$77,281

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			—			210,923			—			210,923
Selling and general expenses	—			11,279			—			12,347			—			23,626
Other operating income, net	—			(461		)	—			(12,252		)	—			(12,713		)
	—			10,818			—			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	—			45,088			—			34,270
Interest expense	(6,337		)	(223		)	(4,841		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,654			(281		)	(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			28,149			4,223			—			(51,113		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			18,762			(899		)	31,591			(51,113		)	14,552
Income tax (expense) benefit	—			(21		)	1,908			(1,119		)	—			768
NET INCOME	16,211			18,741			1,009			30,472			(51,113		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			1,009			31,363			(51,113		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(926		)	(39,718		)	57,803			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(2,511		)	(3,863		)	7,533			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			15			(1,554		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(3,422		)	(43,566		)	63,782			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(2,413		)	(13,094		)	12,669			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		($2,413	)		$428			$12,669			($13,214	)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			—			238,995			—			238,995
Selling and general expenses	—			4,544			—			22,554			—			27,098
Other operating expense (income), net	—			3,948			—			(15,712		)	—			(11,764		)
	—			8,492			—			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	—			60,495			—			52,003
Interest expense	(6,389		)	(468		)	(17,672		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(2,189		)	(2,145		)	(6,494		)	—			(5,397		)
Equity in income (loss) from subsidiaries	58,737			70,049			(22,951		)	—			(105,835		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			58,900			(42,768		)	52,244			(105,835		)	20,320
Income tax (expense) benefit	—			(163		)	7,233			(13,031		)	—			(5,961		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	57,779			58,737			(35,535		)	39,213			(105,835		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			43,092			—			43,092
NET INCOME (LOSS)	57,779			58,737			(35,535		)	82,305			(105,835		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			—			(328		)	—			(328		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			(35,535		)	82,633			(105,835		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			1,279			21,312			(32,365		)	21,320
New Zealand joint venture cash flow hedges	514			514			514			791			(1,542		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			94,334			(249,638		)	60,970
Total other comprehensive income	77,031			77,031			96,127			116,437			(283,545		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			60,592			198,742			(389,380		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$60,592			$193,020			($389,380	)		$134,810

Schedule of Condensed Consolidating Balance Sheets

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	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		$5,366		$94			$45,847		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		—			91		19,353			—			19,444
Inventory	—		—			—		13,362			—			13,362
Prepaid and other current assets	—		1,855			3,008		16,359			—			21,222
Total current assets	5,366		1,949			48,946		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480			—		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,182,721			843,077		—			(4,542,206		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		—			21,928		—			(274,743		)	—
OTHER ASSETS	2,570		16,476			1,325		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,434			$83		$18,879		—				$22,396
Current maturities of long-term debt	—		—			30,000		—			—			30,000
Accrued taxes	—		14			—		15,797			—			15,811
Accrued payroll and benefits	—		2,476			—		2,120			—			4,596
Accrued interest	3,046		(12		)	2,505		35,499			(32,995		)	8,043
Other current liabilities	—		2,420			9,570		19,624			—			31,614
Total current liabilities	3,046		8,332			42,158		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		—			115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081			—		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615			—		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190			—		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,128,525			(4,402,079		)	1,404,113
Noncontrolling interest	—		—			—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,201,684			(4,402,079		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	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		$102,218		$11			$8,094		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		—			1,409		22,609			—			24,018
Inventory	—		—			—		8,383			—			8,383
Prepaid and other current assets	—		2,003			6		17,736			—			19,745
Total current assets	102,218		2,014			9,509		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433			—		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		1,923,185			640,678		—			(4,027,166		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		—			21,500		—			(269,733		)	—
OTHER ASSETS	2,763		16,610			1,759		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,687			$123		$17,401		—				$20,211
Current maturities of long-term debt	—		—			129,706		—			—			129,706
Accrued taxes	—		11			—		11,394			—			11,405
Accrued payroll and benefits	—		3,253			—		3,137			—			6,390
Accrued interest	3,047		(3		)	2,520		31,281			(28,412		)	8,433
Other current liabilities	—		928			145		24,784			—			25,857
Total current liabilities	3,047		6,876			132,494		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		—			31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161			—		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436			—		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466			—		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,017,520			(3,990,775		)	1,488,470
Noncontrolling interest	—		—			—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,104,201			(3,990,775		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115

Schedule of Condensed Consolidating Statements of Cash Flows

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)	—				$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	—			(25,996		)	—			(26,130		)
Real estate development costs	—			—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			—			4,160			—			4,160
Investment in Subsidiaries	—			—			8,753			—			(8,753		)	—
Other	—			—			—			3,689			—			3,689
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(134		)	8,753			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			—			57,000			2,100			—			59,100
Repayment of debt	—			—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			—			(9,057		)
Intercompany distributions	—			13,778			—			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	13,778			29,000			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	83			37,753			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			11			8,094			51,235			—			161,558
Balance, end of period		$5,366			$94			$45,847			$40,325		—				$91,632

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518		—				$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	—			(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			—			63,128			—			63,128
Investment in Subsidiaries	—			—			(62,800		)	—			62,800			—
Other	—			—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(201		)	(62,800		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,238,389			—			—			1,238,389
Repayment of debt	—			—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			—			(1,834		)
Debt issuance costs	—			—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	—			65,318			84,207			—
Other	—			—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(149,525		)	118,947			64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	792			56,147			56,478			—			22,417
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period		$39,181			$1,096			$66,866			$114,918		—				$222,061

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			103,689			—			103,689
Selling and general expenses	—			6,330			6,397			—			12,727
Other operating income, net	—			(461		)	(6,677		)	—			(7,138		)
	—			5,869			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	12,392			—			6,523
Interest expense	(3,169		)	(2,540		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			680			(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	6,564			—			(6,326		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(1,165		)	5,871			(6,326		)	(3,156		)
Income tax benefit (expense)	—			927			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	5,240			(6,326		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	6,564			(6,326		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(25,395		)	36,016			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(2,917		)	3,792			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(738		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(28,317		)	39,070			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(23,077		)	32,744			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($13,347	)		$32,745			($20,698	)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			123,096			—			123,096
Selling and general expenses	—			2,394			11,467			—			13,861
Other operating expense (income), net	—			1,573			(12,962		)	—			(11,389		)
	—			3,967			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	41,544			—			37,577
Interest expense	(3,196		)	(11,207		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(4,101		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			31,220			—			(48,034		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			11,945			37,318			(48,034		)	17,580
Income tax benefit (expense)	—			4,869			(18,425		)	—			(13,556		)
INCOME FROM CONTINUING OPERATIONS	16,351			16,814			18,893			(48,034		)	4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			12,084			—			12,084
NET INCOME	16,351			16,814			30,977			(48,034		)	16,108
Less: Net loss attributable to noncontrolling interest	—			—			(245		)	—			(245		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			31,222			(48,034		)	16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,655			3,517			(5,308		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(920		)	1,196			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			(151,587		)	58,873
Total other comprehensive income	60,928			60,930			95,311			(155,699		)	61,470
COMPREHENSIVE INCOME	77,279			77,744			126,288			(203,733		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,744			$125,991			($203,733	)		$77,281

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			210,923			—			210,923
Selling and general expenses	—			11,279			12,347			—			23,626
Other operating income, net	—			(461		)	(12,252		)	—			(12,713		)
	—			10,818			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	45,088			—			34,270
Interest expense	(6,337		)	(5,064		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,373			(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			31,363			—			(50,104		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			16,854			31,591			(50,104		)	14,552
Income tax benefit (expense)	—			1,887			(1,119		)	—			768
NET INCOME	16,211			18,741			30,472			(50,104		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			31,363			(50,104		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(39,718		)	56,877			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(3,863		)	5,022			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			(1,539		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(43,566		)	60,360			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(13,094		)	10,256			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		$428			$10,256			($13,214	)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			238,995			—			238,995
Selling and general expenses	—			4,544			22,554			—			27,098
Other operating expense (income), net	—			3,948			(15,712		)	—			(11,764		)
	—			8,492			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	60,495			—			52,003
Interest expense	(6,389		)	(18,140		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(4,334		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			82,633			—			(141,370		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			51,667			52,244			(141,370		)	20,320
Income tax benefit (expense)	—			7,070			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			39,213			(141,370		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			43,092			—			43,092
NET INCOME	57,779			58,737			82,305			(141,370		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			82,633			(141,370		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			21,312			(31,086		)	21,320
New Zealand joint venture cash flow hedges	514			514			791			(1,028		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			(155,304		)	60,970
Total other comprehensive income	77,031			77,031			116,437			(187,418		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			198,742			(328,788		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$193,020			($328,788	)		$134,810

Schedule of Condensed Consolidating Balance Sheets

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$5,366		$45,941		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		91		19,353			—			19,444
Inventory	—		—		13,362			—			13,362
Prepaid and other current assets	—		4,863		16,359			—			21,222
Total current assets	5,366		50,895		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,268,652		—			(3,785,060		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		21,928		—			(274,743		)	—
OTHER ASSETS	2,570		17,801		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,517		$18,879		—				$22,396
Current maturities of long-term debt	—		30,000		—			—			30,000
Accrued taxes	—		14		15,797			—			15,811
Accrued payroll and benefits	—		2,476		2,120			—			4,596
Accrued interest	3,046		2,493		35,499			(32,995		)	8,043
Other current liabilities	—		11,990		19,624			—			31,614
Total current liabilities	3,046		50,490		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,128,525			(3,644,933		)	1,404,113
Noncontrolling interest	—		—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,201,684			(3,644,933		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$102,218		$8,105		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		1,409		22,609			—			24,018
Inventory	—		—		8,383			—			8,383
Prepaid and other current assets	—		2,009		17,736			—			19,745
Total current assets	102,218		11,523		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		2,053,911		—			(3,517,214		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		21,500		—			(269,733		)	—
OTHER ASSETS	2,763		18,369		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,810		$17,401		—				$20,211
Current maturities of long-term debt	—		129,706		—			—			129,706
Accrued taxes	—		11		11,394			—			11,405
Accrued payroll and benefits	—		3,253		3,137			—			6,390
Accrued interest	3,047		2,517		31,281			(28,412		)	8,433
Other current liabilities	—		1,073		24,784			—			25,857
Total current liabilities	3,047		139,370		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,017,520			(3,480,823		)	1,488,470
Noncontrolling interest	—		—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,104,201			(3,480,823		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115

Schedule of Condensed Consolidating Statements of Cash Flows

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)		$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	(25,996		)	—			(26,130		)
Real estate development costs	—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			4,160			—			4,160
Investment in Subsidiaries	—			8,753			—			(8,753		)	—
Other	—			—			3,689			—			3,689
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			8,619			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			57,000			2,100			—			59,100
Repayment of debt	—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			(9,057		)
Intercompany distributions	—			13,778			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	42,778			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	37,836			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			8,105			51,235			—			161,558
Balance, end of period		$5,366			$45,941			$40,325		—				$91,632

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518			$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			63,128			—			63,128
Investment in Subsidiaries	—			(62,800		)	—			62,800			—
Other	—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(63,001		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			1,238,389			—			—			1,238,389
Repayment of debt	—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Debt issuance costs	—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	65,318			84,207			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(30,578		)	64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	56,939			56,478			—			22,417
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period		$39,181			$67,962			$114,918		—				$222,061

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SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
SALES	$ 115,801	$ 163,145	$ 256,106	$ 306,332
OPERATING INCOME	6,523	37,577	34,270	52,003
Unallocated Interest Expense and Other	(9,679)	(19,997)	(19,718)	(31,683)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(3,156)	17,580	14,552	20,320
DEPRECIATION, DEPLETION AND AMORTIZATION	23,850	30,335	53,826	56,316
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	1,191	2,322	4,938	5,398
Southern Timber [Member]
Segment Reporting Information [Line Items]
SALES	32,681	31,525	68,212	65,402
OPERATING INCOME	11,777	8,886	24,190	19,379
DEPRECIATION, DEPLETION AND AMORTIZATION	12,650	10,709	26,951	22,705
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	0	0	0
Pacific Northwest Timber [Member]
Segment Reporting Information [Line Items]
SALES	17,102	25,053	36,256	58,090
OPERATING INCOME	1,687	8,785	4,275	21,427
DEPRECIATION, DEPLETION AND AMORTIZATION	2,941	5,194	6,731	11,492
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	0	0	0
New Zealand Timber [Member]
Segment Reporting Information [Line Items]
SALES	39,223	44,543	80,417	82,307
OPERATING INCOME	(945)	2,249	4,749	4,660
DEPRECIATION, DEPLETION AND AMORTIZATION	7,183	7,669	15,186	14,163
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	(2)	0	2,096
Real Estate [Member]
Segment Reporting Information [Line Items]
SALES	6,945	34,017	30,736	39,547
OPERATING INCOME	1,421	27,764	14,003	28,489
DEPRECIATION, DEPLETION AND AMORTIZATION	1,006	6,422	4,818	7,333
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	1,191	2,324	4,938	3,302
Trading [Member]
Segment Reporting Information [Line Items]
SALES	19,850	29,224	40,485	64,910
OPERATING INCOME	(84)	(132)	186	(544)
DEPRECIATION, DEPLETION AND AMORTIZATION	0	0	0	0
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	0	0	0
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
SALES	0	(1,217)	0	(3,924)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
OPERATING INCOME	(7,333)	(9,975)	(13,133)	(21,408)
DEPRECIATION, DEPLETION AND AMORTIZATION	70	341	140	623
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	$ 0	$ 0	$ 0	$ 0

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INCOME TAXES - Provision for Income Taxes from Continuing Operations - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	35.00%	35.00%	35.00%	35.00%

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OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income and Expenses [Abstract]
Lease income, primarily from hunting leases		$ 5,890	$ 3,966	$ 9,999	$ 7,003
Other non-timber income		688	440	2,052	993
Foreign currency income (loss)		108	1,232	215	(255)
Gain (loss) on sale or disposal of property, plant & equipment		3	(20)	3	(20)
(Loss) gain on foreign currency exchange contracts		(645)	0	(994)	(32)
Bankruptcy claim settlement		0	5,779	0	5,779
Gain (loss) on sale of carbon credits	[1]	352	(307)	352	(307)
Miscellaneous income (expense), net		742	299	1,086	(1,397)
Total		$ 7,138	$ 11,389	$ 12,713	$ 11,764

[1] Loss in 2014 reflects surrender of carbon credit units.

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
AOCI balance expected to be reclassified in next twelve months, net of tax	$ (4.1)
Matariki Forestry Group [Member] | Not Designated as Hedging Instrument [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Percent of New Zealand JV variable rate debt hedged	81.00%
New Zealand Timber [Member] | Minimum [Member]
Derivative [Line Items]
Percent of forecast sales and purchases hedged for three months	50.00%
Percent of forecast sales and purchases hedged for three to 12 months	50.00%
New Zealand Timber [Member] | Maximum [Member]
Derivative [Line Items]
Percent of forecast sales and purchases hedged for three months	90.00%
Percent of forecast sales and purchases hedged for three to 12 months	75.00%
Percent of forecast sales and purchases hedged for 12 to 18 months	50.00%

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(LOSS) EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income amounts attributable to Rayonier Inc.
(Loss) income from continuing operations		$ (2,860)	$ 4,024	$ 15,320	$ 14,359
Less: Net (loss) from continuing operations attributable to noncontrolling interest		(1,324)	(245)	(891)	(328)
(Loss) income from continuing operations attributable to Rayonier Inc.		(1,536)	4,269	16,211	14,687
Income from discontinued operations, net, attributable to Rayonier Inc.		0	12,084	0	43,092
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		$ (1,536)	$ 16,353	$ 16,211	$ 57,779
Shares used for determining basic (loss) earnings per common share		126,635,710	126,434,376	126,625,081	126,390,891
Dilutive effect of:
Stock options		0	293,213	146,754	296,768
Performance and restricted shares		0	201,956	30,515	194,995
Assumed conversion of Senior Exchangeable Notes	[1]	0	2,631,514	702,301	2,579,402
Assumed conversion of warrants	[1]	0	2,738,606	0	2,656,633
Shares used for determining diluted (loss) earnings per common share		126,635,710	132,299,665	127,504,651	132,118,689
Basic (loss) earnings per common share attributable to Rayonier Inc.:
Continuing Operations, (in dollars per share)		$ (0.01)	$ 0.03	$ 0.13	$ 0.12
Discontinued Operations, (in dollars per share)		0.00	0.10	0.00	0.34
Net (Loss) Income, Basic (in dollars per share)		(0.01)	0.13	0.13	0.46
Diluted (loss) earnings per common share attributable to Rayonier Inc.:
Continuing Operations, (in dollars per share)		(0.01)	0.03	0.13	0.11
Discontinued Operations, (in dollars per share)		0.00	0.09	0.00	0.33
Net (Loss) Income, Diluted (in dollars per share)		$ (0.01)	$ 0.12	$ 0.13	$ 0.44

[1] Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q.

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at June 30, 2015 and December 31, 2014, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:

	June 30, 2015							December 31, 2014
Asset (liability)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$91,632			$91,632	—			$161,558			$161,558	—
Restricted cash (a)	2,528			2,528		—		6,688			6,688		—
Current maturities of long-term debt	(30,000		)	—		(32,812	)	(129,706		)	—		(156,762	)
Long-term debt	(722,353		)	—		(725,543	)	(621,849		)	—		(628,476	)
Interest rate swaps (b)	(8,271		)	—		(8,271	)	(7,247		)	—		(7,247	)
Foreign currency exchange contracts (b)	48			—		48		(304		)	—		(304	)
Foreign currency option contracts (b)	(4,267		)	—		(4,267	)	(1,138		)	—		(1,138	)

(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.

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CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 91,632	$ 161,558	$ 222,061	$ 199,644
Accounts receivable, less allowance for doubtful accounts	19,444	24,018
Inventory	13,362	8,383
Prepaid and other current assets	21,222	19,745
Total current assets	145,660	213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,086,729	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	69,726	77,433
NET PROPERTY, PLANT AND EQUIPMENT	6,434	6,706
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	57,772	66,771
TOTAL ASSETS	2,366,321	2,453,115
CURRENT LIABILITIES
Accounts payable	22,396	20,211
Current maturities of long-term debt	30,000	129,706
Accrued taxes	15,811	11,405
Accrued payroll and benefits	4,596	6,390
Accrued interest	8,043	8,433
Other current liabilities	31,614	25,857
Total current liabilities	112,460	202,002
LONG-TERM DEBT	722,353	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	33,396	33,477
OTHER NON-CURRENT LIABILITIES	20,840	20,636
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113	1,488,470
Noncontrolling interest	73,159	86,681
TOTAL SHAREHOLDERS’ EQUITY	1,477,272	1,575,151		1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,366,321	2,453,115
Rayonier Inc. (Parent Guarantor) [Member]
CURRENT ASSETS
Cash and cash equivalents	5,366	102,218	39,181	130,181
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid and other current assets	0	0
Total current assets	5,366	102,218
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN SUBSIDIARIES	1,516,408	1,463,303
INTERCOMPANY NOTES RECEIVABLE	252,815	248,233
OTHER ASSETS	2,570	2,763
TOTAL ASSETS	1,777,159	1,816,517
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt	0	0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	3,046	3,047
Other current liabilities	0	0
Total current liabilities	3,046	3,047
LONG-TERM DEBT	370,000	325,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113	1,488,470
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,404,113	1,488,470
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,777,159	1,816,517
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member]
CURRENT ASSETS
Cash and cash equivalents	94	11	1,096	304
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid and other current assets	1,855	2,003
Total current assets	1,949	2,014
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	480	433
INVESTMENT IN SUBSIDIARIES	2,182,721	1,923,185
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	16,476	16,610
TOTAL ASSETS	2,201,626	1,942,242
CURRENT LIABILITIES
Accounts payable	3,434	2,687
Current maturities of long-term debt	0	0
Accrued taxes	14	11
Accrued payroll and benefits	2,476	3,253
Accrued interest	(12)	(3)
Other current liabilities	2,420	928
Total current liabilities	8,332	6,876
LONG-TERM DEBT	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	34,081	34,161
OTHER NON-CURRENT LIABILITIES	6,615	6,436
INTERCOMPANY PAYABLE	636,190	431,466
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,516,408	1,463,303
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,516,408	1,463,303
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,201,626	1,942,242
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Subsidiary Issuer [Member]
CURRENT ASSETS
Cash and cash equivalents	45,847	8,094	66,866	10,719
Accounts receivable, less allowance for doubtful accounts	91	1,409
Inventory	0	0
Prepaid and other current assets	3,008	6
Total current assets	48,946	9,509
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN SUBSIDIARIES	843,077	640,678
INTERCOMPANY NOTES RECEIVABLE	21,928	21,500
OTHER ASSETS	1,325	1,759
TOTAL ASSETS	915,276	673,446
CURRENT LIABILITIES
Accounts payable	83	123
Current maturities of long-term debt	30,000	129,706
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	2,505	2,520
Other current liabilities	9,570	145
Total current liabilities	42,158	132,494
LONG-TERM DEBT	115,972	31,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	757,146	509,952
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	757,146	509,952
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	915,276	673,446
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member]
CURRENT ASSETS
Cash and cash equivalents	40,325	51,235	114,918	58,440
Accounts receivable, less allowance for doubtful accounts	19,353	22,609
Inventory	13,362	8,383
Prepaid and other current assets	16,359	17,736
Total current assets	89,399	99,963
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,086,729	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	69,726	77,433
NET PROPERTY, PLANT AND EQUIPMENT	5,954	6,273
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	37,401	45,639
TOTAL ASSETS	2,289,209	2,317,809
CURRENT LIABILITIES
Accounts payable	18,879	17,401
Current maturities of long-term debt	0	0
Accrued taxes	15,797	11,394
Accrued payroll and benefits	2,120	3,137
Accrued interest	35,499	31,281
Other current liabilities	19,624	24,784
Total current liabilities	91,919	87,997
LONG-TERM DEBT	236,381	265,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	(685)	(684)
OTHER NON-CURRENT LIABILITIES	14,225	14,200
INTERCOMPANY PAYABLE	(254,315)	(153,754)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,128,525	2,017,520
Noncontrolling interest	73,159	86,681
TOTAL SHAREHOLDERS’ EQUITY	2,201,684	2,104,201
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,289,209	2,317,809
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid and other current assets	0	0
Total current assets	0	0
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN SUBSIDIARIES	(4,542,206)	(4,027,166)
INTERCOMPANY NOTES RECEIVABLE	(274,743)	(269,733)
OTHER ASSETS	0	0
TOTAL ASSETS	(4,816,949)	(4,296,899)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt	0	0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	(32,995)	(28,412)
Other current liabilities	0	0
Total current liabilities	(32,995)	(28,412)
LONG-TERM DEBT	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(381,875)	(277,712)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(4,402,079)	(3,990,775)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(4,402,079)	(3,990,775)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(4,816,949)	(4,296,899)
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member]
CURRENT ASSETS
Cash and cash equivalents	45,941	8,105	67,962	11,023
Accounts receivable, less allowance for doubtful accounts	91	1,409
Inventory	0	0
Prepaid and other current assets	4,863	2,009
Total current assets	50,895	11,523
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	480	433
INVESTMENT IN SUBSIDIARIES	2,268,652	2,053,911
INTERCOMPANY NOTES RECEIVABLE	21,928	21,500
OTHER ASSETS	17,801	18,369
TOTAL ASSETS	2,359,756	2,105,736
CURRENT LIABILITIES
Accounts payable	3,517	2,810
Current maturities of long-term debt	30,000	129,706
Accrued taxes	14	11
Accrued payroll and benefits	2,476	3,253
Accrued interest	2,493	2,517
Other current liabilities	11,990	1,073
Total current liabilities	50,490	139,370
LONG-TERM DEBT	115,972	31,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	34,081	34,161
OTHER NON-CURRENT LIABILITIES	6,615	6,436
INTERCOMPANY PAYABLE	636,190	431,466
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,516,408	1,463,303
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,516,408	1,463,303
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,359,756	2,105,736
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member]
CURRENT ASSETS
Cash and cash equivalents	40,325	51,235	114,918	58,440
Accounts receivable, less allowance for doubtful accounts	19,353	22,609
Inventory	13,362	8,383
Prepaid and other current assets	16,359	17,736
Total current assets	89,399	99,963
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,086,729	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	69,726	77,433
NET PROPERTY, PLANT AND EQUIPMENT	5,954	6,273
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	37,401	45,639
TOTAL ASSETS	2,289,209	2,317,809
CURRENT LIABILITIES
Accounts payable	18,879	17,401
Current maturities of long-term debt	0	0
Accrued taxes	15,797	11,394
Accrued payroll and benefits	2,120	3,137
Accrued interest	35,499	31,281
Other current liabilities	19,624	24,784
Total current liabilities	91,919	87,997
LONG-TERM DEBT	236,381	265,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	(685)	(684)
OTHER NON-CURRENT LIABILITIES	14,225	14,200
INTERCOMPANY PAYABLE	(254,315)	(153,754)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,128,525	2,017,520
Noncontrolling interest	73,159	86,681
TOTAL SHAREHOLDERS’ EQUITY	2,201,684	2,104,201
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,289,209	2,317,809
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid and other current assets	0	0
Total current assets	0	0
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN SUBSIDIARIES	(3,785,060)	(3,517,214)
INTERCOMPANY NOTES RECEIVABLE	(274,743)	(269,733)
OTHER ASSETS	0	0
TOTAL ASSETS	(4,059,803)	(3,786,947)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt	0	0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	(32,995)	(28,412)
Other current liabilities	0	0
Total current liabilities	(32,995)	(28,412)
LONG-TERM DEBT	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(381,875)	(277,712)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(3,644,933)	(3,480,823)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(3,644,933)	(3,480,823)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ (4,059,803)	$ (3,786,947)

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 28,200	$ 28,540
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	135,700	79,400
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	23,828	27,419
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 129,352	$ 161,968

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CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) - Jun. 30, 2015 - USD ($)	Total
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member]
Debt Instrument [Line Items]
Issuance date	August 2009
Face amount	$ 172,500,000
Stated interest rate	4.50%
Maturity date	August 2015
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Issuance date	March 2012
Face amount	$ 325,000,000
Stated interest rate	3.75%
Maturity date	2022

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BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reclassifications

Reclassifications

Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These adjustments are reflected in the June 30, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented.

Certain 2014 amounts have also been adjusted for reclassification of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations.

The Consolidated Statement of Cash Flow for the six months ended June 30, 2014 has not been restated to exclude Performance Fibers cash flows.

See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business.

New Accounting Standards

New Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In July 2015, the FASB approved a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is required to be applied on a retrospective basis. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015-03 in the Company’s first quarter 2016 Form 10-Q filing and does not expect adoption to have a material impact on the consolidated financial statements.

     In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015–07 in the Company’s first quarter 2016 Form 10-Q filing and does not expect adoption to have a material impact on the consolidated financial statements.

Subsequent Events

Subsequent Events

Quarterly Dividend

On July 20, 2015, the Company announced a third quarter dividend of 25 cents per share payable September 30, 2015, to shareholders of record on September 16, 2015.

Debt Refinancing and Recapitalization of New Zealand JV

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture.

Interest Expense Allocated to Discontinued Operations

In accordance with Accounting Standards Codification (“ASC”) 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business.  Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Timber and Real Estate operations).

Segment Reporting

Sales between operating segments are made based on estimated fair market value. Intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) 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

Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in New Zealand is partially or completely liquidated. 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.

Derivatives, Offsetting Fair Value Amounts

Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

Fair Value

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.

Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments:

Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.

Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.

Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.

Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

Consolidation Financial Statements

The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries.

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INCOME TAXES - Provision for Income Taxes from Discontinued Operations Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Loss Carryforwards [Line Items]
Income tax expense related to discontinued operations	$ 0	$ 5,966	$ 0	$ 21,231
Performance Fibers business [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense related to discontinued operations		$ 5,966		$ 21,231

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DISCONTINUED OPERATIONS - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense	$ 0	$ (5,966)	$ 0	$ (21,231)
Income from discontinued operations, net	$ 0	12,084	$ 0	43,092
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales		212,680		456,180
Cost of sales and other		(174,961)		(368,868)
Transaction expenses		(19,669)		(22,989)
Income from discontinued operations before income taxes		18,050		64,323
Income tax expense		(5,966)		(21,231)
Income from discontinued operations, net		$ 12,084		$ 43,092

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2015 and the year ended December 31, 2014. 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			Unrecognized components of employee benefit plans				Total
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			(a)	36,922
Amounts reclassified from accumulated other comprehensive loss	—			—			(1,716		)	6,108			(b)	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	)
Other comprehensive income/(loss) before reclassifications	(30,456		)	2,019			(3,700		)	—				(32,137		)
Amounts reclassified from accumulated other comprehensive loss	—			—			1,188			1,524			(c)	2,712
Net other comprehensive income/(loss)	(30,456		)	2,019			(2,512		)	1,524				(29,425		)
Balance as of June 30, 2015		($4,923	)		$1,874			($4,060	)		($27,141	)			($34,250	)

(a) 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 at December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.

(b) 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.

(c) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plansfor additional information.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2015 and June 30, 2014:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	June 30, 2015			June 30, 2014
Realized loss (gain) on foreign currency exchange contracts		$1,504			($2,542	)	Other operating income, net
Realized loss (gain) on foreign currency option contracts	1,035			(937		)	Other operating income, net
Noncontrolling interest	(889		)	1,218			Comprehensive (loss) income attributable to noncontrolling interest
Income tax (benefit) expense on loss from foreign currency contracts	(462		)	254			Income tax benefit
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	1,188			(2,007		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	—			843			Income tax expense
Net loss (gain) from accumulated other comprehensive income		$1,188			($1,164	)

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RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary	180 days
Restricted deposits	$ 2.5	$ 6.7

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DEBT - Subsequent Event (Details) NZD in Millions	Aug. 05, 2015 USD ($) advance	Aug. 05, 2015 NZD advance	Aug. 05, 2015 NZD	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Long-term debt				$ 722,353,000	$ 621,849,000
Senior Notes [Member] | Senior Exchangeable Notes due 2015 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 100,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Transaction fees to be repaid	$ 2,000,000
Proceeds for cash and general corporate purposes	$ 12,000,000
Subsequent Event [Member] | New Zealand [Member]
Debt Instrument [Line Items]
Foreign currency exchange rate	1.515		1.515
Subsequent Event [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Floating-rate cost spread	1.25%	1.25%
Subsequent Event [Member] | Line of Credit [Member] | Matariki Forestry Group [Member]
Debt Instrument [Line Items]
Long-term debt | NZD			NZD 235
Related fees and expenses to be repaid | NZD		NZD 7
Subsequent Event [Member] | Line of Credit [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt term	9 years	9 years
Credit facility	$ 350,000,000
All-in fixed rate cost (percent)	3.30%		3.30%
Proceeds intended to borrow for capital infusion	$ 160,000,000
Number of advances provided | advance	2	2
Length of time post-closing to take advances	8 months	8 months
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term	5 years	5 years
Credit facility	$ 200,000,000
Long-term debt	$ 45,000,000
Subsequent Event [Member] | Senior Notes [Member] | Senior Exchangeable Notes due 2015 [Member]
Debt Instrument [Line Items]
Interest rate	4.50%		4.50%
Long-term debt	$ 131,000,000

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GUARANTEES (Details) - Jun. 30, 2015 - USD ($) $ in Thousands		Total
Guarantor Obligations [Line Items]
Maximum Potential Payment		$ 19,715
Carrying Amount of Associated Liability		15,043
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Maximum Potential Payment	[1]	16,685
Carrying Amount of Associated Liability	[1]	15,000
Guarantor Obligations Collateral for Industrial Revenue Bonds		$ 15,000
Guarantor Obligations, Term		various dates during 2015
Guarantees [Member]
Guarantor Obligations [Line Items]
Maximum Potential Payment	[2]	$ 2,254
Carrying Amount of Associated Liability	[2]	$ 43
Variable Interest Entity Recorded Liability For Performance Obligation		de minimis liability
Surety bonds [Member]
Guarantor Obligations [Line Items]
Maximum Potential Payment	[3]	$ 776
Carrying Amount of Associated Liability	[3]	$ 0
Surety Bond [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Term		various dates during 2015 and 2016

[1] 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. These letters of credit will expire at various dates during 2015 and will be renewed as required.

[2] In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

[3] 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 during 2015 and 2016 and are expected to be renewed as required.

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(LOSS) EARNINGS PER COMMON SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share		659,380	3,138,558	1,639,537	3,078,595
Warrants on Senior Exchangeable Notes due 2015 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Strike price of warrants		$ 28.11		$ 28.11
Stock options, performance and restricted shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share	[1]	158,191	507,044	937,236	499,193
Assumed conversion of exchangeable note hedges [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share	[2]	0	2,631,514	702,301	2,579,402
Assumed conversion of Senior Exchangeable Notes due 2015 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share	[1]	501,189	0	0	0

[1] For the three months ended June 30, 2015, the assumed conversion of the 2015 Notes, as well as incremental shares related to stock options, performance shares, and restricted shares, were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.

[2] Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q.

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(LOSS) EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

(Loss) Earnings Per Common Share

(LOSS) EARNINGS PER COMMON SHARE

The following table provides details of the calculations of basic and diluted (loss) earnings per common share:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
(Loss) income from continuing operations		($2,860	)		$4,024			$15,320			$14,359
Less: Net (loss) from continuing operations attributable to noncontrolling interest	(1,324		)	(245		)	(891		)	(328		)
(Loss) income from continuing operations attributable to Rayonier Inc.		($1,536	)		$4,269			$16,211			$14,687
Income from discontinued operations, net, attributable to Rayonier Inc.	—				$12,084		—			43,092
Net (loss) income attributable to Rayonier Inc.		($1,536	)		$16,353			$16,211			$57,779
Shares used for determining basic (loss) earnings per common share	126,635,710			126,434,376			126,625,081			126,390,891
Dilutive effect of:
Stock options	—			293,213			146,754			296,768
Performance and restricted shares	—			201,956			30,515			194,995
Assumed conversion of Senior Exchangeable Notes (a)	—			2,631,514			702,301			2,579,402
Assumed conversion of warrants (a)	—			2,738,606			—			2,656,633
Shares used for determining diluted (loss) earnings per common share	126,635,710			132,299,665			127,504,651			132,118,689
Basic (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.01	)		$0.03			$0.13			$0.12
Discontinued operations	—			0.10			—			0.34
Net (loss) income		($0.01	)		$0.13			$0.13			$0.46
Diluted (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.01	)		$0.03			$0.13			$0.11
Discontinued operations	—			0.09			—			0.33
Net (loss) income		($0.01	)		$0.12			$0.13			$0.44

	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
Stock options, performance and restricted shares (b)	158,191	507,044	937,236	499,193
Assumed conversion of exchangeable note hedges (a)	—	2,631,514	702,301	2,579,402
Assumed conversion of Senior Exchangeable Notes due 2015 (b)	501,189	—	—	—
Total	659,380	3,138,558	1,639,537	3,078,595

(a)     Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period.

Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debtin the 2014 Form 10-K and Note 15 — Debtof this Form 10-Q.

(b)    For the three months ended June 30, 2015, the assumed conversion of the 2015 Notes, as well as incremental shares related to stock options, performance shares, and restricted shares, were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.

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CONTINGENCIES (Details)	Jan. 09, 2015 claim plaintiff	Nov. 10, 2014 claim
Commitments and Contingencies Disclosure [Abstract]
Number of claims filed	5	5
Number of consolidated claims filed	1
Number of lead plaintiffs | plaintiff	2

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DISCONTINUED OPERATIONS - Interest Expense Allocated to Discontinued Operations (Details) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense allocated to the Performance Fibers business	$ (1,910)	$ (4,205)

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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Schedule of Costs for Land, Timber and Real Estate Development

An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to June 30, 2015 is shown below:

	Higher and Better Use Timberlands and Real Estate Development Costs
	Land and Timber			Development Costs			Total
Non-current portion at December 31, 2014		$65,959			$11,474			$77,433
Plus: Current portion (a)	4,875			57			4,932
Total Balance at December 31, 2014	70,834			11,531			82,365
Non-cash cost of land sold and real estate development costs recovered upon sale	(4,205		)	(57		)	(4,262		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,340		)	—			(1,340		)
Capitalized real estate development costs (b)	—			926			926
Capital expenditures (silviculture)	100			—			100
Acquisitions	—			—			—
Transfers	—			—			—
Other	—			(28		)	(28		)
Total Balance at June 30, 2015	65,389			12,372			77,761
Less: Current portion (a)	(7,488		)	(547		)	(8,035		)
Non-current portion at June 30, 2015		$57,901			$11,825			$69,726

(a) The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information.

(b) Capitalized real estate development costs for the six months ended June 30, 2015 of $926,000 consisted of $578,000 in cash outflows and a $348,000 change in accrued spending.

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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented:

	Three Months Ended June 30,
	2015					2014
Income tax (benefit) expense at federal statutory rate		($1,105	)	35.0	%		$6,153		35.0	%
REIT income and taxable losses	1,077			(34.1	)	(5,625		)	(32.0	)
Foreign operations	101			(3.2	)	(728		)	(4.1	)
Net operating loss valuation allowance	(216		)	6.9		—			—
Non-deductible real estate losses	—			—		590			3.4
Other	(153		)	4.8		119			0.6
Income tax (benefit) expense before discrete items		($296	)	9.4	%		$509		2.9	%
CBPC valuation allowance	—			—		15,574			88.7
Spin-off related costs	—			—		797			4.5
Deferred tax inventory valuations	—			—		(3,293		)	(18.7	)
Other	—			—		(31		)	(0.3	)
Income tax (benefit) expense as reported for continuing operations		($296	)	9.4	%		$13,556		77.1	%

	Six Months Ended June 30,
	2015					2014
Income tax expense at federal statutory rate		$5,093		35.0	%		$7,112		35.0	%
REIT income and taxable losses	(6,894		)	(47.4	)	(13,823		)	(69.3	)
Foreign operations	(645		)	(4.4	)	(841		)	(0.3	)
Net operating loss valuation allowance	1,386			9.5		—			—
Non-deductible real estate losses	—			—		681			1.2
Other	292			2.0		138			0.3
Income tax benefit before discrete items		($768	)	(5.3	)%		($6,733	)	(33.1	)%
CBPC valuation allowance	—			—		15,574			76.6
Spin-off related costs	—			—		797			3.9
Deferred tax inventory valuations	—			—		(3,293		)	(16.2	)
Other	—			—		(384		)	(1.9	)
Income tax (benefit) expense as reported for continuing operations		($768	)	(5.3	)%		$5,961		29.3	%

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other comprehensive (loss) income [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ (1,621)	$ (818)	$ (2,308)	$ 669
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other comprehensive (loss) income [Member] | Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	2,173	0	3,107	0
Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other comprehensive (loss) income [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(2,658)	(504)	(3,339)	221
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other operating (income) expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	0	0	0	25
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other operating (income) expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	546	0	546	7
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Interest and miscellaneous (expense) income, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	1,417	729	3,273	1,862
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Cost of sales (benefit) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	$ 0	$ (92)	$ 0	$ 225

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DISCONTINUED OPERATIONS - Depreciation, Amortization, and Capital Expenditures (Details) - Jun. 30, 2014 - Performance Fibers business [Member] - USD ($) $ in Thousands	Total	Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 17,336	$ 37,985
Capital expenditures	$ 29,880	$ 47,050

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SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

An analysis of shareholders’ equity for the six months ended June 30, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands):

	Rayonier Inc. Shareholders’ Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares (a)		Amount
Balance, December 31, 2013	126,257,870			$692,100			$1,015,209			($46,139	)		$94,073			$1,755,243
Net income (loss)	—		—			99,337			—			(1,491		)	97,846
Dividends ($2.03 per share)	—		—			(256,861		)	—			—			(256,861		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,318		)	80,749			—			19,130
Adjustments to Rayonier Advanced Materials (b)	—		—			(5,670		)	(2,556		)	—			(8,226		)
Issuance of shares under incentive stock plans	561,701		5,579			—			—			—			5,579
Stock-based compensation	—		7,869			—			—			—			7,869
Tax deficiency on stock-based compensation	—		(791		)	—			—			—			(791		)
Repurchase of common shares	(46,474	)	(1,858		)	—			—			—			(1,858		)
Net loss from pension and postretirement plans	—		—			—			(24,147		)	—			(24,147		)
Noncontrolling interest redemption of shares	—		—			—			—			(931		)	(931		)
Foreign currency translation adjustment	—		—			—			(11,526		)	(4,321		)	(15,847		)
Joint venture cash flow hedges	—		—			—			(1,206		)	(649		)	(1,855		)
Balance, December 31, 2014	126,773,097			$702,598			$790,697			($4,825	)		$86,681			$1,575,151
Net income (loss)	—		—			16,211			—			(891		)	15,320
Dividends ($0.50 per share)	—		—			(63,380		)	—			—			(63,380		)
Issuance of shares under incentive stock plans	134,448		718			—			—			—			718
Stock-based compensation	—		2,588			—			—			—			2,588
Tax deficiency on stock-based compensation	—		(272		)	—			—			—			(272		)
Repurchase of common shares (c) (d)	(415,484	)	(10,797		)	—			—			—			(10,797		)
Net gain from pension and postretirement plans	—		—			—			1,524			—			1,524
Foreign currency translation adjustment	—		—			—			(28,438		)	(11,279		)	(39,717		)
Joint venture cash flow hedges	—		—			—			(2,511		)	(1,352		)	(3,863		)
Balance, June 30, 2015	126,492,061			$694,835			$743,528			($34,250	)		$73,159			$1,477,272

(a) The Company’s common shares are registered in North Carolina and have a $0.00 par value.

(b) Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.

(c) During the second quarter the Company repurchased approximately $10.7 million of common stock at an average price of $25.94 per share. As of June 30, 2015, the Company had 126.5 million shares of common stock outstanding and $89.3 million remaining in its share repurchase authorization announced in June 2015.

(d) Includes shares of the Company’s common stock purchased from employees in non-open market transactions. The shares of stock were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of restricted stock awards under the Company’s stock incentive plan. The price per share surrendered is based on the closing price of the company’s stock on the respective vesting dates of the awards.

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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
SALES	2015		2014			2015		2014
Southern Timber		$32,681		$31,525			$68,212		$65,402
Pacific Northwest Timber	17,102		25,053			36,256		58,090
New Zealand Timber	39,223		44,543			80,417		82,307
Real Estate	6,945		34,017			30,736		39,547
Trading	19,850		29,224			40,485		64,910
Intersegment Eliminations	—		(1,217		)	—		(3,924		)
Total		$115,801		$163,145			$256,106		$306,332

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME	2015			2014			2015			2014
Southern Timber		$11,777			$8,886			$24,190			$19,379
Pacific Northwest Timber	1,687			8,785			4,275			21,427
New Zealand Timber	(945		)	2,249			4,749			4,660
Real Estate	1,421			27,764			14,003			28,489
Trading	(84		)	(132		)	186			(544		)
Corporate and other	(7,333		)	(9,975		)	(13,133		)	(21,408		)
Total Operating Income		$6,523			$37,577		34,270			52,003
Unallocated interest expense and other	(9,679		)		($19,997	)	(19,718		)	(31,683		)
Total (loss) income from continuing operations before income taxes		($3,156	)		$17,580			$14,552			$20,320

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$12,650		$10,709		$26,951		$22,705
Pacific Northwest Timber	2,941		5,194		6,731		11,492
New Zealand Timber	7,183		7,669		15,186		14,163
Real Estate	1,006		6,422		4,818		7,333
Trading	—		—		—		—
Corporate and other	70		341		140		623
Total		$23,850		$30,335		$53,826		$56,316

	Three Months Ended June 30,					Six Months Ended June 30,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014			2015		2014
Southern Timber	—		—			—		—
Pacific Northwest Timber	—		—			—		—
New Zealand Timber	—		(2		)	—		2,096
Real Estate	1,191		2,324			4,938		3,302
Trading	—		—			—		—
Corporate and other	—		—			—		—
Total		$1,191		$2,322			$4,938		$5,398

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DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Spin-Off of the Performance Fibers Business

On June 27, 2014, Rayonier completed the tax-free spin-off of its Performance Fibers business and retained its timber, real estate and trading businesses. The spin-off resulted in two independent, publicly-traded companies, with the Performance Fibers business being spun-off to Rayonier shareholders as a newly formed public company named Rayonier Advanced Materials Inc. (“Rayonier Advanced Materials”). On June 27, 2014, the shareholders of record received one share of Rayonier Advanced Materials common stock for every three common shares of Rayonier held as of the close of business on the record date of June 18, 2014.

In connection with the spin-off, Rayonier Advanced Materials distributed $906.2 million in cash to Rayonier from $550 million in Senior Notes issued by Rayonier A.M. Products (a wholly-owned subsidiary of Rayonier Advanced Materials), $325 million in term loans, and $75 million from a revolving credit facility Rayonier Advanced Materials entered into prior to the spin-off. Pursuant to the terms of the Internal Revenue Service spin-off ruling, $75 million of this cash was paid to Rayonier’s shareholders as dividends. Of this $75 million, $63.2 million was paid to shareholders as a special dividend in the third quarter of 2014.

In order to effect the spin-off and govern the Company’s relationship with Rayonier Advanced Materials after the spin-off, Rayonier and Rayonier Advanced Materials entered into a Separation and Distribution Agreement, an Intellectual Property Agreement, a Tax Sharing Agreement, an Employee Matters Agreement and a Transition Services Agreement. See Note 3 — Discontinued Operations in the 2014 Form 10-K for further details concerning these agreements.

Rayonier will not have significant continuing involvement in the operations of the Performance Fibers business going forward. Accordingly, the operating results of the Performance Fibers business, formerly disclosed as a separate reportable segment, are classified as discontinued operations in the Company's Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for all periods presented. Certain administrative and general costs historically allocated to the Performance Fibers segment are reported in continuing operations, as required.

The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three and six months ended June 30, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Sales		$212,680			$456,180
Cost of sales and other	(174,961		)	(368,868		)
Transaction expenses	(19,669		)	(22,989		)
Income from discontinued operations before income taxes	18,050			64,323
Income tax expense	(5,966		)	(21,231		)
Income from discontinued operations, net		$12,084			$43,092

In accordance with Accounting Standards Codification (“ASC”) 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business.  Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Timber and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the three and six months ended June 30, 2014:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Interest expense allocated to the Performance Fibers business		($1,910	)		($4,205	)

The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Depreciation and amortization		$17,336		$37,985
Capital expenditures	29,880		47,050

Pursuant to a Memorandum of Understanding agreement, Rayonier may provide Rayonier Advanced Materials with up to 120,000 tons of hardwood annually through July 30, 2017. Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Hardwood purchases		$1,190		$3,935

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the six months ended June 30, 2015 and 2014.

		Three Months Ended June 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($1,621	)		($818	)
Foreign currency option contracts	Other comprehensive (loss) income	(2,658		)	(504		)
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income		$2,173		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			—
Foreign currency option contracts	Other operating (income) expense	546			—
Interest rate swaps	Interest income and miscellaneous expense, net	(1,417		)	(729		)
Fuel hedge contracts	Cost of sales (benefit)	—			(92		)

		Six Months Ended June 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($2,308	)		$669
Foreign currency option contracts	Other comprehensive (loss) income	(3,339		)	221
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	3,107			—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			25
Foreign currency option contracts	Other operating (income) expense	546			7
Interest rate swaps	Interest and miscellaneous (expense) income, net	(3,273		)	(1,862		)
Fuel hedge contracts	Cost of sales (benefit)	—			225

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Notional Amount
	June 30, 2015		December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$28,200		$28,540
Foreign currency option contracts	135,700		79,400
Derivative designated as a net investment hedge:
Foreign currency exchange contract	23,828		27,419
Derivatives not designated as hedging instruments:
Interest rate swaps	129,352		161,968

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		June 30, 2015			December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	—				$132
	Other assets	—			59
	Other current liabilities	(2,197		)	(272		)
	Other non-current liabilities	(639		)	—
Foreign currency option contracts	Prepaid and other current assets	—			299
	Other assets	—			198
	Other current liabilities	(3,614		)	(1,439		)
	Other non-current liabilities	(653		)	(196		)
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Prepaid and other current assets	2,884			—
	Other current liabilities	—			(223		)
Derivatives not designated as hedging instruments:
Interest rate swaps	Other non-current liabilities	(8,271		)	(7,247		)
Total derivative contracts:
Prepaid and other current assets			$2,884			$431
Other assets		—			257
Total derivative assets		2,884			688
Other current liabilities		(5,811		)	(1,934		)
Other non-current liabilities		(9,563		)	(7,443		)
Total derivative liabilities			($15,374	)		($9,377	)

(a) See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

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BASIS OF PRESENTATION (Details) - $ / shares		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 20, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.25	$ 0.49	$ 0.50	$ 0.98	$ 2.03
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.25

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SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended			12 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ 1,575,151		$ 1,755,243	$ 1,755,243
Net income (loss)		$ (2,860)	$ 16,108	15,320		57,451	97,846
Dividends ($0.50 and $2.03 per share for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively)				(63,380)			(256,861)
Contribution to Rayonier Advanced Materials							19,130
Adjustments to Rayonier Advanced Materials	[1]						(8,226)
Issuance of shares under incentive stock plans				718			5,579
Stock-based compensation				2,588			7,869
Tax deficiency on stock-based compensation				(272)			(791)
Repurchase of common shares				(10,797)	[2],[3]		(1,858)
Net gain (loss) from pension and postretirement plans				1,524			(24,147)
Noncontrolling interest redemption of shares							(931)
Foreign currency translation adjustment		(25,395)	3,517	(39,717)		21,320	(15,847)
Joint venture cash flow hedges		(2,917)	$ (920)	(3,863)		$ 791	(1,855)
Ending balance		$ 1,477,272		$ 1,477,272			$ 1,575,151
Dividends [Abstract]
Dividends declared per share		$ 0.25	$ 0.49	$ 0.50		$ 0.98	$ 2.03
Average price of common stock repurchased (in dollars per share)		$ 25.94
Number of common shares outstanding		126,492,061		126,492,061			126,773,097
Remaining share repurchase authorization amount		$ 89,300		$ 89,300
Common Shares [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	[4]			126,773,097		126,257,870	126,257,870
Beginning balance				$ 702,598		$ 692,100	$ 692,100
Contribution to Rayonier Advanced Materials							$ (301)
Issuance of shares under incentive stock plan (in shares)	[4]			134,448			561,701
Issuance of shares under incentive stock plans				$ 718			$ 5,579
Stock-based compensation				2,588			7,869
Tax deficiency on stock-based compensation				$ (272)			$ (791)
Repurchase of common shares (in shares)	[4]			(415,484)	[2],[3]		(46,474)
Repurchase of common shares				$ (10,797)	[2],[3]		$ (1,858)
Ending balance (in shares)	[4]	126,492,061		126,492,061			126,773,097
Ending balance		$ 694,835		$ 694,835			$ 702,598
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				790,697		1,015,209	1,015,209
Net income (loss)				16,211			99,337
Dividends ($0.50 and $2.03 per share for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively)				(63,380)			(256,861)
Contribution to Rayonier Advanced Materials							(61,318)
Adjustments to Rayonier Advanced Materials	[1]						(5,670)
Ending balance		743,528		743,528			790,697
Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(4,825)		(46,139)	(46,139)
Contribution to Rayonier Advanced Materials							80,749
Adjustments to Rayonier Advanced Materials	[1]						(2,556)
Net gain (loss) from pension and postretirement plans				1,524			(24,147)
Foreign currency translation adjustment				(28,438)			(11,526)
Joint venture cash flow hedges				(2,511)			(1,206)
Ending balance		(34,250)		(34,250)			(4,825)
Non-controlling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				86,681		$ 94,073	94,073
Net income (loss)				(891)			(1,491)
Noncontrolling interest redemption of shares							(931)
Foreign currency translation adjustment				(11,279)			(4,321)
Joint venture cash flow hedges				(1,352)			(649)
Ending balance		73,159		$ 73,159			$ 86,681
Common Shares [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares		$ (10,700)
NORTH CAROLINA [Member]
Dividends [Abstract]
Par value (in dollars per share)		$ 0		$ 0

[1] Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.

[2] During the second quarter the Company repurchased approximately $10.7 million of common stock at an average price of $25.94 per share. As of June 30, 2015, the Company had 126.5 million shares of common stock outstanding and $89.3 million remaining in its share repurchase authorization announced in June 2015.

[3] Includes shares of the Company’s common stock purchased from employees in non-open market transactions. The shares of stock were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of restricted stock awards under the Company’s stock incentive plan. The price per share surrendered is based on the closing price of the company’s stock on the respective vesting dates of the awards.

[4] The Company’s common shares are registered in North Carolina and have a $0.00 par value.

XML

CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Statement [Abstract]
SALES	$ 115,801	$ 163,145	$ 256,106	$ 306,332
Cost of sales	103,689	123,096	210,923	238,995
Selling and general expenses	12,727	13,861	23,626	27,098
Other operating expense (income), net	(7,138)	(11,389)	(12,713)	(11,764)
Costs and Expenses, Total	109,278	125,568	221,836	254,329
OPERATING INCOME	6,523	37,577	34,270	52,003
Interest expense	(8,483)	(15,612)	(17,027)	(26,286)
Interest and miscellaneous income (expense), net	(1,196)	(4,385)	(2,691)	(5,397)
Equity in (loss) income from subsidiaries	0	0	0	0
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(3,156)	17,580	14,552	20,320
Income tax (expense) benefit	296	(13,556)	768	(5,961)
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,860)	4,024	15,320	14,359
Income from discontinued operations, net	0	12,084	0	43,092
NET (LOSS) INCOME	(2,860)	16,108	15,320	57,451	$ 97,846
Less: Net loss attributable to noncontrolling interest	(1,324)	(245)	(891)	(328)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536)	16,353	16,211	57,779
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(25,395)	3,517	(39,717)	21,320	(15,847)
New Zealand joint venture cash flow hedges	(2,917)	(920)	(3,863)	791	$ (1,855)
Amortization of pension and postretirement plans, net of income tax	743	58,873	1,524	60,970
Total other comprehensive (loss) income	(27,569)	61,470	(42,056)	83,081
COMPREHENSIVE (LOSS) INCOME	(30,429)	77,578	(26,736)	140,532
Less: Comprehensive (loss) income attributable to noncontrolling interest	(9,731)	297	(13,522)	5,722
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(20,698)	77,281	(13,214)	134,810
Rayonier Inc. (Parent Guarantor) [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	(3,169)	(3,196)	(6,337)	(6,389)
Interest and miscellaneous income (expense), net	1,871	2,733	3,807	5,431
Equity in (loss) income from subsidiaries	(238)	16,814	18,741	58,737
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536)	16,351	16,211	57,779
Income tax (expense) benefit	0	0	0	0
(LOSS) INCOME FROM CONTINUING OPERATIONS		16,351		57,779
Income from discontinued operations, net		0		0
NET (LOSS) INCOME	(1,536)	16,351	16,211	57,779
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536)	16,351	16,211	57,779
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(18,008)	2,653	(28,438)	15,547
New Zealand joint venture cash flow hedges	(1,896)	(598)	(2,511)	514
Amortization of pension and postretirement plans, net of income tax	743	58,873	1,524	60,970
Total other comprehensive (loss) income	(19,161)	60,928	(29,425)	77,031
COMPREHENSIVE (LOSS) INCOME	(20,697)	77,279	(13,214)	134,810
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(20,697)	77,279	(13,214)	134,810
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	6,330	2,394	11,279	4,544
Other operating expense (income), net	(461)	1,573	(461)	3,948
Costs and Expenses, Total	5,869	3,967	10,818	8,492
OPERATING INCOME	(5,869)	(3,967)	(10,818)	(8,492)
Interest expense	(131)	(225)	(223)	(468)
Interest and miscellaneous income (expense), net	817	(3,003)	1,654	(2,189)
Equity in (loss) income from subsidiaries	4,966	23,549	28,149	70,049
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(217)	16,354	18,762	58,900
Income tax (expense) benefit	(21)	460	(21)	(163)
(LOSS) INCOME FROM CONTINUING OPERATIONS		16,814		58,737
Income from discontinued operations, net		0		0
NET (LOSS) INCOME	(238)	16,814	18,741	58,737
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(238)	16,814	18,741	58,737
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(18,008)	2,653	(28,438)	15,547
New Zealand joint venture cash flow hedges	(1,896)	(598)	(2,511)	514
Amortization of pension and postretirement plans, net of income tax	743	58,873	1,524	60,970
Total other comprehensive (loss) income	(19,161)	60,928	(29,425)	77,031
COMPREHENSIVE (LOSS) INCOME	(19,399)	77,742	(10,684)	135,768
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(19,399)	77,742	(10,684)	135,768
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	(2,409)	(10,982)	(4,841)	(17,672)
Interest and miscellaneous income (expense), net	(137)	(1,098)	(281)	(2,145)
Equity in (loss) income from subsidiaries	2,796	(54,081)	4,223	(22,951)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	250	(66,161)	(899)	(42,768)
Income tax (expense) benefit	948	4,409	1,908	7,233
(LOSS) INCOME FROM CONTINUING OPERATIONS		(61,752)		(35,535)
Income from discontinued operations, net		0		0
NET (LOSS) INCOME	1,198	(61,752)	1,009	(35,535)
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	1,198	(61,752)	1,009	(35,535)
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(74)	513	(926)	1,279
New Zealand joint venture cash flow hedges	(1,896)	(598)	(2,511)	514
Amortization of pension and postretirement plans, net of income tax	(5)	92,714	15	94,334
Total other comprehensive (loss) income	(1,975)	92,629	(3,422)	96,127
COMPREHENSIVE (LOSS) INCOME	(777)	30,877	(2,413)	60,592
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(777)	30,877	(2,413)	60,592
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member]
Income Statement [Abstract]
SALES	115,801	163,145	256,106	306,332
Cost of sales	103,689	123,096	210,923	238,995
Selling and general expenses	6,397	11,467	12,347	22,554
Other operating expense (income), net	(6,677)	(12,962)	(12,252)	(15,712)
Costs and Expenses, Total	103,409	121,601	211,018	245,837
OPERATING INCOME	12,392	41,544	45,088	60,495
Interest expense	(2,774)	(1,209)	(5,626)	(1,757)
Interest and miscellaneous income (expense), net	(3,747)	(3,017)	(7,871)	(6,494)
Equity in (loss) income from subsidiaries	0	0	0	0
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	5,871	37,318	31,591	52,244
Income tax (expense) benefit	(631)	(18,425)	(1,119)	(13,031)
(LOSS) INCOME FROM CONTINUING OPERATIONS		18,893		39,213
Income from discontinued operations, net		12,084		43,092
NET (LOSS) INCOME	5,240	30,977	30,472	82,305
Less: Net loss attributable to noncontrolling interest	(1,324)	(245)	(891)	(328)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	6,564	31,222	31,363	82,633
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(25,395)	3,517	(39,718)	21,312
New Zealand joint venture cash flow hedges	(2,917)	(920)	(3,863)	791
Amortization of pension and postretirement plans, net of income tax	(5)	92,714	15	94,334
Total other comprehensive (loss) income	(28,317)	95,311	(43,566)	116,437
COMPREHENSIVE (LOSS) INCOME	(23,077)	126,288	(13,094)	198,742
Less: Comprehensive (loss) income attributable to noncontrolling interest	(9,730)	297	(13,522)	5,722
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(13,347)	125,991	428	193,020
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	0	0	0	0
Interest and miscellaneous income (expense), net	0	0	0	0
Equity in (loss) income from subsidiaries	(7,524)	13,718	(51,113)	(105,835)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(7,524)	13,718	(51,113)	(105,835)
Income tax (expense) benefit	0	0	0	0
(LOSS) INCOME FROM CONTINUING OPERATIONS		13,718		(105,835)
Income from discontinued operations, net		0		0
NET (LOSS) INCOME	(7,524)	13,718	(51,113)	(105,835)
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(7,524)	13,718	(51,113)	(105,835)
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	36,090	(5,819)	57,803	(32,365)
New Zealand joint venture cash flow hedges	5,688	1,794	7,533	(1,542)
Amortization of pension and postretirement plans, net of income tax	(733)	(244,301)	(1,554)	(249,638)
Total other comprehensive (loss) income	41,045	(248,326)	63,782	(283,545)
COMPREHENSIVE (LOSS) INCOME	33,521	(234,608)	12,669	(389,380)
Less: Comprehensive (loss) income attributable to noncontrolling interest	(1)	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	33,522	(234,608)	12,669	(389,380)
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	6,330	2,394	11,279	4,544
Other operating expense (income), net	(461)	1,573	(461)	3,948
Costs and Expenses, Total	5,869	3,967	10,818	8,492
OPERATING INCOME	(5,869)	(3,967)	(10,818)	(8,492)
Interest expense	(2,540)	(11,207)	(5,064)	(18,140)
Interest and miscellaneous income (expense), net	680	(4,101)	1,373	(4,334)
Equity in (loss) income from subsidiaries	6,564	31,220	31,363	82,633
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,165)	11,945	16,854	51,667
Income tax (expense) benefit	927	4,869	1,887	7,070
(LOSS) INCOME FROM CONTINUING OPERATIONS		16,814		58,737
Income from discontinued operations, net		0		0
NET (LOSS) INCOME	(238)	16,814	18,741	58,737
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(238)	16,814	18,741	58,737
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(18,008)	2,655	(28,438)	15,547
New Zealand joint venture cash flow hedges	(1,896)	(598)	(2,511)	514
Amortization of pension and postretirement plans, net of income tax	743	58,873	1,524	60,970
Total other comprehensive (loss) income	(19,161)	60,930	(29,425)	77,031
COMPREHENSIVE (LOSS) INCOME	(19,399)	77,744	(10,684)	135,768
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(19,399)	77,744	(10,684)	135,768
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member]
Income Statement [Abstract]
SALES	115,801	163,145	256,106	306,332
Cost of sales	103,689	123,096	210,923	238,995
Selling and general expenses	6,397	11,467	12,347	22,554
Other operating expense (income), net	(6,677)	(12,962)	(12,252)	(15,712)
Costs and Expenses, Total	103,409	121,601	211,018	245,837
OPERATING INCOME	12,392	41,544	45,088	60,495
Interest expense	(2,774)	(1,209)	(5,626)	(1,757)
Interest and miscellaneous income (expense), net	(3,747)	(3,017)	(7,871)	(6,494)
Equity in (loss) income from subsidiaries	0	0	0	0
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	5,871	37,318	31,591	52,244
Income tax (expense) benefit	(631)	(18,425)	(1,119)	(13,031)
(LOSS) INCOME FROM CONTINUING OPERATIONS		18,893		39,213
Income from discontinued operations, net		12,084		43,092
NET (LOSS) INCOME	5,240	30,977	30,472	82,305
Less: Net loss attributable to noncontrolling interest	(1,324)	(245)	(891)	(328)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	6,564	31,222	31,363	82,633
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(25,395)	3,517	(39,718)	21,312
New Zealand joint venture cash flow hedges	(2,917)	(920)	(3,863)	791
Amortization of pension and postretirement plans, net of income tax	(5)	92,714	15	94,334
Total other comprehensive (loss) income	(28,317)	95,311	(43,566)	116,437
COMPREHENSIVE (LOSS) INCOME	(23,077)	126,288	(13,094)	198,742
Less: Comprehensive (loss) income attributable to noncontrolling interest	(9,730)	297	(13,522)	5,722
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(13,347)	125,991	428	193,020
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	0	0	0	0
Interest and miscellaneous income (expense), net	0	0	0	0
Equity in (loss) income from subsidiaries	(6,326)	(48,034)	(50,104)	(141,370)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(6,326)	(48,034)	(50,104)	(141,370)
Income tax (expense) benefit	0	0	0	0
(LOSS) INCOME FROM CONTINUING OPERATIONS		(48,034)		(141,370)
Income from discontinued operations, net		0		0
NET (LOSS) INCOME	(6,326)	(48,034)	(50,104)	(141,370)
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(6,326)	(48,034)	(50,104)	(141,370)
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	36,016	(5,308)	56,877	(31,086)
New Zealand joint venture cash flow hedges	3,792	1,196	5,022	(1,028)
Amortization of pension and postretirement plans, net of income tax	(738)	(151,587)	(1,539)	(155,304)
Total other comprehensive (loss) income	39,070	(155,699)	60,360	(187,418)
COMPREHENSIVE (LOSS) INCOME	32,744	(203,733)	10,256	(328,788)
Less: Comprehensive (loss) income attributable to noncontrolling interest	(1)	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 32,745	$ (203,733)	$ 10,256	$ (328,788)

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Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
SALES	$ 115,801	$ 163,145	$ 256,106	$ 306,332
Costs and Expenses
Cost of sales	103,689	123,096	210,923	238,995
Selling and general expenses	12,727	13,861	23,626	27,098
Other operating income, net (Note 17)	(7,138)	(11,389)	(12,713)	(11,764)
Costs and Expenses, Total	109,278	125,568	221,836	254,329
OPERATING INCOME	6,523	37,577	34,270	52,003
Interest expense	(8,483)	(15,612)	(17,027)	(26,286)
Interest income and miscellaneous expense, net	(1,196)	(4,385)	(2,691)	(5,397)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(3,156)	17,580	14,552	20,320
Income tax benefit (expense)	296	(13,556)	768	(5,961)
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,860)	4,024	15,320	14,359
DISCONTINUED OPERATIONS, NET (Note 2)
Income from discontinued operations, net of income tax expense of $0, $5,966, $0 and $21,231	0	12,084	0	43,092
NET (LOSS) INCOME	(2,860)	16,108	15,320	57,451	$ 97,846
Less: Net loss attributable to noncontrolling interest	(1,324)	(245)	(891)	(328)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536)	16,353	16,211	57,779
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax expense of $732, $0, $1,074 and $0	(25,395)	3,517	(39,717)	21,320	(15,847)
New Zealand joint venture cash flow hedges, net of income tax benefit (expense) of $1,133, $401, $1,501 and ($100)	(2,917)	(920)	(3,863)	791	$ (1,855)
Amortization of pension and postretirement plans, net of income tax expense of $179, $35,944, $337 and $36,875	743	58,873	1,524	60,970
Total other comprehensive (loss) income	(27,569)	61,470	(42,056)	83,081
COMPREHENSIVE (LOSS) INCOME	(30,429)	77,578	(26,736)	140,532
Less: Comprehensive (loss) income attributable to noncontrolling interest	(9,731)	297	(13,522)	5,722
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	$ (20,698)	$ 77,281	$ (13,214)	$ 134,810
BASIC (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations (in dollars per share)	$ (0.01)	$ 0.03	$ 0.13	$ 0.12
Discontinued Operations (in dollars per share)	0.00	0.10	0.00	0.34
Net (Loss) Income, Basic (in dollars per share)	(0.01)	0.13	0.13	0.46
DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations (in dollars per share)	(0.01)	0.03	0.13	0.11
Discontinued Operations, (in dollars per share)	0.00	0.09	0.00	0.33
Net (Loss) Income, Diluted (in dollars per share)	(0.01)	0.12	0.13	0.44
Dividends declared (in dollars per share)	$ 0.25	$ 0.49	$ 0.50	$ 0.98	$ 2.03

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DISCONTINUED OPERATIONS - Elimination of Intercompany Hardwood Purchases (Details) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Discontinued Operations and Disposal Groups [Abstract]
Hardwood purchases	$ 1,190	$ 3,935

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income		$ 15,320	$ 57,451
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		53,826	56,316
Non-cash cost of land sold and real estate development costs recovered upon sale		4,938	5,398
Stock-based incentive compensation expense		2,588	5,980
Deferred income taxes		(1,322)	10,103
Depreciation and amortization from discontinued operations		0	37,985
Amortization of losses from pension and postretirement plans		1,861	5,896
Other		944	(43)
Changes in operating assets and liabilities:
Receivables		2,414	9,988
Inventories		(8,107)	4,765
Accounts payable		3,874	27,299
Income tax receivable/payable		(321)	5,217
All other operating activities		9,868	7,885
Expenditures for dispositions and discontinued operations		0	(5,096)
CASH PROVIDED BY OPERATING ACTIVITIES		85,883	229,144
INVESTING ACTIVITIES
Capital expenditures		(26,130)	(33,597)
Capital expenditures from discontinued operations		0	(47,050)
Real estate development costs		(578)	(2,595)
Purchase of timberlands		(88,414)	(74,817)
Change in restricted cash		4,160	63,128
Other		3,689	(478)
CASH USED FOR INVESTING ACTIVITIES		(107,273)	(95,409)
FINANCING ACTIVITIES
Issuance of debt		59,100	1,238,389
Repayment of debt		(31,472)	(1,107,062)
Dividends paid		(63,421)	(124,628)
Proceeds from the issuance of common shares		718	3,347
Repurchase of common shares		(9,057)	(1,834)
Debt issuance costs		0	(12,380)
Net cash disbursed upon spin-off of Performance Fibers business		0	(106,420)
Other		0	(680)
CASH USED FOR FINANCING ACTIVITIES		(44,132)	(111,268)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(4,404)	(50)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(69,926)	22,417
Balance, beginning of year		161,558	199,644
Balance, end of period		91,632	222,061
Cash paid during the period:
Interest	[1]	15,303	26,980
Income taxes		270	10,417
Non-cash investing activity:
Capital assets purchased on account		2,396	11,547
Patronage refunds received, netted with interest paid		$ 1,300	$ 2,100

[1] Interest paid is presented net of patronage refunds received of $1.3 million for the six months ended June 30, 2015 and $2.1 million for the six months ended June 30, 2014. For additional information on patronage refunds, see Note 13 — Debt in the 2014 Form 10-K.

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FAIR VALUE MEASUREMENTS - Fair Values Measured on Recurring Basis (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		$ 91,632	$ 161,558
Restricted cash	[1]	2,528	6,688
Current maturities of long-term debt		(30,000)	(129,706)
Long-term debt		(722,353)	(621,849)
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	[2]	(8,271)	(7,247)
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	[2]	48	(304)
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	[2]	(4,267)	(1,138)
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		91,632	161,558
Restricted cash	[1]	2,528	6,688
Current maturities of long-term debt		0	0
Long-term debt		0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	[2]	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	[2]	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	[2]	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0	0
Restricted cash	[1]	0	0
Current maturities of long-term debt		(32,812)	(156,762)
Long-term debt		(725,543)	(628,476)
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	[2]	(8,271)	(7,247)
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	[2]	48	(304)
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	[2]	$ (4,267)	$ (1,138)

[1] Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary.

[2] See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

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EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Benefit Costs

The net pension and postretirement benefit costs that have been recorded are shown in the following table:

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$371			$1,544			$3		$147
Interest cost	830			4,452			13		199
Expected return on plan assets	(1,007		)	(6,330		)	—		—
Amortization of prior service cost	3			277			—		4
Amortization of losses	916			2,603			3		116
Amortization of negative plan amendment	—			—			—		(133		)
Net periodic benefit cost (a)		$1,113			$2,546			$19		$333

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$742			$3,168			$6		$326
Interest cost	1,659			9,135			26		405
Expected return on plan assets	(2,014		)	(12,988		)	—		—
Amortization of prior service cost	6			569			—		8
Amortization of losses	1,849			5,340			6		245
Amortization of negative plan amendment	—			—			—		(267		)
Net periodic benefit cost (a)		$2,242			$5,224			$38		$717

(a) Net periodic benefit cost for the three and six months ended June 30, 2014 includes $2.0 million and $4.0 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income.

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INVENTORY (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Inventory [Line Items]
Inventory		$ 13,362	$ 8,383
Real Estate Inventory [Member]
Inventory [Line Items]
Inventory	[1]	8,035	4,932
Log Inventory [Member]
Inventory [Line Items]
Inventory		$ 5,327	$ 3,451

[1] Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months.

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ACCUMULATED OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2015 and the year ended December 31, 2014. 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			Unrecognized components of employee benefit plans				Total
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			(a)	36,922
Amounts reclassified from accumulated other comprehensive loss	—			—			(1,716		)	6,108			(b)	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	)
Other comprehensive income/(loss) before reclassifications	(30,456		)	2,019			(3,700		)	—				(32,137		)
Amounts reclassified from accumulated other comprehensive loss	—			—			1,188			1,524			(c)	2,712
Net other comprehensive income/(loss)	(30,456		)	2,019			(2,512		)	1,524				(29,425		)
Balance as of June 30, 2015		($4,923	)		$1,874			($4,060	)		($27,141	)			($34,250	)

(a) 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 at December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.

(b) 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.

(c) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plansfor additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2015 and June 30, 2014:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	June 30, 2015			June 30, 2014
Realized loss (gain) on foreign currency exchange contracts		$1,504			($2,542	)	Other operating income, net
Realized loss (gain) on foreign currency option contracts	1,035			(937		)	Other operating income, net
Noncontrolling interest	(889		)	1,218			Comprehensive (loss) income attributable to noncontrolling interest
Income tax (benefit) expense on loss from foreign currency contracts	(462		)	254			Income tax benefit
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	1,188			(2,007		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	—			843			Income tax expense
Net loss (gain) from accumulated other comprehensive income		$1,188			($1,164	)

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INVENTORY (Tables)

6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Schedule of Inventory

As of June 30, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:

	June 30, 2015		December 31, 2014
Finished goods inventory
Real estate inventory (a)		$8,035		$4,932
Log inventory	5,327		3,451
Total inventory		$13,362		$8,383

(a) Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months.

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CONSOLIDATING FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2015

CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

Consolidating Financial Statements

CONSOLIDATING FINANCIAL STATEMENTS

The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries.

In August 2009, Rayonier TRS Holdings Inc. issued $172.5 million of 4.50% Senior Exchangeable Notes due August 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.

The subsidiary issuer and subsidiary guarantor are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiary and Rayonier Inc.

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			—			103,689			—			103,689
Selling and general expenses	—			6,330			—			6,397			—			12,727
Other operating expense (income), net	—			(461		)	—			(6,677		)	—			(7,138		)
	—			5,869			—			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	—			12,392			—			6,523
Interest expense	(3,169		)	(131		)	(2,409		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			817			(137		)	(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	4,966			2,796			—			(7,524		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(217		)	250			5,871			(7,524		)	(3,156		)
Income tax (expense) benefit	—			(21		)	948			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	1,198			5,240			(7,524		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	1,198			6,564			(7,524		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(74		)	(25,395		)	36,090			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(1,896		)	(2,917		)	5,688			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(5		)	(733		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(1,975		)	(28,317		)	41,045			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(777		)	(23,077		)	33,521			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($777	)		($13,347	)		$33,522			($20,698	)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			—			123,096			—			123,096
Selling and general expenses	—			2,394			—			11,467			—			13,861
Other operating expense (income), net	—			1,573			—			(12,962		)	—			(11,389		)
	—			3,967			—			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	—			41,544			—			37,577
Interest expense	(3,196		)	(225		)	(10,982		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(3,003		)	(1,098		)	(3,017		)	—			(4,385		)
Equity in income (loss) from subsidiaries	16,814			23,549			(54,081		)	—			13,718			—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			16,354			(66,161		)	37,318			13,718			17,580
Income tax benefit (expense)	—			460			4,409			(18,425		)	—			(13,556		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	16,351			16,814			(61,752		)	18,893			13,718			4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			12,084			—			12,084
NET INCOME (LOSS)	16,351			16,814			(61,752		)	30,977			13,718			16,108
Less: Net loss attributable to noncontrolling interest	—			—			—			(245		)	—			(245		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			(61,752		)	31,222			13,718			16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,653			513			3,517			(5,819		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(598		)	(920		)	1,794			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			92,714			(244,301		)	58,873
Total other comprehensive income	60,928			60,928			92,629			95,311			(248,326		)	61,470
COMPREHENSIVE INCOME	77,279			77,742			30,877			126,288			(234,608		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,742			$30,877			$125,991			($234,608	)		$77,281

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			—			210,923			—			210,923
Selling and general expenses	—			11,279			—			12,347			—			23,626
Other operating income, net	—			(461		)	—			(12,252		)	—			(12,713		)
	—			10,818			—			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	—			45,088			—			34,270
Interest expense	(6,337		)	(223		)	(4,841		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,654			(281		)	(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			28,149			4,223			—			(51,113		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			18,762			(899		)	31,591			(51,113		)	14,552
Income tax (expense) benefit	—			(21		)	1,908			(1,119		)	—			768
NET INCOME	16,211			18,741			1,009			30,472			(51,113		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			1,009			31,363			(51,113		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(926		)	(39,718		)	57,803			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(2,511		)	(3,863		)	7,533			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			15			(1,554		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(3,422		)	(43,566		)	63,782			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(2,413		)	(13,094		)	12,669			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		($2,413	)		$428			$12,669			($13,214	)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			—			238,995			—			238,995
Selling and general expenses	—			4,544			—			22,554			—			27,098
Other operating expense (income), net	—			3,948			—			(15,712		)	—			(11,764		)
	—			8,492			—			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	—			60,495			—			52,003
Interest expense	(6,389		)	(468		)	(17,672		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(2,189		)	(2,145		)	(6,494		)	—			(5,397		)
Equity in income (loss) from subsidiaries	58,737			70,049			(22,951		)	—			(105,835		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			58,900			(42,768		)	52,244			(105,835		)	20,320
Income tax (expense) benefit	—			(163		)	7,233			(13,031		)	—			(5,961		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	57,779			58,737			(35,535		)	39,213			(105,835		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			43,092			—			43,092
NET INCOME (LOSS)	57,779			58,737			(35,535		)	82,305			(105,835		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			—			(328		)	—			(328		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			(35,535		)	82,633			(105,835		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			1,279			21,312			(32,365		)	21,320
New Zealand joint venture cash flow hedges	514			514			514			791			(1,542		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			94,334			(249,638		)	60,970
Total other comprehensive income	77,031			77,031			96,127			116,437			(283,545		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			60,592			198,742			(389,380		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$60,592			$193,020			($389,380	)		$134,810

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	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		$5,366		$94			$45,847		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		—			91		19,353			—			19,444
Inventory	—		—			—		13,362			—			13,362
Prepaid and other current assets	—		1,855			3,008		16,359			—			21,222
Total current assets	5,366		1,949			48,946		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480			—		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,182,721			843,077		—			(4,542,206		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		—			21,928		—			(274,743		)	—
OTHER ASSETS	2,570		16,476			1,325		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,434			$83		$18,879		—				$22,396
Current maturities of long-term debt	—		—			30,000		—			—			30,000
Accrued taxes	—		14			—		15,797			—			15,811
Accrued payroll and benefits	—		2,476			—		2,120			—			4,596
Accrued interest	3,046		(12		)	2,505		35,499			(32,995		)	8,043
Other current liabilities	—		2,420			9,570		19,624			—			31,614
Total current liabilities	3,046		8,332			42,158		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		—			115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081			—		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615			—		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190			—		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,128,525			(4,402,079		)	1,404,113
Noncontrolling interest	—		—			—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408			757,146		2,201,684			(4,402,079		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,201,626			$915,276		$2,289,209			($4,816,949	)		$2,366,321

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	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		$102,218		$11			$8,094		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		—			1,409		22,609			—			24,018
Inventory	—		—			—		8,383			—			8,383
Prepaid and other current assets	—		2,003			6		17,736			—			19,745
Total current assets	102,218		2,014			9,509		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—			—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433			—		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		1,923,185			640,678		—			(4,027,166		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		—			21,500		—			(269,733		)	—
OTHER ASSETS	2,763		16,610			1,759		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,687			$123		$17,401		—				$20,211
Current maturities of long-term debt	—		—			129,706		—			—			129,706
Accrued taxes	—		11			—		11,394			—			11,405
Accrued payroll and benefits	—		3,253			—		3,137			—			6,390
Accrued interest	3,047		(3		)	2,520		31,281			(28,412		)	8,433
Other current liabilities	—		928			145		24,784			—			25,857
Total current liabilities	3,047		6,876			132,494		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		—			31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161			—		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436			—		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466			—		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,017,520			(3,990,775		)	1,488,470
Noncontrolling interest	—		—			—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303			509,952		2,104,201			(3,990,775		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$1,942,242			$673,446		$2,317,809			($4,296,899	)		$2,453,115

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)	—				$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	—			(25,996		)	—			(26,130		)
Real estate development costs	—			—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			—			4,160			—			4,160
Investment in Subsidiaries	—			—			8,753			—			(8,753		)	—
Other	—			—			—			3,689			—			3,689
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(134		)	8,753			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			—			57,000			2,100			—			59,100
Repayment of debt	—			—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			—			(9,057		)
Intercompany distributions	—			13,778			—			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	13,778			29,000			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	83			37,753			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			11			8,094			51,235			—			161,558
Balance, end of period		$5,366			$94			$45,847			$40,325		—				$91,632

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518		—				$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	—			(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			—			63,128			—			63,128
Investment in Subsidiaries	—			—			(62,800		)	—			62,800			—
Other	—			—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(201		)	(62,800		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,238,389			—			—			1,238,389
Repayment of debt	—			—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			—			(1,834		)
Debt issuance costs	—			—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	—			65,318			84,207			—
Other	—			—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(149,525		)	118,947			64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	792			56,147			56,478			—			22,417
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period		$39,181			$1,096			$66,866			$114,918		—				$222,061

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.

The subsidiary guarantors, ROC and Rayonier TRS Holdings, Inc., are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries.

	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME  AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$115,801		—				$115,801
Costs and Expenses
Cost of sales	—			—			103,689			—			103,689
Selling and general expenses	—			6,330			6,397			—			12,727
Other operating income, net	—			(461		)	(6,677		)	—			(7,138		)
	—			5,869			103,409			—			109,278
OPERATING (LOSS) INCOME	—			(5,869		)	12,392			—			6,523
Interest expense	(3,169		)	(2,540		)	(2,774		)	—			(8,483		)
Interest and miscellaneous income (expense), net	1,871			680			(3,747		)	—			(1,196		)
Equity in (loss) income from subsidiaries	(238		)	6,564			—			(6,326		)	—
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(1,536		)	(1,165		)	5,871			(6,326		)	(3,156		)
Income tax benefit (expense)	—			927			(631		)	—			296
NET (LOSS) INCOME	(1,536		)	(238		)	5,240			(6,326		)	(2,860		)
Less: Net loss attributable to noncontrolling interest	—			—			(1,324		)	—			(1,324		)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(1,536		)	(238		)	6,564			(6,326		)	(1,536		)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(18,008		)	(18,008		)	(25,395		)	36,016			(25,395		)
New Zealand joint venture cash flow hedges	(1,896		)	(1,896		)	(2,917		)	3,792			(2,917		)
Amortization of pension and postretirement plans, net of income tax	743			743			(5		)	(738		)	743
Total other comprehensive loss	(19,161		)	(19,161		)	(28,317		)	39,070			(27,569		)
COMPREHENSIVE LOSS	(20,697		)	(19,399		)	(23,077		)	32,744			(30,429		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(9,730		)	(1		)	(9,731		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.		($20,697	)		($19,399	)		($13,347	)		$32,745			($20,698	)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$163,145		—				$163,145
Costs and Expenses
Cost of sales	—			—			123,096			—			123,096
Selling and general expenses	—			2,394			11,467			—			13,861
Other operating expense (income), net	—			1,573			(12,962		)	—			(11,389		)
	—			3,967			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	41,544			—			37,577
Interest expense	(3,196		)	(11,207		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(4,101		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			31,220			—			(48,034		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			11,945			37,318			(48,034		)	17,580
Income tax benefit (expense)	—			4,869			(18,425		)	—			(13,556		)
INCOME FROM CONTINUING OPERATIONS	16,351			16,814			18,893			(48,034		)	4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			12,084			—			12,084
NET INCOME	16,351			16,814			30,977			(48,034		)	16,108
Less: Net loss attributable to noncontrolling interest	—			—			(245		)	—			(245		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			31,222			(48,034		)	16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,655			3,517			(5,308		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(920		)	1,196			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			(151,587		)	58,873
Total other comprehensive income	60,928			60,930			95,311			(155,699		)	61,470
COMPREHENSIVE INCOME	77,279			77,744			126,288			(203,733		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$77,279			$77,744			$125,991			($203,733	)		$77,281

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$256,106		—				$256,106
Costs and Expenses
Cost of sales	—			—			210,923			—			210,923
Selling and general expenses	—			11,279			12,347			—			23,626
Other operating income, net	—			(461		)	(12,252		)	—			(12,713		)
	—			10,818			211,018			—			221,836
OPERATING (LOSS) INCOME	—			(10,818		)	45,088			—			34,270
Interest expense	(6,337		)	(5,064		)	(5,626		)	—			(17,027		)
Interest and miscellaneous income (expense), net	3,807			1,373			(7,871		)	—			(2,691		)
Equity in income from subsidiaries	18,741			31,363			—			(50,104		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,211			16,854			31,591			(50,104		)	14,552
Income tax benefit (expense)	—			1,887			(1,119		)	—			768
NET INCOME	16,211			18,741			30,472			(50,104		)	15,320
Less: Net loss attributable to noncontrolling interest	—			—			(891		)	—			(891		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,211			18,741			31,363			(50,104		)	16,211
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(28,438		)	(28,438		)	(39,718		)	56,877			(39,717		)
New Zealand joint venture cash flow hedges	(2,511		)	(2,511		)	(3,863		)	5,022			(3,863		)
Amortization of pension and postretirement plans, net of income tax	1,524			1,524			15			(1,539		)	1,524
Total other comprehensive loss	(29,425		)	(29,425		)	(43,566		)	60,360			(42,056		)
COMPREHENSIVE LOSS	(13,214		)	(10,684		)	(13,094		)	10,256			(26,736		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(13,522		)	—			(13,522		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($13,214	)		($10,684	)		$428			$10,256			($13,214	)

	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$306,332		—				$306,332
Costs and Expenses
Cost of sales	—			—			238,995			—			238,995
Selling and general expenses	—			4,544			22,554			—			27,098
Other operating expense (income), net	—			3,948			(15,712		)	—			(11,764		)
	—			8,492			245,837			—			254,329
OPERATING (LOSS) INCOME	—			(8,492		)	60,495			—			52,003
Interest expense	(6,389		)	(18,140		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(4,334		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			82,633			—			(141,370		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			51,667			52,244			(141,370		)	20,320
Income tax benefit (expense)	—			7,070			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			39,213			(141,370		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			43,092			—			43,092
NET INCOME	57,779			58,737			82,305			(141,370		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			82,633			(141,370		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			21,312			(31,086		)	21,320
New Zealand joint venture cash flow hedges	514			514			791			(1,028		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			(155,304		)	60,970
Total other comprehensive income	77,031			77,031			116,437			(187,418		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			198,742			(328,788		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$134,810			$135,768			$193,020			($328,788	)		$134,810

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2015
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$5,366		$45,941		$40,325		—				$91,632
Accounts receivable, less allowance for doubtful accounts	—		91		19,353			—			19,444
Inventory	—		—		13,362			—			13,362
Prepaid and other current assets	—		4,863		16,359			—			21,222
Total current assets	5,366		50,895		89,399			—			145,660
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,086,729			—			2,086,729
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		69,726			—			69,726
NET PROPERTY, PLANT AND EQUIPMENT	—		480		5,954			—			6,434
INVESTMENT IN SUBSIDIARIES	1,516,408		2,268,652		—			(3,785,060		)	—
INTERCOMPANY NOTES RECEIVABLE	252,815		21,928		—			(274,743		)	—
OTHER ASSETS	2,570		17,801		37,401			—			57,772
TOTAL ASSETS		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$3,517		$18,879		—				$22,396
Current maturities of long-term debt	—		30,000		—			—			30,000
Accrued taxes	—		14		15,797			—			15,811
Accrued payroll and benefits	—		2,476		2,120			—			4,596
Accrued interest	3,046		2,493		35,499			(32,995		)	8,043
Other current liabilities	—		11,990		19,624			—			31,614
Total current liabilities	3,046		50,490		91,919			(32,995		)	112,460
LONG-TERM DEBT	370,000		115,972		236,381			—			722,353
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,081		(685		)	—			33,396
OTHER NON-CURRENT LIABILITIES	—		6,615		14,225			—			20,840
INTERCOMPANY PAYABLE	—		636,190		(254,315		)	(381,875		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,128,525			(3,644,933		)	1,404,113
Noncontrolling interest	—		—		73,159			—			73,159
TOTAL SHAREHOLDERS’ EQUITY	1,404,113		1,516,408		2,201,684			(3,644,933		)	1,477,272
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,777,159		$2,359,756		$2,289,209			($4,059,803	)		$2,366,321

	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$102,218		$8,105		$51,235		—				$161,558
Accounts receivable, less allowance for doubtful accounts	—		1,409		22,609			—			24,018
Inventory	—		—		8,383			—			8,383
Prepaid and other current assets	—		2,009		17,736			—			19,745
Total current assets	102,218		11,523		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		77,433			—			77,433
NET PROPERTY, PLANT AND EQUIPMENT	—		433		6,273			—			6,706
INVESTMENT IN SUBSIDIARIES	1,463,303		2,053,911		—			(3,517,214		)	—
INTERCOMPANY NOTES RECEIVABLE	248,233		21,500		—			(269,733		)	—
OTHER ASSETS	2,763		18,369		45,639			—			66,771
TOTAL ASSETS		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,810		$17,401		—				$20,211
Current maturities of long-term debt	—		129,706		—			—			129,706
Accrued taxes	—		11		11,394			—			11,405
Accrued payroll and benefits	—		3,253		3,137			—			6,390
Accrued interest	3,047		2,517		31,281			(28,412		)	8,433
Other current liabilities	—		1,073		24,784			—			25,857
Total current liabilities	3,047		139,370		87,997			(28,412		)	202,002
LONG-TERM DEBT	325,000		31,000		265,849			—			621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,161		(684		)	—			33,477
OTHER NON-CURRENT LIABILITIES	—		6,436		14,200			—			20,636
INTERCOMPANY PAYABLE	—		431,466		(153,754		)	(277,712		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,017,520			(3,480,823		)	1,488,470
Noncontrolling interest	—		—		86,681			—			86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,104,201			(3,480,823		)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,816,517		$2,105,736		$2,317,809			($3,786,947	)		$2,453,115

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($25,092	)		($13,561	)		$110,401			$14,135			$85,883
INVESTING ACTIVITIES
Capital expenditures	—			(134		)	(25,996		)	—			(26,130		)
Real estate development costs	—			—			(578		)	—			(578		)
Purchase of timberlands	—			—			(88,414		)	—			(88,414		)
Change in restricted cash	—			—			4,160			—			4,160
Investment in Subsidiaries	—			8,753			—			(8,753		)	—
Other	—			—			3,689			—			3,689
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			8,619			(107,139		)	(8,753		)	(107,273		)
FINANCING ACTIVITIES
Issuance of debt	—			57,000			2,100			—			59,100
Repayment of debt	—			(28,000		)	(3,472		)	—			(31,472		)
Dividends paid	(63,421		)	—			—			—			(63,421		)
Proceeds from the issuance of common shares	718			—			—			—			718
Repurchase of common shares	(9,057		)	—			—			—			(9,057		)
Intercompany distributions	—			13,778			(8,396		)	(5,382		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(71,760		)	42,778			(9,768		)	(5,382		)	(44,132		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(4,404		)	—			(4,404		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(96,852		)	37,836			(10,910		)	—			(69,926		)
Balance, beginning of year	102,218			8,105			51,235			—			161,558
Balance, end of period		$5,366			$45,941			$40,325		—				$91,632

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$138,535			$150,518			$87,098			($147,007	)		$229,144
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	(33,396		)	—			(33,597		)
Capital expenditures from discontinued operations	—			—			(47,050		)	—			(47,050		)
Real estate development costs	—			—			(2,595		)	—			(2,595		)
Purchase of timberlands	—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			63,128			—			63,128
Investment in Subsidiaries	—			(62,800		)	—			62,800			—
Other	—			—			(478		)	—			(478		)
CASH USED FOR INVESTING ACTIVITIES	—			(63,001		)	(95,208		)	62,800			(95,409		)
FINANCING ACTIVITIES
Issuance of debt	—			1,238,389			—			—			1,238,389
Repayment of debt	—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			3,347
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Debt issuance costs	—			(12,380		)	—			—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(106,420		)	—			—			—			(106,420		)
Intercompany distributions	—			(149,525		)	65,318			84,207			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(229,535		)	(30,578		)	64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	56,939			56,478			—			22,417
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period		$39,181			$67,962			$114,918		—				$222,061

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (4,825)		$ (46,139)	$ (46,139)
Other comprehensive income/(loss) before reclassifications	(32,137)			36,922
Amounts reclassified from accumulated other comprehensive loss	2,712			4,392
Net other comprehensive income/(loss)	(29,425)			41,314
Ending balance	(34,250)			(4,825)
Net losses transferred to Rayonier Advanced Materials Pension Plans				78,000
Additional Losses from Revaluation Related to Spinoff				30,000
Net periodic pension cost				5,000
Income tax expense on pension plan contributed to Rayonier Advanced Materials	0		843
Foreign currency translation gains (losses) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	25,533		36,914	36,914
Other comprehensive income/(loss) before reclassifications	(30,456)			(11,381)
Amounts reclassified from accumulated other comprehensive loss	0			0
Net other comprehensive income/(loss)	(30,456)			(11,381)
Ending balance	(4,923)			25,533
Net investment hedge of New Zealand JV [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(145)		0	0
Other comprehensive income/(loss) before reclassifications	2,019			(145)
Amounts reclassified from accumulated other comprehensive loss	0			0
Net other comprehensive income/(loss)	2,019			(145)
Ending balance	1,874			(145)
New Zealand joint venture cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,548)		(342)	(342)
Other comprehensive income/(loss) before reclassifications	(3,700)			510
Amounts reclassified from accumulated other comprehensive loss	1,188		(1,164)	(1,716)
Net other comprehensive income/(loss)	(2,512)			(1,206)
Ending balance	(4,060)			(1,548)
New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss	(1,188)		2,007
Income tax expense on pension plan contributed to Rayonier Advanced Materials				1,000
Unrecognized components of employee benefit plans [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(28,665)		$ (82,711)	(82,711)
Other comprehensive income/(loss) before reclassifications	0			47,938	[1]
Amounts reclassified from accumulated other comprehensive loss	1,524	[2]		6,108	[3]
Net other comprehensive income/(loss)	1,524			54,046
Ending balance	$ (27,141)			$ (28,665)

[1] 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 at December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.

[2] This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plans for additional information.

[3] 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.

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BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

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 (the “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, 2014, as filed with the SEC (the “2014 Form 10-K”).

Reclassifications

Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These adjustments are reflected in the June 30, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented.

Certain 2014 amounts have also been adjusted for reclassification of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations.

The Consolidated Statement of Cash Flow for the six months ended June 30, 2014 has not been restated to exclude Performance Fibers cash flows.

See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business.

New Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In July 2015, the FASB approved a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is required to be applied on a retrospective basis. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015-03 in the Company’s first quarter 2016 Form 10-Q filing and does not expect adoption to have a material impact on the consolidated financial statements.

     In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015–07 in the Company’s first quarter 2016 Form 10-Q filing and does not expect adoption to have a material impact on the consolidated financial statements.

Subsequent Events

Quarterly Dividend

On July 20, 2015, the Company announced a third quarter dividend of 25 cents per share payable September 30, 2015, to shareholders of record on September 16, 2015.

Debt Refinancing and Recapitalization of New Zealand JV

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture.

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Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Income from discontinued operations, income tax expense	$ 0	$ 5,966	$ 0	$ 21,231
Foreign currency translation adjustment, income tax benefit	732	0	1,074	0
New Zealand joint venture cash flow hedges, income tax benefit (expense)	1,133	401	1,501	(100)
Amortization of pension and postretirement plans, income tax expense	$ 179	$ 35,944	$ 337	$ 36,875

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GUARANTEES

6 Months Ended

Jun. 30, 2015

Guarantees [Abstract]

Guarantees

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2015, the following financial guarantees were outstanding:

Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$16,685		$15,000
Guarantees (b)	2,254		43
Surety bonds (c)	776		—
Total financial commitments		$19,715		$15,043

(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. These letters of credit will expire at various dates during 2015 and will be renewed as required.

(b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c) Rayonier issues surety bonds primarily to secure 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 during 2015 and 2016 and are expected to be renewed as required.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	RAYONIER INC.
Trading Symbol	RYN
Entity Central Index Key	0000052827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		125,941,960

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CONTINGENCIES

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

Following the Company’s November 10, 2014 earnings release and filing of the restated interim financial statements for the quarterly periods ended March 31, 2014 and June 30, 2014 (the “November 2014 Announcement”), shareholders of the Company filed five putative class actions against the Company and Paul G. Boynton, Hans E. Vanden Noort, David L. Nunes, and H. Edwin Kiker arising from circumstances described in the November 2014 Announcement, entitled respectively:

• Sating v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01395; filed November 12, 2014 in the United States District Court for the Middle District of Florida;

• Keasler v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01398, filed November 13, 2014 in the United States District Court for the Middle District of Florida;

• Lake Worth Firefighters’ Pension Trust Fund v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01403, filed November 13, 2014 in the United States District Court for the Middle District of Florida;

• Christie v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01429, filed November 21, 2014 in the United States District Court for the Middle District of Florida; and

• Brown v. Rayonier Inc. et al, Civil Action No. 1:14-cv-08986, initially filed in the United States District Court for the Southern District of New York and later transferred to the United States District Court for the Middle District of Florida and assigned as Civil Action No. 3:14-cv-01474.

On January 9, 2015, the five securities actions were consolidated into one putative class action entitled In re Rayonier Inc. Securities Litigation, Case No. 3:14-cv-01395-TJC-JBT, in the United States District Court for the Middle District of Florida. The plaintiffs alleged that the defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The plaintiffs sought unspecified monetary damages and attorneys’ fees and costs. Two shareholders, the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund moved for appointment as lead plaintiff on January 12, 2015, which was granted on February 25, 2015. On April 7, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Amended Complaint”). In the Amended Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. With the filing of the Amended Complaint, David L. Nunes and H. Edwin Kiker were dropped from the case as defendants. Defendants timely filed Motions to Dismiss on May 15, 2015. The court has set a hearing on the motion for August 25, 2015. At this preliminary stage, the Company cannot determine whether there is a reasonable likelihood a material loss has been incurred nor can the range of any such loss be estimated.

On November 26, 2014, December 29, 2014, January 26, 2015, February 13, 2015, and May 12, 2015, the Company received separate letters from shareholders requesting that the Company investigate or pursue derivative claims against certain officers and directors related to the November 2014 Announcement. Although these demands do not identify any claims against the Company, the Company could potentially incur certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company may also incur expenses as a result of any costs arising from the investigation of the claims alleged in the various demands. At this preliminary stage, the ultimate outcome of these matters cannot be predicted, nor can the range of potential expenses the Company may incur as a result of the obligations identified above be estimated.

In November 2014, the Company received a subpoena from the SEC seeking documents related to the Company’s amended reports filed with the SEC on November 10, 2014. The Company is cooperating with the SEC and complying with the subpoena. The Company does not currently believe that the investigation will have a material impact on the Company’s financial condition, results of operations, or cash flow, but cannot predict the timing or outcome of the SEC investigation.

The Company has also been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

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Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 91,632	$ 161,558
Accounts receivable, less allowance for doubtful accounts of $42 and $42	19,444	24,018
Inventory (Note 14)	13,362	8,383
Prepaid and other current assets	21,222	19,745
Total current assets	145,660	213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,086,729	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS (NOTE 5)	69,726	77,433
PROPERTY, PLANT AND EQUIPMENT
Land	1,833	1,833
Buildings	8,977	8,961
Machinery and equipment	3,388	3,503
Construction in progress	772	579
Total property, plant and equipment, gross	14,970	14,876
Less — accumulated depreciation	(8,536)	(8,170)
Total property, plant and equipment, net	6,434	6,706
OTHER ASSETS	57,772	66,771
TOTAL ASSETS	2,366,321	2,453,115
CURRENT LIABILITIES
Accounts payable	22,396	20,211
Current maturities of long-term debt	30,000	129,706
Accrued taxes	15,811	11,405
Accrued payroll and benefits	4,596	6,390
Accrued interest	8,043	8,433
Other current liabilities	31,614	25,857
Total current liabilities	112,460	202,002
LONG-TERM DEBT	722,353	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 13)	33,396	33,477
OTHER NON-CURRENT LIABILITIES	$ 20,840	$ 20,636
COMMITMENTS AND CONTINGENCIES (Notes 11 and 12)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 126,492,061 and 126,773,097 shares issued and outstanding	$ 694,835	$ 702,598
Retained earnings	743,528	790,697
Accumulated other comprehensive loss	(34,250)	(4,825)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,404,113	1,488,470
Noncontrolling interest	73,159	86,681
TOTAL SHAREHOLDERS’ EQUITY	1,477,272	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,366,321	$ 2,453,115

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RESTRICTED DEPOSITS

6 Months Ended

Jun. 30, 2015

Restricted Cash and Investments [Abstract]

Restricted Deposits

RESTRICTED DEPOSITS

In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of June 30, 2015 and December 31, 2014, the Company had $2.5 million and $6.7 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Higher and Better Use Timberlands and Real Estate Development Costs

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS

Rayonier continuously assesses potential alternative uses of its timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. The Company periodically transfers, via a sale or contribution from the REIT to TRS, HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also acquires HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, the Company also selectively pursues various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.

An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to June 30, 2015 is shown below:

	Higher and Better Use Timberlands and Real Estate Development Costs
	Land and Timber			Development Costs			Total
Non-current portion at December 31, 2014		$65,959			$11,474			$77,433
Plus: Current portion (a)	4,875			57			4,932
Total Balance at December 31, 2014	70,834			11,531			82,365
Non-cash cost of land sold and real estate development costs recovered upon sale	(4,205		)	(57		)	(4,262		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,340		)	—			(1,340		)
Capitalized real estate development costs (b)	—			926			926
Capital expenditures (silviculture)	100			—			100
Acquisitions	—			—			—
Transfers	—			—			—
Other	—			(28		)	(28		)
Total Balance at June 30, 2015	65,389			12,372			77,761
Less: Current portion (a)	(7,488		)	(547		)	(8,035		)
Non-current portion at June 30, 2015		$57,901			$11,825			$69,726

(a) The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information.

(b) Capitalized real estate development costs for the six months ended June 30, 2015 of $926,000 consisted of $578,000 in cash outflows and a $348,000 change in accrued spending.

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OTHER OPERATING INCOME, NET

6 Months Ended

Jun. 30, 2015

Other Income and Expenses [Abstract]

Other Operating Income, Net

OTHER OPERATING INCOME, NET

Other operating income, net comprised the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Lease income, primarily from hunting leases		$5,890			$3,966			$9,999			$7,003
Other non-timber income	688			440			2,052			993
Foreign currency income (loss)	108			1,232			215			(255		)
Gain (loss) on sale or disposal of property, plant & equipment	3			(20		)	3			(20		)
(Loss) gain on foreign currency exchange contracts	(645		)	—			(994		)	(32		)
Bankruptcy claim settlement	—			5,779			—			5,779
Gain (loss) on sale of carbon credits (a)	352			(307		)	352			(307		)
Miscellaneous income (expense), net	742			299			1,086			(1,397		)
Total		$7,138			$11,389			$12,713			$11,764

(a) Loss in 2014 reflects surrender of carbon credit units.

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EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Currently, the pension plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In the first quarter of 2015, the Company lowered its return on asset assumption from 8.5 percent to 7.7 percent for 2015.

The net pension and postretirement benefit costs that have been recorded are shown in the following table:

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$371			$1,544			$3		$147
Interest cost	830			4,452			13		199
Expected return on plan assets	(1,007		)	(6,330		)	—		—
Amortization of prior service cost	3			277			—		4
Amortization of losses	916			2,603			3		116
Amortization of negative plan amendment	—			—			—		(133		)
Net periodic benefit cost (a)		$1,113			$2,546			$19		$333

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$742			$3,168			$6		$326
Interest cost	1,659			9,135			26		405
Expected return on plan assets	(2,014		)	(12,988		)	—		—
Amortization of prior service cost	6			569			—		8
Amortization of losses	1,849			5,340			6		245
Amortization of negative plan amendment	—			—			—		(267		)
Net periodic benefit cost (a)		$2,242			$5,224			$38		$717

(a) Net periodic benefit cost for the three and six months ended June 30, 2014 includes $2.0 million and $4.0 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income.

In 2015, the Company has no mandatory pension contribution requirement.

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. The Company’s New Zealand JV uses derivative financial instruments to mitigate the financial impact of exposure to these risks. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars.

Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in New Zealand is partially or completely liquidated. 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. The Company’s hedge ineffectiveness was immaterial for all periods presented.

Foreign Currency Exchange and Option Contracts

The functional currency of Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) and the New Zealand JV is the New Zealand dollar. The New Zealand JV is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The timber operations of the New Zealand JV are typically hedged 50 percent to 90 percent of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 50 percent to 75 percent of forecasted sales and purchases for the forward three to 12 months and up to 50 percent of the forward 12 to 18 months. Foreign currency exposure from the New Zealand JV’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of June 30, 2015, foreign currency exchange contracts and foreign currency option contracts had maturity dates through December 2016.

Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments that were entered into subsequent to the Company’s acquisition of a majority interest in the New Zealand JV qualify for cash flow hedge accounting. The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

In December 2014, the Company entered into a foreign currency exchange contract to mitigate the risk of fluctuations in foreign currency exchange rates when translating RNZ’s balance sheet to U.S. dollars. This contract hedges a portion of the Company’s net investment in New Zealand and qualifies as a net investment hedge. The fair value of the foreign currency exchange contract 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 ineffectiveness of the foreign currency exchange contract is measured using the spot rate method, whereby the change in the fair value of the contract, other than the change attributable to movements in the spot rate, is excluded from the measure of hedge ineffectiveness and is reported directly in earnings. The Company does not expect any ineffectiveness or changes other than those attributable to movements in the spot rate as the critical risks of the forward contract and the net investment in RNZ coincide. This foreign currency exchange contract matures on December 21, 2015.

Interest Rate Swaps

The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of June 30, 2015, the Company’s interest rate contracts hedged 81 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020.

See Note 15 — Debt for discussion of debt refinancing and planned recapitalization of the Company’s New Zealand joint venture subsequent to June 30, 2015.

Fuel Hedge Contracts

The Company has historically used fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. Due to the low volume of diesel fuel purchases made by the New Zealand JV in 2013, the Company decided to no longer hedge its diesel fuel purchases effective November 2013. There were no contracts remaining as of December 31, 2014.    

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the six months ended June 30, 2015 and 2014.

		Three Months Ended June 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($1,621	)		($818	)
Foreign currency option contracts	Other comprehensive (loss) income	(2,658		)	(504		)
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income		$2,173		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			—
Foreign currency option contracts	Other operating (income) expense	546			—
Interest rate swaps	Interest income and miscellaneous expense, net	(1,417		)	(729		)
Fuel hedge contracts	Cost of sales (benefit)	—			(92		)

		Six Months Ended June 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($2,308	)		$669
Foreign currency option contracts	Other comprehensive (loss) income	(3,339		)	221
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	3,107			—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			25
Foreign currency option contracts	Other operating (income) expense	546			7
Interest rate swaps	Interest and miscellaneous (expense) income, net	(3,273		)	(1,862		)
Fuel hedge contracts	Cost of sales (benefit)	—			225

During the next 12 months, the amount of the June 30, 2015 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $4.1 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Notional Amount
	June 30, 2015		December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$28,200		$28,540
Foreign currency option contracts	135,700		79,400
Derivative designated as a net investment hedge:
Foreign currency exchange contract	23,828		27,419
Derivatives not designated as hedging instruments:
Interest rate swaps	129,352		161,968

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		June 30, 2015			December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	—				$132
	Other assets	—			59
	Other current liabilities	(2,197		)	(272		)
	Other non-current liabilities	(639		)	—
Foreign currency option contracts	Prepaid and other current assets	—			299
	Other assets	—			198
	Other current liabilities	(3,614		)	(1,439		)
	Other non-current liabilities	(653		)	(196		)
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Prepaid and other current assets	2,884			—
	Other current liabilities	—			(223		)
Derivatives not designated as hedging instruments:
Interest rate swaps	Other non-current liabilities	(8,271		)	(7,247		)
Total derivative contracts:
Prepaid and other current assets			$2,884			$431
Other assets		—			257
Total derivative assets		2,884			688
Other current liabilities		(5,811		)	(1,934		)
Other non-current liabilities		(9,563		)	(7,443		)
Total derivative liabilities			($15,374	)		($9,377	)

(a) See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

Offsetting Derivatives

Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

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FAIR VALUE MEASUREMENTS - Fair Value Measurements Methods and Assumptions (Details)	6 Months Ended
	Jun. 30, 2015
Foreign currency exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Borrowings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.
Cash, Cash Equivalents and Restricted Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	The carrying amount is equal to fair market value

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SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the six months ended June 30, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands):

	Rayonier Inc. Shareholders’ Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares (a)		Amount
Balance, December 31, 2013	126,257,870			$692,100			$1,015,209			($46,139	)		$94,073			$1,755,243
Net income (loss)	—		—			99,337			—			(1,491		)	97,846
Dividends ($2.03 per share)	—		—			(256,861		)	—			—			(256,861		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,318		)	80,749			—			19,130
Adjustments to Rayonier Advanced Materials (b)	—		—			(5,670		)	(2,556		)	—			(8,226		)
Issuance of shares under incentive stock plans	561,701		5,579			—			—			—			5,579
Stock-based compensation	—		7,869			—			—			—			7,869
Tax deficiency on stock-based compensation	—		(791		)	—			—			—			(791		)
Repurchase of common shares	(46,474	)	(1,858		)	—			—			—			(1,858		)
Net loss from pension and postretirement plans	—		—			—			(24,147		)	—			(24,147		)
Noncontrolling interest redemption of shares	—		—			—			—			(931		)	(931		)
Foreign currency translation adjustment	—		—			—			(11,526		)	(4,321		)	(15,847		)
Joint venture cash flow hedges	—		—			—			(1,206		)	(649		)	(1,855		)
Balance, December 31, 2014	126,773,097			$702,598			$790,697			($4,825	)		$86,681			$1,575,151
Net income (loss)	—		—			16,211			—			(891		)	15,320
Dividends ($0.50 per share)	—		—			(63,380		)	—			—			(63,380		)
Issuance of shares under incentive stock plans	134,448		718			—			—			—			718
Stock-based compensation	—		2,588			—			—			—			2,588
Tax deficiency on stock-based compensation	—		(272		)	—			—			—			(272		)
Repurchase of common shares (c) (d)	(415,484	)	(10,797		)	—			—			—			(10,797		)
Net gain from pension and postretirement plans	—		—			—			1,524			—			1,524
Foreign currency translation adjustment	—		—			—			(28,438		)	(11,279		)	(39,717		)
Joint venture cash flow hedges	—		—			—			(2,511		)	(1,352		)	(3,863		)
Balance, June 30, 2015	126,492,061			$694,835			$743,528			($34,250	)		$73,159			$1,477,272

(a) The Company’s common shares are registered in North Carolina and have a $0.00 par value.

(b) Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.

(c) During the second quarter the Company repurchased approximately $10.7 million of common stock at an average price of $25.94 per share. As of June 30, 2015, the Company had 126.5 million shares of common stock outstanding and $89.3 million remaining in its share repurchase authorization announced in June 2015.

(d) Includes shares of the Company’s common stock purchased from employees in non-open market transactions. The shares of stock were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of restricted stock awards under the Company’s stock incentive plan. The price per share surrendered is based on the closing price of the company’s stock on the respective vesting dates of the awards.

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SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2015

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment and Geographical Information

SEGMENT AND GEOGRAPHICAL INFORMATION

On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. Effective with the fourth quarter of 2014, the Company realigned its segments considering the economic characteristics of each business unit and the way management internally evaluates business performance and makes capital allocation decisions. All prior period amounts have been reclassified to reflect the newly realigned segment structure. See Item 2 — Management’s Discussion and Analysis of Financial Condition — Our Company and Results of Operations for additional information.

Sales between operating segments are made based on estimated fair market value. Intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) 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.

Segment information for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
SALES	2015		2014			2015		2014
Southern Timber		$32,681		$31,525			$68,212		$65,402
Pacific Northwest Timber	17,102		25,053			36,256		58,090
New Zealand Timber	39,223		44,543			80,417		82,307
Real Estate	6,945		34,017			30,736		39,547
Trading	19,850		29,224			40,485		64,910
Intersegment Eliminations	—		(1,217		)	—		(3,924		)
Total		$115,801		$163,145			$256,106		$306,332

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME	2015			2014			2015			2014
Southern Timber		$11,777			$8,886			$24,190			$19,379
Pacific Northwest Timber	1,687			8,785			4,275			21,427
New Zealand Timber	(945		)	2,249			4,749			4,660
Real Estate	1,421			27,764			14,003			28,489
Trading	(84		)	(132		)	186			(544		)
Corporate and other	(7,333		)	(9,975		)	(13,133		)	(21,408		)
Total Operating Income		$6,523			$37,577		34,270			52,003
Unallocated interest expense and other	(9,679		)		($19,997	)	(19,718		)	(31,683		)
Total (loss) income from continuing operations before income taxes		($3,156	)		$17,580			$14,552			$20,320

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$12,650		$10,709		$26,951		$22,705
Pacific Northwest Timber	2,941		5,194		6,731		11,492
New Zealand Timber	7,183		7,669		15,186		14,163
Real Estate	1,006		6,422		4,818		7,333
Trading	—		—		—		—
Corporate and other	70		341		140		623
Total		$23,850		$30,335		$53,826		$56,316

	Three Months Ended June 30,					Six Months Ended June 30,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014			2015		2014
Southern Timber	—		—			—		—
Pacific Northwest Timber	—		—			—		—
New Zealand Timber	—		(2		)	—		2,096
Real Estate	1,191		2,324			4,938		3,302
Trading	—		—			—		—
Corporate and other	—		—			—		—
Total		$1,191		$2,322			$4,938		$5,398

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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 and estimated fair values of financial instruments held by the Company at June 30, 2015 and December 31, 2014, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:

	June 30, 2015							December 31, 2014
Asset (liability)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$91,632			$91,632	—			$161,558			$161,558	—
Restricted cash (a)	2,528			2,528		—		6,688			6,688		—
Current maturities of long-term debt	(30,000		)	—		(32,812	)	(129,706		)	—		(156,762	)
Long-term debt	(722,353		)	—		(725,543	)	(621,849		)	—		(628,476	)
Interest rate swaps (b)	(8,271		)	—		(8,271	)	(7,247		)	—		(7,247	)
Foreign currency exchange contracts (b)	48			—		48		(304		)	—		(304	)
Foreign currency option contracts (b)	(4,267		)	—		(4,267	)	(1,138		)	—		(1,138	)

(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.

Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments:

Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.

Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.

Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.

Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

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EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 371	$ 1,544	$ 742	$ 3,168
Interest cost		830	4,452	1,659	9,135
Expected return on plan assets		(1,007)	(6,330)	(2,014)	(12,988)
Amortization of prior service cost		3	277	6	569
Amortization of losses		916	2,603	1,849	5,340
Amortization of negative plan amendment		0	0	0	0
Net periodic benefit cost	[1]	1,113	2,546	2,242	5,224
Postretirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost		3	147	6	326
Interest cost		13	199	26	405
Expected return on plan assets		0	0	0	0
Amortization of prior service cost		0	4	0	8
Amortization of losses		3	116	6	245
Amortization of negative plan amendment		0	(133)	0	(267)
Net periodic benefit cost	[1]	$ 19	333	$ 38	717
Income from Discontinued Operations [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost			$ 2,000		$ 4,000

[1] Net periodic benefit cost for the three and six months ended June 30, 2014 includes $2.0 million and $4.0 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income.

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DEBT (Details) $ in Thousands, NZD in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Aug. 05, 2015 USD ($)	Aug. 05, 2015 NZD
Debt Instrument [Line Items]
Long-term debt	$ 722,353	$ 722,353	$ 621,849
Current maturities of long-term debt	30,000	30,000	129,706
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Notional amount	129,352	129,352	$ 161,968
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Net debt borrowings	27,000
Remaining borrowing capacity	153,200	153,200
Amount to secure outstanding letters of credit	1,800	1,800
Revolving Credit Facility [Member] | Term Credit Agreement [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity	100,000	100,000
Working Capital Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Decrease in debt due to favorable changes in exchange rates		$ 24,100
Senior Exchangeable Notes due 2015 [Member]
Debt Instrument [Line Items]
Maturity date			2015
Exchange feature description		According to the indenture, the notes became exchangeable on May 15, 2015 through maturity.
Senior Exchangeable Notes due 2015 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	100,000	$ 100,000
Current maturities of long-term debt	30,000	30,000
Working Capital Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity	16,000	16,000
Shareholder Loan [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Decrease in debt due to favorable changes in exchange rates		3,500
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member]
Debt Instrument [Line Items]
New Zealand JV long-term variable rate debt	$ 160,000	$ 160,000
Periodic effective interest rate	6.50%	6.50%
Basis point credit line fee		0.80%
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | New Zealand Bank Bill Rate [Member]
Debt Instrument [Line Items]
Basis points on periodic interest rate		0.80%
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Notional amount	$ 129,000	$ 129,000
Percent of variable rate debt	81.00%	81.00%
Matariki Forestry Group [Member] | Working Capital Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Repayments of working capital facility		$ 2,100
Matariki Forestry Group [Member] | Shareholder Loan [Member]
Debt Instrument [Line Items]
Repayments of shareholder loan		$ 1,400
Subsequent Event [Member] | Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt				$ 45,000
Subsequent Event [Member] | Senior Exchangeable Notes due 2015 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt				$ 131,000
Subsequent Event [Member] | Matariki Forestry Group [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt | NZD					NZD 235

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EMPLOYEE BENEFIT PLANS - Narrative (Details) - pension_plan		6 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Number of qualified defined benefit plans		1
General information		The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees
Unfunded plan		an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan
Other information		Currently, the pension plans are closed to new participants.
Return on asset assumption	8.50%	7.70%

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GUARANTEES (Tables)

6 Months Ended

Jun. 30, 2015

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of June 30, 2015, the following financial guarantees were outstanding:

Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$16,685		$15,000
Guarantees (b)	2,254		43
Surety bonds (c)	776		—
Total financial commitments		$19,715		$15,043

(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. These letters of credit will expire at various dates during 2015 and will be renewed as required.

(b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c) Rayonier issues surety bonds primarily to secure 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 during 2015 and 2016 and are expected to be renewed as required.

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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS - Analysis of Higher and Better Use Timberlands and Real Estate Development Costs (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance		$ 77,433
Plus: Current portion, Beginning Balance	[1]	4,932
Total Balance, Beginning Balance		82,365
Non-cash cost of land sold and real estate development costs recovered upon sale		(4,262)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		(1,340)
Capitalized real estate development costs	[2]	926
Capital expenditures (silviculture)		100
Acquisitions		0
Transfers		0
Inventory, Real Estate, Land and Land Development Costs, Other		(28)
Total Balance, Ending Balance		77,761
Less: Current portion, Ending Balance	[1]	(8,035)
Non-current portion, Ending Balance		69,726
Capitalized real estate development costs, cash outflows		578	$ 2,595
Capitalized real estate development costs, change in accrued spending		348
Land and Timber [Member]
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance		65,959
Plus: Current portion, Beginning Balance	[1]	4,875
Total Balance, Beginning Balance		70,834
Non-cash cost of land sold and real estate development costs recovered upon sale		(4,205)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		(1,340)
Capitalized real estate development costs	[2]	0
Capital expenditures (silviculture)		100
Acquisitions		0
Transfers		0
Inventory, Real Estate, Land and Land Development Costs, Other		0
Total Balance, Ending Balance		65,389
Less: Current portion, Ending Balance	[1]	(7,488)
Non-current portion, Ending Balance		57,901
Development Costs [Member]
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance		11,474
Plus: Current portion, Beginning Balance	[1]	57
Total Balance, Beginning Balance		11,531
Non-cash cost of land sold and real estate development costs recovered upon sale		(57)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		0
Capitalized real estate development costs	[2]	926
Capital expenditures (silviculture)		0
Acquisitions		0
Transfers		0
Inventory, Real Estate, Land and Land Development Costs, Other		(28)
Total Balance, Ending Balance		12,372
Less: Current portion, Ending Balance	[1]	(547)
Non-current portion, Ending Balance		$ 11,825

[1] The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information.

[2] Capitalized real estate development costs for the six months ended June 30, 2015 of $926,000 consisted of $578,000 in cash outflows and a $348,000 change in accrued spending.

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DEBT

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt

DEBT

As of March 31, 2015, the Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for the calendar quarter ended June 30, 2015. According to the indenture, the notes became exchangeable on May 15, 2015 through maturity. The notes mature in August of 2015 and the Company has both the ability and intent to refinance $100 million of these notes. Therefore, this amount is classified as long-term debt. Approximately $30 million of the exchangeable notes are expected to be paid with the Company’s available cash and, as such, are classified as current maturities of long-term debt as of June 30, 2015.

Net draws of $27.0 million were made in the second quarter of 2015 on the revolving credit facility. At June 30, 2015, the Company had available borrowings of $153.2 million under the revolving credit facility, net of $1.8 million to secure its outstanding letters of credit, and additional draws available of $100 million under the term credit agreement.

As of June 30, 2015, the New Zealand JV had $160 million of long-term variable rate debt maturing in September 2016. This debt is subject to interest rate risk resulting from changes in the 90-day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at June 30, 2015 was $129.0 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 80 basis points with an additional 80 basis point credit line fee. The Company estimates the periodic effective interest rate on New Zealand JV debt for the second quarter was approximately 6.5% after consideration of interest rate swaps.

During the six months ended June 30, 2015, the New Zealand JV had made additional borrowings and repayments of $2.1 million on its working capital facility. Additional draws totaling $16 million remain available on the working capital facility. In addition, the New Zealand JV paid $1.4 million of its shareholder loan held with the non-controlling interest party. Favorable changes in exchange rates through June 30, 2015 decreased debt on a U.S. dollar basis for the revolving facility and shareholder loan by $24.1 million and $3.5 million, respectively.

There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the 2014 Form 10-K.

Subsequent Event

On August 5, 2015, the Company announced the closing of a nine-year $350 million term loan facility and a five-year $200 million revolving credit facility (the “Credit Agreement”). In addition, the Company has entered into an interest rate swap transaction to fix the cost of the term loan facility over its nine-year term. Based on the swap rate, the company’s current leverage ratio and the pricing grid, the all-in fixed-rate cost of the term loan facility (net of estimated patronage payments) is expected to be approximately 3.3% and the floating-rate cost of the revolving credit facility will be LIBOR + 1.25%. The Company intends to use approximately $160 million of proceeds from the term loan facility to fund a capital infusion into the New Zealand JV, which the New Zealand JV will in turn use for repayment of all outstanding amounts under its existing NZ$235 million credit facility plus NZ$7 million of related fees and expenses (assuming an exchange rate of US$0.66 per NZ$1.00). The investment into the New Zealand JV is subject to certain closing conditions, including New Zealand Overseas Investment Office approval and the preparation of customary transaction documents. The remaining proceeds of the term loan facility will be used to fund repayment of the company’s 4.50% senior exchangeable notes maturing August 2015 (approximately $131 million), to fund repayment of amounts outstanding under the Company’s existing revolving credit facility (approximately $45 million), to pay transaction fees and expenses (approximately $2 million), and for cash and general corporate purposes (approximately $12 million). In order to provide timing flexibility with respect to the New Zealand JV recapitalization, the term loan facility provides that proceeds can be drawn in up to two advances for up to eight months post-closing. The Credit Agreement contains financial covenants related to leverage and interest coverage, as well as other affirmative and negative covenants relating to, among other things, dividends, liens, mergers, dispositions of timber and timberlands, subsidiary debt, sales and issuances of capital stock of subsidiaries, and affiliate transactions.

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DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three and six months ended June 30, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Sales		$212,680			$456,180
Cost of sales and other	(174,961		)	(368,868		)
Transaction expenses	(19,669		)	(22,989		)
Income from discontinued operations before income taxes	18,050			64,323
Income tax expense	(5,966		)	(21,231		)
Income from discontinued operations, net		$12,084			$43,092

Schedule of Interest Expense Allocated to Discontinued Operations

The following table summarizes the interest expense allocated to discontinued operations for the three and six months ended June 30, 2014:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Interest expense allocated to the Performance Fibers business		($1,910	)		($4,205	)

Schedule of Disposal Groups, Depreciation, Amortization, and Capital Expenditures

The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Depreciation and amortization		$17,336		$37,985
Capital expenditures	29,880		47,050

Schedule of Elimination of Intercompany Hardwood Purchases

Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows:

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Hardwood purchases		$1,190		$3,935

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INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax (benefit) expense at federal statutory rate	$ (1,105)	$ 6,153	$ 5,093	$ 7,112
Income tax (benefit) expense at federal statutory rate (percent)	35.00%	35.00%	35.00%	35.00%
REIT income and taxable losses	$ 1,077	$ (5,625)	$ (6,894)	$ (13,823)
REIT income and taxable losses (percent)	(34.10%)	(32.00%)	(47.40%)	(69.30%)
Foreign operations	$ 101	$ (728)	$ (645)	$ (841)
Foreign operations (percent)	(3.20%)	(4.10%)	(4.40%)	(0.30%)
Net operating loss valuation allowance	$ (216)	$ 0	$ 1,386	$ 0
Net operating loss valuation allowance (percent)	6.90%	0.00%	9.50%	0.00%
Non-deductible real estate losses	$ 0	$ 590	$ 0	$ 681
Non-deductible real estate losses (percent)	0.00%	3.40%	0.00%	1.20%
Other	$ (153)	$ 119	$ 292	$ 138
Other (percent)	4.80%	0.60%	2.00%	0.30%
Income tax (benefit) expense before discrete items	$ (296)	$ 509	$ (768)	$ (6,733)
Income tax (benefit) expense before discrete items (percent)	9.40%	2.90%	(5.30%)	(33.10%)
CBPC valuation allowance	$ 0	$ 15,574	$ 0	$ 15,574
CBPC valuation allowance (percent)	(0.00%)	88.70%	(0.00%)	76.60%
Spin-off related costs	$ 0	$ 797	$ 0	$ 797
Spin-off related costs (percent)	(0.00%)	4.50%	(0.00%)	3.90%
Deferred tax inventory valuations	$ 0	$ (3,293)	$ 0	$ (3,293)
Deferred tax inventory valuations (percent)	(0.00%)	(18.70%)	(0.00%)	(16.20%)
Other	$ 0	$ (31)	$ 0	$ (384)
Other (percent)	0.00%	(0.30%)	0.00%	(1.90%)
Income tax (benefit) expense as reported for continuing operations	$ (296)	$ 13,556	$ (768)	$ 5,961
Income tax expense as reported for continuing operations (percent)	9.40%	77.10%	(5.30%)	29.30%

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DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands		6 Months Ended
	Jun. 27, 2014 USD ($) company shares	Jun. 30, 2015 USD ($) T	Jun. 30, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Change in restricted cash		$ 4,160	$ 63,128
Payments of dividends	$ 63,200	$ 63,421	$ 124,628
Annual number of tons of hardwood that can be provided to former subsidiary | T		120,000
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of post-spin companies | company	2
Cash distribution from former subsidiary	$ 906,200
Change in restricted cash	75,000
Performance Fibers business [Member] | Senior Notes [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt	550,000
Performance Fibers business [Member] | Term Loans [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt	325,000
Performance Fibers business [Member] | Revolving Credit Facility [Member] | Line of Credit [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt	$ 75,000
Performance Fibers business [Member] | Common Stock [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Rayonier Advanced Materials shares for every three Rayonier shares | shares	1
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | shares	3

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 42	$ 42
Shareholders’ Equity:
Common shares, shares authorized	480,000,000	480,000,000
Common shares, shares issued	126,492,061	126,773,097
Common shares, shares outstanding	126,492,061	126,773,097

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INCOME TAXES

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The operations conducted by the Company’s real estate investment trust (“REIT”) entities are generally not subject to U.S. federal and state income taxation. Non-REIT qualifying operations are conducted by the Company’s taxable REIT subsidiaries. Prior to the June 27, 2014 spin-off of Rayonier Advanced Materials, the Company’s taxable REIT subsidiaries (“TRS”) operations included the Performance Fibers business. As such, during 2014 and prior periods the income tax benefit from continuing operations was significantly impacted by the TRS businesses. Subsequent to the spin-off, the primary businesses performed in Rayonier’s taxable REIT subsidiaries include log trading and certain real estate activities, such as the sale and entitlement of development HBU properties.

Provision for Income Taxes from Continuing Operations

The Company’s effective tax rate is below the 35 percent U.S. statutory rate due to tax benefits associated with being a REIT. The income tax benefit for the three and six months ended June 30, 2015 is principally related to the Matariki Forestry Group joint venture (the “New Zealand JV”). The prior year period’s benefit was due to losses at Rayonier's taxable operations primarily from interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business and is not comparable to the current year.

The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented:

	Three Months Ended June 30,
	2015					2014
Income tax (benefit) expense at federal statutory rate		($1,105	)	35.0	%		$6,153		35.0	%
REIT income and taxable losses	1,077			(34.1	)	(5,625		)	(32.0	)
Foreign operations	101			(3.2	)	(728		)	(4.1	)
Net operating loss valuation allowance	(216		)	6.9		—			—
Non-deductible real estate losses	—			—		590			3.4
Other	(153		)	4.8		119			0.6
Income tax (benefit) expense before discrete items		($296	)	9.4	%		$509		2.9	%
CBPC valuation allowance	—			—		15,574			88.7
Spin-off related costs	—			—		797			4.5
Deferred tax inventory valuations	—			—		(3,293		)	(18.7	)
Other	—			—		(31		)	(0.3	)
Income tax (benefit) expense as reported for continuing operations		($296	)	9.4	%		$13,556		77.1	%

	Six Months Ended June 30,
	2015					2014
Income tax expense at federal statutory rate		$5,093		35.0	%		$7,112		35.0	%
REIT income and taxable losses	(6,894		)	(47.4	)	(13,823		)	(69.3	)
Foreign operations	(645		)	(4.4	)	(841		)	(0.3	)
Net operating loss valuation allowance	1,386			9.5		—			—
Non-deductible real estate losses	—			—		681			1.2
Other	292			2.0		138			0.3
Income tax benefit before discrete items		($768	)	(5.3	)%		($6,733	)	(33.1	)%
CBPC valuation allowance	—			—		15,574			76.6
Spin-off related costs	—			—		797			3.9
Deferred tax inventory valuations	—			—		(3,293		)	(16.2	)
Other	—			—		(384		)	(1.9	)
Income tax (benefit) expense as reported for continuing operations		($768	)	(5.3	)%		$5,961		29.3	%

Provision for Income Taxes from Discontinued Operations

On June 27, 2014, Rayonier completed the spin-off of its Performance Fibers business. For the three and six months ended June 30, 2014, income tax expense related to Performance Fibers discontinued operations was $6.0 million and $21.2 million, respectively. See Note 2 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business.

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	$ 2,884	$ 688
Fair value, derivative liability	[1]	(15,374)	(9,377)
Prepaid and other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	2,884	431
Other assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	0	257
Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	(5,811)	(1,934)
Other non-current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	(9,563)	(7,443)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	0	132
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	0	59
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	(2,197)	(272)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other non-current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	(639)	0
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	0	299
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	0	198
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	(3,614)	(1,439)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other non-current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	(653)	(196)
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	[1]	2,884	0
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	0	(223)
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	[1]	$ (8,271)	$ (7,247)

[1] See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net	$ (7,138)	$ (11,389)	$ (12,713)	$ (11,764)
Comprehensive (loss) income attributable to noncontrolling interest	(9,731)	297	(13,522)	5,722
Income tax (expense) benefit	$ 296	$ (13,556)	768	(5,961)
Income tax expense on pension plan contributed to Rayonier Advanced Materials			0	843
Net loss (gain) from accumulated other comprehensive income			2,712		$ 4,392
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss (gain) from accumulated other comprehensive income			1,188	(1,164)	(1,716)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			(889)	1,218
Income tax (expense) benefit			(462)	254
Income tax expense on pension plan contributed to Rayonier Advanced Materials					$ 1,000
Net loss (gain) from accumulated other comprehensive income			(1,188)	2,007
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Foreign Exchange Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			1,504	(2,542)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Foreign Exchange Option [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			$ 1,035	$ (937)

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(LOSS) EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

(a)     Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period.

Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debtin the 2014 Form 10-K and Note 15 — Debtof this Form 10-Q.

The following table provides details of the calculations of basic and diluted (loss) earnings per common share:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
(Loss) income from continuing operations		($2,860	)		$4,024			$15,320			$14,359
Less: Net (loss) from continuing operations attributable to noncontrolling interest	(1,324		)	(245		)	(891		)	(328		)
(Loss) income from continuing operations attributable to Rayonier Inc.		($1,536	)		$4,269			$16,211			$14,687
Income from discontinued operations, net, attributable to Rayonier Inc.	—				$12,084		—			43,092
Net (loss) income attributable to Rayonier Inc.		($1,536	)		$16,353			$16,211			$57,779
Shares used for determining basic (loss) earnings per common share	126,635,710			126,434,376			126,625,081			126,390,891
Dilutive effect of:
Stock options	—			293,213			146,754			296,768
Performance and restricted shares	—			201,956			30,515			194,995
Assumed conversion of Senior Exchangeable Notes (a)	—			2,631,514			702,301			2,579,402
Assumed conversion of warrants (a)	—			2,738,606			—			2,656,633
Shares used for determining diluted (loss) earnings per common share	126,635,710			132,299,665			127,504,651			132,118,689
Basic (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.01	)		$0.03			$0.13			$0.12
Discontinued operations	—			0.10			—			0.34
Net (loss) income		($0.01	)		$0.13			$0.13			$0.46
Diluted (loss) earnings per common share attributable to Rayonier Inc.:
Continuing operations		($0.01	)		$0.03			$0.13			$0.11
Discontinued operations	—			0.09			—			0.33
Net (loss) income		($0.01	)		$0.12			$0.13			$0.44

	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
Stock options, performance and restricted shares (b)	158,191	507,044	937,236	499,193
Assumed conversion of exchangeable note hedges (a)	—	2,631,514	702,301	2,579,402
Assumed conversion of Senior Exchangeable Notes due 2015 (b)	501,189	—	—	—
Total	659,380	3,138,558	1,639,537	3,078,595

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per share:
Stock options, performance and restricted shares (b)	158,191	507,044	937,236	499,193
Assumed conversion of exchangeable note hedges (a)	—	2,631,514	702,301	2,579,402
Assumed conversion of Senior Exchangeable Notes due 2015 (b)	501,189	—	—	—
Total	659,380	3,138,558	1,639,537	3,078,595

(a)     Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented, except for second quarter 2015 due to the loss incurred in that period.

Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and six months ended June 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debtin the 2014 Form 10-K and Note 15 — Debtof this Form 10-Q.

(b)    For the three months ended June 30, 2015, the assumed conversion of the 2015 Notes, as well as incremental shares related to stock options, performance shares, and restricted shares, were not included in the computation of diluted loss per share as their inclusion would have an anti-dilutive effect.

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CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 27, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		$ 85,883	$ 229,144
INVESTING ACTIVITIES
Capital expenditures		(26,130)	(33,597)
Capital expenditures from discontinued operations		0	(47,050)
Real estate development costs		(578)	(2,595)
Purchase of timberlands		(88,414)	(74,817)
Change in restricted cash		4,160	63,128
Investment in Subsidiaries		0	0
Other		3,689	(478)
CASH USED FOR INVESTING ACTIVITIES		(107,273)	(95,409)
FINANCING ACTIVITIES
Issuance of debt		59,100	1,238,389
Repayment of debt		(31,472)	(1,107,062)
Dividends paid	$ (63,200)	(63,421)	(124,628)
Proceeds from the issuance of common shares		718	3,347
Repurchase of common shares		(9,057)	(1,834)
Debt issuance costs		0	(12,380)
Net cash disbursed upon spin-off of Performance Fibers business		0	(106,420)
Intercompany distributions		0	0
Other		0	(680)
CASH USED FOR FINANCING ACTIVITIES		(44,132)	(111,268)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(4,404)	(50)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(69,926)	22,417
Balance, beginning of year		161,558	199,644
Balance, end of period		91,632	222,061
Rayonier Inc. (Parent Guarantor) [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		(25,092)	138,535
INVESTING ACTIVITIES
Capital expenditures		0	0
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		0	0
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		0	0
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		(63,421)	(124,628)
Proceeds from the issuance of common shares		718	3,347
Repurchase of common shares		(9,057)	(1,834)
Debt issuance costs			0
Net cash disbursed upon spin-off of Performance Fibers business			(106,420)
Intercompany distributions		0	0
Other			0
CASH USED FOR FINANCING ACTIVITIES		(71,760)	(229,535)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(96,852)	(91,000)
Balance, beginning of year		102,218	130,181
Balance, end of period		5,366	39,181
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		(13,561)	150,518
INVESTING ACTIVITIES
Capital expenditures		(134)	(201)
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		0	0
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		(134)	(201)
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			0
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		13,778	(149,525)
Other			0
CASH USED FOR FINANCING ACTIVITIES		13,778	(149,525)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		83	792
Balance, beginning of year		11	304
Balance, end of period		94	1,096
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Subsidiary Issuer [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		0	0
INVESTING ACTIVITIES
Capital expenditures		0	0
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		8,753	(62,800)
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		8,753	(62,800)
FINANCING ACTIVITIES
Issuance of debt		57,000	1,238,389
Repayment of debt		(28,000)	(1,107,062)
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			(12,380)
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		0	0
Other			0
CASH USED FOR FINANCING ACTIVITIES		29,000	118,947
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		37,753	56,147
Balance, beginning of year		8,094	10,719
Balance, end of period		45,847	66,866
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		110,401	87,098
INVESTING ACTIVITIES
Capital expenditures		(25,996)	(33,396)
Capital expenditures from discontinued operations			(47,050)
Real estate development costs		(578)	(2,595)
Purchase of timberlands		(88,414)	(74,817)
Change in restricted cash		4,160	63,128
Investment in Subsidiaries		0	0
Other		3,689	(478)
CASH USED FOR INVESTING ACTIVITIES		(107,139)	(95,208)
FINANCING ACTIVITIES
Issuance of debt		2,100	0
Repayment of debt		(3,472)	0
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			0
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		(8,396)	65,318
Other			(680)
CASH USED FOR FINANCING ACTIVITIES		(9,768)	64,638
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(4,404)	(50)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(10,910)	56,478
Balance, beginning of year		51,235	58,440
Balance, end of period		40,325	114,918
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		14,135	(147,007)
INVESTING ACTIVITIES
Capital expenditures		0	0
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		(8,753)	62,800
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		(8,753)	62,800
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			0
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		(5,382)	84,207
Other			0
CASH USED FOR FINANCING ACTIVITIES		(5,382)	84,207
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		0	0
Balance, beginning of year		0	0
Balance, end of period		0	0
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		(13,561)	150,518
INVESTING ACTIVITIES
Capital expenditures		(134)	(201)
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		8,753	(62,800)
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		8,619	(63,001)
FINANCING ACTIVITIES
Issuance of debt		57,000	1,238,389
Repayment of debt		(28,000)	(1,107,062)
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			(12,380)
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		13,778	(149,525)
Other			0
CASH USED FOR FINANCING ACTIVITIES		42,778	(30,578)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		37,836	56,939
Balance, beginning of year		8,105	11,023
Balance, end of period		45,941	67,962
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		110,401	87,098
INVESTING ACTIVITIES
Capital expenditures		(25,996)	(33,396)
Capital expenditures from discontinued operations			(47,050)
Real estate development costs		(578)	(2,595)
Purchase of timberlands		(88,414)	(74,817)
Change in restricted cash		4,160	63,128
Investment in Subsidiaries		0	0
Other		3,689	(478)
CASH USED FOR INVESTING ACTIVITIES		(107,139)	(95,208)
FINANCING ACTIVITIES
Issuance of debt		2,100	0
Repayment of debt		(3,472)	0
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			0
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		(8,396)	65,318
Other			(680)
CASH USED FOR FINANCING ACTIVITIES		(9,768)	64,638
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(4,404)	(50)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(10,910)	56,478
Balance, beginning of year		51,235	58,440
Balance, end of period		40,325	114,918
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		14,135	(147,007)
INVESTING ACTIVITIES
Capital expenditures		0	0
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		(8,753)	62,800
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		(8,753)	62,800
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs			0
Net cash disbursed upon spin-off of Performance Fibers business			0
Intercompany distributions		(5,382)	84,207
Other			0
CASH USED FOR FINANCING ACTIVITIES		(5,382)	84,207
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		0	0
Balance, beginning of year		0	0
Balance, end of period		$ 0	$ 0

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OTHER OPERATING INCOME, NET (Tables)

6 Months Ended

Jun. 30, 2015

Other Income and Expenses [Abstract]

Interest and Other Income

Other operating income, net comprised the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Lease income, primarily from hunting leases		$5,890			$3,966			$9,999			$7,003
Other non-timber income	688			440			2,052			993
Foreign currency income (loss)	108			1,232			215			(255		)
Gain (loss) on sale or disposal of property, plant & equipment	3			(20		)	3			(20		)
(Loss) gain on foreign currency exchange contracts	(645		)	—			(994		)	(32		)
Bankruptcy claim settlement	—			5,779			—			5,779
Gain (loss) on sale of carbon credits (a)	352			(307		)	352			(307		)
Miscellaneous income (expense), net	742			299			1,086			(1,397		)
Total		$7,138			$11,389			$12,713			$11,764

(a) Loss in 2014 reflects surrender of carbon credit units.

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INVENTORY

6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Inventory

INVENTORY

In the first quarter of 2015, Rayonier reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets, as discussed at Note 1 — Basis of Presentation. As of June 30, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:

	June 30, 2015		December 31, 2014
Finished goods inventory
Real estate inventory (a)		$8,035		$4,932
Log inventory	5,327		3,451
Total inventory		$13,362		$8,383

(a) Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months.