0000052827-20-000005.txt : 20200205 0000052827-20-000005.hdr.sgml : 20200205 20200205162854 ACCESSION NUMBER: 0000052827-20-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200205 DATE AS OF CHANGE: 20200205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RAYONIER INC CENTRAL INDEX KEY: 0000052827 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 132607329 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06780 FILM NUMBER: 20579149 BUSINESS ADDRESS: STREET 1: 1 RAYONIER WAY CITY: WILDLIGHT STATE: FL ZIP: 32097 BUSINESS PHONE: 9043579100 MAIL ADDRESS: STREET 1: 1 RAYONIER WAY CITY: WILDLIGHT STATE: FL ZIP: 32097 FORMER COMPANY: FORMER CONFORMED NAME: ITT RAYONIER INC /CT/ DATE OF NAME CHANGE: 19940422 FORMER COMPANY: FORMER CONFORMED NAME: ITT RAYONIER INC DATE OF NAME CHANGE: 19920703 8-K 1 a2019pr8-kshell4q2019.htm 8-K Document
false0000052827 0000052827 2020-02-05 2020-02-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
February 5, 2020
logocolor450pxwidthpnga29.jpg
COMMISSION FILE NUMBER 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification Number 13-2607329
1 Rayonier Way
Wildlight, Florida 32097
(Principal Executive Office)
Telephone Number: (904) 357-9100
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol
Exchange
COMMON STOCK, $0.00 PAR VALUE
RYN
New York Stock Exchange
Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities
Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 ☐




RAYONIER INC.
TABLE OF CONTENTS
 
 
  
 
  
PAGE
 
 
 
 
 
Item 2.02.
  
  
Item 9.01.
  
  
 
  
  




ITEM 2.02.
Results of Operations and Financial Condition
On February 5, 2020, Rayonier Inc. issued a press release announcing financial results for the quarter ended December 31, 2019. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 2.02, including the accompanying exhibit, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 9.01.
Financial Statements and Exhibits
(d)
Exhibits.
Exhibit No.

 
Exhibit Description
99.1

  
104

 
Cover Page Interactive Data File (embedded within the Inline XBRL document).


1

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
RAYONIER INC. (Registrant)
 
 
 
BY:
 
/s/ APRIL TICE
 
 
April Tice
 
 
Vice President, Financial Services and Corporate Controller
 
 
 
February 5, 2020


2
 EX-99.1 2 exhibit9914q2019.htm PRESS RELEASE Exhibit
Exhibit 99.1

logocolor450pxwidthpnga29.jpg
 
 
 
News Release
 
RAYONIER REPORTS FOURTH QUARTER 2019 RESULTS

•
Fourth quarter net income attributable to Rayonier of $16.0 million ($0.12 per share) on revenues of $178.8 million
•
Fourth quarter operating income of $26.1 million and Adjusted EBITDA of $65.0 million
•
Full-year net income attributable to Rayonier of $59.1 million ($0.46 per share) on revenues of $711.6 million
•
Full-year operating income of $107.0 million and Adjusted EBITDA of $247.8 million
•
Full-year cash provided by operations of $214.3 million and cash available for distribution (CAD) of $149.4 million
WILDLIGHT, FL — February 5, 2020 — Rayonier Inc. (NYSE:RYN) today reported fourth quarter net income attributable to Rayonier of $16.0 million, or $0.12 per share, on revenues of $178.8 million. This compares to net income attributable to Rayonier of $2.0 million, or $0.02 per share, on revenues of $166.1 million in the prior year quarter.
Overview of Fourth Quarter Results: The following table summarizes the current quarter and comparable prior year period results:
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
(millions of dollars, except earnings per share (EPS))
December 31, 2019
 
December 31, 2018
 
 
 
$
 
EPS
 
$
 
EPS
 
 
 
 
 
 
 
 
 
 
 
 
Revenues

$178.8

 
 
 

$166.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Rayonier

$16.0

 

$0.12

 

$2.0

 

$0.02

 
 
 
 
 
 
 
 
 
 
 
Fourth quarter operating income was $26.1 million versus $15.0 million in the prior year period. Fourth quarter Adjusted EBITDA1 was $65.0 million versus $49.9 million in the prior year period.
The following table summarizes operating income (loss) and Adjusted EBITDA1 for the current quarter and comparable prior year period:
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
 
 
Operating Income (Loss)
 
Adjusted EBITDA1
 
 
(millions of dollars)
2019
 
2018
 
2019
 
2018
 
 
Southern Timber

$12.0

 

$7.2

 

$28.3

 

$21.2

 
 
Pacific Northwest Timber
(1.3
)
 
(4.1
)
 
8.7

 
2.0

 
 
New Zealand Timber
9.4

 
12.6

 
16.1

 
19.3

 
 
Real Estate
12.7

 
4.6

 
18.4

 
12.4

 
 
Trading
(0.3
)
 
0.3

 
(0.3
)
 
0.3

 
 
Corporate and other
(6.5
)
 
(5.6
)
 
(6.2
)
 
(5.3
)
 
 
Total

$26.1

 

$15.0

 

$65.0

 

$49.9

 
 
 
 
 
 
 
 
 
 
 
Overview of Full-Year Results: Full-year 2019 net income attributable to Rayonier was $59.1 million, or $0.46 per share, on revenues of $711.6 million. This compares to net income attributable to Rayonier of $102.2 million, or $0.79 per share, on revenues of $816.1 million in the prior year.

1 Rayonier Way, Wildlight, FL 32097 904-357-9100

The following table summarizes the full-year and comparable prior year results:
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
 
(millions of dollars, except earnings per share (EPS))
December 31, 2019
 
December 31, 2018
 
 
 
$
 
EPS
 
$
 
EPS
 
 
 
 
 
 
 
 
 
 
 
 
Revenues

$711.6

 
 
 

$816.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Rayonier

$59.1

 

$0.46

 

$102.2

 

$0.79

 
 
 
 
 
 
 
 
 
 
 
Full-year operating income was $107.0 million versus $170.1 million in the prior year. Full-year Adjusted EBITDA1 was $247.8 million versus $337.7 million in the prior year.
The following table summarizes operating income (loss) and Adjusted EBITDA1 for the current full-year and comparable prior year:
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
Operating Income (Loss)
 
Adjusted EBITDA1
 
 
(millions of dollars)
2019
 
2018
 
2019
 
2018
 
 
Southern Timber

$57.8

 

$44.2

 

$119.7

 

$102.8

 
 
Pacific Northwest Timber
(12.4
)
 
8.1

 
16.7

 
40.9

 
 
New Zealand Timber
48.0

 
62.8

 
75.8

 
90.8

 
 
Real Estate
38.7

 
76.2

 
59.5

 
123.4

 
 
Trading
—

 
1.0

 
—

 
1.0

 
 
Corporate and other
(25.1
)
 
(22.3
)
 
(23.9
)
 
(21.1
)
 
 
Total

$107.0

 

$170.1

 

$247.8

 

$337.7

 
 
 
 
 
 
 
 
 
 
 
Full-year cash provided by operating activities was $214.3 million versus $310.1 million in the prior year . Full-year cash available for distribution (CAD)1 of $149.4 million decreased $90.6 million versus the prior year primarily due to lower Adjusted EBITDA1 ($89.9 million) and higher capital expenditures ($1.6 million), partially offset by lower cash taxes paid ($0.5 million) and lower cash interest paid ($0.3 million).
 
 
 
 
 
 
 
 
 
 
“We are pleased to conclude the year with solid quarterly results despite challenging market conditions,” said David Nunes, President and CEO. “In Southern Timber, Adjusted EBITDA increased by 34% versus the prior year quarter driven by an 18% increase in harvest volumes and a $2.7 million increase in non-timber income, which were partially offset by a slight decline in weighted-average stumpage prices. In Pacific Northwest Timber, Adjusted EBITDA also improved significantly versus the prior year quarter, as 2019 harvest volumes were heavily back-end loaded due to improved domestic demand in the fourth quarter. New Zealand Timber Adjusted EBITDA declined 17% versus the prior year quarter due to weaker demand from China and competition from European salvage volume, which resulted in 11% and 13% declines in export and domestic sawtimber prices, respectively, versus the prior year period. Real Estate Adjusted EBITDA increased significantly relative to the prior year quarter primarily due to an increase in the number of Non-strategic / Timberland and Unimproved Development acres sold.”
Southern Timber
Fourth quarter sales of $45.8 million (which included non-timber sales of $7.7 million) increased $7.1 million, or 18%, versus the prior year period primarily due to higher volumes and higher pipeline easement revenue. Harvest volumes increased 18% to 1.58 million tons versus 1.33 million tons in the prior year period, largely driven by favorable ground conditions that facilitated customer removals. Average pine sawtimber stumpage prices decreased 3% to $23.25 per ton versus $24.03 per ton in the prior year period, driven primarily by geographic mix. Average pine pulpwood stumpage prices were flat at $14.82 per ton versus the prior year

1 Rayonier Way, Wildlight, FL 32097 904-357-9100

period. Overall, weighted-average stumpage prices (including hardwood) decreased 1% to $18.10 per ton versus $18.37 per ton in the prior year period. Operating income of $12.0 million increased $4.8 million versus the prior year period as higher non-timber income ($2.7 million), higher volumes ($1.9 million), lower lease related expenses ($0.3 million) and lower depletion rates ($0.3 million) were partially offset by lower net stumpage prices ($0.4 million).
Fourth quarter Adjusted EBITDA1 of $28.3 million was $7.1 million above the prior year period.
Pacific Northwest Timber
Fourth quarter sales of $27.6 million increased $9.1 million, or 50%, versus the prior year period. Harvest volumes increased 72% to 417,000 tons versus 242,000 tons in the prior year period, driven by improved domestic demand in the current quarter coupled with volume deferrals in the prior year quarter. Average delivered sawtimber prices decreased 3% to $78.51 per ton versus $81.14 per ton in the prior year period, although average net stumpage prices (including pulpwood) increased 12%, driven by strong pricing on stumpage sales coupled with lower average cut and haul costs on delivered sales due to a higher proportion of ground-based logging in the quarter. Average delivered pulpwood prices decreased 17% to $39.24 per ton versus $47.36 per ton in the prior year period, driven primarily by excess supply in the market. Operating loss of $1.3 million decreased $2.8 million versus the prior year period primarily due to higher net stumpage prices ($1.5 million), lower road maintenance and other costs ($1.1 million) and lower depletion rates ($0.5 million), partially offset by an increase in other variable costs ($0.3 million).
Fourth quarter Adjusted EBITDA1 of $8.7 million was $6.7 million above the prior year period.
New Zealand Timber
Fourth quarter sales of $60.6 million increased $0.5 million, or 1%, versus the prior year period. Harvest volumes increased 5% to 688,000 tons versus 655,000 tons in the prior year period, primarily due to the timing of export shipments. Average delivered prices for export sawtimber decreased 11% to $102.69 per ton versus $114.89 per ton in the prior year period, while average delivered prices for domestic sawtimber decreased 13% to $69.13 per ton versus $79.54 per ton in the prior year period. The decrease in export sawtimber prices was primarily due to increased competition from lower-cost log and lumber imports, predominantly from European salvage activity, flowing into China. The decrease in domestic sawtimber prices (in U.S. dollar terms) was driven in part by the fall in the NZ$/US$ exchange rate (US$0.64 per NZ$1.00 versus US$0.66 per NZ$1.00). Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 9% versus the prior year period, mirroring the negative trend in the export market. Operating income of $9.4 million decreased $3.2 million versus the prior year period as a result of lower net stumpage prices ($6.8 million) and higher roading costs ($0.4 million), partially offset by higher volumes ($1.0 million), higher non-timber income ($2.3 million) and favorable foreign exchange impacts ($0.7 million).
Fourth quarter Adjusted EBITDA1 of $16.1 million was $3.2 million below the prior year period.
Real Estate
Fourth quarter sales of $22.1 million increased $5.7 million, or 34%, versus the prior year period, while operating income of $12.7 million increased $8.1 million versus the prior year period due to a higher number of acres sold (6,862 acres sold versus 2,249 acres sold in the prior year period), partially offset by a decrease in weighted-average prices ($3,223 per acre versus $7,406 per acre in the prior year period).
Improved Development sales of $0.9 million consisted of 20.7 acres of commercial property ($42,000 per acre) in the Belfast Commerce Park development project south of Savannah, Georgia. This compares to prior year period sales of $4.5 million, which consisted of 27.9 acres of commercial property for $3.6 million ($129,432 per acre) and 20 residential lots for $0.9 million ($46,730 per lot or $329,081 per acre) in the Wildlight development project north of Jacksonville, Florida.
Unimproved Development sales of $4.0 million consisted of a 405 acre sale in Nassau County, Florida at a price of $10,000 per acre. There were no Unimproved Development sales in the prior year period.

1 Rayonier Way, Wildlight, FL 32097 904-357-9100

Rural sales of $6.5 million consisted of 1,480 acres at an average price of $4,424 per acre. This compares to prior year period sales of $11.7 million, which consisted of 2,102 acres at an average price of $5,575 per acre.
Non-strategic / Timberland sales of $10.6 million consisted of 4,957 acres at an average price of $2,148 per acre. This compares to prior year period sales of $0.2 million, which consisted of 116 acres at an average price of $3,381 per acre.
Fourth quarter Adjusted EBITDA1 of $18.4 million was $6.0 million above the prior year period.
Trading
Fourth quarter sales of $22.7 million decreased $9.7 million versus the prior year period primarily due to lower volumes and prices. Sales volumes decreased 21% to 232,000 tons versus 292,000 tons in the prior year period. Operating loss of $0.3 million versus operating income of $0.3 million in the prior year period was driven primarily by lower margins due to port congestion and reduced availability of third-party export volume resulting from overall market price declines.
Other Items
Fourth quarter corporate and other operating expenses of $6.5 million increased $0.9 million versus the prior year period, primarily due to elevated legal expenses and acquisition related costs.
Fourth quarter interest expense of $8.1 million was flat versus the prior year period.
Fourth quarter income tax expense of $2.7 million was relatively flat versus the prior year period. The New Zealand subsidiary is the primary driver of income tax expense.
Outlook
“Excluding the impact of our anticipated mid-year acquisition of Pope Resources, we expect to achieve 2020 net income attributable to Rayonier of $47 to $57 million and Adjusted EBITDA of $245 to $270 million,” added Nunes. “In our Southern Timber segment, we expect to achieve full-year harvest volumes of 6.3 to 6.5 million tons, while we expect overall pricing to be slightly below 2019 average pricing due to geographic mix. In our Pacific Northwest Timber segment, we expect to achieve harvest volumes of 1.4 to 1.5 million tons, while we expect relatively stable pricing as markets have adjusted to lower log export volumes resulting from China tariffs and competition from European salvage volume. We remain cautiously optimistic that export market conditions in both Southern Timber and Pacific Northwest Timber will gradually improve as the U.S.-China Phase 1 trade agreement is implemented and as additional details of the agreement become clear, although we expect near-term headwinds associated with the coronavirus outbreak in China. In our New Zealand Timber segment, we expect to achieve harvest volumes of 2.6 to 2.7 million tons, while we expect lower average export and domestic pricing due to challenging export market conditions resulting from competition from European salvage volume as well as the recent impacts from the coronavirus outbreak. We further expect that Adjusted EBITDA in the New Zealand Timber segment will be negatively impacted by higher shipping costs due to the implementation of low-sulphur fuel requirements. In our Real Estate segment, we expect a significant increase in Adjusted EBITDA based on our current pipeline of transactions, although we anticipate that real estate activity will be heavily weighted to the second half of the year.”
Conference Call
A conference call and live audio webcast will be held on Thursday, February 6, 2020 at 10:00 AM EST to discuss these results.
Access to the live audio webcast will be available at www.rayonier.com. A replay of the webcast will be archived on the Company’s website and available shortly after the call.
Investors may listen to the conference call by dialing 800-369-1184 (domestic) or 415-228-3898 (international), passcode: Rayonier. A replay of the conference call will be available one hour following the call until Friday, March 6, 2020 by dialing 866-388-5360 (domestic) or 203-369-0415 (international), passcode: 2062020.

1 Rayonier Way, Wildlight, FL 32097 904-357-9100

Complimentary copies of Rayonier press releases and other financial documents are also available by calling (904) 357-9100.
1Adjusted EBITDA and CAD are non-GAAP measures defined and reconciled to GAAP in the attached schedules.
About Rayonier
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2019, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S. South (1.8 million acres), U.S. Pacific Northwest (379,000 acres) and New Zealand (414,000 acres). More information is available at www.rayonier.com.
_______________________________________________ ________________________
Forward-Looking Statements - Certain statements in this press release regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier’s business strategies, including expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier’s business strategies, 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 following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings; entry of new competitors into our markets; changes in global economic conditions and world events; fluctuations in demand for our products in Asia, and especially China; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging and trucking services; the geographic concentration of a significant portion of our timberland; our ability to identify, finance and complete timberland acquisitions; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact our ability to conduct our business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect our timberlands and the production, distribution and availability of our products; interest rate and currency movements; our capacity to incur additional debt; changes in tariffs, taxes or treaties relating to the import and export of our products or those of our competitors; changes in key management and personnel; our ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust (“REIT”) and changes in tax laws that could adversely affect beneficial tax treatment; the cyclical nature of the real estate business generally; a downturn in the housing market; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida, which also may be affected by changes in law, policy and political factors beyond our control; unexpected delays in the entry into or closing of real estate transactions; changes in environmental laws and regulations that may restrict or adversely impact our ability to sell or develop properties; the timing of construction and availability of public infrastructure; and the availability of financing for real estate development and mortgage loans.
For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company’s most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the “SEC”). 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 further disclosures we make on related subjects in our subsequent reports filed with the SEC.
Non-GAAP Financial Measures - To supplement Rayonier’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Rayonier uses certain non-GAAP measures, including “cash available for distribution,” and “Adjusted EBITDA,” which are defined and further explained in this communication. Reconciliation of such measures to the nearest GAAP measures can also be found in this communication. Rayonier’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
Contacts:
Investors/Media
Mark McHugh
904-357-9100
investorrelations@rayonier.com
# # #

1 Rayonier Way, Wildlight, FL 32097 904-357-9100



RAYONIER INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
December 31, 2019 (unaudited)
(millions of dollars, except per share information)
 
Three Months Ended
 
Year Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
SALES

$178.8

 

$156.4

 

$166.1

 

$711.6

 

$816.1

Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of sales
(140.2
)
 
(134.5
)
 
(139.1
)
 
(558.4
)
 
(605.2
)
Selling and general expenses
(10.8
)
 
(10.1
)
 
(10.6
)
 
(41.7
)
 
(41.9
)
Other operating (expense) income, net
(1.7
)
 
(0.8
)
 
(1.4
)
 
(4.5
)
 
1.1

OPERATING INCOME
26.1

 
11.0

 
15.0

 
107.0

 
170.1

Interest expense
(8.1
)
 
(8.0
)
 
(8.1
)
 
(31.7
)
 
(32.1
)
Interest and other miscellaneous income, net
2.1

 
0.8

 
0.5

 
5.3

 
4.6

INCOME BEFORE INCOME TAXES
20.1

 
3.8

 
7.4

 
80.6

 
142.6

Income tax expense
(2.7
)
 
(2.3
)
 
(2.8
)
 
(12.9
)
 
(25.3
)
NET INCOME
17.4

 
1.5

 
4.6

 
67.7

 
117.3

Less: Net income attributable to noncontrolling interest
(1.4
)
 
(1.9
)
 
(2.6
)
 
(8.6
)
 
(15.1
)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.

$16.0

 

($0.4
)
 

$2.0

 

$59.1

 

$102.2

EARNINGS PER COMMON SHARE
 
 
 
 
 
 
 
 
 
Basic earnings per share attributable to Rayonier Inc.

$0.12

 
—

 

$0.02

 

$0.46

 

$0.79

Diluted earnings per share attributable to Rayonier Inc.

$0.12

 
—

 

$0.02

 

$0.46

 

$0.79

 
 
 
 
 
 
 
 
 
 
Weighted Average Common Shares used for determining
 
 
 
 
 
 
 
 
 
Basic EPS
129,149,307

 
129,325,181

 
129,158,030

 
129,257,202

 
129,043,627

Diluted EPS
129,436,456

 
129,325,181

 
129,736,352

 
129,598,388

 
129,690,231




A


RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2019 (unaudited)
(millions of dollars)

 
 
 
December 31,
 
December 31,
 
 
2019
 
2018
Assets
 
 
 
 
Cash and cash equivalents
 

$68.7

 

$148.4

Other current assets
 
57.3

 
59.5

Timber and timberlands, net of depletion and amortization
 
2,482.0

 
2,401.3

Higher and better use timberlands and real estate development investments
 
81.8

 
85.6

Property, plant and equipment
 
31.9

 
30.7

Less - accumulated depreciation
 
(9.6
)
 
(7.9
)
Net property, plant and equipment
 
22.3

 
22.8

Restricted cash
 
1.2

 
8.1

Right-of-use assets
 
99.9

 
—

Other assets
 
47.8

 
55.0

 
 

$2,861.0

 

$2,780.7

Liabilities and Shareholders’ Equity
 
 
 
 
Current maturities of long-term debt
 
82.0

 
—

Other current liabilities
 
69.2

 
63.5

Long-term debt
 
973.1

 
972.6

Long-term lease liability
 
90.5

 
—

Other non-current liabilities
 
108.6

 
90.0

Total Rayonier Inc. shareholders’ equity
 
1,440.0

 
1,556.9

Noncontrolling interest
 
97.6

 
97.7

Total shareholders’ equity
 
1,537.6

 
1,654.6

 
 

$2,861.0

 

$2,780.7



B


RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
December 31, 2019 (unaudited)
(millions of dollars, except share information)
 
Common Shares
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Non-controlling Interest
 
Shareholders’
Equity
 
Shares
 
Amount
 
Balance, December 31, 2017
128,970,776

 

$872.3

 

$707.4

 

$13.4

 

$99.9

 

$1,693.0

Net income
—

 
—

 
102.2

 
—

 
15.1

 
117.3

Dividends ($1.06 per share)
—

 
—

 
(137.9
)
 
—

 
—

 
(137.9
)
Issuance of shares under incentive stock plans
599,422

 
8.6

 
—

 
—

 
—

 
8.6

Stock-based compensation
—

 
6.4

 
—

 
—

 
—

 
6.4

Other (a)
(81,523
)
 
(3.0
)
 
0.7

 
(13.2
)
 
(17.3
)
 
(32.8
)
Balance, December 31, 2018
129,488,675

 

$884.3

 

$672.4

 

$0.2

 

$97.7

 

$1,654.6

Net income
—

 
—

 
59.1

 
—

 
8.6

 
67.7

Dividends ($1.08 per share)
—

 
—

 
(140.1
)
 
—

 
—

 
(140.1
)
Issuance of shares under incentive stock plans
298,003

 
1.3

 
—

 
—

 
—

 
1.3

Stock-based compensation
—

 
6.9

 
—

 
—

 
—

 
6.9

Repurchase of common shares made under repurchase program
(320,016
)
 
—

 
(8.4
)
 
—

 
—

 
(8.4
)
Other (a)
(135,593
)
 
(4.3
)
 
—

 
(31.4
)
 
(8.7
)
 
(44.4
)
Balance, December 31, 2019
129,331,069

 

$888.2

 

$583.0

 

($31.2
)
 

$97.6

 

$1,537.6

(a)
Primarily includes shares purchased from employees in non-open market transactions to pay withholding taxes associated with the vesting of shares granted under the Company’s Incentive Stock Plan, actuarial changes and amortization of pension and postretirement plan liabilities, foreign currency translation adjustments, mark-to-market adjustments of qualifying cash flow hedges and distributions to minority shareholders. The year ended December 31, 2018 also includes the adjustment related to the adoption of ASU 2018-02.
 
 
 
 
 
 
 
 
 
 
 
 




C


RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
December 31, 2019 (unaudited)
(millions of dollars)
 
 
 
 
Year Ended December 31,
 
2019
 
2018
Cash provided by operating activities:
 
 
 
Net income

$67.7

 

$117.3

Depreciation, depletion and amortization
128.2

 
144.1

Non-cash cost of land and improved development
12.6

 
23.6

Other items to reconcile net income to cash provided by operating activities
13.7


27.3

Changes in working capital and other assets and liabilities
(7.9
)
 
(2.2
)
 
214.3

 
310.1

Cash used for investing activities:
 
 
 
Capital expenditures
(64.0
)
 
(62.3
)
Real estate development investments
(6.8
)
 
(9.5
)
Purchase of timberlands
(142.3
)
 
(57.6
)
Other
(6.3
)
 
(3.5
)
 
(219.4
)
 
(132.9
)
Cash used for financing activities:
 
 
 
Net increase (decrease) in debt
82.0

 
(53.4
)
Dividends paid
(141.1
)
 
(136.8
)
Proceeds from the issuance of common shares under incentive stock plan
1.3

 
8.6

Repurchase of common shares made under repurchase program
(8.4
)
 
—

Other
(13.4
)

(12.1
)
 
(79.6
)
 
(193.7
)
Effect of exchange rate changes on cash and restricted cash
(1.8
)
 
0.5

Cash, cash equivalents and restricted cash:
 
 
 
Change in cash, cash equivalents and restricted cash
(86.5
)
 
(16.0
)
Balance, beginning of year
156.5

 
172.5

Balance, end of period

$70.0

 

$156.5



D



RAYONIER INC. AND SUBSIDIARIES
BUSINESS SEGMENT SALES, OPERATING INCOME AND ADJUSTED EBITDA
December 31, 2019 (unaudited)
(millions of dollars)
 
Three Months Ended
 
Year Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Sales
 
 
 
 
 
 
 
 
 
Southern Timber

$45.8

 

$41.3

 

$38.7

 

$194.1



$170.0

Pacific Northwest Timber
27.6

 
18.8

 
18.4

 
85.4


109.8

New Zealand Timber
60.6

 
62.0

 
60.1

 
241.9


249.0

Real Estate
22.1

 
9.2

 
16.5

 
74.9


138.6

Trading
22.7

 
25.2

 
32.4

 
115.4

 
148.8

Intersegment Eliminations
—

 
(0.1
)
 
—

 
(0.1
)
 
(0.1
)
Sales

$178.8

 

$156.4

 

$166.1

 

$711.6

 

$816.1

 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
 
Southern Timber

$12.0

 

$9.5

 

$7.2

 

$57.8

 

$44.2

Pacific Northwest Timber
(1.3
)
 
(3.6
)
 
(4.1
)
 
(12.4
)
 
8.1

New Zealand Timber
9.4

 
10.1

 
12.6

 
48.0

 
62.8

Real Estate
12.7

 
0.4

 
4.6

 
38.7

 
76.2

Trading
(0.3
)
 
—

 
0.3

 
—

 
1.0

Corporate and Other
(6.5
)
 
(5.4
)
 
(5.6
)
 
(25.1
)
 
(22.3
)
Operating income

$26.1

 

$11.0

 

$15.0

 

$107.0

 

$170.1

 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA (a)
 
 
 
 
 
 
 
 
 
Southern Timber

$28.3

 

$22.5

 

$21.2

 

$119.7

 

$102.8

Pacific Northwest Timber
8.7

 
2.7

 
2.0

 
16.7

 
40.9

New Zealand Timber
16.1

 
17.7

 
19.3

 
75.8

 
90.8

Real Estate
18.4

 
5.4

 
12.4

 
59.5

 
123.4

Trading
(0.3
)
 
—

 
0.3

 
—

 
1.0

Corporate and Other
(6.2
)
 
(5.1
)
 
(5.3
)
 
(23.9
)
 
(21.1
)
Adjusted EBITDA

$65.0

 

$43.2

 

$49.9

 

$247.8

 

$337.7

(a)
Adjusted EBITDA is a non-GAAP measure. See Schedule F for definitions and reconciliations.


E


RAYONIER INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
December 31, 2019 (unaudited)
(millions of dollars, except per share information)
LIQUIDITY MEASURES:
 
 
 
 
 
 
Year Ended
 
 
December 31,
 
December 31,
 
 
2019
 
2018
Cash Provided by Operating Activities
 

$214.3

 

$310.1

Working capital and other balance sheet changes
 
(0.9
)

(7.7
)
Capital expenditures (a)
 
(64.0
)
 
(62.3
)
Cash Available for Distribution (b)
 

$149.4

 

$240.1

 
 
 
 
 
Net Income
 

$67.7

 

$117.3

Interest, net and miscellaneous income
 
29.1

 
29.7

Income tax expense
 
12.9

 
25.2

Depreciation, depletion and amortization
 
128.2

 
144.1

Non-cash cost of land and improved development
 
12.6

 
23.6

Non-operating income
 
(2.7
)
 
(2.2
)
Adjusted EBITDA (c)
 

$247.8

 

$337.7

Cash interest paid (d)
 
(32.8
)
 
(33.1
)
Cash taxes paid
 
(1.7
)
 
(2.2
)
Capital expenditures (a)
 
(64.0
)
 
(62.3
)
Cash Available for Distribution (b)
 

$149.4

 

$240.1

 
 
 
 
 
Cash Available for Distribution (b)
 

$149.4

 

$240.1

Real estate development investments
 
(6.8
)
 
(9.5
)
Cash Available for Distribution after real estate development investments
 

$142.6

 

$230.6


OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (c):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Real Estate
 
Trading
 
Corporate
and
Other
 
Total
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 

$12.0

 

($1.3
)
 

$9.4

 

$12.7

 

($0.3
)
 

($6.5
)
 

$26.1

Depreciation, depletion and amortization
 
16.3

 
10.0

 
6.7

 
3.0

 
—

 
0.3

 
36.3

Non-cash cost of land and improved development
 
—

 
—

 
—

 
2.6

 
—

 
—

 
2.6

Adjusted EBITDA
 

$28.3

 

$8.7

 

$16.1

 

$18.4

 

($0.3
)
 

($6.2
)
 

$65.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 

$9.5

 

($3.6
)
 

$10.1

 

$0.4

 
—

 

($5.4
)
 

$11.0

Depreciation, depletion and amortization
 
13.0

 
6.3

 
7.6

 
0.7

 
—

 
0.3

 
27.8

Non-cash cost of land and improved development
 
—

 
—

 
—

 
4.3

 
—

 
—

 
4.3

Adjusted EBITDA
 

$22.5

 

$2.7

 

$17.7

 

$5.4

 
—

 

($5.1
)
 

$43.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 

$7.2

 

($4.1
)
 

$12.6

 

$4.6

 

$0.3

 

($5.6
)
 

$15.0

Depreciation, depletion and amortization
 
14.0

 
6.1

 
6.7

 
1.3

 
—

 
0.3

 
28.4

Non-cash cost of land and improved development
 
—

 
—

 
—

 
6.5

 
—

 
—

 
6.5

Adjusted EBITDA
 

$21.2

 

$2.0

 

$19.3

 

$12.4

 

$0.3

 

($5.3
)
 

$49.9


F



OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (c):

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Real Estate
 
Trading
 
Corporate
and
Other
 
Total
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 

$57.8

 

($12.4
)
 

$48.0

 

$38.7

 
—

 

($25.1
)
 

$107.0

Depreciation, depletion and amortization
 
61.9

 
29.2

 
27.8

 
8.2

 
—

 
1.2

 
128.2

Non-cash cost of land and improved development
 
—

 
—

 
—

 
12.6

 
—

 
—

 
12.6

Adjusted EBITDA
 

$119.7

 

$16.7

 

$75.8

 

$59.5

 
—

 

($23.9
)
 

$247.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
 

$44.2

 

$8.1

 

$62.8

 

$76.2

 

$1.0

 

($22.3
)
 

$170.1

Depreciation, depletion and amortization
 
58.6

 
32.8

 
28.0

 
23.6

 
—

 
1.2

 
144.1

Non-cash cost of land and improved development
 
—

 
—

 
—

 
23.6

 
—

 
—

 
23.6

Adjusted EBITDA
 

$102.8

 

$40.9

 

$90.8

 

$123.4

 

$1.0

 

($21.1
)
 

$337.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Capital expenditures exclude timberland acquisitions of $142.3 million and $57.6 million during the twelve months ended December 31, 2019 and December 31, 2018, respectively.
(b)
Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to the New Zealand minority shareholder, repurchase of the Company’s common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods.
(c)
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It removes the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis. Large Dispositions, which are excluded in the calculation of Adjusted EBITDA, are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.
(d)
Cash interest paid is presented net of patronage refunds received of $4.0 million and $4.1 million for the twelve months ended December 31, 2019 and December 31, 2018, respectively.


F



RAYONIER INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA GUIDANCE
December 31, 2019 (unaudited)
(millions of dollars)
ADJUSTED EBITDA GUIDANCE (a):
 
 
 
 
 
 
 
 
 
 
2020
Guidance
 
Net Income to Adjusted EBITDA Reconciliation
 
 
 
 
Net income

$51.5

-

$62.5

 
Less: Net income attributable to noncontrolling interest
(5.0
)
-
(6.0
)
 
Net income attributable to Rayonier Inc.

$46.5

-

$56.5

 
 
 
 
 
 
Interest, net
32.5

-
33.5

 
Income tax expense
5.5

-
7.0

 
Depreciation, depletion and amortization
131.5

-
139.0

 
Non-cash cost of land and improved development
24.0

-
28.0

 
Net income attributable to noncontrolling interest
5.0

-
6.0

 
Adjusted EBITDA

$245.0

-

$270.0

 
 
 
 
 
 
Diluted Earnings per Share

$0.36

-

$0.44

 
(a)
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It removes the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis. Large Dispositions, which are excluded in the calculation of Adjusted EBITDA, are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.


G
 EX-101.SCH 3 ryn-20200205.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Cover Page Cover Page link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ryn-20200205_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ryn-20200205_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ryn-20200205_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover page. City Area Code City Area Code Document Period End Date Document Period End Date Document Type Document Type Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code Entity Emerging Growth Company Entity Emerging Growth Company Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Registrant Name Entity Registrant Name Local Phone Number Local Phone Number Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Written Communications Written Communications Pre-commencement Tender Offer Pre-commencement Tender Offer Soliciting Material Soliciting Material Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Amendment Flag Amendment Flag Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Central Index Key Entity Central Index Key Title of 12(b) Security Title of 12(b) Security EX-101.PRE 7 ryn-20200205_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 logocolor450pxwidthpnga29.jpg begin 644 logocolor450pxwidthpnga29.jpg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end XML 9 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 10 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 11 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Cover Page Cover Page
Feb. 05, 2020
Cover page.  
City Area Code 904
Document Period End Date Feb. 05, 2020
Document Type 8-K
Entity Address, Address Line One 1 Rayonier Way
Entity Address, City or Town Wildlight
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32097
Entity Emerging Growth Company false
Entity Incorporation, State or Country Code NC
Entity Registrant Name RAYONIER INC
Local Phone Number 357-9100
Trading Symbol RYN
Security Exchange Name NYSE
Written Communications false
Pre-commencement Tender Offer false
Soliciting Material false
Pre-commencement Issuer Tender Offer false
Amendment Flag false
Entity File Number 1-6780
Entity Tax Identification Number 13-2607329
Entity Central Index Key 0000052827
Title of 12(b) Security COMMON STOCK, $0.00 PAR VALUE
ZIP 13 0000052827-20-000005-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000052827-20-000005-xbrl.zip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end XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 1 95 1 false 0 0 false 0 false false R1.htm 0001000 - Document - Cover Page Cover Page Sheet http://www.rayonier.com/role/CoverPageCoverPage Cover Page Cover Page Cover 1 false false All Reports Book All Reports a2019pr8-kshell4q2019.htm exhibit9914q2019.htm ryn-20200205.xsd ryn-20200205_cal.xml ryn-20200205_def.xml ryn-20200205_lab.xml ryn-20200205_pre.xml logocolor450pxwidthpnga29.jpg http://xbrl.sec.gov/dei/2019-01-31 true true XML 15 a2019pr8-kshell4q2019_htm.xml IDEA: XBRL DOCUMENT 0000052827 2020-02-05 2020-02-05 false 0000052827 8-K 2020-02-05 1-6780 RAYONIER INC NC 13-2607329 1 Rayonier Way Wildlight FL 32097 904 357-9100 COMMON STOCK, $0.00 PAR VALUE RYN NYSE false false false false false JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "a2019pr8-kshell4q2019.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "calculationLink": { "local": [ "ryn-20200205_cal.xml" ] }, "definitionLink": { "local": [ "ryn-20200205_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "a2019pr8-kshell4q2019.htm" ] }, "labelLink": { "local": [ "ryn-20200205_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "ryn-20200205_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "ryn-20200205.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "ryn", "nsuri": "http://www.rayonier.com/20200205", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "span", "div", "div", "body", "html" ], "baseRef": "a2019pr8-kshell4q2019.htm", "contextRef": "D2019Q4SD", "decimals": null, "first": true, "lang": "en-US", "name": "dei:CityAreaCode", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Cover Page Cover Page", "role": "http://www.rayonier.com/role/CoverPageCoverPage", "shortName": "Cover Page Cover Page", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "span", "div", "div", "body", "html" ], "baseRef": "a2019pr8-kshell4q2019.htm", "contextRef": "D2019Q4SD", "decimals": null, "first": true, "lang": "en-US", "name": "dei:CityAreaCode", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover page." } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.rayonier.com/role/CoverPageCoverPage" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } XML 17 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}