0000052827-20-000011 | 10-K | XBRL Viewer

Adjustments to reconcile net income to cash provided by operating activities:

Schedule of Inventory

As of December 31, 2019 and 2018, Rayonier’s inventory was solely comprised of finished goods, as follows:



	2019		2018
Finished goods inventory
Real estate inventory (a)		$12,663		$11,919
Log inventory	1,855		3,784
Total inventory		$14,518		$15,703


(a)	Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 7 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information.

LEASES - Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2020	$ 10,028
2021	9,293
2022	8,413
2023	8,355
2024	8,281
Thereafter	148,950
Operating lease liabilities	193,320
Imputed interest	(92,796)
Balance at December 31, 2019	100,524
Less: Current portion	(10,043)
Non-current portion at December 31, 2019	$ 90,481	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

OPERATING ACTIVITIES

Net income

$ 67,678

$ 117,330

$ 161,579

Depreciation, depletion and amortization

128,235

144,121

127,566

Non-cash cost of land and improved development

12,565

23,553

13,684

Stock-based incentive compensation expense

6,904

6,428

5,396

Deferred income taxes

11,314

22,832

21,980

Amortization of losses from pension and postretirement plans

449

675

465

Gain on sale of large disposition of timberlands

(66,994)

Changes in operating assets and liabilities:

(4,999)

(2,613)

(716)

Receivables

(849)

765

(6,362)

Inventories

1,224

1,773

(1,384)

Accounts payable

(1,554)

(4,626)

3,435

Income tax receivable/payable

(434)

All other operating activities

(6,714)

(142)

(1,931)

CASH PROVIDED BY OPERATING ACTIVITIES

214,253

310,096

256,284

(63,996)

(62,325)

(65,345)

(6,803)

(9,501)

(15,784)

(142,287)

(57,608)

(242,910)

95,243

(6,084)

(6,304)

(3,421)

(373)

(219,390)

(132,855)

(235,253)

82,000

1,014

63,389

(54,416)

(100,157)

Proceeds from the issuance of common shares under incentive stock plan

(141,071)

(136,772)

(127,069)

1,260

8,591

4,751

Proceeds from the issuance of common shares from equity offering, net of costs

152,390

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(4,250)

(2,984)

(176)

Repurchase of common shares under repurchase program

(8,430)

135

2,025

(9,161)

(11,172)

Debt issuance costs

(132)

(79,649)

(193,714)

(6,872)

(1,700)

571

580

Change in cash, cash equivalents and restricted cash

^[1]

(86,486)

(15,902)

14,739

^[1]

156,454

172,356

157,617

Capital assets purchased on account

^[1]

69,968

156,454

172,356

Cash paid during the year:

Interest

^[1]

32,782

33,120

36,041

Income taxes

1,691

2,150

514

Non-cash investing activity:

3,568

2,001

3,809

Patronage refunds received, netted with interest paid

$ 4,000

$ 4,100

$ 3,000

[1]	Interest paid is presented net of patronage payments received of $4.0 million, $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt.

REVENUE - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract balances, recognized during period	$ 10,039	$ 9,004

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Geographical Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 178,793	$ 156,417	$ 184,800	$ 191,546	$ 166,146	$ 200,890	$ 245,906	$ 203,196	$ 711,556	$ 816,138	$ 819,596
Operating Income									107,027	170,068	215,491
Identifiable Assets	2,860,996				2,780,666				2,860,996	2,780,666
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales									354,395	390,396	419,402
Operating Income									58,945	83,357	138,528
Identifiable Assets	2,288,642				2,282,480				2,288,642	2,282,480
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales									357,161	425,742	400,194
Operating Income									48,082	86,711	$ 76,963
Identifiable Assets	$ 572,354				$ 498,186				$ 572,354	$ 498,186

QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Sales	$ 178,793	$ 156,417	$ 184,800	$ 191,546	$ 166,146	$ 200,890	$ 245,906	$ 203,196	$ 711,556	$ 816,138	$ 819,596
Cost of sales	(140,182)	(134,463)	(140,454)	(143,251)	(139,092)	(143,261)	(184,418)	(138,488)	(558,350)	(605,259)	(568,253)
Net Income	17,437	1,528	20,920	27,793	4,647	30,639	39,338	42,706	67,678	117,330	161,579
Net Income attributable to Rayonier Inc.	$ 15,992	$ (433)	$ 18,752	$ 24,794	$ 1,987	$ 23,432	$ 36,258	$ 40,539	$ 59,105	$ 102,216	$ 148,842
Basic EPS attributable to Rayonier Inc. (in dollars per share)	$ 0.12	$ 0	$ 0.14	$ 0.19	$ 0.02	$ 0.18	$ 0.28	$ 0.31	$ 0.46	$ 0.79	$ 1.17
Diluted EPS attributable to Rayonier Inc. (in dollars per share)	$ 0.12	$ 0	$ 0.14	$ 0.19	$ 0.02	$ 0.18	$ 0.28	$ 0.31	$ 0.46	$ 0.79	$ 1.16

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Schedule of Changes in Projected Benefit Obligations

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31:



	Pension						Postretirement
	2019			2018			2019			2018
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year		$79,559			$87,986			$1,303			$1,420
Service cost	—			—			6			7
Interest cost	3,197			3,021			54			38
Actuarial loss (gain)	10,828			(8,160		)	285			(149		)
Benefits paid	(3,323		)	(3,288		)	(14		)	(13		)
Projected benefit obligation at end of year		$90,261			$79,559			$1,634			$1,303



Funded Status at End of Year:
Net accrued benefit cost	($23,801	)	($28,610	)	($1,634	)	($1,303	)

Schedule of Changes in Fair Value of Plan Assets



Change in Plan Assets
Fair value of plan assets at beginning of year		$50,949			$57,377		—		—
Actual return on plan assets	12,975			(4,638		)	—		—
Employer contributions	6,413			2,829			14		13
Benefits paid	(3,284		)	(4,002		)	(14	)	(13	)
Other expense	(593		)	(617		)	—		—
Fair value of plan assets at end of year		$66,460			$50,949		—		—

Schedule of Amounts Recognized in Balance Sheet



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Current liabilities		($86	)		($86	)		($38	)		($27	)
Noncurrent liabilities	(23,715		)	(28,524		)	(1,596		)	(1,276		)
Net amount recognized		($23,801	)		($28,610	)		($1,634	)		($1,303	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows:



	Pension									Postretirement
	2019			2018			2017			2019			2018		2017
Net (losses) gains		($1,514	)		($1,743	)		($583	)		($285	)		$149		($89	)

Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:



	Pension						Postretirement
	2019		2018		2017		2019	2018		2017
Amortization of losses (gains)		$449		$673		$466	—		$2		($1	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows:



	Pension						Postretirement
	2019			2018			2019			2018
Net losses		($24,317	)		($23,252	)		($292	)		($7	)
Deferred income tax benefit	1,216			1,216			6			6
AOCI		($23,101	)		($22,036	)		($286	)		($1	)

Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value

For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31:



	2019		2018
Projected benefit obligation		$90,261		$79,559
Accumulated benefit obligation	90,261		79,559
Fair value of plan assets	66,460		50,949

Schedule of Net Benefit Costs

The following tables set forth the components of net pension and postretirement benefit cost (credit) that have been recognized during the three years ended December 31:



	Pension									Postretirement
	2019			2018			2017			2019		2018		2017
Components of Net Periodic Benefit Cost (Credit)
Service cost	—			—			—				$6		$7		$6
Interest cost	3,197			3,021			3,259			54		38		53
Expected return on plan assets	(3,107		)	(3,934		)	(3,781		)	—		—		—
Amortization of losses (gains)	449			673			466			—		2		(1		)
Net periodic benefit cost (credit)		$539			($240	)		($56	)		$60		$47		$58

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2020 are as follows:



	Pension		Postretirement
Amortization of loss		$861		$8

Schedule of Assumptions Used

The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31:



	Pension						Postretirement
	2019		2018		2017		2019		2018		2017
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.06	%	4.11	%	3.48	%	3.16	%	4.18	%	3.56	%
Rate of compensation increase	—		—		—		4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.11	%	3.48	%	4.01	%	4.18	%	3.56	%	4.12	%
Expected long-term return on plan assets	5.72	%	7.17	%	7.17	%	—		—		—
Rate of compensation increase	—		—		—		4.50	%	4.50	%	4.50	%

Schedule of Allocation of Plan Assets

The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2019 and 2018, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2019		2018		Target Allocation Range
Domestic equity securities	41	%	39	%	35-45%
International equity securities	28	%	28	%	20-30%
Domestic fixed income securities	25	%	26	%	25-29%
International fixed income securities	4	%	5	%	3-7%
Real estate fund	2	%	2	%	2-4%
Total	100	%	100	%

The following table sets forth the net asset value of the plan assets as of December 31, 2019 or 2018.



	December 31, 2019		December 31, 2018
Asset Category
Investments at Net Asset Value:
Separate Investment Accounts	66,460		50,949
Total Investments at Net Asset Value		$66,460		$50,949

Schedule of Expected Benefit Payments

Expected benefit payments to be made by the Company for the next 10 years are as follows:



	Pension Benefits		Postretirement Benefits
2020		$3,671		$38
2021	3,829		42
2022	4,050		45
2023	4,146		48
2024	4,318		51
2025-2029	22,752		308

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

12 Months Ended

Dec. 31, 2019

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

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 taxable REIT subsidiaries (“TRS”), HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also periodically 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 investments from December 31, 2018 to December 31, 2019 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber			Development Investments			Total
Non-current portion at December 31, 2018		$59,189			$26,420			$85,609
Plus: Current portion (a)	4,239			7,680			11,919
Total Balance at December 31, 2018	63,428			34,100			97,528
Non-cash cost of land and improved development	(1,916		)	(4,814		)	(6,730		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,866		)	—			(2,866		)
Capitalized real estate development investments (b)	—			6,803			6,803
Capital expenditures (silviculture)	204			—			204
Intersegment transfers	(485		)	—			(485		)
Total Balance at December 31, 2019	58,365			36,089			94,454
Less: Current portion (a)	(274		)	(12,389		)	(12,663		)
Non-current portion at December 31, 2019		$58,091			$23,700			$81,791


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 19 — Inventory for additional information.

(b)

Capitalized real estate development investments includes $0.4 million of capitalized interest.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Separate Investment Accounts
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net liability position	$ 23,801	$ 28,610

DEBT - Revolving Credit Facility (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2019
Unsecured revolving credit facility
Line of Credit Facility [Line Items]
Line of credit facility, term	5 years
Maximum borrowing capacity	$ 200,000,000
Basis spread on variable rate		1.25%
Commitment fee (as a percent)		0.175%
Available borrowings		$ 116,500,000
Unsecured revolving credit facility \| Letters of credit
Line of Credit Facility [Line Items]
Letters of credit		$ 1,500,000
Previous revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Farm credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000

INCENTIVE STOCK PLANS - Schedule of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Number of Shares
Beginning Balance (in shares)	317,499
Granted (in shares)	0	87,924	97,643
Vested (in shares)	(142,778)
Cancelled (in shares)	(5,607)
Ending Balance (in shares)	169,114	317,499
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 30.64
Granted (in dollars per share)	0	$ 35.44	$ 28.18
Vested (in dollars per share)	32.07
Cancelled (in dollars per share)	29.99
Ending Balance (in dollars per share)	$ 29.45	$ 30.64
Restricted Stock Units (RSUs)
Number of Shares
Beginning Balance (in shares)	0
Granted (in shares)	128,226	0	0
Vested (in shares)	(24,664)
Cancelled (in shares)	(1,265)
Ending Balance (in shares)	102,297	0
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 0
Granted (in dollars per share)	31.39	$ 0	$ 0
Vested (in dollars per share)	30.90
Cancelled (in dollars per share)	31.77
Ending Balance (in dollars per share)	$ 31.50	$ 0

NEW ZEALAND SUBSIDIARY (Details) - a a in Thousands	Dec. 31, 2019	Mar. 31, 2016	Mar. 03, 2016	Apr. 30, 2013
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners		23.00%
Rayonier
Noncontrolling Interest [Line Items]
Ownership percentage by parent		77.00%	77.00%	65.00%
Rayonier \| Matariki Forestry Group
Noncontrolling Interest [Line Items]
Ownership percentage by parent	77.00%
New Zealand
Noncontrolling Interest [Line Items]
Acres of timberland owned	414
Non-controlling Interest \| Matariki Forestry Group
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners	23.00%

DEBT - Term Credit Agreement (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2019	Aug. 05, 2015
New credit facilities
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 550,000,000
Term Credit Agreement \| Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350,000,000
Debt instrument, term	9 years
Basis spread on variable rate		1.625%
Effective interest rate		3.30%

INCENTIVE STOCK PLANS - Performance Share Units - Narrative (Details) - Performance Shares $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Unrecognized compensation cost	$ 5.1
Weighted average period for recognition, years	1 year 9 months 18 days

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	3,197	3,021	3,259
Expected return on plan assets	(3,107)	(3,934)	(3,781)
Amortization of losses (gains)	449	673	466
Net periodic benefit cost (credit)	539	(240)	(56)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	7	6
Interest cost	54	38	53
Expected return on plan assets	0	0	0
Amortization of losses (gains)	0	2	(1)
Net periodic benefit cost (credit)	$ 60	$ 47	$ 58

EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2020	$ 3,671
2021	3,829
2022	4,050
2023	4,146
2024	4,318
2025 - 2029	22,752
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2020	38
2021	42
2022	45
2023	48
2024	51
2025 - 2029	$ 308

INCENTIVE STOCK PLANS - Summary of Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 475	$ 2,618	$ 1,993
Cash received from exercise of options	$ 1,260	$ 8,591	$ 4,751

RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2019

Restricted Cash and Investments [Abstract]

Restricted Cash

The following table contains the amount of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the years ended December 31:



	2019		2018
Restricted cash deposited with LKE intermediary		$758		$7,530
Restricted cash held in escrow	475		550
Total restricted cash shown in the Consolidated Balance Sheets	1,233		8,080
Cash and cash equivalents	68,735		148,374
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows		$69,968		$156,454

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Sales	$ 178,793	$ 156,417	$ 184,800	$ 191,546	$ 166,146	$ 200,890	$ 245,906	$ 203,196	$ 711,556	$ 816,138	$ 819,596
Trading
Disaggregation of Revenue [Line Items]
Sales									115,283	148,722
Domestic
Disaggregation of Revenue [Line Items]
Sales									354,395	390,396	419,402
Total Timber Sales
Disaggregation of Revenue [Line Items]
Sales									587,895	640,347	585,019
Total Timber Sales \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									159,156	143,863	122,639
Total Timber Sales \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									82,727	106,471	88,719
Total Timber Sales \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									231,406	241,943	222,455
Total Timber Sales \| Trading
Disaggregation of Revenue [Line Items]
Sales									114,606	148,070	151,206
Total Timber Sales \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Sales									71,943	72,385	71,120
Total Timber Sales \| Stumpage Pay-as-Cut \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									71,943	72,385	71,120
Total Timber Sales \| Stumpage Pay-as-Cut \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Stumpage Pay-as-Cut \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Stumpage Pay-as-Cut \| Trading
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Sales									10,177	16,842	19,721
Total Timber Sales \| Stumpage Lump Sum \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									7,428	4,988	9,093
Total Timber Sales \| Stumpage Lump Sum \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									2,749	11,854	10,628
Total Timber Sales \| Stumpage Lump Sum \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Stumpage Lump Sum \| Trading
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Sales											1,234
Total Timber Sales \| Stumpage Agreed Volume \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales											0
Total Timber Sales \| Stumpage Agreed Volume \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales											1,234
Total Timber Sales \| Stumpage Agreed Volume \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales											0
Total Timber Sales \| Stumpage Agreed Volume \| Trading
Disaggregation of Revenue [Line Items]
Sales											0
Total Timber Sales \| Total Stumpage
Disaggregation of Revenue [Line Items]
Sales									82,120	89,227	92,075
Total Timber Sales \| Total Stumpage \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									79,371	77,373	80,213
Total Timber Sales \| Total Stumpage \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									2,749	11,854	11,862
Total Timber Sales \| Total Stumpage \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Total Stumpage \| Trading
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Total Delivered
Disaggregation of Revenue [Line Items]
Sales									505,775	551,120	492,944
Total Timber Sales \| Total Delivered \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									79,785	66,490	42,426
Total Timber Sales \| Total Delivered \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									79,978	94,617	76,857
Total Timber Sales \| Total Delivered \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									231,406	241,943	222,455
Total Timber Sales \| Total Delivered \| Trading
Disaggregation of Revenue [Line Items]
Sales									114,606	148,070	151,206
Total Timber Sales \| Total Delivered \| Domestic
Disaggregation of Revenue [Line Items]
Sales									237,494	252,320	209,548
Total Timber Sales \| Total Delivered \| Domestic \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									71,054	60,931	42,426
Total Timber Sales \| Total Delivered \| Domestic \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									79,978	94,617	76,857
Total Timber Sales \| Total Delivered \| Domestic \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									80,974	90,631	84,221
Total Timber Sales \| Total Delivered \| Domestic \| Trading
Disaggregation of Revenue [Line Items]
Sales									5,488	6,141	6,044
Total Timber Sales \| Total Delivered \| Export
Disaggregation of Revenue [Line Items]
Sales									268,281	298,800	283,396
Total Timber Sales \| Total Delivered \| Export \| Southern Timber
Disaggregation of Revenue [Line Items]
Sales									8,731	5,559	0
Total Timber Sales \| Total Delivered \| Export \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Sales									0	0	0
Total Timber Sales \| Total Delivered \| Export \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Sales									150,432	151,312	138,234
Total Timber Sales \| Total Delivered \| Export \| Trading
Disaggregation of Revenue [Line Items]
Sales									$ 109,118	$ 141,929	$ 145,162

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

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 plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company provides those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. 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.



	Pension						Postretirement
	2019			2018			2019			2018
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year		$79,559			$87,986			$1,303			$1,420
Service cost	—			—			6			7
Interest cost	3,197			3,021			54			38
Actuarial loss (gain)	10,828			(8,160		)	285			(149		)
Benefits paid	(3,323		)	(3,288		)	(14		)	(13		)
Projected benefit obligation at end of year		$90,261			$79,559			$1,634			$1,303



Change in Plan Assets
Fair value of plan assets at beginning of year		$50,949			$57,377		—		—
Actual return on plan assets	12,975			(4,638		)	—		—
Employer contributions	6,413			2,829			14		13
Benefits paid	(3,284		)	(4,002		)	(14	)	(13	)
Other expense	(593		)	(617		)	—		—
Fair value of plan assets at end of year		$66,460			$50,949		—		—



Funded Status at End of Year:
Net accrued benefit cost	($23,801	)	($28,610	)	($1,634	)	($1,303	)



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Current liabilities		($86	)		($86	)		($38	)		($27	)
Noncurrent liabilities	(23,715		)	(28,524		)	(1,596		)	(1,276		)
Net amount recognized		($23,801	)		($28,610	)		($1,634	)		($1,303	)

Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows:



	Pension									Postretirement
	2019			2018			2017			2019			2018		2017
Net (losses) gains		($1,514	)		($1,743	)		($583	)		($285	)		$149		($89	)

Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:



	Pension						Postretirement
	2019		2018		2017		2019	2018		2017
Amortization of losses (gains)		$449		$673		$466	—		$2		($1	)

Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows:



	Pension						Postretirement
	2019			2018			2019			2018
Net losses		($24,317	)		($23,252	)		($292	)		($7	)
Deferred income tax benefit	1,216			1,216			6			6
AOCI		($23,101	)		($22,036	)		($286	)		($1	)



	2019		2018
Projected benefit obligation		$90,261		$79,559
Accumulated benefit obligation	90,261		79,559
Fair value of plan assets	66,460		50,949

The following tables set forth the components of net pension and postretirement benefit cost (credit) that have been recognized during the three years ended December 31:



	Pension									Postretirement
	2019			2018			2017			2019		2018		2017
Components of Net Periodic Benefit Cost (Credit)
Service cost	—			—			—				$6		$7		$6
Interest cost	3,197			3,021			3,259			54		38		53
Expected return on plan assets	(3,107		)	(3,934		)	(3,781		)	—		—		—
Amortization of losses (gains)	449			673			466			—		2		(1		)
Net periodic benefit cost (credit)		$539			($240	)		($56	)		$60		$47		$58

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2020 are as follows:



	Pension		Postretirement
Amortization of loss		$861		$8



	Pension						Postretirement
	2019		2018		2017		2019		2018		2017
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.06	%	4.11	%	3.48	%	3.16	%	4.18	%	3.56	%
Rate of compensation increase	—		—		—		4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.11	%	3.48	%	4.01	%	4.18	%	3.56	%	4.12	%
Expected long-term return on plan assets	5.72	%	7.17	%	7.17	%	—		—		—
Rate of compensation increase	—		—		—		4.50	%	4.50	%	4.50	%

At December 31, 2019, the pension plan’s discount rate was 3.1%, which closely approximates interest rates on high quality, long-term obligations. In 2019, the expected return on plan assets decreased to 5.7%, which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company utilizes this information in developing assumptions for returns, risks and correlations of asset classes, which are then used to establish the asset allocation ranges.

INVESTMENT OF PLAN ASSETS

The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2019 and 2018, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2019		2018		Target Allocation Range
Domestic equity securities	41	%	39	%	35-45%
International equity securities	28	%	28	%	20-30%
Domestic fixed income securities	25	%	26	%	25-29%
International fixed income securities	4	%	5	%	3-7%
Real estate fund	2	%	2	%	2-4%
Total	100	%	100	%

The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program, which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common shares during the years ended December 31, 2019 and 2018.

NET ASSET VALUE MEASUREMENTS

Separate investment accounts are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets.

The following table sets forth the net asset value of the plan assets as of December 31, 2019 or 2018.



	December 31, 2019		December 31, 2018
Asset Category
Investments at Net Asset Value:
Separate Investment Accounts	66,460		50,949
Total Investments at Net Asset Value		$66,460		$50,949

CASH FLOWS

Expected benefit payments to be made by the Company for the next 10 years are as follows:



	Pension Benefits		Postretirement Benefits
2020		$3,671		$38
2021	3,829		42
2022	4,050		45
2023	4,146		48
2024	4,318		51
2025-2029	22,752		308

The Company has approximately $3.6 million of pension contribution requirements in 2020.

DEFINED CONTRIBUTION PLANS

The Company provides a defined contribution plan to all of its employees. Company match contributions charged to expense for these plans were $1.0 million, $0.9 million and $0.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. The defined contribution plan includes Rayonier common shares with a fair market value of $10.6 million and $9.7 million at December 31, 2019 and 2018, respectively. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. Transfers out of the fund will continue to be permitted, but no new investments or transfers into the fund are allowed.

As discussed above, the defined benefit pension plan is currently frozen. In lieu of the pension plan, employees are eligible to receive an enhanced match contribution. Company enhanced match contributions charged to expense for the years ended December 31, 2019, 2018 and 2017 were $0.9 million, $0.8 million and $0.8 million, respectively.

GUARANTEES (Tables)

12 Months Ended

Dec. 31, 2019

Guarantees [Abstract]

Schedule of Guarantor Obligations

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2019, the following financial guarantees were outstanding:



Financial Commitments (a)	Maximum Potential Payment
Standby letters of credit (b)		$1,509
Surety bonds (c)	3,487
Total financial commitments		$4,996


(a)	The Company has not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on the Company’s own performance.


(b)	Approximately $0.5 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2020 and will be renewed as required.


(c)	Rayonier issues surety bonds primarily to secure performance obligations related to various operational activities and to provide collateral for the Company’s Wildlight development project in Nassau County, Florida. These bonds expire at various dates during 2020 and are expected to be renewed as required.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details) - Forecast - Pope Resources - Subsequent Event $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Subsequent Event [Line Items]
Equity interest issued or issuable, number of shares (in shares) \| shares	2.751
Business acquisition, share price (in dollars per share) \| $ / shares	$ 37.50
Business combination, consideration transferred \| $	$ 10

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification 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 December 31, 2019 and 2018, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	December 31, 2019							December 31, 2018
Asset (liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$68,735			$68,735	—			$148,374			$148,374	—
Restricted cash (b)	1,233			1,233		—		8,080			8,080		—
Current maturities of long-term debt	(82,000		)	—		(82,000	)	—			—		—
Long-term debt (c)	(973,129		)	—		(981,500	)	(972,567		)	—		(975,845	)
Interest rate swaps (d)	(8,454		)	—		(8,454	)	23,735			—		23,735
Foreign currency exchange contracts (d)	642			—		642		(1,442		)	—		(1,442	)
Foreign currency option contracts (d)	303			—		303		145			—		145
Carbon options contracts (d)	(607		)	—		(607	)	(322		)	—		(322	)
Marketable equity securities (e)	10,582			10,582		—		—			—		—


(a)	The Company did not have Level 3 assets or liabilities at December 31, 2019 and 2018.


(b)	Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for real estate development obligations. See Note 20 - Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information.


(d)	See Note 14 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.


(e)	The Company’s investments in marketable equity securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations. See Note 21 - Other Assets for additional information.

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.

Carbon option contracts — The fair value of carbon option contracts is determined by a mark-to-market valuation using the Black-Scholes option pricing model, 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.

Marketable equity securities — The fair value of marketable equity securities is determined by quoted prices in their active market.

The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for 12 months or greater at December 31, 2019 and December 31, 2018:



	December 31, 2019							December 31, 2018
	Carrying Amount		Less than 12 Months		12 Months or Greater	Total		Carrying Amount	Less than 12 Months	12 Months or Greater	Total
Fair value of marketable equity securities		$10,582		$10,582	—		$10,582	—	—	—	—
Unrealized gains	—		3,043		—	3,043		—	—	—	—

Share-based Payment Arrangement [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCENTIVE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of the Company’s stock-based compensation cost is presented below:



	2019		2018		2017
Selling and general expenses		$6,416		$5,623		$4,784
Cost of sales	378		704		556
Timber and Timberlands, net (a)	110		101		56
Total stock-based compensation		$6,904		$6,428		$5,396

Tax benefit recognized related to stock-based compensation expense (b)		$362		$338		$249


(a)	Represents amounts capitalized as part of the overhead allocation of timber-related costs.

(b)

A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the Company’s restricted stock is presented below:



	2019		2018		2017
Restricted shares granted	—		87,924		97,643
Weighted average price of restricted shares granted	—			$35.44		$28.18
Intrinsic value of restricted stock outstanding (a)		$5,540		$8,792		$8,906
Grant date fair value of restricted stock vested	4,579		1,582		1,198
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	1,610		334		176


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2019.



	2019
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	317,499			$30.64
Granted	—		—
Vested	(142,778	)	32.07
Cancelled	(5,607	)	29.99
Non-vested Restricted Shares at December 31,	169,114			$29.45

A summary of the Company’s restricted stock units is presented below:



	2019		2018	2017
Restricted stock units granted	128,226		—	—
Weighted average price of restricted stock units granted		$31.39	—	—
Intrinsic value of restricted stock units outstanding (a)	3,351		—	—
Grant date fair value of restricted stock units vested	762		—	—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted stock units vested		$1	—	—


(a)	Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2019.



	2019
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1,	—		—
Granted	128,226		31.39
Vested	(24,664	)	30.90
Cancelled	(1,265	)	31.77
Non-vested Restricted Stock Units at December 31,	102,297			$31.50

Schedule of Nonvested Performance-based Units Activity

A summary of the Company’s performance share units is presented below:



	2019		2018		2017
Common shares reserved for performance shares granted during year	232,684		213,154		226,448
Weighted average fair value of performance share units granted		$35.99		$40.27		$32.17
Intrinsic value of outstanding performance share units (a)	10,758		9,229		10,414
Fair value of performance shares vested	6,387		5,670		—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested	2,639		2,651		—


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2019.



	2019
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	333,282			$33.60
Granted	116,342		35.99
Units Distributed	(114,563	)	28.78
Other Cancellations/Adjustments	(6,675	)	36.61
Outstanding Performance Share units at December 31,	328,386			$36.06

Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2019:



	2019		2018		2017
Expected volatility	18.4	%	20.8	%	23.3	%
Risk-free rate	2.3	%	2.4	%	1.5	%

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2019 is presented below.



	2019
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	510,122			$32.29
Granted	—		—
Exercised	(57,023	)	22.09
Cancelled or expired	(38,697	)	36.50
Options outstanding at December 31,	414,402		33.30		2.9		$514
Options exercisable at December 31,	414,402			$33.30	2.9		$514

A summary of additional information pertaining to the Company’s stock options is presented below:



	2019		2018		2017
Intrinsic value of options exercised (a)		$475		$2,618		$1,993
Cash received from exercise of options	1,260		8,591		4,751

(a)

Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI by component for the years ended December 31, 2019 and 2018. All amounts are presented net of tax effect and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains/(losses)			Net investment hedges of New Zealand JV			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2017		$15,975			$1,665			$16,184				($20,407	)			$13,417
Other comprehensive (loss) income before reclassifications	(16,985		)	(344		)	5,944				(1,594		)		(12,979		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—			(163		)		(36		)		(199		)
Net other comprehensive (loss) income	(16,985		)	(344		)	5,781				(1,630		)		(13,178		)
Balance as of December 31, 2018		($1,010	)		$1,321			$21,965				($22,037	)			$239
Other comprehensive (loss) income before reclassifications	784			—			(31,547		)	(a)	(1,799		)		(32,562		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—			672				449			(b)	1,121
Net other comprehensive (loss) income	784			—			(30,875		)		(1,350		)		(31,441		)
Balance as of December 31, 2019		($226	)		$1,321			($8,910	)			($23,387	)			($31,202	)


(a)	Includes $32.2 million of other comprehensive loss related to interest rate swaps. See Note 14 — Derivative Financial Instruments and Hedging Activities for additional information.


(b)	This component of other comprehensive (loss) income is included in the computation of net periodic pension cost. See Note 16 — Employee Benefit Plans for additional information.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2019 and 2018:



Details about accumulated other comprehensive (loss) income components	Amount reclassified from accumulated other comprehensive (loss) income						Affected line item in the income statement
	2019			2018			Affected line item in the income statement
Realized (gain) loss on foreign currency exchange contracts		$1,246			($121	)	Other operating income, net
Realized (gain) loss on foreign currency option contracts	(33		)	(173		)	Other operating income, net
Noncontrolling interest	(279		)	68			Comprehensive income (loss) attributable to noncontrolling interest
Income tax expense (benefit) from foreign currency contracts	(262		)	63			Income tax expense (Note 10)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income		$672			($163	)

OTHER ASSETS - Changes in Goodwill (Details) - USD ($)	12 Months Ended
OTHER ASSETS - Changes in Goodwill (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill Beginning Balance (net of $0 of accumulated impairment)	$ 8,307,000	$ 8,776,000
Changes to carrying amount
Acquisitions	0	0
Impairment	0	0
Foreign currency adjustment	304,000	(469,000)
Goodwill Ending Balance (net of $0 accumulated impairment)	8,611,000	8,307,000
Accumulated Impairment	$ 0	$ 0	$ 0

INCOME TAXES - Summary of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
NOL Carryforwards
Deferred Tax Asset, Nontaxable Entities, Gross Amount	$ 24,765	$ 24,284
Valuation Allowance, Nontaxable Entities	(24,765)	(24,284)
Total Valuation Allowance	(39,320)	(38,839)
Cellulosic Biofuel Producer Credit (a)
NOL Carryforwards
Gross Amount, Tax Credits	14,555	14,555
Valuation Allowance, Tax Credits	(14,555)	(14,555)
New Zealand JV \| New Zealand subsidiary NOL carryforwards
NOL Carryforwards
Gross Amount, NOL Carryforwards	11,650	31,052
Valuation Allowance, NOL Carryforwards	$ 0	$ 0

QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	Quarter Ended												Total Year
(thousands of dollars, except per share amounts)	Mar. 31			June 30			Sept. 30			Dec. 31			Total Year
2019
Sales		$191,546			$184,800			$156,417			$178,793			$711,556
Cost of sales	(143,251		)	(140,454		)	(134,463		)	(140,182		)	(558,350		)
Net Income	27,793			20,920			1,528			17,437			67,678
Net Income attributable to Rayonier Inc.	24,794			18,752			(433		)	15,992			59,105
Basic EPS attributable to Rayonier Inc.		$0.19			$0.14		—				$0.12			$0.46
Diluted EPS attributable to Rayonier Inc.		$0.19			$0.14		—				$0.12			$0.46

2018
Sales		$203,196			$245,906			$200,890			$166,146			$816,138
Cost of sales	(138,488		)	(184,418		)	(143,261		)	(139,092		)	(605,259		)
Net Income	42,706			39,338			30,639			4,647			117,330
Net Income attributable to Rayonier Inc.	40,539			36,258			23,432			1,987			102,216
Basic EPS attributable to Rayonier Inc.		$0.31			$0.28			$0.18			$0.02			$0.79
Diluted EPS attributable to Rayonier Inc.		$0.31			$0.28			$0.18			$0.02			$0.79

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Interest Rate Swaps

The following table contains information on the outstanding interest rate swaps as of December 31, 2019:



Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount		Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
August 2015	9 years		$170,000	Term Credit Agreement	2.20	%	1.63	%	3.83	%
August 2015	9 years	180,000		Term Credit Agreement	2.35	%	1.63	%	3.98	%
April 2016	10 years	100,000		Incremental Term Loan	1.60	%	1.90	%	3.50	%
April 2016	10 years	100,000		Incremental Term Loan	1.60	%	1.90	%	3.50	%
July 2016	10 years	100,000		Incremental Term Loan	1.26	%	1.90	%	3.16	%


(a)	All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.

(b)

Rate is before estimated patronage payments.

Schedule of Derivatives on the Consolidated Statements of Income and Comprehensive Income

The following table demonstrates the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019, 2018 and 2017.



	Location on Statement of Income and Comprehensive Income	2019			2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		$2,211			($4,357	)		$2,100
Foreign currency option contracts	Other comprehensive (loss) income	159			(180		)	(52		)
Interest rate swaps	Other comprehensive (loss) income	(32,189		)	8,296			4,214

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	—			(344		)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net		$135			$2,183			$47
Carbon options	Interest and other miscellaneous income, net	(105		)	(158		)	—

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 at December 31, 2019 and 2018:



	Notional Amount
	2019		2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$56,350		$69,950
Foreign currency option contracts	22,000		24,000
Interest rate swaps	650,000		650,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	—		9,396
Carbon options (a)	9,592		2,517

(a)

Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of December 31, 2019.

Schedule of Derivative Instruments in Statement of Financial Position

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2019 and 2018. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:



		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	424			—
	Other assets	390			—
	Other current liabilities	(172		)	(1,569		)
Foreign currency option contracts	Other current assets	151			217
	Other assets	209			102
	Other current liabilities	(27		)	(106		)
	Other non-current liabilities	(30		)	(68		)
Interest rate swaps	Other assets	2,614			23,735
	Other non-current liabilities	(11,068		)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other current assets	—			152
	Other current liabilities	—			(24		)
Carbon options (a)	Other current liabilities	(607		)	(322		)

Total derivative contracts:
Other current assets			$575			$369
Other assets		3,213			23,837
Total derivative assets			$3,788			$24,206

Other current liabilities		(806		)	(2,021		)
Other non-current liabilities		(11,098		)	(68		)
Total derivative liabilities			($11,904	)		($2,089	)

(a)

See Note 15 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($)		12 Months Ended
	Oct. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Impairment		$ 0	$ 0
New Zealand Timber
Segment Reporting Information [Line Items]
Impairment	$ 0

LEASES - Narrative (Details) a in Thousands	12 Months Ended
LEASES - Narrative (Details) a in Thousands	Dec. 31, 2019 a lease
United States \| Minimum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	30 years
United States \| Maximum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	65 years
New Zealand \| Minimum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	30 years
New Zealand \| Maximum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	99 years
Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	1 year
Crown Forest Licenses \| Timberland Leases
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Crown Forest Licenses \| Minimum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Crown Forest Licenses \| Maximum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Lease termination period	45 years
Crown Forest Licenses \| New Zealand
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice \| a	9
Number of fixed term forest leases expiring \| lease	2
Fixed-term forest leases expiring, Acres \| a	3
Number of forestry rights under termination notice \| lease	2
Forestry rights under termination notice \| a	32

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ 2,211
Designated hedged item, gain (loss) recognized in other comprehensive income		$ (4,357)	$ 2,100
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	159
Designated hedged item, gain (loss) recognized in other comprehensive income		(180)	(52)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(32,189)
Designated hedged item, gain (loss) recognized in other comprehensive income		8,296	4,214
Designated as Hedging Instrument \| Net Investment Hedging \| Foreign currency exchange contracts \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income		(344)	0
Designated hedged item, gain (loss) recognized in other comprehensive income	0
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	135	2,183	47
Not Designated as Hedging Instrument \| Carbon options \| Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ (105)	$ (158)	$ 0

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

Our U.S. timber operations are primarily conducted by our REIT entity and are generally not subject to U.S. federal and state income taxation. Our New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax in New Zealand. Our non-REIT qualifying operations, which are subject to corporate-level tax, are held by various TRS entities. These operations include our log trading business and certain real estate activities, such as the sale, entitlement and development of HBU properties.

PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS

The provision for income taxes for each of the three years ended December 31 follows:



	2019			2018			2017
Current
U.S. federal		$2			$2			$261
State	(122		)	37			(38		)
Foreign	(1,542		)	(1,914		)	(245		)
	(1,662		)	(1,875		)	(22		)
Deferred
U.S. federal	465			3,803			13,028
State	17			146			—
Foreign	(11,278		)	(23,360		)	(21,659		)
	(10,796		)	(19,411		)	(8,631		)
Changes in valuation allowance	(482		)	(3,950		)	(13,028		)
Total		($12,940	)		($25,236	)		($21,681	)

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows:



	2019					2018					2017
U.S. federal statutory income tax rate		($16,930	)	(21.0	)%		($29,939	)	(21.0	)%		($64,141	)	(35.0	)%
U.S. and foreign REIT income	19,902			24.7		32,949			23.1		63,813			34.8
Matariki Group and Rayonier New Zealand Ltd	(11,181		)	(13.9	)	(23,166		)	(16.2	)	(19,182		)	(10.5	)
Transition tax	—			—		—			—		(3,506		)	(1.9	)
Change in valuation allowance	(482		)	(0.6	)	(3,950		)	(2.8	)	(13,028		)	(7.1	)
ASU No. 2016-16 adoption impact	—			—		—			—		16,631			9.1
Deemed repatriation of unremitted foreign earnings	—			—		—			—		7,368			4.0
Reduction of deferred tax asset for statutory rate change	—			—		—			—		(10,499		)	(5.7	)
Internal transfer of assets deferred	(1,815		)	(2.3	)	—			—		—			—
Foreign income tax withholding	(1,535		)	(1.9	)	(1,848		)	(1.3	)	—			—
Other	(899		)	(1.1	)	718			0.5		863			0.5
Income tax expense as reported for net income		($12,940	)	(16.1	)%		($25,236	)	(17.7	)%		($21,681	)	(11.8	)%

The Company’s effective tax rate is below the 21 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT.

DEFERRED TAXES

Deferred income taxes result from differences between the timing of recognizing revenues and expenses for financial book purposes versus income tax purposes. The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows:



	2019			2018
Gross deferred tax assets:
Pension, postretirement and other employee benefits		$1,512			$1,791
New Zealand subsidiary	23,211			14,252
CBPC tax credit carry forwards	14,555			14,555
Capitalized real estate costs	6,635			7,386
U.S. TRS net operating loss	5,410			5,747
Land basis difference	10,626			11,282
Other	4,356			4,047
Total gross deferred tax assets	66,305			59,060
Less: Valuation allowance	(39,320		)	(38,839		)
Total deferred tax assets after valuation allowance		$26,985			$20,221
Gross deferred tax liabilities:
Accelerated depreciation	(23		)	(73		)
New Zealand subsidiary	(87,548		)	(66,430		)
Timber installment sale	—			(4,823		)
Other	(3,938		)	(1,272		)
Total gross deferred tax liabilities	(91,509		)	(72,598		)
Net deferred tax liability reported as noncurrent		($64,524	)		($52,377	)

Foreign net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows:



	Gross Amount		Valuation Allowance			Expiration
2019
New Zealand subsidiary NOL carryforwards		$11,650	—			None
U.S. net deferred tax asset	24,765		(24,765		)	None
Cellulosic Biofuel Producer Credit (a)	14,555		(14,555		)	2023
Total Valuation Allowance				($39,320	)
2018
New Zealand subsidiary NOL carryforwards		$31,052	—			None
U.S. net deferred tax asset	24,284		(24,284		)	None
Cellulosic Biofuel Producer Credit (a)	14,555		(14,555		)	2019
Total Valuation Allowance				($38,839	)

(a)

The Further Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019. The Further Consolidated Appropriations Act, 2020 included the Taxpayer Certainty and Disaster Relief Act of 2019 (Tax Extenders Act), which temporarily renewed approximately two dozen credits that previously expired or were set to expire at the end of 2019. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act.

UNRECOGNIZED TAX BENEFITS

A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 follows:



	2019	2018	2017
Balance at January 1,	—	—		$135
Decreases related to prior year tax positions (a)	—	—	(135		)
Increases related to prior year tax positions	—	—	—
Balance at December 31,	—	—	—


(a)	Result of a lapse of the applicable statute of limitations.

The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expense. The Company recorded no benefit to interest expense in 2019, 2018 and 2017, respectively and had no recorded liabilities for the payment of interest at December 31, 2019 and 2018.

TAX STATUTES

The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions:



Taxing Jurisdiction	Open Tax Years
U.S. Internal Revenue Service	2016 - 2018
New Zealand Inland Revenue	2014 - 2018

DEBT - 3.75% Senior Notes Issued March 2012 (Narrative) (Details) - 3.75% Senior Notes issued March 2012 - USD ($)	Dec. 31, 2019	Mar. 31, 2012
Debt Instrument [Line Items]
Fixed interest rate	3.75%	3.75%
Face amount		$ 325,000,000
Senior Notes
Debt Instrument [Line Items]
Fixed interest rate		3.75%
Face amount		$ 325,000,000

EMPLOYEE BENEFIT PLANS - AOCI Amortization in Next Fiscal Year (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	$ 861
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	$ 8

FAIR VALUE MEASUREMENTS - Marketable Securities Unrealized Gain Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair value of marketable equity securities
Carrying Amount	$ 10,582	$ 0
Less than 12 Months	10,582	0
12 Months or Greater	0	0
Total	10,582	0
Unrealized gains
Unrealized gains	0	0
Less than 12 Months	3,043	0
12 Months or Greater	0	0
Total	$ 3,043	$ 0

INCENTIVE STOCK PLANS - Summary of Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	0	87,924	97,643
Weighted average price of restricted shares granted (in dollars per share)	$ 0	$ 35.44	$ 28.18
Intrinsic value of restricted stock outstanding	$ 5,540	$ 8,792	$ 8,906
Grant date fair value of restricted stock vested	4,579	1,582	1,198
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	$ 1,610	$ 334	$ 176
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	128,226	0	0
Weighted average price of restricted shares granted (in dollars per share)	$ 31.39	$ 0	$ 0
Intrinsic value of restricted stock outstanding	$ 3,351	$ 0	$ 0
Grant date fair value of restricted stock vested	762	0	0
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	$ 1	$ 0	$ 0

OTHER ASSETS - Asset Balances (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Long-term and prepaid and secondary roads	$ 8,463	$ 7,072
Deferred financing costs related to revolving debt	102	213
Investments in marketable equity securities	$ 10,582	0
Pope Resources
Finite-Lived Intangible Assets [Line Items]
Number of limited partnership units (in shares)	114,400
Original share price (in dollars per share)	$ 65.90
Pacific Northwest
Finite-Lived Intangible Assets [Line Items]
Long-term and prepaid and secondary roads	$ 4,198	4,000
New Zealand
Finite-Lived Intangible Assets [Line Items]
Long-term and prepaid and secondary roads	4,265	3,072
Software Costs
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 3,605	$ 3,776

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (14,365,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(711,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(14,365,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 711,000

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Values of Financial Instruments



	December 31, 2019							December 31, 2018
Asset (liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$68,735			$68,735	—			$148,374			$148,374	—
Restricted cash (b)	1,233			1,233		—		8,080			8,080		—
Current maturities of long-term debt	(82,000		)	—		(82,000	)	—			—		—
Long-term debt (c)	(973,129		)	—		(981,500	)	(972,567		)	—		(975,845	)
Interest rate swaps (d)	(8,454		)	—		(8,454	)	23,735			—		23,735
Foreign currency exchange contracts (d)	642			—		642		(1,442		)	—		(1,442	)
Foreign currency option contracts (d)	303			—		303		145			—		145
Carbon options contracts (d)	(607		)	—		(607	)	(322		)	—		(322	)
Marketable equity securities (e)	10,582			10,582		—		—			—		—


(a)	The Company did not have Level 3 assets or liabilities at December 31, 2019 and 2018.


(b)	Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for real estate development obligations. See Note 20 - Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information.


(d)	See Note 14 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

(e)

The Company’s investments in marketable equity securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations. See Note 21 - Other Assets for additional information.

Schedule of Marketable Securities Unrealized Gain Position



	December 31, 2019							December 31, 2018
	Carrying Amount		Less than 12 Months		12 Months or Greater	Total		Carrying Amount	Less than 12 Months	12 Months or Greater	Total
Fair value of marketable equity securities		$10,582		$10,582	—		$10,582	—	—	—	—
Unrealized gains	—		3,043		—	3,043		—	—	—	—

As of December 31, 2019 and 2018, Rayonier’s investments in marketable equity securities follows:



	2019	2018
Investments in marketable equity securities	$10,582	—

DEBT - Working Capital Facilities (Narrative) (Details) - Working Capital Facility - New Zealand JV	1 Months Ended	12 Months Ended
	Jun. 30, 2019 NZD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt instrument, term	12 months
Maximum borrowing capacity	$ 20,000,000
Variable interest rate index term	90 days
Borrowings		$ 0
Repayments		0
Outstanding balance		$ 0

SEGMENT AND GEOGRAPHICAL INFORMATION

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

INCENTIVE STOCK PLANS - Non-Qualified Employee Stock Options - Narrative (Details)	12 Months Ended
	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term (in years)	10 years

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$ 1,512	$ 1,791
New Zealand subsidiary	23,211	14,252
CBPC tax credit carry forwards	14,555	14,555
Capitalized real estate costs	6,635	7,386
U.S. TRS net operating loss	5,410	5,747
Land basis difference	10,626	11,282
Other	4,356	4,047
Total gross deferred tax assets	66,305	59,060
Less: Valuation allowance	(39,320)	(38,839)
Total deferred tax assets after valuation allowance	26,985	20,221
Gross deferred tax liabilities:
Accelerated depreciation	(23)	(73)
New Zealand subsidiary	(87,548)	(66,430)
Timber installment sale	0	(4,823)
Other	(3,938)	(1,272)
Total gross deferred tax liabilities	(91,509)	(72,598)
Net deferred tax liability reported as noncurrent	$ (64,524)	$ (52,377)

SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading.

See Note 1 - Summary of Significant Accounting Policies for a discussion of the current year reclassification of Real Estate segment sales related to marketing fees and deferred revenue adjustments from Improved Development to Other.

Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income (loss) 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 Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “Corporate and other.”

Segment information for each of the three years ended December 31, 2019 follows:



	Sales by Product Line
	2019			2018			2017
Southern Timber		$194,111			$169,995			$144,510
Pacific Northwest Timber	85,414			109,832			91,877
New Zealand Timber	241,861			249,014			223,299
Real Estate
Improved Development	5,882			8,336			6,889
Unimproved Development	19,476			8,621			16,405
Rural	29,852			22,689			18,632
Timberlands & Non-Strategic	19,133			98,872			70,590
Large Dispositions	—			—			95,351
Other (a)	544			57			(541		)
Total Real Estate	74,887			138,575			207,326
Trading	115,438			148,814			152,584
Intersegment eliminations	(155		)	(92		)	—
Total Sales		$711,556			$816,138			$819,596


(a)	Includes marketing fees and deferred revenue adjustments related to Improved Development sales.



	Operating Income (Loss)
	2019			2018			2017
Southern Timber		$57,804			$44,245			$42,254
Pacific Northwest Timber	(12,427		)	8,137			1,127
New Zealand Timber	48,035			62,754			57,567
Real Estate (a)	38,665			76,240			130,856
Trading	8			953			4,578
Corporate and other	(25,058		)	(22,261		)	(20,891		)
Total Operating Income	107,027			170,068			215,491
Unallocated interest expense and other	(26,409		)	(27,502		)	(32,231		)
Total Income before Income Taxes		$80,618			$142,566			$183,260


(a)	The year 2017 includes Large Dispositions of $67.0 million.



	Gross Capital Expenditures
	2019		2018		2017
Capital Expenditures (a)
Southern Timber		$34,574		$35,388		$34,476
Pacific Northwest Timber	11,220		9,311		10,254
New Zealand Timber	17,357		17,318		17,046
Real Estate	204		284		1,348
Corporate and other	641		24		2,221
Total capital expenditures		$63,996		$62,325		$65,345

Timberland Acquisitions
Southern Timber		$98,927		$45,943		$220,051
Pacific Northwest Timber	7,340		—		1,483
New Zealand Timber	36,020		11,665		21,376
Total timberland acquisitions		$142,287		$57,608		$242,910

Total Gross Capital Expenditures		$206,283		$119,933		$308,255


(a)	Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million in 2017 and real estate development investments of $6.8 million, $9.5 million and $15.8 million in the years 2019, 2018 and 2017, respectively.



	Depreciation, Depletion and Amortization
	2019		2018		2017
Southern Timber		$61,923		$58,609		$49,357
Pacific Northwest Timber	29,165		32,779		32,008
New Zealand Timber	27,761		28,007		27,499
Real Estate (a)	8,229		23,566		36,343
Corporate and other	1,157		1,160		794
Total		$128,235		$144,121		$146,001


(a)	The year 2017 includes Large Dispositions of $18.4 million.



	Non-Cash Cost of Land and Improved Development
	2019		2018		2017
Real Estate (a)		$12,565		$23,553		$23,498

(a) The year 2017 includes Large Dispositions of $9.8 million.



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2019		2018		2017		2019		2018		2017		2019		2018
United States		$354,395		$390,396		$419,402		$58,945		$83,357		$138,528		$2,288,642		$2,282,480
New Zealand	357,161		425,742		400,194		48,082		86,711		76,963		572,354		498,186
Total		$711,556		$816,138		$819,596		$107,027		$170,068		$215,491		$2,860,996		$2,780,666

DEBT - Debt Covenants (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2016	Aug. 31, 2015	Aug. 05, 2015
Debt Instrument [Line Items]
Debt, carrying amount	$ 1,057,000,000	$ 975,000,000
Term Credit Agreement
Debt Instrument [Line Items]
Debt, carrying amount	350,000,000	350,000,000
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Debt, carrying amount	$ 300,000,000	$ 300,000,000	$ 300,000,000
Term Loan Facility \| Term Credit Agreement
Debt Instrument [Line Items]
Debt, carrying amount					$ 350,000,000
Maximum borrowing capacity					$ 350,000,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 200,000,000

DEBT - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 82,000
2021	0
2022	325,000
2023	0
2024	350,000
Thereafter	300,000
Total debt	$ 1,057,000	$ 975,000

EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and convertible debt.

The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:



	2019			2018			2017
Net Income		$67,678			$117,330			$161,579
Less: Net income attributable to noncontrolling interest	(8,573		)	(15,114		)	(12,737		)
Net income attributable to Rayonier Inc.		$59,105			$102,216			$148,842

Shares used for determining basic earnings per common share	129,257,202			129,043,627			127,367,608
Dilutive effect of:
Stock options	12,209			71,276			91,956
Performance shares, restricted shares and restricted stock units	328,977			575,328			350,385
Shares used for determining diluted earnings per common share	129,598,388			129,690,231			127,809,949

Basic earnings per common share attributable to Rayonier Inc.:		$0.46			$0.79			$1.17
Diluted earnings per common share attributable to Rayonier Inc.:		$0.46			$0.79			$1.16



	2019	2018	2017
Anti-dilutive shares excluded from computations of diluted earnings per share:
Stock options, performance shares, restricted shares and restricted stock units	450,681	254,282	596,061

CONSOLIDATING FINANCIAL STATEMENTS - Cash Flow (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Consolidated Statements of Cash Flows [Abstract]

$ 214,253

$ 310,096

$ 256,284

(63,996)

(62,325)

(65,345)

(6,803)

(9,501)

(15,784)

(142,287)

(57,608)

(242,910)

95,243

(6,084)

(6,304)

(3,421)

(373)

(219,390)

(132,855)

(235,253)

82,000

1,014

63,389

(54,416)

(100,157)

Proceeds from the issuance of common shares under incentive stock plan

(141,071)

(136,772)

(127,069)

1,260

8,591

4,751

Proceeds from the issuance of common shares from equity offering, net of costs

152,390

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(4,250)

(2,984)

(176)

(8,430)

135

2,025

(9,161)

(11,172)

(132)

(79,649)

(193,714)

(6,872)

(1,700)

571

580

Change in cash, cash equivalents and restricted cash

^[1]

(86,486)

(15,902)

14,739

^[1]

156,454

172,356

157,617

Consolidating Adjustments

^[1]

69,968

156,454

172,356

Consolidated Statements of Cash Flows [Abstract]

406

(6,128)

(38,546)

406

(6,128)

(38,546)

Proceeds from the issuance of common shares under incentive stock plan

Proceeds from the issuance of common shares from equity offering, net of costs

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(406)

6,128

38,546

(406)

6,128

38,546

Change in cash, cash equivalents and restricted cash

Rayonier Inc. (Parent Issuer) | Reportable Legal Entities

Consolidated Statements of Cash Flows [Abstract]

(21,865)

284,781

(48,104)

Proceeds from the issuance of common shares under incentive stock plan

(139,531)

(136,698)

(127,069)

1,260

8,591

4,751

Proceeds from the issuance of common shares from equity offering, net of costs

152,390

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(4,250)

(2,984)

(176)

299,715

(32,000)

164,328

(501,608)

77,319

21,807

(332,984)

75,215

Change in cash, cash equivalents and restricted cash

(58)

(48,203)

27,111

361

48,564

21,453

Subsidiary Guarantors | Reportable Legal Entities

303

361

48,564

Consolidated Statements of Cash Flows [Abstract]

(12,730)

182,057

111,431

(641)

(59)

(406)

6,128

38,546

(8,754)

(9,801)

6,069

38,546

82,000

25,000

(50,000)

(15,000)

Proceeds from the issuance of common shares under incentive stock plan

(32,239)

(74)

Proceeds from the issuance of common shares from equity offering, net of costs

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(8,430)

18,961

(132)

(77,653)

(77,278)

(144,396)

(36,454)

(108,391)

(134,396)

Change in cash, cash equivalents and restricted cash

(58,985)

79,735

15,581

104,777

25,042

9,461

Non- guarantors | Reportable Legal Entities

45,792

104,777

25,042

Consolidated Statements of Cash Flows [Abstract]

248,848

(156,742)

192,957

(63,355)

(62,266)

(65,345)

(6,803)

(9,501)

(15,784)

(142,287)

(57,608)

(242,910)

95,243

(6,084)

2,450

(3,421)

(373)

(209,995)

(132,796)

(235,253)

1,014

38,389

(4,416)

(85,157)

Proceeds from the issuance of common shares under incentive stock plan

30,699

Proceeds from the issuance of common shares from equity offering, net of costs

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

135

2,025

(9,161)

(11,172)

(318,676)

32,000

(86,269)

572,758

28,531

(64,596)

241,533

13,763

(1,700)

571

580

Change in cash, cash equivalents and restricted cash

(27,443)

(47,434)

(27,953)

51,316

98,750

126,703

Schedule of Changes in Goodwill

$ 23,873

$ 51,316

$ 98,750

[1]	Interest paid is presented net of patronage payments received of $4.0 million, $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt.

COMMITMENTS (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Other Commitments [Line Items]
2020	$ 10,512
2021	2,981
2022	2,205
2023	2,185
2024	1,349
Thereafter	2,749
Total commitments	21,981
Development Projects
Other Commitments [Line Items]
2020	4,403
2021	178
2022	178
2023	178
2024	178
Thereafter	2,749
Total commitments	7,864
Separate Investment Accounts
Other Commitments [Line Items]
2020	3,599
2021	681
2022	0
2023	0
2024	0
Thereafter	0
Total commitments	4,280
Commitments
Other Commitments [Line Items]
2020	2,510
2021	2,122
2022	2,027
2023	2,007
2024	1,171
Thereafter	0
Total commitments	$ 9,837

DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

DEBT

Rayonier’s debt consisted of the following at December 31, 2019 and 2018:



	2019			2018
Term Credit Agreement due 2024 at a variable interest rate of 3.3% at December 31, 2019		$350,000			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000			325,000
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.6% at December 31, 2019	300,000			300,000
Revolving Credit Facility due 2020 at a variable interest rate of 3.0% at December 31, 2019	82,000			—
Total debt	1,057,000			975,000
Less: Current maturities of long-term debt	(82,000		)	—
Less: Deferred financing costs	(1,871		)	(2,433		)
Long-term debt, net of deferred financing costs		$973,129			$972,567

Principal payments due during the next five years and thereafter are as follows:



2020	82,000
2021	—
2022	325,000
2023	—
2024	350,000
Thereafter	300,000
Total debt		$1,057,000

TERM CREDIT AGREEMENT

In August 2015, the Company entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of new credit facilities, including a nine-year $350 million term loan facility. The periodic interest rate on the term loan facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2019, the periodic interest rate on the term loan facility was LIBOR plus 1.625%. Monthly payments of interest only are due on this loan through maturity. Following the closing of the term loan, the Company entered into several interest rate swap transactions to fix the cost of the term loan facility over its nine-year term. The term credit agreement allows the Company to receive annual patronage payments, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company estimates the effective interest rate on the term loan facility to be approximately 3.3% after consideration of the interest rate swaps and estimated patronage refunds. For additional information on the Company’s interest rate swaps see Note 14 — Derivative Financial Instruments and Hedging Activities.

3.75% SENIOR NOTES ISSUED MARCH 2012

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022, guaranteed by certain subsidiaries. Semi-annual payments of interest only are due on these notes through maturity. See Note 24 - Consolidating Financial Statements for further information regarding the subsidiary guarantors.

INCREMENTAL TERM LOAN AGREEMENT

In April 2016, the Company entered into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10-year, $300 million incremental term loan. The periodic interest rate on the incremental term loan agreement is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2019, the periodic interest rate on the incremental term loan was LIBOR plus 1.900%. Monthly payments of interest only are due on this loan through maturity. Following the closing of the incremental term loan, the Company entered into several interest rate swap transactions to fix the cost of the facility over its 10-year term. The Company estimates the effective interest rate on the incremental term loan facility to be approximately 2.8% after consideration of the interest rate swaps and estimated patronage payments. For additional information on the Company’s interest rate swaps see Note 14 — Derivative Financial Instruments and Hedging Activities.

REVOLVING CREDIT FACILITY

In August 2015, the Company entered into a five-year $200 million unsecured revolving credit facility, replacing the previous $200 million revolving credit facility and $100 million farm credit facility, which were scheduled to expire in April 2016 and December 2019, respectively. The periodic interest rate on the revolving credit facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2019, the periodic interest rate on the revolving credit facility was LIBOR plus 1.250%, with an unused commitment fee of 0.175%. Monthly payments of interest only are due on this loan through maturity. At December 31, 2019, the Company had $116.5 million of available borrowings under this facility, net of $1.5 million to secure its outstanding letters of credit.

NEW ZEALAND SUBSIDIARY DEBT

In April 2013, Rayonier acquired an additional 39% interest in its New Zealand subsidiary, bringing its total ownership to 65%, and as a result, the New Zealand subsidiary’s debt was consolidated effective on that date. On March 3, 2016, as a result of a capital contribution, the Company’s ownership interest in the New Zealand subsidiary increased to 77%. See Note 8 — New Zealand Subsidiary for further information.

WORKING CAPITAL FACILITIES

In June 2019, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. The NZ$20 million working capital facility is available for short-term operating cash flow needs of the New Zealand subsidiary. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. During the year ended December 31, 2019, the New Zealand subsidiary made no borrowings and repayments on its working capital facility. At December 31, 2019, there was no outstanding balance on the working capital facility.

DEBT COVENANTS

In connection with the Company’s $350 million term credit agreement (the “Term Credit Agreement”), $300 million incremental term loan agreement (the “Incremental Term Loan Agreement”) and $200 million revolving credit facility (the “Revolving Credit Facility”), customary covenants must be met, the most significant of which include interest coverage and leverage ratios.

In addition to these financial covenants listed above, the Senior Notes, Term Credit Agreement, Incremental Term Loan Agreement and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2019, the Company was in compliance with all covenants.

SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	5

EMPLOYEE BENEFIT PLANS - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amounts Recognized in the Consolidated Balance Sheets Consist of::
Noncurrent liabilities	$ (25,311)	$ (29,800)
Pension Benefits
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	79,559	87,986
Service cost	0	0	$ 0
Interest cost	3,197	3,021	3,259
Actuarial loss (gain)	10,828	(8,160)
Benefits paid	(3,323)	(3,288)
Projected benefit obligation at end of year	90,261	79,559	87,986
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	50,949	57,377
Actual return on plan assets	12,975	(4,638)
Employer contributions	6,413	2,829
Benefits paid	(3,284)	(4,002)
Other expense	(593)	(617)
Fair value of plan assets at end of year	66,460	50,949	57,377
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Net accrued benefit cost	(23,801)	(28,610)
Amounts Recognized in the Consolidated Balance Sheets Consist of::
Current liabilities	(86)	(86)
Noncurrent liabilities	(23,715)	(28,524)
Net amount recognized	(23,801)	(28,610)
Postretirement
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	1,303	1,420
Service cost	6	7	6
Interest cost	54	38	53
Actuarial loss (gain)	285	(149)
Benefits paid	(14)	(13)
Projected benefit obligation at end of year	1,634	1,303	1,420
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	14	13
Benefits paid	(14)	(13)
Other expense	0	0
Fair value of plan assets at end of year	0	0	$ 0
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Net accrued benefit cost	(1,634)	(1,303)
Amounts Recognized in the Consolidated Balance Sheets Consist of::
Current liabilities	(38)	(27)
Noncurrent liabilities	(1,596)	(1,276)
Net amount recognized	$ (1,634)	$ (1,303)

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Other Assets [Abstract]

Changes in goodwill for the years ended December 31, 2019 and 2018 were:



	2019		2018
Balance, January 1 (net of $0 of accumulated impairment)		$8,307		$8,776
Changes to carrying amount
Acquisitions	—		—
Impairment	—		—
Foreign currency adjustment	304		(469		)
Balance, December 31 (net of $0 of accumulated impairment)		$8,611		$8,307

Schedule of Prepaid Logging and Secondary Roads

As of December 31, 2019 and 2018, Rayonier’s prepaid logging and secondary roads follows:



	2019		2018
Long-term and prepaid and secondary roads
Pacific Northwest long-term prepaid roads		$4,198		$4,000
New Zealand long-term secondary roads	4,265		3,072
Total long-term prepaid and secondary roads		$8,463		$7,072

Schedule of Deferred Financing Costs

As of December 31, 2019 and 2018, Rayonier’s deferred financing costs related to revolving debt follows:



	2019	2018
Deferred financing costs related to revolving debt	$102	$213

Schedule of Capitalized Software Costs

As of December 31, 2019 and 2018, Rayonier’s capitalized software costs follows:



	2019	2018
Capitalized software costs	$3,605	$3,776

Schedule of Investment in Marketable Securities



	December 31, 2019							December 31, 2018
	Carrying Amount		Less than 12 Months		12 Months or Greater	Total		Carrying Amount	Less than 12 Months	12 Months or Greater	Total
Fair value of marketable equity securities		$10,582		$10,582	—		$10,582	—	—	—	—
Unrealized gains	—		3,043		—	3,043		—	—	—	—

As of December 31, 2019 and 2018, Rayonier’s investments in marketable equity securities follows:



	2019	2018
Investments in marketable equity securities	$10,582	—

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment information for each of the three years ended December 31, 2019 follows:



	Sales by Product Line
	2019			2018			2017
Southern Timber		$194,111			$169,995			$144,510
Pacific Northwest Timber	85,414			109,832			91,877
New Zealand Timber	241,861			249,014			223,299
Real Estate
Improved Development	5,882			8,336			6,889
Unimproved Development	19,476			8,621			16,405
Rural	29,852			22,689			18,632
Timberlands & Non-Strategic	19,133			98,872			70,590
Large Dispositions	—			—			95,351
Other (a)	544			57			(541		)
Total Real Estate	74,887			138,575			207,326
Trading	115,438			148,814			152,584
Intersegment eliminations	(155		)	(92		)	—
Total Sales		$711,556			$816,138			$819,596


(a)	Includes marketing fees and deferred revenue adjustments related to Improved Development sales.



	Operating Income (Loss)
	2019			2018			2017
Southern Timber		$57,804			$44,245			$42,254
Pacific Northwest Timber	(12,427		)	8,137			1,127
New Zealand Timber	48,035			62,754			57,567
Real Estate (a)	38,665			76,240			130,856
Trading	8			953			4,578
Corporate and other	(25,058		)	(22,261		)	(20,891		)
Total Operating Income	107,027			170,068			215,491
Unallocated interest expense and other	(26,409		)	(27,502		)	(32,231		)
Total Income before Income Taxes		$80,618			$142,566			$183,260


(a)	The year 2017 includes Large Dispositions of $67.0 million.



	Gross Capital Expenditures
	2019		2018		2017
Capital Expenditures (a)
Southern Timber		$34,574		$35,388		$34,476
Pacific Northwest Timber	11,220		9,311		10,254
New Zealand Timber	17,357		17,318		17,046
Real Estate	204		284		1,348
Corporate and other	641		24		2,221
Total capital expenditures		$63,996		$62,325		$65,345

Timberland Acquisitions
Southern Timber		$98,927		$45,943		$220,051
Pacific Northwest Timber	7,340		—		1,483
New Zealand Timber	36,020		11,665		21,376
Total timberland acquisitions		$142,287		$57,608		$242,910

Total Gross Capital Expenditures		$206,283		$119,933		$308,255


(a)	Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million in 2017 and real estate development investments of $6.8 million, $9.5 million and $15.8 million in the years 2019, 2018 and 2017, respectively.



	Depreciation, Depletion and Amortization
	2019		2018		2017
Southern Timber		$61,923		$58,609		$49,357
Pacific Northwest Timber	29,165		32,779		32,008
New Zealand Timber	27,761		28,007		27,499
Real Estate (a)	8,229		23,566		36,343
Corporate and other	1,157		1,160		794
Total		$128,235		$144,121		$146,001


(a)	The year 2017 includes Large Dispositions of $18.4 million.



	Non-Cash Cost of Land and Improved Development
	2019		2018		2017
Real Estate (a)		$12,565		$23,553		$23,498

(a) The year 2017 includes Large Dispositions of $9.8 million.

Schedule of Geographical Operating Information



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2019		2018		2017		2019		2018		2017		2019		2018
United States		$354,395		$390,396		$419,402		$58,945		$83,357		$138,528		$2,288,642		$2,282,480
New Zealand	357,161		425,742		400,194		48,082		86,711		76,963		572,354		498,186
Total		$711,556		$816,138		$819,596		$107,027		$170,068		$215,491		$2,860,996		$2,780,666

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2019 USD ($)
August 2015
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170,000
Fixed Rate of Swap	2.20%
Bank Margin on Debt	1.63%
Total Effective Interest Rate	3.83%
August 2015
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180,000
Fixed Rate of Swap	2.35%
Bank Margin on Debt	1.63%
Total Effective Interest Rate	3.98%
April 2016
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.50%
April 2016
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.50%
July 2016
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.26%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.16%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of March 2016, the Company maintains a 77% ownership interest in the New Zealand subsidiary, and, as such, consolidates its results of operations and Balance Sheet. The Company records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (23%) of the New Zealand subsidiary’s results of operations and equity. All intercompany balances and transactions are eliminated.

Reclassifications

RECLASSIFICATIONS

During 2019, management reclassified Real Estate segment sales related to marketing fees and deferred revenue adjustments from Improved Development to Other. All prior period amounts previously reported have been reclassified.

Use of Estimates

USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates.

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of cash on hand and other highly liquid investments with original maturities of three months or less.

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts.

Inventory

INVENTORY

HBU real estate properties that are expected to be sold within one year are included in inventory at the lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information.

Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or net realizable value and expensed to cost of sales when sold to third-party buyers.

Prepaid Logging Roads

PREPAID LOGGING ROADS

Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule.

Deferred Financing Costs

DEFERRED FINANCING COSTS

Deferred financing costs related to revolving debt are capitalized and amortized to interest expense over the term of the revolving debt using a method that approximates the effective interest method.

Capitalized Software Costs

CAPITALIZED SOFTWARE COSTS

Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method.

Timber and Timberlands

TIMBER AND TIMBERLANDS

Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies, are capitalized. A portion of timberland lease payments are capitalized based on the proportion of acres with merchantable timber volume remaining to be harvested under the lease term and the residual portion of the lease payments are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest or any other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold.

Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition.

Higher and Better Use Timberlands and Real Estate Development Investments

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed, with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment.

Property, Plant, Equipment and Depreciation

PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION

Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company generally depreciates its assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively.

Gains and losses on the sale or retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.

Leases and Right-of-Use Assets Impairment

LEASES

At inception, the Company determines if an arrangement is a lease and whether that lease meets the classification criteria of a finance or operating lease. Operating leases are included in right-of-use (“ROU”) assets, other current liabilities, and long-term lease liability in the Consolidated Balance Sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

RIGHT-OF-USE ASSETS IMPAIRMENT

Operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease is assigned may not be recoverable. Recoverability of the asset group is evaluated based on forecasted undiscounted cash flows. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is compared to its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value. A discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate are used to estimate the fair value of the asset group.

Investments

INVESTMENTS

Investments at December 31, 2019 consisted of marketable equity securities. Investments are carried at fair value based on quoted prices in their active market with both the realized and unrealized gains and losses as well as interest and dividends reported in “Interest and other miscellaneous income, net.”

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established 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, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

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.

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 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.

FAIR VALUE OF FINANCIAL INSTRUMENTS

A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification 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.

Goodwill

GOODWILL

Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. The Company compares the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance.

Foreign Currency Translation and Remeasurement

FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT

The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity.

U.S. denominated transactions of the New Zealand subsidiary are remeasured into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand subsidiary are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity.

Revenue Recognition

REVENUE RECOGNITION

The Company recognizes revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of December 31, 2019 are primarily due to advances on stumpage contracts and unearned hunt license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has elected not to adjust revenues for a financing component.

TIMBER SALES

Revenue from the sale of timber is recognized when control passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins.

Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with a specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. The Company retains interest in the land, slash products and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested.

Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales (primarily in New Zealand), control is considered passed to the buyer upon delivery onto the export vessel.

The following table summarizes revenue recognition and general payment terms for timber sales:



Contract Type	Performance Obligation	Timing of Revenue Recognition	General Payment Terms
Stumpage Pay-as-Cut	Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber	As timber is severed (point-in-time)	Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum	Right to harvest an agreed upon acreage of standing timber	Contract execution (point-in-time)	Full payment due upon contract execution
Stumpage Agreed Volume	Right to harvest an agreed upon volume of standing timber	As timber is severed (over-time)	Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic)	Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility	Upon delivery to customer’s facility (point-in-time)	No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export)	Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel	Upon delivery onto export vessel (point-in-time)	Letter of credit from an approved bank; collection generally within 30 days of delivery

NON-TIMBER SALES

Non-timber sales are primarily comprised of hunting and recreational licenses. Such sales and any related costs are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales”, respectively. Payment is generally due upon contract execution.

LOG TRADING

Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs.

Real Estate and Cost of Sales

REAL ESTATE

The Company recognizes revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed and control has passed to the buyer. A deposit of 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer.

COST OF SALES

Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion) and logging and transportation costs (cut and haul). Depletion includes the amortization of capitalized costs (site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs). Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes and fire prevention.

Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by the Company. The Company expenses closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year.

When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale.

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates and longevity of employees. See Note 16 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2019.

Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Interest and other miscellaneous income, net” in the Consolidated Statements of Income and Comprehensive Income. The service cost component of net periodic benefit cost is included in “Cost of sales” and “Selling and general expenses” while the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are presented outside of income from operations in “Interest and other miscellaneous income, net.” At December 31, 2019 and 2018, the Company’s pension plans were in a net liability position (underfunded) of $23.8 million and $28.6 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through other comprehensive (loss) income in the year in which the changes occur. The Company measures plan assets and benefit obligations as of the fiscal year-end.

Income Taxes

INCOME TAXES

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized.

In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur.

The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information become available.

Recently Adopted and New Accounting Pronouncements

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), on January 1, 2019 and elected to apply the standard as of that day.

The Company applied the following practical expedients in the transition to the new standard as allowed under ASC 842-10-65-1:



Practical Expedient	Description
Reassessment of expired or existing contracts	The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases.
Use of hindsight	The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-of-use assets.
Reassessment of existing or expired land easements	The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02.

The Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in the first quarter ended March 31, 2019 with no material impact on the consolidated financial statements.

The Company adopted ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting in the first quarter ended March 31, 2019 with no impact on the consolidated financial statements.

NEW ACCOUNTING PRONOUNCEMENTS

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires companies to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate the lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model applies to all financial assets, including trade receivables. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Company does not expect a material impact on the Company’s Consolidated Financial Statements.

Subsequent Events

SUBSEQUENT EVENTS

Pope Resources Acquisition

On January 15, 2020, the Company entered into a definitive merger agreement under which Rayonier will acquire all of the outstanding limited partnership units of Pope Resources, A Delaware Limited Partnership for consideration consisting of equity and cash. Pursuant to the terms of the agreement, elections of cash versus equity will be subject to proration to ensure that the ratio of cash and equity would be equal to the amounts issued as if every Pope Resources unit received 2.751 Rayonier common shares or Rayonier operating partnership units and $37.50 in cash. The merger agreement also provides for Rayonier to acquire the general partner entities of Pope Resources, Pope MGP, Inc. and Pope EGP, Inc., for consideration consisting of $10 million of cash. This transaction is expected to close in mid-2020.

Segment and Geographical Information

Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading.

Earnings Per Common Share

Derivative Financial Instruments and Hedging Activities

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 (loss) 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 its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, 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 de minimis for all periods presented.

The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement and Incremental Term Loan (as discussed below), and uses variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, the Company reports the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassifies them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.

Offsetting Derivatives

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.

Incentive Stock Plans

NON-QUALIFIED EMPLOYEE STOCK OPTIONS

The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is 10 years from the grant date.

RESTRICTED STOCK

Restricted stock granted to employees under the Stock Plan generally vests in fourths on the first, second, third and fourth anniversary of the grant date. Restricted stock granted to senior management generally vests in thirds on the third, fourth, and fifth anniversary of the grant date. Periodically, other one-time restricted stock grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Generally, holders of restricted stock receive dividend equivalent payments on outstanding restricted shares. Restricted stock granted to members of the board of directors generally vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Rayonier has elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date.

PERFORMANCE SHARE UNITS

The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition, and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of Outstanding Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 56,350	$ 69,950
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	22,000	24,000
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	650,000	650,000
Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0	9,396
Not Designated as Hedging Instrument \| Carbon options
Derivatives, Fair Value [Line Items]
Notional Amount	$ 9,592	$ 2,517

DEBT - Incremental Term Loan Agreement (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Incremental term loan		$ 1,057,000,000	$ 975,000,000
Incremental term loan agreement
Debt Instrument [Line Items]
Debt instrument, term	10 years
Incremental term loan	$ 300,000,000	$ 300,000,000	$ 300,000,000
Basis spread on variable rate		1.90%
Variable interest rate		2.80%

CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% - USD ($)	Dec. 31, 2019	Mar. 31, 2012
Debt Instrument [Line Items]
Face amount		$ 325,000,000
Fixed interest rate	3.75%	3.75%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Minimum
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next twelve months, percent	50.00%
Maximum
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next twelve months, percent	90.00%
Foreign currency exposure hedged for forecasted sales in next 12 to 18 months, percent	75.00%
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Gain expected to be reclassified in next twelve months	$ 0.3
Foreign Currency Exchange and Option Contracts, Scale 1
Derivative [Line Items]
Maximum foreign currency cash flow hedge, period (in months)	12 months
Foreign Currency Exchange and Option Contracts, Scale 2 \| Minimum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	12 months
Foreign Currency Exchange and Option Contracts, Scale 2 \| Maximum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	18 months

EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Income	$ 17,437	$ 1,528	$ 20,920	$ 27,793	$ 4,647	$ 30,639	$ 39,338	$ 42,706	$ 67,678	$ 117,330	$ 161,579
Less: Net income attributable to noncontrolling interest									(8,573)	(15,114)	(12,737)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 15,992	$ (433)	$ 18,752	$ 24,794	$ 1,987	$ 23,432	$ 36,258	$ 40,539	$ 59,105	$ 102,216	$ 148,842
Shares used for determining basic earnings per common share (in shares)									129,257,202	129,043,627	127,367,608
Dilutive effect of:
Stock options (in shares)									12,209	71,276	91,956
Performance shares, restricted shares and restricted stock units (in shares)									328,977	575,328	350,385
Shares used for determining diluted earnings per common share (in shares)									129,598,388	129,690,231	127,809,949
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.12	$ 0	$ 0.14	$ 0.19	$ 0.02	$ 0.18	$ 0.28	$ 0.31	$ 0.46	$ 0.79	$ 1.17
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.12	$ 0	$ 0.14	$ 0.19	$ 0.02	$ 0.18	$ 0.28	$ 0.31	$ 0.46	$ 0.79	$ 1.16

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

12 Months Ended

Dec. 31, 2019

Schedule of Higher and Better Use Timberlands and Real Estate Development Investments

An analysis of higher and better use timberlands and real estate development investments from December 31, 2018 to December 31, 2019 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber			Development Investments			Total
Non-current portion at December 31, 2018		$59,189			$26,420			$85,609
Plus: Current portion (a)	4,239			7,680			11,919
Total Balance at December 31, 2018	63,428			34,100			97,528
Non-cash cost of land and improved development	(1,916		)	(4,814		)	(6,730		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,866		)	—			(2,866		)
Capitalized real estate development investments (b)	—			6,803			6,803
Capital expenditures (silviculture)	204			—			204
Intersegment transfers	(485		)	—			(485		)
Total Balance at December 31, 2019	58,365			36,089			94,454
Less: Current portion (a)	(274		)	(12,389		)	(12,663		)
Non-current portion at December 31, 2019		$58,091			$23,700			$81,791


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 19 — Inventory for additional information.

(b)

Capitalized real estate development investments includes $0.4 million of capitalized interest.

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-6780
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	13-2607329
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
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	COMMON SHARES, NO PAR VALUE
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 3,904,678,995
Entity Common Stock, Shares Outstanding		129,333,462
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the 2020 annual meeting of the shareholders of the registrant scheduled to be held May 14, 2020, are incorporated by reference in Part III hereof.
Entity Central Index Key	0000052827
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED)



	Quarter Ended												Total Year
(thousands of dollars, except per share amounts)	Mar. 31			June 30			Sept. 30			Dec. 31			Total Year
2019
Sales		$191,546			$184,800			$156,417			$178,793			$711,556
Cost of sales	(143,251		)	(140,454		)	(134,463		)	(140,182		)	(558,350		)
Net Income	27,793			20,920			1,528			17,437			67,678
Net Income attributable to Rayonier Inc.	24,794			18,752			(433		)	15,992			59,105
Basic EPS attributable to Rayonier Inc.		$0.19			$0.14		—				$0.12			$0.46
Diluted EPS attributable to Rayonier Inc.		$0.19			$0.14		—				$0.12			$0.46

2018
Sales		$203,196			$245,906			$200,890			$166,146			$816,138
Cost of sales	(138,488		)	(184,418		)	(143,261		)	(139,092		)	(605,259		)
Net Income	42,706			39,338			30,639			4,647			117,330
Net Income attributable to Rayonier Inc.	40,539			36,258			23,432			1,987			102,216
Basic EPS attributable to Rayonier Inc.		$0.31			$0.28			$0.18			$0.02			$0.79
Diluted EPS attributable to Rayonier Inc.		$0.31			$0.28			$0.18			$0.02			$0.79

GUARANTEES

12 Months Ended

Dec. 31, 2019

Guarantees [Abstract]

GUARANTEES



Financial Commitments (a)	Maximum Potential Payment
Standby letters of credit (b)		$1,509
Surety bonds (c)	3,487
Total financial commitments		$4,996


(a)	The Company has not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on the Company’s own performance.


(b)	Approximately $0.5 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2020 and will be renewed as required.

(c)

Rayonier issues surety bonds primarily to secure performance obligations related to various operational activities and to provide collateral for the Company’s Wildlight development project in Nassau County, Florida. These bonds expire at various dates during 2020 and are expected to be renewed as required.

RESTRICTED CASH - Restricted Cash (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Restricted Cash and Cash Equivalents Items [Line Items]

Restricted cash

$ 1,233

$ 8,080

Cash and cash equivalents

68,735

148,374

Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows

^[1]

69,968

156,454

$ 172,356

$ 157,617

Restricted cash deposited with LKE intermediary

Restricted Cash and Cash Equivalents Items [Line Items]

Restricted cash

758

7,530

Restricted cash held in escrow

Restricted Cash and Cash Equivalents Items [Line Items]

Restricted cash

$ 475

$ 550

[1]	Interest paid is presented net of patronage payments received of $4.0 million, $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt.

INCENTIVE STOCK PLANS - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	18.40%	20.80%	23.30%
Risk-free rate	2.30%	2.40%	1.50%

INCENTIVE STOCK PLANS - Narrative (Details)	Dec. 31, 2019 shares
Rayonier Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	15,800,000
Number of shares available for future grant	3,800,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available for issuance	1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available for issuance	2.27
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available for issuance	2.27

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Sales	$ 178,793	$ 156,417	$ 184,800	$ 191,546	$ 166,146	$ 200,890	$ 245,906	$ 203,196	$ 711,556	$ 816,138	$ 819,596
Total Operating Income									107,027	170,068	215,491
Unallocated interest expense and other									(26,409)	(27,502)	(32,231)
INCOME BEFORE INCOME TAXES									80,618	142,566	183,260
Total capital expenditures									63,996	62,325	65,345
Payments to acquire timberlands									142,287	57,608	242,910
Total Gross Capital Expenditures									206,283	119,933	308,255
Spending on office building									0	0	6,084
Real estate development investments									6,803	9,501	15,784
Depreciation, Depletion and Amortization									128,235	144,121	146,001
Improved Development
Segment Reporting Information [Line Items]
Sales									5,882	8,336	6,889
Unimproved Development
Segment Reporting Information [Line Items]
Sales									19,476	8,621	16,405
Rural
Segment Reporting Information [Line Items]
Sales									29,852	22,689	18,632
Timberlands & Non-Strategic
Segment Reporting Information [Line Items]
Sales									19,133	98,872	70,590
Other
Segment Reporting Information [Line Items]
Sales									544	57	(541)
Large Dispositions
Segment Reporting Information [Line Items]
Sales											95,351
Real Estate
Segment Reporting Information [Line Items]
Sales									74,887	138,575	207,326
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Total Operating Income											67,000
Depreciation, Depletion and Amortization											18,400
Large Dispositions											9,800
Trading
Segment Reporting Information [Line Items]
Sales									115,283	148,722
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Sales									194,111	169,995	144,510
Total Operating Income									57,804	44,245	42,254
Total capital expenditures									34,574	35,388	34,476
Payments to acquire timberlands									98,927	45,943	220,051
Depreciation, Depletion and Amortization									61,923	58,609	49,357
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Sales									85,414	109,832	91,877
Total Operating Income									(12,427)	8,137	1,127
Total capital expenditures									11,220	9,311	10,254
Payments to acquire timberlands									7,340	0	1,483
Depreciation, Depletion and Amortization									29,165	32,779	32,008
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Sales									241,861	249,014	223,299
Total Operating Income									48,035	62,754	57,567
Total capital expenditures									17,357	17,318	17,046
Payments to acquire timberlands									36,020	11,665	21,376
Depreciation, Depletion and Amortization									27,761	28,007	27,499
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Sales									74,887	138,575	207,326
Total Operating Income									38,665	76,240	130,856
Total capital expenditures									204	284	1,348
Depreciation, Depletion and Amortization									8,229	23,566	36,343
Non-Cash Cost of Land and Improved Development									12,565	23,553	23,498
Operating Segments \| Real Estate \| Improved Development
Segment Reporting Information [Line Items]
Sales									5,882	8,336	6,889
Operating Segments \| Real Estate \| Unimproved Development
Segment Reporting Information [Line Items]
Sales									19,476	8,621	16,405
Operating Segments \| Real Estate \| Rural
Segment Reporting Information [Line Items]
Sales									29,852	22,689	18,632
Operating Segments \| Real Estate \| Timberlands & Non-Strategic
Segment Reporting Information [Line Items]
Sales									19,133	98,872	70,590
Operating Segments \| Real Estate \| Other
Segment Reporting Information [Line Items]
Sales									544	57	(541)
Operating Segments \| Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Sales									0	0	95,351
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Sales									115,438	148,814	152,584
Total Operating Income									8	953	4,578
Corporate and other
Segment Reporting Information [Line Items]
Total Operating Income									(25,058)	(22,261)	(20,891)
Total capital expenditures									641	24	2,221
Depreciation, Depletion and Amortization									1,157	1,160	794
Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales									$ (155)	$ (92)	$ 0

EARNINGS PER COMMON SHARE - Antidilutive Shares Excluded from the Computation (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock options, performance shares, restricted shares and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares)	450,681	254,282	596,061

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,654,550	$ 1,692,940	$ 1,496,752
Total other comprehensive (loss) income	(30,869)	(19,360)	14,599
Ending balance	1,537,642	1,654,550	1,692,940
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	239	13,417	856
Other comprehensive (loss) income before reclassifications	(32,562)	(12,979)
Amounts reclassified from accumulated other comprehensive (loss) income	1,121	(199)
Total other comprehensive (loss) income	(31,441)	(13,178)
Ending balance	(31,202)	239	13,417
Foreign currency translation gains/(losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,010)	15,975
Other comprehensive (loss) income before reclassifications	784	(16,985)
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Total other comprehensive (loss) income	784	(16,985)
Ending balance	(226)	(1,010)	15,975
Net investment hedges of New Zealand JV
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,321	1,665
Other comprehensive (loss) income before reclassifications	0	(344)
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Total other comprehensive (loss) income	0	(344)
Ending balance	1,321	1,321	1,665
Cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	21,965	16,184
Other comprehensive (loss) income before reclassifications		5,944
Amounts reclassified from accumulated other comprehensive (loss) income		(163)
Total other comprehensive (loss) income		5,781
Ending balance		21,965	16,184
Cash flow hedges \| Interest rate swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (loss) income before reclassifications	(32,200)
Cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (loss) income before reclassifications	(31,547)
Amounts reclassified from accumulated other comprehensive (loss) income	672
Total other comprehensive (loss) income	(30,875)
Ending balance	(8,910)
Employee benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(22,037)	(20,407)
Other comprehensive (loss) income before reclassifications	(1,799)	(1,594)
Amounts reclassified from accumulated other comprehensive (loss) income	449	(36)
Total other comprehensive (loss) income	(1,350)	(1,630)
Ending balance	$ (23,387)	$ (22,037)	$ (20,407)

EMPLOYEE BENEFIT PLANS - Investment of Plan Assets (Details) - Pension Benefits	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	41.00%	39.00%
International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	28.00%	28.00%
Domestic fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	25.00%	26.00%
International fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	4.00%	5.00%
Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	2.00%	2.00%
Minimum \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	35.00%
Minimum \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	20.00%
Minimum \| Domestic fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	25.00%
Minimum \| International fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	3.00%
Minimum \| Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	2.00%
Maximum \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	45.00%
Maximum \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	30.00%
Maximum \| Domestic fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	29.00%
Maximum \| International fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	7.00%
Maximum \| Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation Range	4.00%

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax (expense) benefit	$ 0	$ 0	$ 0
Cash flow hedges, income tax expense	664
Cash flow hedges, income tax expense		1,270	594
Amortization of pension and postretirement plan liabilities, income tax (expense) benefit	$ 0	$ 711	$ 0

EMPLOYEE BENEFIT PLANS - Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Cost recognized	$ 1.0	$ 0.9	$ 0.8
Amount of employer and related party securities included in plan assets	10.6	9.7
Contributions for 401k plan enhancement	$ 0.9	$ 0.8	$ 0.8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 1.08	$ 1.06	$ 1.00

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating Lease Maturities

The following table details the Company’s undiscounted lease obligations as of December 31, 2019 by type of lease and year of expiration:



	Year of Expiration
Lease obligations	Total			2020		2021		2022		2023		2024		Thereafter
Operating lease liabilities		$193,320			$10,028		$9,293		$8,413		$8,355		$8,281		$148,950
Total Undiscounted Cash Flows		$193,320			$10,028		$9,293		$8,413		$8,355		$8,281		$148,950
Imputed interest	(92,796		)
Balance at December 31, 2019	100,524
Less: Current portion	(10,043		)
Non-current portion at December 31, 2019		$90,481

Lease Cost

The following table details components of the Company’s lease cost for year ended December 31, 2019:



	Year Ended December 31,
Lease Cost Components	2019
Operating lease cost		$10,870
Variable lease cost (a)	235
Total lease cost (b)		$11,105


(a)	The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.


(b)	Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2019.

The following table details components of the Company’s lease cost for the year ended December 31, 2019:



	Year Ended December 31,
Supplemental cash flow information related to leases:	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$2,567
Investing cash flows from operating leases	8,303
Total cash flows from operating leases		$10,870

Weighted-average remaining lease term in years - operating leases	28
Weighted-average discount rate - operating leases	5		%

The Company applied the following practical expedients upon adoption of the new standard as allowed under ASC 842:



Practical Expedient		Description
Short-term leases		The Company does not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease components		The Company does not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

INCENTIVE STOCK PLANS

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

INCENTIVE STOCK PLANS

The Rayonier Incentive Stock Plan (the “Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2019, a total of 3.8 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares and restricted stock units.

A summary of the Company’s stock-based compensation cost is presented below:



	2019		2018		2017
Selling and general expenses		$6,416		$5,623		$4,784
Cost of sales	378		704		556
Timber and Timberlands, net (a)	110		101		56
Total stock-based compensation		$6,904		$6,428		$5,396

Tax benefit recognized related to stock-based compensation expense (b)		$362		$338		$249


(a)	Represents amounts capitalized as part of the overhead allocation of timber-related costs.


(b)	A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future.

FAIR VALUE CALCULATIONS BY AWARD

RESTRICTED STOCK

As of December 31, 2019, there was $2.5 million of unrecognized compensation cost attributable to the Company’s restricted stock. The Company expects to recognize this cost over a weighted average period of 2.3 years.

A summary of the Company’s restricted stock is presented below:



	2019		2018		2017
Restricted shares granted	—		87,924		97,643
Weighted average price of restricted shares granted	—			$35.44		$28.18
Intrinsic value of restricted stock outstanding (a)		$5,540		$8,792		$8,906
Grant date fair value of restricted stock vested	4,579		1,582		1,198
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	1,610		334		176


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2019.



	2019
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	317,499			$30.64
Granted	—		—
Vested	(142,778	)	32.07
Cancelled	(5,607	)	29.99
Non-vested Restricted Shares at December 31,	169,114			$29.45

RESTRICTED STOCK UNITS

In April 2019, the Company began granting restricted stock units instead of restricted stock to both employees and members of the board of directors. All attributes of the Company’s restricted stock described herein, including vesting characteristics, dividend payments, fair value measurement and expense recognition, apply equally to restricted stock units granted under the Stock Plan.

As of December 31, 2019, there was $2.7 million of unrecognized compensation cost attributable to the Company’s restricted stock units. The Company expects to recognize this cost over a weighted average period of 3.9 years.

A summary of the Company’s restricted stock units is presented below:



	2019		2018	2017
Restricted stock units granted	128,226		—	—
Weighted average price of restricted stock units granted		$31.39	—	—
Intrinsic value of restricted stock units outstanding (a)	3,351		—	—
Grant date fair value of restricted stock units vested	762		—	—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted stock units vested		$1	—	—


(a)	Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2019.



	2019
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1,	—		—
Granted	128,226		31.39
Vested	(24,664	)	30.90
Cancelled	(1,265	)	31.77
Non-vested Restricted Stock Units at December 31,	102,297			$31.50

PERFORMANCE SHARE UNITS

The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2019, there was $5.1 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is attributable to awards granted in 2017, 2018 and 2019. This cost is expected to be recognized over a weighted average period of 1.8 years.

A summary of the Company’s performance share units is presented below:



	2019		2018		2017
Common shares reserved for performance shares granted during year	232,684		213,154		226,448
Weighted average fair value of performance share units granted		$35.99		$40.27		$32.17
Intrinsic value of outstanding performance share units (a)	10,758		9,229		10,414
Fair value of performance shares vested	6,387		5,670		—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested	2,639		2,651		—


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2019.



	2019
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	333,282			$33.60
Granted	116,342		35.99
Units Distributed	(114,563	)	28.78
Other Cancellations/Adjustments	(6,675	)	36.61
Outstanding Performance Share units at December 31,	328,386			$36.06



	2019		2018		2017
Expected volatility	18.4	%	20.8	%	23.3	%
Risk-free rate	2.3	%	2.4	%	1.5	%

NON-QUALIFIED EMPLOYEE STOCK OPTIONS

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2019 is presented below.



	2019
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	510,122			$32.29
Granted	—		—
Exercised	(57,023	)	22.09
Cancelled or expired	(38,697	)	36.50
Options outstanding at December 31,	414,402		33.30		2.9		$514
Options exercisable at December 31,	414,402			$33.30	2.9		$514

A summary of additional information pertaining to the Company’s stock options is presented below:



	2019		2018		2017
Intrinsic value of options exercised (a)		$475		$2,618		$1,993
Cash received from exercise of options	1,260		8,591		4,751


(a)	Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

As of December 31, 2019, compensation cost related to stock options was fully recognized.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2019, 2018, and 2017

(In Thousands)



Description	Balance at Beginning of Year		Additions Charged to Cost and Expenses		Deductions		Balance at End of Year
Allowance for doubtful accounts:
Year ended December 31, 2019		$8	16		—			$24
Year ended December 31, 2018	23		—		(15	)	8
Year ended December 31, 2017	33		—		(10	)	23

Deferred tax asset valuation allowance:
Year ended December 31, 2019		$38,839	481	(a)	—			$39,320
Year ended December 31, 2018	34,889		3,950	(a)	—		38,839
Year ended December 31, 2017	21,861		13,028	(a)	—		34,889

(a)

The 2019, 2018 and 2017 increase is comprised of valuation allowance against the TRS deferred tax assets.

COMMITMENTS

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

At December 31, 2019, the future minimum payments under non-cancellable commitments were as follows:



	Development Projects (a)		Pension Contributions (b)		Commitments (c)		Total
2020		$4,403		$3,599		$2,510		$10,512
2021	178		681		2,122		2,981
2022	178		—		2,027		2,205
2023	178		—		2,007		2,185
2024	178		—		1,171		1,349
Thereafter	2,749		—		—		2,749
		$7,864		$4,280		$9,837		$21,981


(a)	Primarily consisting of payments expected to be made on the Company’s Wildlight and Richmond Hill development projects.


(b)	Pension contribution requirements are based on actuarially determined estimates and IRS minimum funding requirements.

(c)

Commitments include payments expected to be made on foreign exchange contracts, timberland deeds and other purchase obligations.

OTHER OPERATING (EXPENSE) INCOME, NET

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

OTHER OPERATING (EXPENSE) INCOME, NET

The following table provides the composition of Other operating (expense) income, net for the three years ended December 31:



	2019			2018			2017
(Loss) gain on foreign currency remeasurement, net of cash flow hedges		($3,077	)		$370			$3,044
Gain (loss) on sale or disposal of property plant & equipment	56			7			(68		)
Income from sale of unused Internet Protocol addresses	—			646			—
Log trading marketing fees	314			286			1,222
Income from New Zealand Timber settlement	—			—			420
Miscellaneous expense, net	(1,826		)	(169		)	(225		)
Total		($4,533	)		$1,140			$4,393

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Investments [Abstract]
Time period proceeds from LKE sale are maintained with third party intermediary	180 days
Restricted cash	$ 1,233	$ 8,080

NEW ZEALAND SUBSIDIARY	12 Months Ended
NEW ZEALAND SUBSIDIARY	Dec. 31, 2019
Business Combinations [Abstract]
NEW ZEALAND SUBSIDIARY	NEW ZEALAND SUBSIDIARY The Company maintains a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 414,000 legal acres of New Zealand timberland. Accordingly, the Company consolidates the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are shown separately within the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand subsidiary.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 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.

FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS

The functional currency of Rayonier’s wholly-owned subsidiary, Rayonier New Zealand Limited, and the New Zealand subsidiary is the New Zealand dollar. The New Zealand subsidiary is exposed to foreign currency risk on export sales and ocean freight payments, which are mainly denominated in U.S. dollars. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases less distributions and up to 75% of the forward twelve to 18 months. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of December 31, 2019, foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2021 and March 2021, respectively.

Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. The Company may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive (loss) income for de-designated hedges remains in accumulated other comprehensive (loss) income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.

INTEREST RATE SWAPS

The following table contains information on the outstanding interest rate swaps as of December 31, 2019:



Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount		Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
August 2015	9 years		$170,000	Term Credit Agreement	2.20	%	1.63	%	3.83	%
August 2015	9 years	180,000		Term Credit Agreement	2.35	%	1.63	%	3.98	%
April 2016	10 years	100,000		Incremental Term Loan	1.60	%	1.90	%	3.50	%
April 2016	10 years	100,000		Incremental Term Loan	1.60	%	1.90	%	3.50	%
July 2016	10 years	100,000		Incremental Term Loan	1.26	%	1.90	%	3.16	%


(a)	All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.


(b)	Rate is before estimated patronage payments.

CARBON OPTIONS

The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets at certain prices. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous income, net” as the contracts do not qualify for hedge accounting treatment. As of December 31, 2019, carbon option contracts had maturity dates through June 2020.



	Location on Statement of Income and Comprehensive Income	2019			2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		$2,211			($4,357	)		$2,100
Foreign currency option contracts	Other comprehensive (loss) income	159			(180		)	(52		)
Interest rate swaps	Other comprehensive (loss) income	(32,189		)	8,296			4,214

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	—			(344		)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net		$135			$2,183			$47
Carbon options	Interest and other miscellaneous income, net	(105		)	(158		)	—

During the next 12 months, the amount of the December 31, 2019 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 gain of approximately $0.3 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2019 and 2018:



	Notional Amount
	2019		2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$56,350		$69,950
Foreign currency option contracts	22,000		24,000
Interest rate swaps	650,000		650,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	—		9,396
Carbon options (a)	9,592		2,517


(a)	Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of December 31, 2019.



		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	424			—
	Other assets	390			—
	Other current liabilities	(172		)	(1,569		)
Foreign currency option contracts	Other current assets	151			217
	Other assets	209			102
	Other current liabilities	(27		)	(106		)
	Other non-current liabilities	(30		)	(68		)
Interest rate swaps	Other assets	2,614			23,735
	Other non-current liabilities	(11,068		)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other current assets	—			152
	Other current liabilities	—			(24		)
Carbon options (a)	Other current liabilities	(607		)	(322		)

Total derivative contracts:
Other current assets			$575			$369
Other assets		3,213			23,837
Total derivative assets			$3,788			$24,206

Other current liabilities		(806		)	(2,021		)
Other non-current liabilities		(11,098		)	(68		)
Total derivative liabilities			($11,904	)		($2,089	)


(a)	See Note 15 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

OFFSETTING DERIVATIVES

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 68,735	$ 148,374
Accounts receivable, less allowance for doubtful accounts of $24 and $8	27,127	26,151
Inventory (Note 19)	14,518	15,703
Prepaid logging roads	12,128	11,976
Prepaid expenses	2,600	5,040
Other current assets	867	609
Total current assets	125,975	207,853
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,482,047	2,401,327
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7)	81,791	85,609
PROPERTY, PLANT AND EQUIPMENT
Land	4,131	4,131
Buildings	23,095	22,503
Machinery and equipment	4,339	3,534
Construction in progress	348	567
Total property, plant and equipment, gross	31,913	30,735
Less—accumulated depreciation	(9,662)	(7,984)
Total property, plant and equipment, net	22,251	22,751
RESTRICTED CASH (NOTE 20)	1,233	8,080
RIGHT-OF-USE ASSETS (NOTE 4)	99,942	0
OTHER ASSETS (NOTE 21)	47,757	55,046
TOTAL ASSETS	2,860,996	2,780,666
CURRENT LIABILITIES
Accounts payable	18,160	18,019
Current maturities of long-term debt (Note 6)	82,000	0
Accrued taxes	3,032	3,178
Accrued payroll and benefits	8,869	10,416
Accrued interest	5,205	5,007
Deferred revenue	11,440	10,447
Other current liabilities	22,480	16,474
Total current liabilities	151,186	63,541
Long-term debt, net of deferred financing costs	973,129	972,567
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16)	25,311	29,800
LONG-TERM LEASE LIABILITY (NOTE 4)	90,481	0
OTHER NON-CURRENT LIABILITIES	83,247	60,208
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 129,331,069 and 129,488,675 shares issued and outstanding	888,177	884,263
Retained earnings	583,006	672,371
Accumulated other comprehensive (loss) income (Note 22)	(31,202)	239
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,439,981	1,556,873
Noncontrolling interest	97,661	97,677
TOTAL SHAREHOLDERS’ EQUITY	1,537,642	1,654,550
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,860,996	$ 2,780,666

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation and Principles of Consolidation (Details)	Mar. 31, 2016	Mar. 03, 2016	Apr. 30, 2013
Other Ownership Interests [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners	23.00%
Rayonier
Other Ownership Interests [Line Items]
Ownership percentage by parent	77.00%	77.00%	65.00%

EMPLOYEE BENEFIT PLANS - Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.06%	4.11%	3.48%
Rate of compensation increase	0.00%	0.00%	0.00%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (post-spin off), percent	4.11%	3.48%	4.01%
Expected long-term return on plan assets	5.72%	7.17%	7.17%
Rate of compensation increase	0.00%	0.00%	0.00%
Postretirement
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.16%	4.18%	3.56%
Rate of compensation increase	4.50%	4.50%	4.50%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (post-spin off), percent	4.18%	3.56%	4.12%
Expected long-term return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	4.50%	4.50%	4.50%

LEASES - Supplemental Cash Flow (Details) $ in Thousands	12 Months Ended
LEASES - Supplemental Cash Flow (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 2,567
Investing cash flows from operating leases	8,303
Total cash flows from operating leases	$ 10,870
Weighted-average remaining lease term in years - operating leases	28 years
Weighted-average discount rate - operating leases	5.00%

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory [Line Items]
Inventory	$ 14,518	$ 15,703
Real Estate Inventory
Inventory [Line Items]
Inventory	12,663	11,919
Log inventory
Inventory [Line Items]
Inventory	$ 1,855	$ 3,784

TIMBERLAND ACQUISITIONS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) a acquisition	Dec. 31, 2018 USD ($) a acquisition	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a	70,919	29,857
Payments to acquire timberlands	$ 142,287	$ 57,608	$ 242,910
Florida, Georgia, Texas And Washington
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a	62,000
Number of acquisitions \| acquisition	16
Aggregate value	$ 106,300
Payments to acquired timberlands, paid-in-kind	29,800
Payments to acquire timberlands	$ 76,500
New Zealand
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a	9,223	3,833
Number of acquisitions \| acquisition		2
Payments to acquire timberlands	$ 36,020	$ 11,665
Florida, Georgia, And Texas
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a		26,000
Payments to acquired timberlands, paid-in-kind		$ 45,900
Property Subject to Operating Lease \| New Zealand
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a	2,000

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company has been named as a defendant in various 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 large deductible insurance plans, primarily in the areas of executive risk, property, automobile 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Software Costs (Details) - Maximum	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Useful life	25 years
Software Costs
Property, Plant and Equipment [Line Items]
Useful life	5 years

RESTRICTED CASH

12 Months Ended

Dec. 31, 2019

Restricted Cash and Investments [Abstract]

RESTRICTED CASH

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 that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2019 and 2018, the Company had $1.2 million and $8.1 million, respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for real estate development obligations.

The following table contains the amount of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the years ended December 31:



	2019		2018
Restricted cash deposited with LKE intermediary		$758		$7,530
Restricted cash held in escrow	475		550
Total restricted cash shown in the Consolidated Balance Sheets	1,233		8,080
Cash and cash equivalents	68,735		148,374
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows		$69,968		$156,454

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

RECLASSIFICATIONS

USE OF ESTIMATES

CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of cash on hand and other highly liquid investments with original maturities of three months or less.

ACCOUNTS RECEIVABLE

Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts.

INVENTORY

PREPAID LOGGING ROADS

DEFERRED FINANCING COSTS

additional information on deferred financing costs related to revolving debt. See Note 6 — Debt for additional information on deferred financing costs related to term debt.

CAPITALIZED SOFTWARE COSTS

Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method.

TIMBER AND TIMBERLANDS

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

Real estate development investments include capitalized costs for targeted infrastructure improvements, such as roadways and utilities. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 7 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information.

PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION

LEASES

RIGHT-OF-USE ASSETS IMPAIRMENT

INVESTMENTS

FAIR VALUE MEASUREMENTS

Level 1 — Quoted prices in active markets for identical assets or liabilities.

GOODWILL

FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT

REVENUE RECOGNITION

TIMBER SALES

The following table summarizes revenue recognition and general payment terms for timber sales:



Contract Type	Performance Obligation	Timing of Revenue Recognition	General Payment Terms
Stumpage Pay-as-Cut	Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber	As timber is severed (point-in-time)	Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum	Right to harvest an agreed upon acreage of standing timber	Contract execution (point-in-time)	Full payment due upon contract execution
Stumpage Agreed Volume	Right to harvest an agreed upon volume of standing timber	As timber is severed (over-time)	Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic)	Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility	Upon delivery to customer’s facility (point-in-time)	No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export)	Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel	Upon delivery onto export vessel (point-in-time)	Letter of credit from an approved bank; collection generally within 30 days of delivery

NON-TIMBER SALES

LOG TRADING

REAL ESTATE

COST OF SALES

EMPLOYEE BENEFIT PLANS

INCOME TAXES

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), on January 1, 2019 and elected to apply the standard as of that day.

The Company applied the following practical expedients in the transition to the new standard as allowed under ASC 842-10-65-1:



Practical Expedient	Description
Reassessment of expired or existing contracts	The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases.
Use of hindsight	The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-of-use assets.
Reassessment of existing or expired land easements	The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02.

NEW ACCOUNTING PRONOUNCEMENTS

SUBSEQUENT EVENTS

Pope Resources Acquisition

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($) pension_plan	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Number of qualified defined benefit plans \| pension_plan	1
Defined Benefit Plan Disclosure [Line Items]
Pension contribution requirements in next fiscal year \| $	$ 3.6
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.06%	4.11%	3.48%
Expected long-term return on plan assets	5.72%	7.17%	7.17%

TIMBERLAND ACQUISITIONS

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

TIMBERLAND ACQUISITIONS

In 2019, the Company acquired approximately 62,000 acres of U.S. timberland located in Florida, Georgia, Texas, and Washington through sixteen transactions for an aggregate value of $106.3 million. Approximately $29.8 million of these acquisitions were acquired using like-kind exchange proceeds while the remaining $76.5 million were funded from operating cash flow and the use of the Company’s revolving credit facility. Additionally, during 2019, the Company acquired approximately 9,000 acres of timberland (including approximately 2,000 acres of leased land) in New Zealand for approximately $36.0 million. These acquisitions were funded from operating cash flow.

In 2018, the Company acquired approximately 26,000 acres of U.S. timberland in Florida, Georgia and Texas for $45.9 million of like-kind exchange proceeds. Additionally, in two transactions during 2018, the Company acquired forestry rights covering approximately 4,000 acres of timberland in New Zealand for approximately $11.7 million. These acquisitions were funded from operating cash flow and use of the New Zealand subsidiary’s working capital facility.

See Note 6 - Debt for additional information on the Company’s revolving credit facility and the New Zealand subsidiary’s working capital facility.

The following table summarizes the timberland acquisitions for the years ended December 31, 2019 and 2018:



	2019			2018
	Cost		Acres	Cost			Acres
Florida		$71,183	42,522		$35,560		20,513
Georgia	13,395		10,271	2,532			2,232
Texas	14,349		6,643	7,851		70,919	3,279
Washington	7,340		2,260	—			—
New Zealand	36,020		9,223	11,665			3,833
Total Acquisitions		$142,287	70,919		$57,608		29,857

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Prepaid Logging Roads (Details)	12 Months Ended
	Dec. 31, 2019
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Harvested in months, to be recorded as prepaid logging roads	24 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Harvested in months, to be recorded as prepaid logging roads	60 months

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ (16,930)	$ (29,939)	$ (64,141)
U.S. and foreign REIT income	19,902	32,949	63,813
Matariki Group and Rayonier New Zealand Ltd	(11,181)	(23,166)	(19,182)
Transition tax	0	0	(3,506)
Change in valuation allowance	(482)	(3,950)	(13,028)
ASU No. 2016-16 adoption impact	0	0	16,631
Deemed repatriation of unremitted foreign earnings	0	0	7,368
Reduction of deferred tax asset for statutory rate change	0	0	(10,499)
Internal transfer of assets deferred	(1,815)	0	0
Foreign income tax withholding	(1,535)	(1,848)	0
Other	(899)	718	863
Income tax expense as reported for net income	$ (12,940)	$ (25,236)	$ (21,681)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	(21.00%)	(21.00%)	(35.00%)
U.S. and foreign REIT income	24.70%	23.10%	34.80%
Matariki Group and Rayonier New Zealand Ltd	(13.90%)	(16.20%)	(10.50%)
Transition tax	0	0	(0.019)
Change in valuation allowance	(0.60%)	(2.80%)	(7.10%)
ASU No. 2016-16 adoption impact	0.00%	0.00%	9.10%
Deemed repatriation of unremitted foreign earnings	0.00%	0.00%	4.00%
Reduction of deferred tax asset for statutory rate change	0.00%	0.00%	(5.70%)
Internal transfer of assets deferred	(2.30%)	0.00%	0.00%
Foreign income tax withholding	(1.90%)	(1.30%)	0.00%
Other	(1.10%)	0.50%	0.50%
Income tax expense as reported for net income	(16.10%)	(17.70%)	(11.80%)

EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:



	2019			2018			2017
Net Income		$67,678			$117,330			$161,579
Less: Net income attributable to noncontrolling interest	(8,573		)	(15,114		)	(12,737		)
Net income attributable to Rayonier Inc.		$59,105			$102,216			$148,842

Shares used for determining basic earnings per common share	129,257,202			129,043,627			127,367,608
Dilutive effect of:
Stock options	12,209			71,276			91,956
Performance shares, restricted shares and restricted stock units	328,977			575,328			350,385
Shares used for determining diluted earnings per common share	129,598,388			129,690,231			127,809,949

Basic earnings per common share attributable to Rayonier Inc.:		$0.46			$0.79			$1.17
Diluted earnings per common share attributable to Rayonier Inc.:		$0.46			$0.79			$1.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	2019	2018	2017
Anti-dilutive shares excluded from computations of diluted earnings per share:
Stock options, performance shares, restricted shares and restricted stock units	450,681	254,282	596,061

INCENTIVE STOCK PLANS - Schedule of Performance Share Activity (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Units
Beginning Balance (in shares)	333,282
Granted (in shares)	116,342
Units Distributed (in shares)	(114,563)
Other Cancellations/Adjustments (in shares)	(6,675)
Ending Balance (in shares)	328,386	333,282
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 33.60
Weighted average price of restricted shares granted (in dollars per share)	35.99	$ 40.27	$ 32.17
Units Distributed (in dollars per share)	28.78
Other Cancellations/Adjustments (in dollars per share)	36.61
Ending Balance (in dollars per share)	$ 36.06	$ 33.60

OTHER ASSETS

12 Months Ended

Dec. 31, 2019

Other Assets [Abstract]

OTHER ASSETS

Included in Other Assets are derivatives, goodwill in the New Zealand subsidiary, long-term prepaid roads, marketable equity securities and other deferred expenses including deferred financing costs related to revolving debt and capitalized software costs.

See Note 14 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets.

Changes in goodwill for the years ended December 31, 2019 and 2018 were:



	2019		2018
Balance, January 1 (net of $0 of accumulated impairment)		$8,307		$8,776
Changes to carrying amount
Acquisitions	—		—
Impairment	—		—
Foreign currency adjustment	304		(469		)
Balance, December 31 (net of $0 of accumulated impairment)		$8,611		$8,307

See Note 1 — Summary of Significant Accounting Policies for additional information on goodwill.

As of December 31, 2019 and 2018, Rayonier’s prepaid logging and secondary roads follows:



	2019		2018
Long-term and prepaid and secondary roads
Pacific Northwest long-term prepaid roads		$4,198		$4,000
New Zealand long-term secondary roads	4,265		3,072
Total long-term prepaid and secondary roads		$8,463		$7,072

See Note 1 — Summary of Significant Accounting Policies for additional information on prepaid logging roads.

As of December 31, 2019 and 2018, Rayonier’s deferred financing costs related to revolving debt follows:



	2019	2018
Deferred financing costs related to revolving debt	$102	$213

See Note 1 — Summary of Significant Accounting Policies for additional information on deferred financing costs related to revolving debt.

As of December 31, 2019 and 2018, Rayonier’s capitalized software costs follows:



	2019	2018
Capitalized software costs	$3,605	$3,776

See Note 1 — Summary of Significant Accounting Policies for additional information on capitalized software costs.

As of December 31, 2019 and 2018, Rayonier’s investments in marketable equity securities follows:



	2019	2018
Investments in marketable equity securities	$10,582	—

See Note 1 — Summary of Significant Accounting Policies for additional information on investments in marketable equity securities. As of December 31, 2019, the Company’s investments in marketable equity securities consist entirely of 114,400 limited partnership units of Pope Resources, originally purchased in an open-market transaction at $65.90 per unit.

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less: Current maturities of long-term debt	$ (82,000)	$ 0
Long-term debt	(973,129)	(972,567)
Marketable equity securities	10,582	0
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	68,735	148,374
Restricted cash	1,233	8,080
Less: Current maturities of long-term debt	(82,000)	0
Long-term debt	(973,129)	(972,567)
Marketable equity securities	10,582	0
Carrying Amount \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		23,735
Derivative liability	(8,454)
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	642
Derivative liability		(1,442)
Carrying Amount \| Foreign currency option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	303	145
Carrying Amount \| Carbon options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	(607)	(322)
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	68,735	148,374
Restricted cash	1,233	8,080
Less: Current maturities of long-term debt	0	0
Long-term debt	0	0
Marketable equity securities	10,582	0
Fair Value \| Level 1 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		0
Derivative liability	0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0
Derivative liability		0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Fair Value \| Level 1 \| Carbon options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Less: Current maturities of long-term debt	(82,000)	0
Long-term debt	(981,500)	(975,845)
Marketable equity securities	0	0
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		23,735
Derivative liability	(8,454)
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	642
Derivative liability		(1,442)
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	303	145
Fair Value \| Level 2 \| Carbon options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ (607)	$ (322)

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Additions Charged to Cost and Expenses	$ (482)	$ (3,950)	$ (13,028)
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	8	23	33
Additions Charged to Cost and Expenses	16	0	0
Deductions	0	(15)	(10)
Balance at End of Year	24	8	23
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	38,839	34,889	21,861
Additions Charged to Cost and Expenses	481	3,950	13,028
Deductions	0	0	0
Balance at End of Year	$ 39,320	$ 38,839	$ 34,889

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating (expense) income, net									$ 4,533	$ (1,140)	$ (4,393)
Comprehensive income (loss) attributable to noncontrolling interest									9,146	8,931	14,775
Income tax expense (Note 10)									12,940	25,236	21,681
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	$ (17,437)	$ (1,528)	$ (20,920)	$ (27,793)	$ (4,647)	$ (30,639)	$ (39,338)	$ (42,706)	(67,678)	(117,330)	$ (161,579)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income									672	(163)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Comprehensive income (loss) attributable to noncontrolling interest									(279)	68
Income tax expense (Note 10)									(262)	63
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Realized (gain) loss on foreign currency exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating (expense) income, net									1,246	(121)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Realized (gain) loss on foreign currency option contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating (expense) income, net									$ (33)	$ (173)

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Condensed Financial Information Disclosure [Abstract]

INCENTIVE STOCK PLANS - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Number of Shares
Options outstanding, beginning balance (in shares) \| shares	510,122
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(57,023)
Cancelled or expired (in shares) \| shares	(38,697)
Options outstanding, ending balance (in shares) \| shares	414,402
Options exercisable (in shares) \| shares	414,402
Weighted Average Exercise Price (per common share)
Options outstanding, beginning balance (in dollars per common share), Beginning Balance \| $ / shares	$ 32.29
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	22.09
Cancelled or expired (in dollars per share) \| $ / shares	36.50
Options outstanding, ending balance (in dollars per common share), Ending Balance \| $ / shares	33.30
Options exercisable (in dollars per common share), Options exercisable \| $ / shares	$ 33.30
Weighted Average Remaining Contractual Term (in years) and Options outstanding
Weighted Average Remaining Contractual term (in years), Options outstanding	2 years 10 months 24 days
Weighted Average Remaining Contractual term (in years), Options exercisable	2 years 10 months 24 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 514
Aggregate Intrinsic Value, Options exercisable \| $	$ 514

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Condensed Consolidating of Income Statement



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$711,556		—				$711,556
Costs and Expenses
Cost of sales	—			(59		)	(558,291		)	—			(558,350		)
Selling and general expenses	—			(20,560		)	(21,086		)	—			(41,646		)
Other operating (expense) income, net	—			(1,392		)	(3,141		)	—			(4,533		)
	—			(22,011		)	(582,518		)	—			(604,529		)
OPERATING (LOSS) INCOME	—			(22,011		)	129,038			—			107,027
Interest expense	(12,556		)	(19,095		)	(65		)	—			(31,716		)
Interest and miscellaneous income (expense), net	(1,827		)	3,061			4,073			—			5,307
Equity in income from subsidiaries	73,488			113,284			—			(186,772		)	—
INCOME BEFORE INCOME TAXES	59,105			75,239			133,046			(186,772		)	80,618
Income tax expense	—			(1,751		)	(11,189		)	—			(12,940		)
NET INCOME	59,105			73,488			121,857			(186,772		)	67,678
Less: Net income attributable to noncontrolling interest	—			—			(8,573		)	—			(8,573		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	59,105			73,488			113,284			(186,772		)	59,105
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	783			(91		)	1,054			(783		)	963
Cash flow hedges, net of income tax	(30,875		)	(32,189		)	1,707			30,875			(30,482		)
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax	(1,350		)	(1,350		)	—			1,350			(1,350		)
Total other comprehensive (loss) income	(31,442		)	(33,630		)	2,761			31,442			(30,869		)
COMPREHENSIVE INCOME	27,663			39,858			124,618			(155,330		)	36,809
Less: Comprehensive income attributable to noncontrolling interest	—			—			(9,146		)	—			(9,146		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$27,663			$39,858			$115,472			($155,330	)		$27,663



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$816,138		—				$816,138
Costs and Expenses
Cost of sales	—			—			(605,259		)	—			(605,259		)
Selling and general expenses	—			(19,812		)	(22,139		)	—			(41,951		)
Other operating (expense) income, net	(12		)	543			609			—			1,140
	(12		)	(19,269		)	(626,789		)	—			(646,070		)
OPERATING (LOSS) INCOME	(12		)	(19,269		)	189,349			—			170,068
Interest expense	(12,556		)	(19,155		)	(355		)	—			(32,066		)
Interest and miscellaneous income (expense), net	6,648			3,863			(5,947		)	—			4,564
Equity in income from subsidiaries	108,136			144,916			—			(253,052		)	—
INCOME BEFORE INCOME TAXES	102,216			110,355			183,047			(253,052		)	142,566
Income tax expense	—			(2,219		)	(23,017		)	—			(25,236		)
NET INCOME	102,216			108,136			160,030			(253,052		)	117,330
Less: Net income attributable to noncontrolling interest	—			—			(15,114		)	—			(15,114		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	102,216			108,136			144,916			(253,052		)	102,216
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(17,329		)	386			(23,145		)	17,329			(22,759		)
Cash flow hedges, net of income tax	5,782			8,296			(3,267		)	(5,782		)	5,029
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax	(1,630		)	(1,630		)	—			1,630			(1,630		)
Total other comprehensive (loss) income	(13,177		)	7,052			(26,412		)	13,177			(19,360		)
COMPREHENSIVE INCOME	89,039			115,188			133,618			(239,875		)	97,970
Less: Comprehensive income attributable to noncontrolling interest	—			—			(8,931		)	—			(8,931		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$89,039			$115,188			$124,687			($239,875	)		$89,039



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$819,596		—				$819,596
Costs and Expenses
Cost of sales	—			—			(568,253		)	—			(568,253		)
Selling and general expenses	—			(16,797		)	(23,448		)	—			(40,245		)
Other operating (expense) income, net	—			(479		)	4,872			—			4,393
	—			(17,276		)	(586,829		)	—			(604,105		)
OPERATING (LOSS) INCOME	—			(17,276		)	232,767			—			215,491
Interest expense	(12,556		)	(19,699		)	(1,816		)	—			(34,071		)
Interest and miscellaneous income (expense), net	9,679			2,878			(10,717		)	—			1,840
Equity in income from subsidiaries	151,719			186,388			—			(338,107		)	—
INCOME BEFORE INCOME TAXES	148,842			152,291			220,234			(338,107		)	183,260
Income tax expense	—			(572		)	(21,109		)	—			(21,681		)
NET INCOME	148,842			151,719			199,125			(338,107		)	161,579
Less: Net income attributable to noncontrolling interest	—			—			(12,737		)	—			(12,737		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	148,842			151,719			186,388			(338,107		)	148,842
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment, net of income tax	7,416			—			9,114			(7,416		)	9,114
Cash flow hedges, net of income tax	5,353			4,214			1,479			(5,353		)	5,693
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax	(208		)	(208		)	—			208			(208		)
Total other comprehensive income	12,561			4,006			10,593			(12,561		)	14,599
COMPREHENSIVE INCOME	161,403			155,725			209,718			(350,668		)	176,178
Less: Comprehensive income attributable to noncontrolling interest	—			—			(14,775		)	—			(14,775		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$161,403			$155,725			$194,943			($350,668	)		$161,403

Schedule of Condensed Consolidating Balance Sheet



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2019
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$303		$45,792			$22,640		—				$68,735
Accounts receivable, less allowance for doubtful accounts	—		4,113			23,014			—			27,127
Inventory	—		—			14,518			—			14,518
Prepaid logging roads	—		—			12,128			—			12,128
Prepaid expenses	—		1,361			1,239			—			2,600
Other current assets	—		111			756			—			867
Total current assets	303		51,377			74,295			—			125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,482,047			—			2,482,047
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			81,791			—			81,791
NET PROPERTY, PLANT AND EQUIPMENT	—		16,568			5,683			—			22,251
RESTRICTED CASH	—		—			1,233			—			1,233
RIGHT-OF-USE ASSETS	—		32,253			67,689			—			99,942
INVESTMENT IN SUBSIDIARIES	1,709,958		3,072,304			—			(4,782,262		)	—
INTERCOMPANY RECEIVABLE	56,935		(643,960		)	587,025			—			—
OTHER ASSETS	2		(67		)	47,822			—			47,757
TOTAL ASSETS		$1,767,198		$2,528,475			$3,347,585			($4,782,262	)		$2,860,996
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$2,866			$15,294		—				$18,160
Current maturities of long-term debt	—		82,000			—			—			82,000
Accrued taxes	—		59			2,973			—			3,032
Accrued payroll and benefits	—		5,585			3,284			—			8,869
Accrued interest	3,047		2,158			—			—			5,205
Deferred revenue	—		—			11,440			—			11,440
Other current liabilities	—		4,453			18,027			—			22,480
Total current liabilities	3,047		97,121			51,018			—			151,186
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	324,170		648,959			—			—			973,129
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		25,996			(685		)	—			25,311
LONG-TERM LEASE LIABILITY	—		28,001			62,480			—			90,481
OTHER NON-CURRENT LIABILITIES	—		18,440			64,807			—			83,247
INTERCOMPANY PAYABLE	—		—			—			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,439,981		1,709,958			3,072,304			(4,782,262		)	1,439,981
Noncontrolling interest	—		—			97,661			—			97,661
TOTAL SHAREHOLDERS’ EQUITY	1,439,981		1,709,958			3,169,965			(4,782,262		)	1,537,642
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,767,198		$2,528,475			$3,347,585			($4,782,262	)		$2,860,996



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2018
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$361		$104,777			$43,236		—				$148,374
Accounts receivable, less allowance for doubtful accounts	—		3,752			22,399			—			26,151
Inventory	—		—			15,703			—			15,703
Prepaid logging roads	—		—			11,976			—			11,976
Prepaid expenses	—		977			4,063			—			5,040
Other current assets	—		108			501			—			609
Total current assets	361		109,614			97,878			—			207,853
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,401,327			—			2,401,327
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			85,609			—			85,609
NET PROPERTY, PLANT AND EQUIPMENT	—		16,940			5,811			—			22,751
RESTRICTED CASH	—		—			8,080			—			8,080
INVESTMENT IN SUBSIDIARIES	1,833,899		3,022,875			—			(4,856,774		)	—
INTERCOMPANY RECEIVABLES	49,461		(638,424		)	588,963			—			—
OTHER ASSETS	2		19,244			35,800			—			55,046
TOTAL ASSETS		$1,883,723		$2,530,249			$3,223,468			($4,856,774	)		$2,780,666
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$1,616			$16,403		—				$18,019
Accrued taxes	—		8			3,170			—			3,178
Accrued payroll and benefits	—		5,848			4,568			—			10,416
Accrued interest	3,047		1,960			—			—			5,007
Deferred revenue	—		—			10,447			—			10,447
Other current liabilities	—		216			16,258			—			16,474
Total current liabilities	3,047		9,648			50,846			—			63,541
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,803		648,764			—			—			972,567
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		30,484			(684		)	—			29,800
OTHER NON-CURRENT LIABILITIES	—		7,454			52,754			—			60,208
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,556,873		1,833,899			3,022,875			(4,856,774		)	1,556,873
Noncontrolling interest	—		—			97,677			—			97,677
TOTAL SHAREHOLDERS’ EQUITY	1,556,873		1,833,899			3,120,552			(4,856,774		)	1,654,550
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,883,723		$2,530,249			$3,223,468			($4,856,774	)		$2,780,666

Schedule of Condensed Consolidating Cash Flows Statement



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES		($21,865	)		($12,730	)		$248,848		—			$214,253
INVESTING ACTIVITIES
Capital expenditures	—			(641		)	(63,355		)	—		(63,996		)
Real estate development investments	—			—			(6,803		)	—		(6,803		)
Purchase of timberlands	—			—			(142,287		)	—		(142,287		)
Investment in subsidiaries	—			(406		)	—			406		—
Other	—			(8,754		)	2,450			—		(6,304		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			(9,801		)	(209,995		)	406		(219,390		)
FINANCING ACTIVITIES
Issuance of debt	—			82,000			—			—		82,000
Repayment of debt	—			—			—			—		—
Dividends paid	(139,531		)	(32,239		)	30,699			—		(141,071		)
Proceeds from the issuance of common shares under incentive stock plan	1,260			—			—			—		1,260
Repurchase of common shares	(4,250		)	—			—			—		(4,250		)
Proceeds used for Share Buybacks	—			(8,430		)	—			—		(8,430		)
Proceeds from shareholder distribution hedge	—			—			135			—		135
Distribution to minority shareholder	—			—			(9,161		)	—		(9,161		)
Issuance of intercompany notes	—			—			—			—		—
Debt issuance cost	—			(132		)	—			—		(132		)
Intercompany distributions	164,328			(77,653		)	(86,269		)	(406	)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	21,807			(36,454		)	(64,596		)	(406	)	(79,649		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(1,700		)	—		(1,700		)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(58		)	(58,985		)	(27,443		)	—		(86,486		)
Balance, beginning of year	361			104,777			51,316			—		156,454
Balance, end of year		$303			$45,792			$23,873		—			$69,968



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES		$284,781			$182,057			($156,742	)	—			$310,096
INVESTING ACTIVITIES
Capital expenditures	—			(59		)	(62,266		)	—		(62,325		)
Real estate development investments	—			—			(9,501		)	—		(9,501		)
Purchase of timberlands	—			—			(57,608		)	—		(57,608		)
Investment in subsidiaries	—			6,128			—			(6,128	)	—
Other	—			—			(3,421		)	—		(3,421		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			6,069			(132,796		)	(6,128	)	(132,855		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,014			—		1,014
Repayment of debt	—			(50,000		)	(4,416		)	—		(54,416		)
Dividends paid	(136,698		)	(74		)	—			—		(136,772		)
Proceeds from the issuance of common shares under incentive stock plan	8,591			—			—			—		8,591
Repurchase of common shares	(2,984		)	—			—			—		(2,984		)
Proceeds from shareholder distribution hedge	—			—			2,025			—		2,025
Distribution to minority shareholder	—			—			(11,172		)	—		(11,172		)
Issuance of intercompany notes	299,715			18,961			(318,676		)	—		—
Intercompany distributions	(501,608		)	(77,278		)	572,758			6,128		—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(332,984		)	(108,391		)	241,533			6,128		(193,714		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			571			—		571
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(48,203		)	79,735			(47,434		)	—		(15,902		)
Balance, beginning of year	48,564			25,042			98,750			—		172,356
Balance, end of year		$361			$104,777			$51,316		—			$156,454



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($48,104	)		$111,431			$192,957		—			$256,284
INVESTING ACTIVITIES
Capital expenditures	—			—			(65,345		)	—		(65,345		)
Real estate development investments	—			—			(15,784		)	—		(15,784		)
Purchase of timberlands	—			—			(242,910		)	—		(242,910		)
Net proceeds from large disposition of timberlands	—			—			95,243			—		95,243
Rayonier office building under construction	—			—			(6,084		)	—		(6,084		)
Investment in subsidiaries	—			38,546			—			(38,546	)	—
Other	—			—			(373		)	—		(373		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			38,546			(235,253		)	(38,546	)	(235,253		)
FINANCING ACTIVITIES
Issuance of debt	—			25,000			38,389			—		63,389
Repayment of debt	—			(15,000		)	(85,157		)	—		(100,157		)
Dividends paid	(127,069		)	—			—			—		(127,069		)
Proceeds from the issuance of common shares under incentive stock plan	4,751			—			—			—		4,751
Proceeds from the issuance of common shares from equity offering, net of cost	152,390			—			—			—		152,390
Repurchase of common shares	(176		)	—			—			—		(176		)
Issuance of intercompany notes	(32,000		)	—			32,000			—		—
Intercompany distributions	77,319			(144,396		)	28,531			38,546		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	75,215			(134,396		)	13,763			38,546		(6,872		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			580			—		580
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	27,111			15,581			(27,953		)	—		14,739
Balance, beginning of year	21,453			9,461			126,703			—		157,617
Balance, end of year		$48,564			$25,042			$98,750		—			$172,356

INVENTORY

12 Months Ended

Dec. 31, 2019

Schedule of Long-term Debt Instruments

INVENTORY

As of December 31, 2019 and 2018, Rayonier’s inventory was solely comprised of finished goods, as follows:



	2019		2018
Finished goods inventory
Real estate inventory (a)		$12,663		$11,919
Log inventory	1,855		3,784
Total inventory		$14,518		$15,703

(a)

Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 7 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information.

INCOME TAXES - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 0	$ 0	$ 135
Decreases related to prior year tax positions	0	0	(135)
Increases related to prior year tax positions	0	0	0
Ending balance	$ 0	$ 0	$ 0

INCENTIVE STOCK PLANS - Summary of Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for performance shares granted during year (in shares)	232,684	213,154	226,448
Weighted average fair value of performance share units granted (in dollars per share)	$ 35.99	$ 40.27	$ 32.17
Intrinsic value of outstanding performance share units	$ 10,758	$ 9,229	$ 10,414
Fair value of performance shares vested	6,387	5,670	0
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	$ 2,639	$ 2,651	$ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2016		122,904,368
Beginning balance at Dec. 31, 2016	$ 1,496,752	$ 709,867	$ 700,887	$ 856	$ 85,142
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161,579		148,842		12,737
Dividends	(127,986)		(127,986)
Issuance of shares under incentive stock plans, (in shares)		322,314
Issuance of shares under incentive stock plans	4,751	$ 4,751
Stock-based compensation	5,396	$ 5,396
Repurchase of common shares, (in shares)		(5,906)
Repurchase of common shares	(176)	$ (176)
Actuarial change and amortization of pension and postretirement plan liabilities	(208)			(208)
Foreign currency translation adjustment	9,114			7,416	1,698
Cash flow hedges	5,693			5,353	340
Issuance of shares under equity offering, net of costs (in shares)		5,750,000
Issuance of shares under equity offering, net of costs	152,390	$ 152,390
Ending balance (in shares) at Dec. 31, 2017		128,970,776
Ending balance at Dec. 31, 2017	1,692,940	$ 872,228	707,378	13,417	99,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117,330		102,216		15,114
Dividends	(137,934)		(137,934)
Issuance of shares under incentive stock plans, (in shares)		599,422
Issuance of shares under incentive stock plans	8,591	$ 8,591
Stock-based compensation	6,428	$ 6,428
Repurchase of common shares, (in shares)		(81,523)
Repurchase of common shares	(2,984)	$ (2,984)
Actuarial change and amortization of pension and postretirement plan liabilities	(919)			(919)
Foreign currency translation adjustment	(22,759)			(17,329)	(5,430)
Cash flow hedges	5,029			5,781	(752)
Distribution to minority shareholder	(11,172)				(11,172)
Ending balance (in shares) at Dec. 31, 2018		129,488,675
Ending balance at Dec. 31, 2018	1,654,550	$ 884,263	672,371	239	97,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67,678		59,105		8,573
Dividends	(140,040)		(140,040)
Issuance of shares under incentive stock plans, (in shares)		298,003
Issuance of shares under incentive stock plans	1,260	$ 1,260
Stock-based compensation	6,904	$ 6,904
Repurchase of common shares, (in shares)		(455,609)
Repurchase of common shares	(12,680)	$ (4,250)	(8,430)
Actuarial change and amortization of pension and postretirement plan liabilities	(1,350)			(1,350)
Foreign currency translation adjustment	963			784	179
Cash flow hedges	(30,482)			(30,875)	393
Distribution to minority shareholder	(9,161)				(9,161)
Ending balance (in shares) at Dec. 31, 2019		129,331,069
Ending balance at Dec. 31, 2019	$ 1,537,642	$ 888,177	$ 583,006	$ (31,202)	$ 97,661

OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Income and Expenses [Abstract]
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	$ (3,077)	$ 370	$ 3,044
Gain (loss) on sale or disposal of property plant & equipment	56	7	(68)
Income from sale of unused Internet Protocol addresses	0	646	0
Log trading marketing fees	314	286	1,222
Income from New Zealand Timber settlement	0	0	420
Miscellaneous expense, net	(1,826)	(169)	(225)
Total	$ (4,533)	$ 1,140	$ 4,393

DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Rayonier’s debt consisted of the following at December 31, 2019 and 2018:



	2019			2018
Term Credit Agreement due 2024 at a variable interest rate of 3.3% at December 31, 2019		$350,000			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000			325,000
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.6% at December 31, 2019	300,000			300,000
Revolving Credit Facility due 2020 at a variable interest rate of 3.0% at December 31, 2019	82,000			—
Total debt	1,057,000			975,000
Less: Current maturities of long-term debt	(82,000		)	—
Less: Deferred financing costs	(1,871		)	(2,433		)
Long-term debt, net of deferred financing costs		$973,129			$972,567

Schedule of Maturities of Long-term Debt

Principal payments due during the next five years and thereafter are as follows:



2020	82,000
2021	—
2022	325,000
2023	—
2024	350,000
Thereafter	300,000
Total debt		$1,057,000

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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