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Table of Contents


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from              to             
Commission File Number 1-6780
https://cdn.kscope.io/adad712b26e30e3be63c5af76c6e1772-ryn-20200331_g1.jpg
RAYONIER INC.
(Exact name of registrant as specified in its charter)
Incorporated in the State of North Carolina
I.R.S. Employer Identification No. 13-2607329
1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904357-9100

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolExchange
COMMON SHARES, NO PAR VALUERYNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes         No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes        No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated Filer 
Non-accelerated Filer

  
Smaller Reporting Company 
Emerging Growth Company 

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes         No  

As of April 24, 2020, there were outstanding 129,232,312 Common Shares of the registrant.



Table of Contents
TABLE OF CONTENTS
 
ItemPage
PART I - FINANCIAL INFORMATION
1.
2.
3.
4.
PART II - OTHER INFORMATION
1A.
1.
2.
6.
 
i

Table of Contents
PART I.  FINANCIAL INFORMATION

Item 1.   Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)

Three Months Ended
March 31,
 20202019
SALES (NOTE 2)
$259,130  $191,546  
Costs and Expenses
Cost of sales(209,499) (143,251) 
Selling and general expenses(9,968) (9,810) 
Other operating (expense) income, net (Note 16)
(1,111) 35  
(220,578) (153,026) 
OPERATING INCOME38,552  38,520  
Interest expense(8,216) (7,710) 
Interest and other miscellaneous (expense) income, net (209) 1,332  
INCOME BEFORE INCOME TAXES
30,127  32,142  
Income tax expense (Note 9)
(3,706) (4,349) 
NET INCOME26,421  27,793  
Less: Net income attributable to noncontrolling interest(567) (2,999) 
NET INCOME ATTRIBUTABLE TO RAYONIER INC.25,854  24,794  
OTHER COMPREHENSIVE (LOSS) INCOME 
Foreign currency translation adjustment, net of income tax effect of $0, and $0
(44,023) 6,033  
Cash flow hedges, net of income tax effect of $1,857 and $335
(83,475) (10,686) 
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0
217  112  
Total other comprehensive loss  (127,281) (4,541) 
COMPREHENSIVE (LOSS) INCOME (100,860) 23,252  
Less: Comprehensive loss (income) attributable to noncontrolling interest10,661  (4,551) 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.
($90,199) $18,701  
EARNINGS PER COMMON SHARE (NOTE 12)
Basic earnings per share attributable to Rayonier Inc.
$0.20  $0.19  
Diluted earnings per share attributable to Rayonier Inc.
$0.20  $0.19  

See Notes to Consolidated Financial Statements.

1

Table of Contents
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

 March 31, 2020December 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents$132,362  $68,735  
Accounts receivable, less allowance for doubtful accounts of $25 and $24
28,295  27,127  
Inventory (Note 17)
13,093  14,518  
Prepaid expenses14,941  14,728  
Other current assets384  867  
Total current assets189,075  125,975  
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,355,581  2,482,047  
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 7)
88,833  81,791  
PROPERTY, PLANT AND EQUIPMENT
Land4,131  4,131  
Buildings22,933  23,095  
Machinery and equipment4,346  4,339  
Construction in progress349  348  
Total property, plant and equipment, gross31,759  31,913  
Less — accumulated depreciation(9,950) (9,662) 
Total property, plant and equipment, net21,809  22,251  
RESTRICTED CASH (NOTE 18)
475  1,233  
RIGHT-OF-USE ASSETS (NOTE 3)
91,953  99,942  
OTHER ASSETS40,024  47,757  
TOTAL ASSETS$2,787,750  $2,860,996  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$20,837  $18,160  
Current maturities of long-term debt (Note 6)
  82,000  
Accrued taxes3,416  3,032  
Accrued payroll and benefits3,802  8,869  
Accrued interest8,042  5,205  
Deferred revenue6,718  11,440  
Other current liabilities26,459  22,480  
Total current liabilities69,274  151,186  
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 6)
1,055,270  973,129  
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)
24,658  25,311  
LONG-TERM LEASE LIABILITY (NOTE 3)
83,358  90,481  
OTHER NON-CURRENT LIABILITIES155,522  83,247  
COMMITMENTS AND CONTINGENCIES (NOTES 8 and 10)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized,129,181,239 and 129,331,069 shares issued and outstanding
889,753  888,177  
Retained earnings570,895  583,006  
Accumulated other comprehensive loss (Note 19)
(147,255) (31,202) 
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,313,393  1,439,981  
Noncontrolling interest86,275  97,661  
TOTAL SHAREHOLDERS’ EQUITY1,399,668  1,537,642  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,787,750  $2,860,996  

See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)

 Common SharesRetained
Earnings
Accumulated
Other
Comprehensive Loss
Non-controlling InterestShareholders’
Equity
 SharesAmount
Balance, January 1, 2020129,331,069  $888,177  $583,006  ($31,202) $97,661  $1,537,642  
Net income—  —  25,854  —  567  26,421  
Dividends ($0.27 per share)
—  —  (34,813) —  —  (34,813) 
Issuance of shares under incentive stock plans
2,407  66  —  —  —  66  
Stock-based compensation—  1,510  —  —  —  1,510  
Repurchase of common shares(152,237)   (3,152) —  —  (3,152) 
Amortization of pension and postretirement plan liabilities
—  —  —  217  —  217  
Foreign currency translation adjustment—  —  —  (33,894) (10,129) (44,023) 
Cash flow hedges—  —  —  (82,376) (1,099) (83,475) 
Distribution to minority shareholder—  —  —  —  (725) (725) 
Balance, March 31, 2020129,181,239  $889,753  $570,895  ($147,255) $86,275  $1,399,668  

 Common SharesRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling InterestShareholders’
Equity
 SharesAmount
Balance, January 1, 2019129,488,675  $884,263  $672,371  $239  $97,677  $1,654,550  
Net income—  —  24,794  —  2,999  27,793  
Dividends ($0.27 per share)
—  —  (35,049) —  —  (35,049) 
Issuance of shares under incentive stock plans
26,031  597  —  —  —  597  
Stock-based compensation—  1,477  —  —  —  1,477  
Repurchase of common shares(1,140) (33) —  —  —  (33) 
Amortization of pension and postretirement plan liabilities
—  —  —  112  —  112  
Foreign currency translation adjustment—  —  —  4,680  1,353  6,033  
Cash flow hedges—  —  —  (10,884) 198  (10,686) 
Distribution to minority shareholder—  —  —  —  (3,594) (3,594) 
Balance, March 31, 2019129,513,566  $886,304  $662,116  ($5,853) $98,633  $1,641,200  

See Notes to Consolidated Financial Statements.

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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

Three Months Ended March 31,
 20202019
OPERATING ACTIVITIES
Net income$26,421  $27,793  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization34,329  36,491  
Non-cash cost of land and improved development412  4,030  
Stock-based incentive compensation expense1,510  1,477  
Deferred income taxes3,361  3,705  
Amortization of losses from pension and postretirement plans217  112  
Gain on sale of large disposition of timberlands(28,655)   
Other568  1,491  
Changes in operating assets and liabilities:
Receivables(5,316) (8,195) 
Inventories(3,618) (1,343) 
Accounts payable3,353  6,389  
All other operating activities(3,403) (1,033) 
CASH PROVIDED BY OPERATING ACTIVITIES29,179  70,917  
INVESTING ACTIVITIES
Capital expenditures(17,176) (14,122) 
Real estate development investments(1,727) (1,677) 
Purchase of timberlands(24,122) (12,349) 
Net proceeds from large disposition of timberlands115,666    
Other2,070  2,337  
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES74,711  (25,811) 
FINANCING ACTIVITIES
Issuance of debt20,000    
Repayment of debt(20,000)   
Dividends paid(34,907) (34,877) 
Proceeds from the issuance of common shares under incentive stock plan66  597  
Repurchase of common shares  (33) 
Repurchase of common shares made under repurchase program(3,152)   
Distribution to minority shareholder(725) (3,594) 
Other  (16) 
CASH USED FOR FINANCING ACTIVITIES(38,718) (37,923) 
EFFECT OF EXCHANGE RATE CHANGES ON CASH(2,303) 843  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash62,869  8,026  
Balance, beginning of year69,968  156,454  
Balance, end of period$132,837  $164,480  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$2,595  $2,120  
Income taxes185  631  
Non-cash investing activity:
Capital assets purchased on account4,215  3,354  

(a)Interest paid is presented net of patronage payments received of $4.3 million and $3.9 million for the three months ended March 31, 2020 and March 31, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.

See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)


1.BASIS OF PRESENTATION
        The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries (“Rayonier” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC (the “2019 Form 10-K”).
SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
        For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in the 2019 Form 10-K.
RECENTLY ADOPTED STANDARDS
        The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, with no material impact on the consolidated financial statements.
NEW ACCOUNTING STANDARDS
        In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential burden in accounting due to reference rate reform. The guidance in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by the new standard.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. The Company is currently evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.
SUBSEQUENT EVENTS
Entry into Debt Agreements
See Note 6 — Debt for information regarding subsequent events related to the Company’s debt agreements. 

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RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

2. REVENUE
PERFORMANCE OBLIGATIONS
        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 March 31, 2020 are primarily due to advances on stumpage contracts and unearned 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. 
CONTRACT BALANCES
        The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when the Company has an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.
        The following table summarizes revenue recognized during the three months ended March 31, 2020 and 2019 that was included in the contract liability balance at the beginning of each year:
 Three Months Ended March 31,
20202019
Revenue recognized from contract liability balance at the beginning of the year (a)$6,425  $5,356  

(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.
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RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

        The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2020 and 2019:

Three Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingElim.Total
March 31, 2020
Pulpwood$27,493  $3,127  $4,847  —  $2,530  —  $37,997  
Sawtimber
19,509  27,445  30,788  —  16,112  —  93,854  
Hardwood
481      —    —  481  
Total Timber Sales47,483  30,572  35,635  —  18,642  —  132,332  
License Revenue, Primarily From Hunting
4,589  97  57  —    —  4,743  
Other Non-Timber/Carbon Revenue
910  406  1,846  —    —  3,162  
Agency Fee Income
      —  329  —  329  
Total Non-Timber Sales5,499  503  1,903  —  329  —  8,234  
Improved Development—  —  —    —  —    
Unimproved Development—  —  —    —  —    
Rural —  —  —  2,397  —  —  2,397  
Timberlands & Non-Strategic—  —  —    —  —    
Other—  —