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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 June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from              to             
https://cdn.kscope.io/d0620885b50f687b17fb283c5ac34ccc-ryn-20200630_g1.jpg
RAYONIER INC.
(Exact name of registrant as specified in its charter)
North Carolina1-678013-2607329
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
Rayonier, L.P.
(Exact name of registrant as specified in its charter)
Delaware333-23724691-1313292
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
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 value, of Rayonier Inc.RYNNew 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.
Rayonier Inc. Yes         No  ☐ Rayonier, L.P. 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).
Rayonier Inc. Yes        No  ☐ Rayonier, L.P. 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.
Rayonier Inc.
Large Accelerated Filer
 
Accelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
Rayonier, L.P.
Large Accelerated FilerAccelerated FilerNon-accelerated Filer
 
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Rayonier Inc. o Rayonier, L.P. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Rayonier Inc. Yes         No  ☒ Rayonier, L.P. Yes         No  ☒ 
As of July 31, 2020, Rayonier Inc. had 136,512,112 Common Shares outstanding. As of July 31, 2020, Rayonier, L.P. had 4,446,153 Common Units outstanding.



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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2020 of Rayonier Inc., a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “Operating Partnership” mean Rayonier, L.P. References to “we,” “us,” and “our” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership.

Rayonier Inc. has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2004. The Company is structured as an umbrella partnership REIT (“UPREIT”) under which substantially all of its business is conducted through the Operating Partnership. Rayonier Inc. is the sole general partner of the Operating Partnership. On May 8, 2020, Rayonier, L.P. acquired Pope Resources, a Delaware Limited Partnership (“Pope Resources”) and issued approximately 4.45 million operating partnership units (“OP Units” or “Redeemable Common Units”) of Rayonier, L.P. as partial merger consideration. These OP Units are generally considered to be economic equivalents to Rayonier common shares and receive distributions equal to the dividends paid on Rayonier common shares. See Note 2 - Merger with Pope Resources for additional information pertaining to the merger.

As of June 30, 2020, the Company owned a 96.8% interest in the Operating Partnership, with the remaining 3.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.

Rayonier Inc. and the Operating Partnership are operated as one business. The management of the Operating Partnership consists of the same members as the management of Rayonier Inc. As general partner with control of the Operating Partnership, Rayonier Inc. consolidates Rayonier, L.P. for financial reporting purposes, and has no material assets or liabilities other than its investment in the Operating Partnership.

We believe combining the quarterly reports of Rayonier Inc. and Rayonier, L.P. into this single report results in the following benefits:

Strengthens investors’ understanding of Rayonier Inc. and the Operating Partnership by enabling them to view the business as a single operating unit in the same manner as management views and operates the business;
Creates efficiencies for investors by reducing duplicative disclosures and providing a single comprehensive document;
Generates time and cost savings associated with the preparation of the reports when compared to preparing separate reports for each entity.

There are a few important differences between Rayonier Inc. and the Operating Partnership in the context of how Rayonier Inc. operates as a consolidated company. The Company itself does not conduct business, other than through acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time-to-time. The Operating Partnership holds, directly or indirectly, substantially all of the Company’s assets. Likewise, all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership conducts substantially all of the Company’s business and is structured as a partnership with no publicly traded equity.

To help investors understand the significant differences between the Company and the Operating Partnership, this report includes:

Separate Consolidated Financial Statements for Rayonier Inc. and Rayonier, L.P.;
A combined set of Notes to the Consolidated Financial Statements with separate discussions of per share and per unit information, noncontrolling interests and shareholders’ equity and partners’ capital, as applicable;
A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations which includes specific information related to each reporting entity;


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A separate Part 1, Item 4. Controls and Procedures related to each reporting entity;
A separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds section related to each reporting entity;
Separate Exhibit 31 and 32 certifications for each reporting entity within Part II, Item 6.


Table of Contents
TABLE OF CONTENTS
 
ItemPage
PART I - FINANCIAL INFORMATION
1.
2.
3.
4.
PART II - OTHER INFORMATION
1A.
1.
2.
6.
 
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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
June 30,
Six Months Ended
June 30,
 2020201920202019
SALES (NOTE 3)
$195,630  $184,800  $454,760  $376,346  
Costs and Expenses
Cost of sales(154,891) (140,454) (364,390) (283,705) 
Selling and general expenses(12,570) (10,984) (22,538) (20,794) 
Other operating expense, net (Note 19)
(16,483) (1,969) (17,594) (1,934) 
(183,944) (153,407) (404,522) (306,433) 
OPERATING INCOME11,686  31,393  50,238  69,913  
Interest expense(9,820) (7,922) (18,036) (15,632) 
Interest and other miscellaneous income, net1,579  1,057  1,370  2,390  
INCOME BEFORE INCOME TAXES
3,445  24,528  33,572  56,671  
Income tax expense (Note 10)
(2,990) (3,608) (6,696) (7,958) 
NET INCOME455  20,920  26,876  48,713  
Less: Net income attributable to noncontrolling interest in the Operating Partnership(219)   (219)   
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates1,499  (2,168) 931  (5,167) 
NET INCOME ATTRIBUTABLE TO RAYONIER INC.1,735  18,752  27,588  43,546  
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0
23,258  (5,604) (20,765) 429  
Cash flow hedges, net of income tax effect of $1,741, $91, $116 and $244
(7,276) (19,519) (90,751) (30,205) 
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0
217  112  434  224  
Total other comprehensive income (loss)16,199  (25,011) (111,082) (29,552) 
COMPREHENSIVE INCOME (LOSS)16,654  (4,091) (84,206) 19,161  
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership(676)   (676)   
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates(4,917) (815) 5,743  (5,366) 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.
$11,061  ($4,906) ($79,139) $13,795  
EARNINGS PER COMMON SHARE (NOTE 14)
Basic earnings per share attributable to Rayonier Inc.
$0.01  $0.14  $0.21  $0.34  
Diluted earnings per share attributable to Rayonier Inc.
$0.01  $0.14  $0.21  $0.34  

See Notes to Consolidated Financial Statements.

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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 June 30, 2020December 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents, excluding Timber Funds$87,813  $68,735  
Cash and cash equivalents, Timber Funds6,973    
Total cash and cash equivalents94,786  68,735  
Accounts receivable, less allowance for doubtful accounts of $25 and $24
36,811  27,127  
Inventory (Note 21)
10,365  14,518  
Prepaid expenses18,133  14,728  
Other current assets1,135  867  
Total current assets161,230  125,975  
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION3,332,067  2,482,047  
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 8)
113,920  81,791  
PROPERTY, PLANT AND EQUIPMENT
Land5,566  4,131  
Buildings29,153  23,095  
Machinery and equipment4,753  4,339  
Construction in progress382  348  
Total property, plant and equipment, gross39,854  31,913  
Less — accumulated depreciation(10,444) (9,662) 
Total property, plant and equipment, net29,410  22,251  
RESTRICTED CASH (NOTE 22)
475  1,233  
RIGHT-OF-USE ASSETS (NOTE 4)
96,710  99,942  
OTHER ASSETS35,455  47,757  
TOTAL ASSETS$3,769,267  $2,860,996  
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$21,836  $18,160  
Current maturities of long-term debt, excluding Timber Funds (Note 7)
  82,000  
Current maturities of long-term debt, Timber Funds (Note 7)
25,042    
Accrued taxes6,444  3,032  
Accrued payroll and benefits6,628  8,869  
Accrued interest6,500  5,205  
Deferred revenue18,434  11,440  
Other current liabilities24,405  22,480  
Total current liabilities109,289  151,186  
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, EXCLUDING TIMBER FUNDS (NOTE 7)
1,310,506  973,129  
LONG-TERM DEBT, TIMBER FUNDS (NOTE 7)
35,617    
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17)
23,767  25,311  
LONG-TERM LEASE LIABILITY (NOTE 4)
87,774  90,481  
OTHER NON-CURRENT LIABILITIES178,136  83,247  
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)
110,220    
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized,136,512,112 and 129,331,069 shares issued and outstanding
1,063,489  888,177  
Retained earnings531,681  583,006  
Accumulated other comprehensive loss (Note 23)
(137,929) (31,202) 
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,457,241  1,439,981  
Noncontrolling interests in consolidated affiliates (Note 5)
456,717  97,661  
TOTAL SHAREHOLDERS’ EQUITY1,913,958  1,537,642  
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$3,769,267  $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
Noncontrolling Interests in Consolidated AffiliatesShareholders’
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 made under repurchase program