0000052827-20-000201 | 10-Q | XBRL Viewer

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 1,654,550

$ 884,263

$ 672,371

$ 239

$ 97,677

27,793

24,794

2,999

Issuance of shares under incentive stock plans (in shares)

(35,049)

26,031

597

$ 597

Amortization of pension and postretirement plan liabilities

1,477

$ 1,477

112

$ 112

112

6,033

4,680

$ 1,353

4,680

1,353

(10,686)

(10,884)

198

(10,884)

198

Repurchase of common shares made under repurchase program

(1,140)

(33)

$ (33)

Distributions to noncontrolling interests in consolidated affiliates

(3,594)

Ending balance (in shares) at Mar. 31, 2019

129,513,566

Ending balance at Mar. 31, 2019

1,641,200

$ 886,304

662,116

(5,853)

98,633

Increase (Decrease) in Partners' Capital [Roll Forward]

1,654,550

239

97,677

$ 15,566

$ 1,541,068

Distributions on common units ($0.27 per common unit)

(35,049)

(351)

(34,698)

Issuance of common units under incentive stock plans

597

591

Repurchase of common units made under repurchase program

1,477

1,462

(33)

Amortization of pension and postretirement plan liabilities

27,793

2,999

248

24,546

112

6,033

4,680

1,353

4,680

1,353

Distributions to noncontrolling interests in consolidated affiliates

(10,686)

(10,884)

198

(10,884)

198

(3,594)

Ending balance at Mar. 31, 2019

1,641,200

(5,853)

98,633

15,484

1,532,936

Beginning balance (in shares) at Dec. 31, 2018

129,488,675

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,654,550

$ 884,263

672,371

239

97,677

Net income attributable to noncontrolling interest in the Operating Partnership

Amortization of pension and postretirement plan liabilities

224

Ending balance (in shares) at Jun. 30, 2019

429

129,629,716

1,600,298

$ 884,618

645,743

(29,511)

99,448

Increase (Decrease) in Partners' Capital [Roll Forward]

1,654,550

239

97,677

15,566

1,541,068

Amortization of pension and postretirement plan liabilities

48,713

224

429

Beginning balance (in shares) at Mar. 31, 2019

1,600,298

(29,511)

99,448

15,304

1,515,057

129,513,566

Beginning balance at Mar. 31, 2019

1,641,200

$ 886,304

662,116

(5,853)

98,633

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income attributable to noncontrolling interest in the Operating Partnership

20,920

18,752

2,168

Issuance of shares under incentive stock plans (in shares)

(35,125)

250,344

177

$ 177

Amortization of pension and postretirement plan liabilities

2,344

$ 2,344

112

(5,604)

(4,305)

(1,299)

(4,305)

(1,299)

(19,519)

(19,465)

(54)

(19,465)

(54)

Repurchase of common shares made under repurchase program

(134,194)

(4,207)

$ (4,207)

Ending balance (in shares) at Jun. 30, 2019

129,629,716

Beginning balance at Mar. 31, 2019

1,600,298

$ 884,618

645,743

(29,511)

99,448

1,641,200

(5,853)

98,633

15,484

1,532,936

Increase (Decrease) in Partners' Capital [Roll Forward]

Distributions on common units ($0.27 per common unit)

(35,125)

(351)

(34,774)

Issuance of common units under incentive stock plans

177

175

Repurchase of common units made under repurchase program

2,344

2,321

(4,207)

(42)

(4,165)

Amortization of pension and postretirement plan liabilities

20,920

2,168

188

18,564

112

(5,604)

(4,305)

(1,299)

(4,305)

(1,299)

(19,519)

(19,465)

(54)

(19,465)

(54)

Beginning balance (in shares) at Dec. 31, 2019

1,600,298

(29,511)

99,448

15,304

1,515,057

129,331,069

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,537,642

$ 888,177

583,006

(31,202)

97,661

26,421

25,854

567

Issuance of shares under incentive stock plans (in shares)

(34,813)

2,407

$ 66

Amortization of pension and postretirement plan liabilities

1,510

$ 1,510

217

(44,023)

(33,894)

(10,129)

(33,894)

(10,129)

(83,475)

(82,376)

(1,099)

(82,376)

(1,099)

Repurchase of common shares made under repurchase program

(152,237)

(3,152)

Distributions to noncontrolling interests in consolidated affiliates

(725)

Ending balance (in shares) at Mar. 31, 2020

129,181,239

Ending balance at Mar. 31, 2020

1,399,668

$ 889,753

570,895

(147,255)

86,275

Increase (Decrease) in Partners' Capital [Roll Forward]

1,537,642

(31,202)

97,661

14,712

1,456,471

Distributions on common units ($0.27 per common unit)

(34,813)

(349)

(34,464)

Issuance of common units under incentive stock plans

Repurchase of common units made under repurchase program

1,510

1,495

(3,152)

(32)

(3,120)

Amortization of pension and postretirement plan liabilities

26,421

567

259

25,595

217

(44,023)

(33,894)

(10,129)

(33,894)

(10,129)

Distributions to noncontrolling interests in consolidated affiliates

(83,475)

(82,376)

(1,099)

(82,376)

(1,099)

(725)

Ending balance at Mar. 31, 2020

1,399,668

(147,255)

86,275

14,606

1,446,042

Beginning balance (in shares) at Dec. 31, 2019

129,331,069

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,537,642

$ 888,177

583,006

(31,202)

97,661

Net income attributable to noncontrolling interest in the Operating Partnership

(219)

Amortization of pension and postretirement plan liabilities

434

Ending balance (in shares) at Jun. 30, 2020

(20,765)

136,512,112

1,913,958

$ 1,063,489

531,681

(137,929)

456,717

Increase (Decrease) in Partners' Capital [Roll Forward]

1,537,642

(31,202)

97,661

14,712

1,456,471

Amortization of pension and postretirement plan liabilities

26,876

434

(20,765)

Beginning balance (in shares) at Mar. 31, 2020

1,913,958

(137,472)

456,717

15,947

1,578,766

129,181,239

Beginning balance at Mar. 31, 2020

1,399,668

$ 889,753

570,895

(147,255)

86,275

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuances of shares associated with the merger with Pope Resources (in shares)

7,181,071

Issuances of shares associated with the merger with Pope Resources

172,418

$ 172,418

Net income attributable to noncontrolling interest in the Operating Partnership

455

1,954

(1,499)

(219)

Issuance of shares under incentive stock plans (in shares)

^[1]

(36,957)

215,970

222

$ 222

Amortization of pension and postretirement plan liabilities

2,668

$ 2,668

217

23,258

17,872

5,386

17,872

5,386

(7,276)

(8,306)

1,030

(8,306)

1,030

Repurchase of common shares made under repurchase program

(66,168)

(1,572)

$ (1,572)

Adjustment of noncontrolling interest in the Operating Partnership

(3,992)

Acquisition of noncontrolling interests in consolidated affiliates

372,381

Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership

(457)

Distributions to noncontrolling interests in consolidated affiliates

(6,856)

Ending balance (in shares) at Jun. 30, 2020

136,512,112

Beginning balance at Mar. 31, 2020

1,913,958

$ 1,063,489

$ 531,681

(137,929)

456,717

1,399,668

(147,255)

86,275

14,606

1,446,042

Increase (Decrease) in Partners' Capital [Roll Forward]

Distributions on common units ($0.27 per common unit)

(38,157)

(382)

(37,775)

Issuance of common units under incentive stock plans

222

220

Repurchase of common units made under repurchase program

2,668

2,641

(1,572)

(15)

(1,557)

Issuance of common units associated with the merger with Pope Resources

172,418

1,724

170,694

Partners' Capital Account, Adjustment Of Redeemable Common Units

(3,468)

(35)

(3,433)

Acquisition of noncontrolling interests in consolidated affiliates

455

(1,499)

1,934

372,381

Amortization of pension and postretirement plan liabilities

217

23,258

17,872

5,386

17,872

5,386

Distributions to noncontrolling interests in consolidated affiliates

$ (7,276)

(7,276)

(8,306)

1,030

$ (8,306)

$ 1,030

(6,856)

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

$ 1,913,958

$ (137,472)

$ 456,717

$ 15,947

$ 1,578,766

[1]	For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statement s of Cas h F lows and Note 5 — Non controlling Interests.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Dividends declared (in dollars per share)	$ 0.27	$ 0.27	$ 0.27	$ 0.27
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.27	$ 0.27	$ 0.27	$ 0.27

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

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

OPERATING ACTIVITIES

Net income

$ 26,876

$ 48,713

Depreciation, depletion and amortization

76,195

64,093

Non-cash cost of land and improved development

13,441

5,647

Stock-based incentive compensation expense

4,178

3,821

Deferred income taxes

9,225

7,257

Amortization of losses from pension and postretirement plans

435

224

Gain on sale of large disposition of timberlands

(28,655)

Changes in operating assets and liabilities, net of effects of merger with Pope Resources:

(10,632)

987

Receivables

(7,604)

(21,031)

Inventories

(3,714)

(994)

Accounts payable

4,895

5,558

All other operating activities

(2,040)

2,679

CASH PROVIDED BY OPERATING ACTIVITIES

82,600

116,954

INVESTING ACTIVITIES

Capital expenditures

(29,440)

(29,505)

Real estate development investments

(3,587)

(999)

Purchase of timberlands

(24,238)

(26,396)

Net proceeds from large disposition of timberlands

115,666

Net cash consideration for merger with Pope Resources

(231,068)

CASH USED FOR INVESTING ACTIVITIES

1,880

(3,888)

(170,787)

(60,788)

FINANCING ACTIVITIES

Issuance of debt

320,000

Repayment of debt

(117,000)

Dividends paid on common stock

(72,204)

(71,107)

Distributions to noncontrolling interests in the Operating Partnership

(1,200)

Proceeds from the issuance of common shares under incentive stock plan

774

Repurchase of common shares

(1,572)

(4,241)

Debt issuance costs

(2,427)

Repurchase of common shares made under repurchase program

(3,152)

Distributions to noncontrolling interest in consolidated affiliates

(7,581)

(3,594)

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

133

114,930

(78,035)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(1,450)

125

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

25,293

(21,744)

Balance, beginning of year

69,968

156,454

Balance, end of period

95,261

134,710

Cash paid during the period:

Interest

^[1]

16,134

14,377

Income taxes

1,083

705

Non-cash investing activity:

Capital assets purchased on account

2,217

3,407

Non-cash financing activity:

Equity consideration for merger with Pope Resources

172,640

Redeemable Common Unit consideration for merger with Pope Resources

106,752

Rayonier Limited Partnership

OPERATING ACTIVITIES

Net income

26,876

48,713

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

Depreciation, depletion and amortization

76,195

64,093

Non-cash cost of land and improved development

13,441

5,647

Stock-based incentive compensation expense

4,178

3,821

Deferred income taxes

9,225

7,257

Amortization of losses from pension and postretirement plans

435

224

Gain on sale of large disposition of timberlands

(28,655)

Changes in operating assets and liabilities, net of effects of merger with Pope Resources:

(10,632)

987

Receivables

(7,604)

(21,031)

Inventories

(3,714)

(994)

Accounts payable

4,895

5,558

All other operating activities

(2,040)

2,679

CASH PROVIDED BY OPERATING ACTIVITIES

82,600

116,954

INVESTING ACTIVITIES

Capital expenditures

(29,440)

(29,505)

Real estate development investments

(3,587)

(999)

Purchase of timberlands

(24,238)

(26,396)

Net proceeds from large disposition of timberlands

115,666

Net cash consideration for merger with Pope Resources

(231,068)

CASH USED FOR INVESTING ACTIVITIES

1,880

(3,888)

(170,787)

(60,788)

FINANCING ACTIVITIES

Issuance of debt

320,000

Repayment of debt

(117,000)

Distribution on common units

(73,404)

(71,107)

Proceeds from the issuance of common units under incentive stock plan

774

Repurchase of common units

(1,572)

(4,241)

Debt issuance costs

(2,427)

Repurchase of common shares made under repurchase program

(3,152)

Distributions to noncontrolling interest in consolidated affiliates

(7,581)

(3,594)

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

133

114,930

(78,035)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(1,450)

125

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

25,293

(21,744)

Balance, beginning of year

69,968

156,454

Balance, end of period

95,261

134,710

Cash paid during the period:

Interest

^[2]

16,134

14,377

Income taxes

1,083

705

Non-cash investing activity:

Capital assets purchased on account

2,217

3,407

Non-cash financing activity:

Redeemable Common Unit consideration for merger with Pope Resources

106,752

Common unit consideration for merger with Pope Resources

$ 172,640

$ 0

[1]	Interest paid is presented net of patronage payments received of $4.3 million and $4.0 million for the six months ended June 30, 2020 and June 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.
[2]	Interest paid is presented net of patronage payments received of $4.3 million and $4.0 million for the six months ended June 30, 2020 and June 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Patronage refunds received, netted with interest paid	$ 4.3	$ 4.0
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 4.3	$ 4.0

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. 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 Rayonier Inc. 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”).

On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, which constituted the transfer of all or substantially all of Rayonier’s assets under the terms of the Indenture, dated March 5, 2012 (as supplemented and amended from time to time, the “Indenture”), between Rayonier, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, Rayonier, L.P. expressly assumed all the obligations of Rayonier under the Indenture, including obligations with respect to the outstanding $325 million in aggregate principal amount of 3.750% Senior Notes due 2022 (the “2022 Notes”) issued thereunder.

On May 7, 2020, Rayonier, Rayonier, L.P., the subsidiary guarantors party thereto and the Trustee entered into the Third Supplemental Indenture, pursuant to which (1) Rayonier, L.P. succeeded to and became substituted for the Company under the Indenture and 2022 Notes and expressly assumed all the obligations of the Company under the Indenture, including obligations with respect to the 2022 Notes, and (2) Rayonier agreed to irrevocably, fully and unconditionally guarantee, jointly and severally, the obligations of Rayonier, L.P. under Indenture, including the 2022 Notes.

On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. The acquisition occurred pursuant to a series of mergers (the “Mergers”) provided for in Agreement and Plan of Merger, dated as of January 14, 2020, as amended by Amendment No. 1, dated as of April 1, 2020 (as amended, the “Merger Agreement”), by and among Rayonier Inc., Rayonier, L.P., Rayonier Operating Company LLC, Rayonier Operating Company Holdings, LLC, Pacific GP Merger Sub I, LLC, Pacific GP Merger Sub II, LLC, Pacific LP Merger Sub III, LLC, Pope Resources, Pope EGP, Inc. and Pope MGP, Inc. 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.

The Rayonier, L.P. year-end balance sheet information was derived from the separate historical unaudited financial statements of Rayonier Operating Company LLC 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 audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020.

The Contribution was accounted for as a change in reporting entity between entities under common control in accordance with ASC 250-10-45-21. A change in reporting entity requires retrospective application for all periods as if the Contribution had been in effect since inception of common control. As a result, the unaudited consolidated financial statements and notes thereto for Rayonier, L.P. in this combined report have been prepared as if the change in reporting entity occurred on January 1, 2019.

The effect of the change in reporting entity on Rayonier L.P.’s operating income, net income attributable to Rayonier, L.P. and per unit amounts for the three and six months ended June 30, 2020 and 2019, are presented below (in thousands, except per unit amounts):


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019

Operating income	—	—	—	—
Net income attributable to Rayonier, L.P. (a)	($3,596)	($3,596)	($7,192)	($7,192)
Basic earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.05)	($0.06)
Diluted earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.05)	($0.06)

(a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes.

SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES

REDEEMABLE COMMON UNITS

Limited partners holding common units other than the Company (“Redeemable Common Units”) have the right to put any and all of the common units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Common Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets. The recorded value of the Redeemable Common Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier Inc. Common Stock on the balance sheet date multiplied by the total number of Redeemable Common Units outstanding.

For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in the Company’s 2019 Form 10-K and Note 1 — Summary of Significant Accounting Policies in the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020.

MERGER WITH POPE RESOURCES

On May 8, 2020, we completed the previously announced acquisition of Pope Resources. Therefore, Pope Resources’ balance sheet and results of operations are included in our consolidated financial statements from and after the date of acquisition. See Note 2 - Merger with Pope Resources, Note 7 - Debt, and Note 20 - Charges for Integration and Restructuring for further information pertaining to the merger.

As a result of the merger with Pope Resources, we have revised our reportable business segments, adding one additional segment, Timber Funds. Please see Note 6 - Segment and Geographical information for more information about our revised business segments.

RECENTLY ADOPTED STANDARDS

We 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. We are currently evaluating our 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. We do not expect a material impact on our Consolidated Financial Statements.

On March 2, 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, as well for affiliates whose securities collateralize a registrant’s securities. The amendments revise Rules 3-10 and 3-16 of Regulation S-X, and relocate part of Rule 3-10 and all of Rule 3-16 to the new Article 13 in Regulation S-X, which is comprised of new Rules 13-01 and 13-02. We early adopted the requirements of the amendments on April 1, 2020, which included replacing guarantor condensed consolidating financial information with summarized financial information for the consolidated obligor group (Parent, Issuer, and Guarantor Subsidiaries) as well as no longer requiring guarantor cash flow information, financial information for non-guarantor subsidiaries, and a reconciliation to the consolidated results.

SUBSEQUENT EVENTS

We have evaluated events occurring from June 30, 2020 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

MERGER WITH POPE RESOURCES

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

MERGER WITH POPE RESOURCES

On May 8, 2020, Rayonier Inc. and Rayonier, L.P. merged with Pope Resources. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. The merger added approximately 124,000 acres of high-quality, predominantly Douglas-fir timberlands to our Pacific Northwest timberland portfolio as well as a private equity timber fund business with three funds comprising approximately 141,000 acres. Additionally, the merger augmented our higher-and-better-use real estate pipeline with rural and conservation land sale opportunities and high-potential improved development projects in the West Puget Sound area.

Under the merger agreement, each outstanding unit representing limited partnership interests of Pope Resources was, at the option of its holder, exchanged for either:

• 3.929 shares of Rayonier Inc. common stock

• 3.929 units representing limited partnership interests of Rayonier, L.P.

• $125.00 in cash

Holders of Pope Resources units who did not make a valid election received shares of Rayonier Inc. common stock. The elections were subject to proration to ensure that the aggregate amount of Rayonier shares and Rayonier, L.P. units, on the one hand, and cash, on the other hand, issued in the merger equaled the amounts issued as if every Pope Resources unit converted into merger consideration received 2.751 shares of Rayonier Inc. common stock or Rayonier, L.P. units and $37.50 in cash.

Upon consummation of the merger, all outstanding Pope Resources restricted units were converted into equivalent equity awards with respect to Rayonier Inc. common shares. Pope Resources directors and some executive employees of Pope Resources held restricted Pope Resources units that were subject to accelerated vesting in connection with the merger. Since a portion of these Pope Resources units relate to services rendered to Pope Resources prior to the merger, a portion of the replacement Rayonier Inc. restricted stock awards’ fair value is included in the consideration transferred. See additional details about the replacement restricted stock awards in Note 18 — Incentive Stock Plans.

The following table summarizes the total consideration transferred by Rayonier in the merger (dollars in thousands, except per share and per unit data):



Cash consideration:
Pope Resources units outstanding as of May 8, 2020	4,366,636
Less: Pope Resources units held by us	(114,400)
Units outstanding, net	4,252,236
Cash consideration (per Pope Resources unit)	$37.50
Cash consideration for elections		$159,463
General partner interest		10,000
Repayment of Pope Resources debt		65,943
Prepayment penalty and accrued interest on Pope Resources’ debt		2,275
Closing costs paid on behalf of Pope Resources		9,637
Cash consideration transferred		$247,318

Equity consideration:






Rayonier common shares issued	7,181,071
Rayonier share price (a)	$24.01
Equity consideration for elections		$172,418
Pope Resources replacement awards (b)(c)		222
Equity consideration transferred		$172,640

Redeemable Common Unit consideration:
Redeemable Common Units issued	4,446,153
Rayonier share price (a)	$24.01
Redeemable Common Unit consideration transferred		$106,752






Fair Value of Pope Resources units held by us (d)		$11,211

Total consideration		$537,921

(a)The closing price of Rayonier common stock on the NYSE on May 7, 2020.

(b)See Note 18 — Incentive Stock Plans for additional details.

(c)Represents the fair value of Rayonier replacement restricted stock awards for restricted Pope Resources units held by employees that relate to pre-merger services rendered to Pope Resources.

(d)Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.

The following table contains the amounts of cash transferred in the merger and net cash consideration shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2020:


			June 30, 2020

Cash consideration transferred			$247,318
Less: Cash assumed in merger			(16,250)
Net cash consideration shown in the Consolidated Statements of Cash Flows			$231,068

We recognized approximately $2.5 million and $13.5 million of merger-related costs that were expensed during the first and second quarters of 2020, respectively. See Note 20 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs.

The acquisition of Pope Resources has been accounted for as a business combination under ASC 805, Business Combinations, (“ASC 805”). Under ASC 805, assets acquired and liabilities assumed in a business combination must be recorded at their fair value as of the acquisition date. Recorded fair valuation of assets acquired and liabilities assumed related to the acquisition of Pope Resources is preliminary and will be completed as soon as practicable, but no later than one year after the consummation of the transaction. Pursuant to ASC 805, the financial statements will not be retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, we will recognize any provisional amount adjustments during the reporting period in which the adjustments are determined. We will also be required to record, in the same period's financial statements, the effect on earnings of changes in depletion, depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Our consolidated financial statements as of and for the six months ended June 30, 2020, include results of operations for Pope Resources from May 8, 2020 through June 30, 2020.

The preliminary estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as we obtain additional information related to those estimates during the applicable measurement periods (up to one year from the acquisition date). The most significant open items necessary to complete are related to timberlands, property, plant and equipment, higher and better use timberlands and real estate development investments, long-term debt instruments, environmental liabilities, intangible assets and tax related matters.

The preliminary fair value estimates were generally based on significant inputs that are not observable in the market and thus represent Level 3 measurements as defined in ASC 820, Fair Value Measurement, (“ASC 820”) with the exception of certain long-term debt instruments assumed in the merger that can be valued using observable market inputs and are therefore Level 2 measurements. See Note 16 — Fair Value Measurements for further information on the fair value hierarchy.

The following summarizes the fair value methodology utilized in our preliminary fair value estimates for significant assets and liabilities:

Income Approach — Estimates fair value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flows are discounted at rates of return that reflect the relative risk of achieving the cash flows and the time value of money. This approach was primarily used to value acquired timberlands in both our Pacific Northwest and Timber Funds segment.

Cost Approach — Estimates value by determining the current cost of replacing an asset with another of equivalent economic utility. This approach was primarily used for property and equipment.

Market Approach — Estimates fair value for an asset based on values of recent comparable transactions. This approach was primarily used to value higher and better use timberlands and real estate developments investments, certain land and building assets and long-term debt instruments.

The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of May 8, 2020, and is as follows (in thousands):


	Core Timberlands	Timber Funds	Total
Timberland and Real Estate Business
Cash	$7,380	$8,870	$16,250
Accounts receivable	2,280	1,794	4,074
Other current assets	651	499	1,150
Timber and Timberlands	515,519	471,900	987,419
Higher and Better Use Timberlands and Real Estate Development Investments	27,722	—	27,722
Property, plant and equipment	8,307	—	8,307
Other assets	4,297	—	4,297
Total identifiable assets acquired	$566,156	$483,063	$1,049,219
			—
Accounts payable	274	292	566
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	7,233	1,117	8,350
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	11,000	—	11,000
Other non-current liabilities (a)	4,137	—	4,137
Total liabilities assumed	$76,390	$62,527	$138,917

Net identifiable assets	$489,766	$420,536	$910,302
Less: noncontrolling interest	(3,307)	(369,074)	(372,381)
Total net assets acquired	$486,459	$51,462	$537,921

(a)Other non-current liabilities includes a $4.0 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities.

These estimated fair values are preliminary in nature and subject to adjustments, which could be material. We have not identified any material unrecorded pre-merger contingencies where the related asset, liability or impairment is probable and the amount can be reasonably estimated. Our valuations will be finalized when certain information arranged to be obtained has been received and our review of that information has been completed. Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that such events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation.

The amount of revenue of Pope Resources included in our Consolidated Statements of Income and Comprehensive Income from the date of the merger to June 30, 2020 is approximately $11.1 million. The net income effect resulting from the merger with Pope Resources for the three and six months ended June 30, 2020 is impracticable to determine, as we immediately integrated Pope Resources into our ongoing operations.

Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and six months ended June 30, 2020 and 2019, assuming the acquisition had occurred as of January 1, 2019, are presented below (in thousands, except per share and unit amounts):


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Sales	$215,500	$212,800	$499,100	$429,300

Net income attributable to Rayonier Inc.	$7,644	$13,016	$28,069	$32,959
Basic earnings per share attributable to Rayonier Inc.	$0.06	$0.10	$0.20	$0.24
Diluted earnings per share attributable to Rayonier Inc.	$0.06	$0.09	$0.20	$0.24

Net income attributable to Rayonier, L.P.	$7,823	$13,414	$28,819	$34,028
Basic earnings per unit attributable to Rayonier, L.P.	$0.06	$0.10	$0.20	$0.24
Diluted earnings per unit attributable to Rayonier, L.P.	$0.06	$0.09	$0.20	$0.24

The unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2019, including the following:

•additional depletion expense that would have been recognized relating to the basis increase in the acquired Timber and Timberlands;

•adjustment to interest expense to reflect the removal of Pope Resources debt and the additional borrowings we incurred in conjunction with the acquisition; and

•a reduction in expenses for the three and six months ended June 30, 2020 of $23.3 million and $31.2 million, respectively, for acquisition-related transaction costs.

Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

REVENUE

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE

RECLASSIFICATIONS

Effective April 1, 2020, we changed the composition of our Rural and Timberland & Non-Strategic Real Estate sales categories to better align with the way management internally evaluates real estate sales. The Rural category now includes all real estate sales (excluding development sales) representing a demonstrable premium above timberland value. The Timberland & Non-Strategic category now includes all real estate sales representing little to no premium to timberland value. This category consists primarily of sales of property that management views as non-strategic to our long-term portfolio as well as sales of property for capital allocation purposes that do not fit the definition of a Large Disposition. All prior period amounts have been reclassified to reflect the new composition of these two sales categories. The Improved Development, Unimproved Development and Large Disposition categories remain unchanged, and this reclassification had no impact on overall segment results.

PERFORMANCE OBLIGATIONS

We recognize revenue 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”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2020 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have 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 we have 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) we perform under the contract.

The following table summarizes revenue recognized during the three and six months ended June 30, 2020 and 2019 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Revenue recognized from contract liability balance at the beginning of the year (a)	$3,661	$3,440	$10,086	$8,796

(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2020
Pulpwood	$24,685	$3,163	$5,766	$328	—	$2,463	—	$36,405
Sawtimber	16,359	22,296	34,959	6,305	—	21,805	—	101,724
Hardwood	512	—	—	—	—	—	—	512
Total Timber Sales	41,556	25,459	40,725	6,633	—	24,268	—	138,641
License Revenue, Primarily from Hunting	4,337	95	83	10	—	—	—	4,525
Other Non-Timber/Carbon Revenue	874	617	961	4	—	—	—	2,456
Agency Fee Income	—	—	—	—	—	(1)	—	(1)
Total Non-Timber Sales	5,211	712	1,044	14	—	(1)	—	6,980
Improved Development	—	—	—	—	6,427	—	—	6,427
Unimproved Development	—	—	—	—	8,426	—	—	8,426
Rural	—	—	—	—	27,234	—	—	27,234
Timberlands & Non-Strategic	—	—	—	—	9,606	—	—	9,606
Deferred Revenue/Other (b)	—	—	—	—	(1,756)	—	—	(1,756)

Total Real Estate Sales	—	—	—	—	49,937	—	—	49,937

Revenue from Contracts with Customers	46,767	26,171	41,769	6,647	49,937	24,267	—	195,558
Lease Revenue	—	—	—	—	72	—	—	72
Intersegment	—	—	—	877	—	53	(930)	—
Total Revenue	$46,767	$26,171	$41,769	$7,524	$50,009	$24,320	($930)	$195,630


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2019
Pulpwood	$19,310	$2,267	$8,581	—	—	$3,826	—	$33,984
Sawtimber	16,286	15,407	52,427	—	—	31,377	—	115,497
Hardwood	1,391	—	—	—	—	—	—	1,391
Total Timber Sales	36,987	17,674	61,008	—	—	35,203	—	150,872
License Revenue, Primarily from Hunting	4,296	103	142	—	—	—	—	4,541
Other Non-Timber/Carbon Revenue	4,914	779	977	—	—	—	—	6,670
Agency Fee Income	—	—	—	—	—	184	—	184
Total Non-Timber Sales	9,210	882	1,119	—	—	184	—	11,395
Improved Development	—	—	—	—	172	—	—	172
Unimproved Development	—	—	—	—	14,431	—	—	14,431
Rural (a)	—	—	—	—	7,107	—	—	7,107
Timberlands & Non-Strategic (a)	—	—	—	—	815	—	—	815
Deferred Revenue/Other (b)	—	—	—	—	8	—	—	8

Total Real Estate Sales	—	—	—	—	22,533	—	—	22,533

Revenue from Contracts with Customers	46,197	18,556	62,127	—	22,533	35,387	—	184,800
Intersegment	—	—	—	—	—	74	(74)	—
Total Revenue	$46,197	$18,556	$62,127	—	$22,533	$35,461	($74)	$184,800

(a) The three months ended June 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberlands & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales.

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


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2020
Pulpwood	$52,178	$6,290	$10,613	$328	—	$4,993	—	$74,402
Sawtimber	35,868	49,741	65,746	6,305	—	37,918	—	195,578
Hardwood	993	—	—	—	—	—	—	993
Total Timber Sales	89,039	56,031	76,359	6,633	—	42,911	—	270,973
License Revenue, Primarily From Hunting	8,926	192	140	10	—	—	—	9,268
Other Non-Timber/Carbon Revenue	1,784	1,022	2,809	4	—	—	—	5,619
Agency Fee Income	—	—	—	—	—	327	—	327
Total Non-Timber Sales	10,710	1,214	2,949	14	—	327	—	15,214
Improved Development	—	—	—	—	6,427	—	—	6,427
Unimproved Development	—	—	—	—	8,426	—	—	8,426
Rural	—	—	—	—	29,631	—	—	29,631
Timberlands & Non-Strategic	—	—	—	—	9,606	—	—	9,606
Deferred Revenue/Other (b)	—	—	—	—	(1,616)	—	—	(1,616)
Large Dispositions	—	—	—	—	116,027	—	—	116,027
Total Real Estate Sales	—	—	—	—	168,501	—	—	168,501

Revenue from Contracts with Customers	99,749	57,245	79,308	6,647	168,501	43,238	—	454,688
Lease Revenue	—	—	—	—	72	—	—	72
Intersegment	—	—	—	877	—	66	(943)	—
Total Revenue	$99,749	$57,245	$79,308	$7,524	$168,573	$43,304	($943)	$454,760

Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2019
Pulpwood	$46,109	$5,087	$17,349	—	—	$8,152	—	$76,697
Sawtimber	39,437	32,684	98,290	—	—	58,890	—	229,301
Hardwood	2,477	—	—	—	—	—	—	2,477
Total Timber Sales	88,023	37,771	115,639	—	—	67,042	—	308,475
License Revenue, Primarily from Hunting	8,420	205	195	—	—	—	—	8,820
Other Non-Timber/Carbon Revenue	10,600	1,115	3,423	—	—	—	—	15,138
Agency Fee Income	—	—	—	—	—	381	—	381
Total Non-Timber Sales	19,020	1,320	3,618	—	—	381	—	24,339
Improved Development	—	—	—	—	514	—	—	514
Unimproved Development	—	—	—	—	15,430	—	—	15,430
Rural (a)	—	—	—	—	26,313	—	—	26,313
Timberlands & Non-Strategic (a)	—	—	—	—	1,207	—	—	1,207
Deferred Revenue/Other (b)	—	—	—	—	68	—	—	68

Total Real Estate Sales	—	—	—	—	43,532	—	—	43,532

Revenue from Contracts with Customers	107,043	39,091	119,257	—	43,532	67,423	—	376,346
Intersegment	—	—	—	—	—	103	(103)	—
Total Revenue	$107,043	$39,091	$119,257	—	$43,532	$67,526	($103)	$376,346

(a) The six months ended June 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberlands & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales.

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

The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
June 30, 2020
Stumpage Pay-as-Cut	$16,216	—	—	531	—	$16,747
Stumpage Lump Sum	863	326	—	—	—	1,189

Total Stumpage	17,079	326	—	531	—	17,936

Delivered Wood (Domestic)	21,438	25,133	12,126	6,102	462	65,261
Delivered Wood (Export)	3,039	—	28,599	—	23,806	55,444
Total Delivered	24,477	25,133	40,725	6,102	24,268	120,705

Total Timber Sales	$41,556	$25,459	$40,725	$6,633	$24,268	$138,641

June 30, 2019
Stumpage Pay-as-Cut	$15,172	—	—	—	—	$15,172
Stumpage Lump Sum	581	—	—	—	—	581

Total Stumpage	15,753	—	—	—	—	15,753

Delivered Wood (Domestic)	17,041	17,674	21,739	—	2,669	59,123
Delivered Wood (Export)	4,193	—	39,269	—	32,534	75,996
Total Delivered	21,234	17,674	61,008	—	35,203	135,119

Total Timber Sales	$36,987	$17,674	$61,008	—	$35,203	$150,872


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
June 30, 2020
Stumpage Pay-as-Cut	$41,623	—	—	531	—	$42,154
Stumpage Lump Sum	1,251	5,457	—	—	—	6,708

Total Stumpage	42,874	5,457	—	531	—	48,862

Delivered Wood (Domestic)	42,498	50,574	25,817	6,102	934	125,925
Delivered Wood (Export)	3,667	—	50,542	—	41,977	96,186
Total Delivered	46,165	50,574	76,359	6,102	42,911	222,111

Total Timber Sales	$89,039	$56,031	$76,359	$6,633	$42,911	$270,973

June 30, 2019
Stumpage Pay-as-Cut	$43,180	—	—	—	—	$43,180
Stumpage Lump Sum	2,675	—	—	—	—	$2,675

Total Stumpage	45,855	—	—	—	—	45,855

Delivered Wood (Domestic)	36,379	37,771	42,439	—	4,793	121,382
Delivered Wood (Export)	5,789	—	73,200	—	62,249	141,238
Total Delivered	42,168	37,771	115,639	—	67,042	262,620

Total Timber Sales	$88,023	$37,771	$115,639	—	$67,042	$308,475

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Equity Method Investments and Joint Ventures [Abstract]

LEASES

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

TIMBERLAND LEASES

U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned land to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, the Company may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date.

As of June 30, 2020, the New Zealand subsidiary has two CFLs comprising 9,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 32,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded.

OTHER NON-TIMBERLAND LEASES

In addition to timberland holdings, we have leased properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand.

LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION

The following table details our undiscounted lease obligations as of June 30, 2020 by type of lease and year of expiration:


		Year of Expiration
Lease obligations	Total	Remaining 2020	2021	2022	2023	2024	Thereafter
Operating lease liabilities	$178,880	$5,675	$9,003	$8,119	$8,051	$7,946	$140,086

Total Undiscounted Cash Flows	$178,880	$5,675	$9,003	$8,119	$8,051	$7,946	$140,086
Imputed interest	(82,154)
Balance at June 30, 2020	96,726
Less: Current portion	(8,952)
Non-current portion at June 30, 2020	$87,774

The following table details components of our lease cost for the three and six months ended June 30, 2020 and June 30, 2019:


	Three Months Ended June 30,			Six Months Ended June 30,
Lease Cost Components	2020	2019	2020	2019
Operating lease cost	$1,341	$2,396	$3,439	$4,833
Variable lease cost (a)	136	81	214	157
Total lease cost (b)	$1,477	$2,477	$3,653	$4,990

(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 six months ended June 30, 2020.

The following table provides supplemental cash flow information related to our leases for the six months ended June 30, 2020 and June 30, 2019:


	Six Months Ended June 30,
Supplemental cash flow information related to leases:	2020		2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases	$1,138		$1,493
Investing cash flows from operating leases	2,301		3,340
Total cash flows from operating leases	$3,439		$4,833




Weighted-average remaining lease term in years - operating leases	28		28

Weighted-average discount rate - operating leases	5	%	5	%

Lessor lease information

In the merger with Pope Resources, we acquired income generating commercial and residential leases primarily concentrated in Port Gamble, Washington. Each of these are classified as operating leases.

The following table details our lease income for the three and six months ended June 30, 2020:


	Three Months Ended June 30,	Six Months Ended June 30,
Lease Income Components	2020	2020
Operating lease income	$72	$72

Total lease income	$72	$72

Future lease income as of June 30, 2020, based on payments due by period under the lease contracts, are presented in the following table:


		Year of Expiration
Lease assets	Total	Remaining 2020	2021	2022	2023	2024	Thereafter
Operating lease Income	$708	$165	$176	$173	$137	$57	—

We apply the following practical expedients as allowed under ASC 842:


Practical Expedient						Description
Short-term leases						We do not record right-of-use assets or lease 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						We do 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.

LEASES

TIMBERLAND LEASES

OTHER NON-TIMBERLAND LEASES

LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION

The following table details our undiscounted lease obligations as of June 30, 2020 by type of lease and year of expiration:


		Year of Expiration
Lease obligations	Total	Remaining 2020	2021	2022	2023	2024	Thereafter
Operating lease liabilities	$178,880	$5,675	$9,003	$8,119	$8,051	$7,946	$140,086

Total Undiscounted Cash Flows	$178,880	$5,675	$9,003	$8,119	$8,051	$7,946	$140,086
Imputed interest	(82,154)
Balance at June 30, 2020	96,726
Less: Current portion	(8,952)
Non-current portion at June 30, 2020	$87,774

The following table details components of our lease cost for the three and six months ended June 30, 2020 and June 30, 2019:


	Three Months Ended June 30,			Six Months Ended June 30,
Lease Cost Components	2020	2019	2020	2019
Operating lease cost	$1,341	$2,396	$3,439	$4,833
Variable lease cost (a)	136	81	214	157
Total lease cost (b)	$1,477	$2,477	$3,653	$4,990

(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.

The following table provides supplemental cash flow information related to our leases for the six months ended June 30, 2020 and June 30, 2019:


	Six Months Ended June 30,
Supplemental cash flow information related to leases:	2020		2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases	$1,138		$1,493
Investing cash flows from operating leases	2,301		3,340
Total cash flows from operating leases	$3,439		$4,833




Weighted-average remaining lease term in years - operating leases	28		28

Weighted-average discount rate - operating leases	5	%	5	%

Lessor lease information

In the merger with Pope Resources, we acquired income generating commercial and residential leases primarily concentrated in Port Gamble, Washington. Each of these are classified as operating leases.

The following table details our lease income for the three and six months ended June 30, 2020:


	Three Months Ended June 30,	Six Months Ended June 30,
Lease Income Components	2020	2020
Operating lease income	$72	$72

Total lease income	$72	$72

Future lease income as of June 30, 2020, based on payments due by period under the lease contracts, are presented in the following table:


		Year of Expiration
Lease assets	Total	Remaining 2020	2021	2022	2023	2024	Thereafter
Operating lease Income	$708	$165	$176	$173	$137	$57	—

We apply the following practical expedients as allowed under ASC 842:


Practical Expedient						Description
Short-term leases						We do not record right-of-use assets or lease 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						We do 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.

NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2020

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES

Matariki Forestry Group

We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 416,000 legal acres of New Zealand timberland. Accordingly, we consolidate 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 reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.

The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Net income attributable to noncontrolling interest in the New Zealand subsidiary	$693	$2,168	$1,261	$5,167

ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, “The Funds”)

Upon completion of the merger with Pope Resources, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. Loss attributed to third-party investors is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.”

The following table sets forth the (loss) attributable to the Funds’ noncontrolling interests:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Funds:	($2,146)	—	($2,146)	—

Prior to our merger with Pope Resources, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a specified term from the end of its respective investment period: 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II is scheduled to terminate in March 2021, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in December 2034. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership.

Ferncliff Investors

We also acquired in the merger with Pope Resources an ownership interest in a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, which is developing a five-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property.

We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. The obligations of Ferncliff Investors do not have any recourse to the Company or the Operating Partnership.

Bainbridge Landing LLC is considered a voting interests entity. Ferncliff Investors accounts for its interest in the joint venture entity under the equity method because neither it nor the other member can exercise control over Bainbridge Landing LLC. Under the equity method, Ferncliff Investors records its share of the net income or loss of Bainbridge Landing LLC. To date, this activity has been a loss and is included in Other operating expense, net in the Real Estate segment. The portion of Ferncliff Investors’ loss attributed to third-party investors is shown within the Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.”

The following table sets forth the (loss) attributable to Ferncliff Investors’ noncontrolling interests:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Ferncliff Investors:	($46)	—	($46)	—

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP

Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Common Units. Net income attributable to noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Common Units outstanding during the period as a percentage of the weighted average total common units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a common unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:


	Three Months Ended June 30,	Six Months Ended June 30,
	2020	2020
Beginning noncontrolling interests in the Operating Partnership	—	—
Issuances of Redeemable Common Units	106,752	106,752
Adjustment of noncontrolling interests in the Operating Partnership	3,992	3,992

Net Income attributable to noncontrolling interests in the Operating Partnership	219	219
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	457	457
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(1,200)
Total noncontrolling interests in the Operating Partnership	$110,220	$110,220

SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

As a result of the merger with Pope Resources, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 5 - Noncontrolling Int erests, the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation.

We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading.

Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as we do 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 “unallocated interest expense and other.”

The following tables summarize the segment information for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,			Six Months Ended June 30,
SALES	2020	2019	2020	2019
Southern Timber	$46,767	$46,197	$99,749	$107,043
Pacific Northwest Timber	26,171	18,556	57,245	39,091
New Zealand Timber	41,769	62,127	79,308	119,257
Timber Funds (a)	7,524	—	7,524	—
Real Estate (b)	50,009	22,533	168,573	43,532
Trading	24,320	35,461	43,304	67,526

Intersegment Eliminations (c)	(930)	(74)	(943)	(103)
Total	$195,630	$184,800	$454,760	$376,346

(a)The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in the Timber Funds.

(b)The six months ended June 30, 2020 includes $116.0 million from a Large Disposition.

(c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.


	Three Months Ended June 30,			Six Months Ended June 30,
OPERATING INCOME (LOSS)	2020	2019	2020	2019
Southern Timber	$11,208	$14,741	$26,278	$36,261
Pacific Northwest Timber	(6,681)	(3,815)	(7,629)	(7,556)
New Zealand Timber	4,973	12,797	10,422	28,517
Timber Funds (a)	(1,892)	—	(1,892)	—
Real Estate (b)	24,848	15,468	51,622	25,495
Trading	102	(171)	83	309

Corporate and Other (c)	(20,872)	(7,627)	(28,646)	(13,113)
Total Operating Income	11,686	31,393	50,238	69,913
Unallocated interest expense and other	(8,241)	(6,865)	(16,666)	(13,242)
Total Income before Income Taxes	$3,445	$24,528	$33,572	$56,671

(a)The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in the Timber Funds.

(b)The six months ended June 30, 2020 includes $28.7 million from a Large Disposition.

(c)The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 20 — Charges for Integration and Restructuring for additional details.


	Three Months Ended June 30,			Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2020	2019	2020	2019
Southern Timber	$15,231	$12,880	$33,414	$32,608
Pacific Northwest Timber	10,606	6,045	21,308	12,871
New Zealand Timber	4,942	7,189	9,716	13,508
Timber Funds (a)	4,070	—	4,070	—
Real Estate (b)	6,678	1,199	42,422	4,534


Corporate and Other	340	288	637	572
Total	$41,867	$27,601	$111,567	$64,093

(a)The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization related to noncontrolling interests in the Timber Funds.

(b)The six months ended June 30, 2020 includes $35.4 million from a Large Disposition.


	Three Months Ended June 30,			Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2020	2019	2020	2019



Real Estate (a)	$13,030	$1,617	$65,081	$5,647


Total	$13,030	$1,617	$65,081	$5,647

(a) The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

DEBT

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

DEBT

Our debt consisted of the following at June 30, 2020:


			June 30, 2020
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020 (a)			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%			325,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020 (b)			300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at June 30, 2020 (c)			250,000
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at June 30, 2020			35,000
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches (d)
Due 2025 at a fixed interest rate of 6.1%			11,779
Due 2028 at a fixed interest rate of 4.1%			12,085
Due 2033 at a fixed interest rate of 5.3%			19,564
Due 2036 at a fixed interest rate of 5.4%			9,927
Total debt, excluding Timber Funds			1,313,355


Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d)
Due 2020 at a fixed interest rate of 4.9%			11,030
Due 2020 at a fixed interest rate of 3.8%			14,012
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows (d):
Due 2023 at a fixed interest rate of 5.1%			19,827
Due 2024 at a fixed interest rate of 4.5%			15,790
Total debt, Timber Funds			60,659
Total debt			1,374,014
Less: Current maturities of long-term debt, Timber Funds			(25,042)
Less: Deferred financing costs			(2,849)
Long-term debt, net of deferred financing costs			$1,346,123

(a) As of June 30, 2020, the periodic interest rate on the term loan facility was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.2% after consideration of interest rate swaps and estimated patronage refunds.

(b) As of June 30, 2020, the periodic interest rate on the incremental term loan was LIBOR plus 1.900%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds.

(c) As of June 30, 2020, the periodic interest rate on the 2020 incremental term loan was LIBOR plus 1.850%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.3% after consideration of interest rate swaps and estimated patronage refunds.

(d) See the section below labeled “Long-Term Debt Assumed in the Pope Resources Merger” for additional details.

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


	Excluding Timber Funds	Timber Funds	Total
2020	—	$25,000	$25,000
2021	—	—	—
2022	325,000	—	325,000
2023	—	17,980	17,980
2024	—	14,400	14,400
Thereafter	980,000	—	980,000
Total Debt	$1,305,000	$57,380	$1,362,380

2020 DEBT ACTIVITY

On April 1, 2020, we entered into a Second Amendment to Credit Agreement to increase the limit on our Revolving Credit Facility from $200 million to $250 million and extend its maturity date from August 5, 2020 to April 1, 2025. Additionally, the maturity date of the Term Credit Agreement was extended from August 5, 2024 to April 1, 2028.

On April 13, 2020, we entered into an Accordion Increase Agreement to further increase the limit on the Revolving Credit Facility from $250 million to $300 million.

On April 16, 2020, we entered into a Third Amendment and Incremental Term Loan Agreement, which provided for the advancement of a five-year $250 million senior unsecured incremental term loan facility (the “2020 Incremental Term Loan Facility”). The proceeds from this facility were used to fund our acquisition of Pope Resources.

During the six months ended June 30, 2020, we made borrowings of $70.0 million and repayments of $117.0 million on our Revolving Credit Facility. At June 30, 2020, we had available borrowings of $264.0 million under the Revolving Credit Facility, net of $1.0 million to secure our outstanding letters of credit.

In June 2020, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the six months ended June 30, 2020, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At June 30, 2020, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility.

LONG-TERM DEBT ASSUMED IN THE POPE RESOURCES MERGER

Through our merger with Pope Resources, we assumed long-term debt instruments consisting of:

•five tranches of a credit facility payable to Northwest Farm Credit Services (“NWFCS”) (defined and described below) totaling $45.0 million, collateralized by the portion of Pacific Northwest Core Timberlands acquired in the merger with Pope Resources; and

•two of Fund II's Mortgages Payable to MetLife (defined and described below) totaling $25.0 million, collateralized by a portion of Fund II timberlands; and

•two of Fund III's Mortgages Payable to NWFCS (defined and described below) totaling $32.4 million, collateralized by a portion of Fund III timberlands.

NWFCS CREDIT FACILITY

We assumed five tranches of a credit facility payable to NWFCS (the “NWFCS Credit Facility”) totaling $45.0 million. Quarterly payments of interest only are due on the NWFCS Credit Facility through the respective maturity of each tranche. The NWFCS Credit Facility is collateralized by a portion of the Pacific Northwest timberlands acquired in the merger with Pope Resources. The NWFCS Credit Facility allows us 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 pertinent details of each tranche of the NWFCS Credit Facility we assumed are as follows:


Tranche	Stated Fixed Interest Rate		Effective Fixed Interest Rate (a)		Stated Principal Amount	Est. Fair Value at Merger Date (b)
Tranche 2 (Due 2025)	6.1	%	4.8	%	$10,000	$11,838
Tranche 4 (Due 2028)	4.1	%	3.1	%	11,000	12,108
Tranches 6 & 7 (Due 2033)	5.3	%	4.2	%	16,000	19,609
Tranche 8 (Due 2036)	5.4	%	4.3	%	8,000	9,947
Total NWFCS Credit Facility assumed					$45,000	$53,502

(a)Estimated effective fixed interest rates as of June 30, 2020 after consideration of estimated patronage refunds.

(b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each tranche.

FUND II MORTGAGES PAYABLE

We assumed Fund II's two mortgages payable (the “Fund II Mortgages Payable”) to MetLife totaling $25.0 million. Quarterly payments of interest only are due on the Fund II Mortgages Payable through their respective maturities. The Fund II Mortgages Payable are collateralized by Fund II Timberlands and do not have any recourse to the Company or the Operating Partnership.

The pertinent details of the Fund II Mortgages Payable are as follows:


Maturity Date	Stated Fixed Interest Rate		Stated Principal Amount	Est. Fair Value at Merger Date (a)
September 2020	4.9	%	$11,000	$11,061
September 2020	3.8	%	14,000	14,023
			$25,000	$25,084

(a)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.

FUND III MORTGAGES PAYABLE

We assumed Fund III’s two mortgages payable (the “Fund III Mortgages Payable”) to NWFCS totaling $32.4 million. Quarterly payments of interest only are due on the Fund III Mortgages Payable through their respective maturities. The Fund III Mortgages Payable are collateralized by Fund III Timberlands and do not have any recourse to the Company or the Operating Partnership.

The pertinent details of the Fund III Mortgages Payable are as follows:


Maturity Date	Stated Fixed Interest Rate		Effective Fixed Interest Rate (a)		Stated Principal Amount	Est. Fair Value at Merger Date (b)
December 2023	5.1	%	3.9	%	$17,980	$19,915
October 2024	4.5	%	3.2	%	14,400	15,844
					$32,380	$35,759

(a)Estimated effective fixed interest rates as of June 30, 2020 after consideration of estimated patronage refunds.

(b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.

DEBT COVENANTS — EXCLUDING TIMBER FUNDS

In connection with our $350 million term credit agreement (the “Term Credit Agreement”), $300 million incremental term loan agreement (the “Incremental Term Loan Agreement”), $250 million incremental term loan agreement (“the “2020 Incremental Term Loan Agreement”) and $300 million revolving credit facility (the “Revolving Credit Facility”), customary covenants must be met, the most significant of which include interest coverage and leverage ratios.

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2020, are calculated on a trailing 12-month basis:


	Covenant Requirement		Actual Ratio		Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		9.8 to 1		7.3
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

In connection with our $45 million NWFCS Credit Facility, customary covenants must be met, the most significant of which include interest coverage and debt-to-capitalization ratios.

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2020, are calculated on a trailing 12-month basis:


	Covenant Requirement		Actual Ratio		Favorable
Covenant loan-to-appraised value shall not exceed	50%		11%		39	%
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		9.8 to 1		7.3
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

In addition to these financial covenants listed above, the Senior Notes, Term Credit Agreement, Incremental Term Loan Agreement, 2020 Incremental Term Loan Facility, Revolving Credit Facility, and NWFCS Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At June 30, 2020, we were in compliance with all applicable covenants.

DEBT COVENANTS — TIMBER FUNDS

The Fund II Mortgages Payable to MetLife contains a requirement to maintain a loan-to-value ratio of less than 50%, with the denominator defined as fair market value of the timberland pledged as collateral.

The Fund III Mortgages Payable to NWFCS contain a requirement to maintain a minimum interest coverage ratio of 1.5:1, minimum working capital of $500,000, and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value.

Both Timber Funds are in compliance with their respective debt covenants as of June 30, 2020.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

We continuously assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire 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, we also selectively pursue 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, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.

In the merger with Pope Resources, we acquired HBU properties with an estimated fair value of $27.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets.

Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to June 30, 2020 are shown below:


	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber	Development Investments	Total
Non-current portion at December 31, 2019	$58,091	$23,700	$81,791
Plus: Current portion (a)	274	12,389	12,663
Total Balance at December 31, 2019	58,365	36,089	94,454
Non-cash cost of land and improved development	(280)	(3,523)	(3,803)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(351)	—	(351)
Capitalized real estate development investments (b)	—	3,587	3,587
HBU properties acquired in merger with Pope Resources (c)	27,722	—	27,722
Capital expenditures (silviculture)	180	—	180

Intersegment transfers	(3,979)	—	(3,979)

Total Balance at June 30, 2020	81,657	36,153	117,810
Less: Current portion (a)	(361)	(3,529)	(3,890)
Non-current portion at June 30, 2020	$81,296	$32,624	$113,920

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 21 — Inventory for additional information.

(b)Capitalized real estate development investments include $0.2 million of capitalized interest.

COMMITMENTS

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

At June 30, 2020, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Development Projects (b)	Pension Contributions (c)	Commitments (d)	Total
Remaining 2020	$710	$4,206	$2,476	$7,880	$15,272
2021	2,387	160	681	14,193	17,421
2022	2,023	220	—	16,992	19,235
2023	2,012	232	—	17,719	19,963
2024	2,012	232	—	14,987	17,231
Thereafter	2,784	2,770	—	39,877	45,431
	$11,928	$7,820	$3,157	$111,648	$134,553

(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination in Port Gamble, Washington.

(b)Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.

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

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

INCOME TAXES

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Rayonier Inc. is a real estate investment trust (a “REIT”) under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. Through a series of transactions in connection with the Mergers, the Company transferred all of its assets to the Operating Partnership on May 8, 2020. As a result of these transactions, the Company owns approximately 96.8% of the Operating Partnership and conducts substantially all of its business through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through taxable REIT subsidiary (“TRS”) entities. The TRS entities are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax in New Zealand and is treated as a partnership for US income tax purposes.

PROVISION FOR INCOME TAXES

Our tax expense is principally related to New Zealand corporate-level tax on the New Zealand subsidiary income. The following table contains the income tax expense recognized in the Consolidated Statements of Income and Comprehensive Income:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Income tax expense	($2,990)	($3,608)	($6,696)	($7,958)

ANNUAL EFFECTIVE TAX RATE

The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items:


	Six Months Ended June 30,
	2020		2019
Annualized effective tax rate after discrete items	19.8	%	15.5	%

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

EARNINGS PER SHARE AND PER UNIT

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have 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 our financial position, results of operations, or cash flow.

ENVIRONMENTAL REMEDIATION LIABILITIES	6 Months Ended
ENVIRONMENTAL REMEDIATION LIABILITIES	Jun. 30, 2020
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL REMEDIATION LIABILITIES	ENVIRONMENTAL REMEDIATION LIABILITIES Various federal and state environmental laws in the states in which we operate place liability for environmental contamination on the current and former owners of real estate on which contamination is discovered. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of hazardous substances. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of hazardous substances on the owner’s property, regardless of culpability for the release. In connection to the merger with Pope Resources, we assumed ownership of certain real estate in Port Gamble, Washington where hazardous substances had previously been discovered, requiring environmental remediation under these laws. Prior to the merger, Pope Resources had completed required remediation on the Port Gamble Bay, performed remedial investigation and drafted a cleanup action plan for the Port Gamble millsite, and started discussions relating to alleged natural resource damages. As of June 30, 2020, we have accrued $11.9 million for environmental remediation, which represents our current estimate of the remaining cleanup cost and most likely outcome to various contingencies. It is expected that the millsite cleanup and natural resource damages (NRD) restoration will occur over the next two to three years, while the monitoring of the Port Gamble Bay, millsite and landfills containing dredged and excavated contaminated sediments will continue for an additional 10 to 15 years. The NRD costs might change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. For further information on the timing and amount of future payments related to our environmental remediation liabilities, see Note 9 - Commitments.

GUARANTEES

6 Months Ended

Jun. 30, 2020

Guarantees [Abstract]

GUARANTEES

We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies.

As of June 30, 2020, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$985

Surety bonds (b)

10,011

Total financial commitments

$10,996

(a)We have 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 our own performance.

(b)Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2020, 2021 and 2022 and are expected to be renewed as required.

EARNINGS PER SHARE AND PER UNIT

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Earnings per common share - basic
Numerator:
Net Income	$455	$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 affiliates	1,499	(2,168)	931	(5,167)
Net income attributable to Rayonier Inc.	$1,735	$18,752	$27,588	$43,546
Denominator:
Denominator for basic earnings per common share - weighted average shares	133,318,209	129,380,282	131,227,852	129,277,490
Basic earnings per common share attributable to Rayonier Inc.:	$0.01	$0.14	$0.21	$0.34
Earnings per common share - diluted
Numerator:
Net Income	$455	$20,920	$26,876	$48,713
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	1,499	(2,168)	931	(5,167)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$1,954	$18,752	$27,807	$43,546
Denominator:
Denominator for basic earnings per common share - weighted average shares	133,318,209	129,380,282	131,227,852	129,277,490
Add: Dilutive effect of:
Stock options	—	13,463	537	16,580
Performance shares, restricted shares and restricted stock units	49,299	250,170	129,390	403,915
Noncontrolling interests in common units	2,589,518	—	1,294,759	—
Denominator for diluted earnings per common share - adjusted weighted average shares	135,957,026	129,643,915	132,652,538	129,697,985
Diluted earnings per common share attributable to Rayonier Inc.:	$0.01	$0.14	$0.21	$0.34


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance shares, restricted shares and restricted stock units	635,779	451,258	521,053	444,765


Total	635,779	451,258	521,053	444,765

The following table provides details of the calculations of basic and diluted earnings per common unit of the Operating Partnership:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Earnings per common unit - basic
Numerator:
Net Income	$455	$20,920	$26,876	$48,713
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,499	(2,168)	931	(5,167)
Net income available to unitholders	$1,954	$18,752	$27,807	$43,546
Denominator:
Denominator for basic earnings per common unit - weighted average units	135,907,727	129,380,282	132,522,611	129,277,490
Basic earnings per common unit attributable to Rayonier, L.P.:	$0.01	$0.14	$0.21	$0.34
Earnings per common unit - diluted
Numerator:
Net Income	$455	$20,920	$26,876	$48,713
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,499	(2,168)	931	(5,167)
Net income available to unitholders	$1,954	$18,752	$27,807	$43,546
Denominator:
Denominator for basic earnings per common share - weighted average units	135,907,727	129,380,282	132,522,611	129,277,490
Add: Dilutive effect of unit equivalents:
Stock options	—	13,463	537	16,580
Performance shares, restricted shares and restricted stock units	49,299	250,170	129,390	403,915
Denominator for diluted earnings per common unit - adjusted weighted average units	135,957,026	129,643,915	132,652,538	129,697,985
Diluted earnings per common share attributable to Rayonier, L.P..:	$0.01	$0.14	$0.21	$0.34


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	635,779	451,258	521,053	444,765


Total	635,779	451,258	521,053	444,765

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks.

Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, we record our 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 (“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 investment is partially or completely liquidated. The 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.

FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS

The functional currency of 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 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. 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 June 30, 2020, foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2022 and August 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. We 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 for de-designated hedges remains in accumulated other comprehensive loss until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.

INTEREST RATE SWAPS

We are exposed to cash flow interest rate risk on our variable-rate Term Credit Agreement, Incremental Term Loan Agreement and 2020 Incremental Term Loan Facility and use variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.

The following table contains information on the outstanding interest rate swaps as of June 30, 2020:


Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap (b)		Bank Margin on Debt		Total Effective Interest Rate (c)
August 2015	9 years	$170,000	Term Credit Agreement	2.20	%	1.60	%	3.80	%
August 2015	9 years	180,000	Term Credit Agreement	2.35	%	1.60	%	3.95	%
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	%
June 2020	10 years	250,000	2020 Incremental Term Loan	1.10	%	1.85	%	2.95	%

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

(b) The interest rate swap entered in June 2020, was an off-market derivative, meaning it contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap.

TREASURY LOCKS

During the first quarter, we entered into treasury lock agreements, which were designated and qualified as cash flow hedges. These derivative instruments hedged the impact of changes in the benchmark interest rate to future interest payments associated with anticipated debt issuances. Prior to expiration, we de-designated and settled the treasury locks by converting them into interest rate swap lock agreements (discussed below). To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive loss and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. Amounts recorded in accumulated other comprehensive loss in connection with the settled treasury locks were ($20.8) million which will be reclassified to earnings through interest expense over the life of the anticipated issued debt.

The following table contains information on the expired treasury lock agreements entered into during the six months ended June 30, 2020:

Converted Treasury Rate Locks (a)

Date Entered Into

Term

Notional Amount

Rate

Related Debt Facility (b)

Expiration Date

January 2020

10 years

$100,000

1.53%

2020 Incremental Term Loan Facility

March 30, 2020

January 2020

10 years

100,000

1.53%

2020 Incremental Term Loan Facility

March 31, 2020

February 2020

10 years

50,000

1.35%

2020 Incremental Term Loan Facility

March 31, 2020

(a) At inception, all treasury locks were designated as interest rate cash flow hedges and qualified for hedge accounting.

(b) On April 16, 2020, we entered into a Third Amendment and Incremental Term Loan Agreement which provided for a five-year $250 million senior unsecured incremental term loan facility (the “2020 Incremental Term Loan Facility”). See Note 7 — Debt for more information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity.

INTEREST RATE SWAP LOCKS

Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements to hedge the risk of changes in the interest payments attributable to changes in the benchmark LIBOR interest rate associated with anticipated issuances of debt. The interest rate swap locks were designated and qualified as cash flow hedges.

Prior to expiration, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into interest rate swap agreements. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge

at the time of de-designation remains in accumulated other comprehensive loss and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. Incremental amounts recorded in accumulated other comprehensive loss in connection with the settled interest rate swap locks were ($1.4) million, which will be reclassified to earnings through interest expense over the life of the anticipated issued debt.

The following table contains information on the terminated interest rate swap lock agreements as of June 30, 2020:

Converted Interest Rate Swap Locks (a)

Date Entered Into

Term

Notional Amount

Fixed Rate of Swap Lock (b)

Related Debt Facility (c)

Termination Date

March 2020

10 years

$100,000

1.56%

2020 Incremental Term Loan Facility

June 30, 2020

March 2020

10 years

100,000

1.59%

2020 Incremental Term Loan Facility

June 30, 2020

March 2020

10 years

50,000

1.41%

2020 Incremental Term Loan Facility

June 30, 2020

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

(b) These interest rate swap locks were off-market derivatives, meaning they contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap lock.

(c) On April 16, 2020, we entered into a Third Amendment and Incremental Term Loan Agreement which provided for a five-year $250 million senior unsecured incremental term loan facility (the “2020 Incremental Term Loan Facility”). See Note 7 — Debt for information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity.

FORWARD-STARTING INTEREST RATE SWAPS

We are exposed to cash flow interest rate risk on anticipated debt issuances and use forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the anticipated issuance date. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.

The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2020:

Outstanding Forward-Starting Interest Rate Swaps (a)

Date Entered Into

Term

Notional Amount

Fixed Rate of Swap

Related Debt Facility

Forward Date

Maximum Period Ending for Forecasted Issuance Date

February 2020

10 years

$325,000

1.40

Anticipated refinancing of Senior Notes due 2022

April 2022

March 2020

4 years

100,000

0.88

Term Credit Agreement

August 2024

N/A

May 2020

4 years

50,000

0.74

Term Credit Agreement

August 2024

N/A

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

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 June 30, 2020, all existing carbon option contracts have expired.

The following tables demonstrate the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2020 and 2019:


		Three Months Ended June 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$5,340	($219)
Foreign currency option contracts	Other comprehensive income (loss)	877	(107)
Interest rate products	Other comprehensive income (loss)	(14,469)	(18,371)
	Interest Expense	2,716	(913)











Derivatives not designated as hedging instruments:



Foreign currency exchange contracts	Interest and other miscellaneous income, net	—	152
Carbon option contracts	Interest and other miscellaneous income, net	14	12


		Six Months Ended June 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	($140)	$900
Foreign currency option contracts	Other comprehensive income (loss)	(273)	(30)
Interest rate products	Other comprehensive income (loss)	(93,621)	(28,966)
	Interest Expense	3,168	(1,866)












Derivatives not designated as hedging instruments:



Foreign currency exchange contracts	Interest and other miscellaneous income, net	—	135
Carbon option contracts	Interest and other miscellaneous income, net	563	415

During the next 12 months, the amount of the June 30, 2020 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $0.5 million.

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


	Notional Amount
	June 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$61,500	$56,350
Foreign currency option contracts	36,000	22,000
Interest rate swaps	900,000	650,000

Forward-starting interest rate swaps	475,000	—






Derivative not designated as a hedging instrument:

Carbon options (a)	—	9,592

(a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of June 30, 2020.

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


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		June 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$310	$424
	Other assets	1,177	390
	Other current liabilities	(968)	(172)
	Other non-current liabilities	(17)	—
Foreign currency option contracts	Other current assets	275	151
	Other assets	172	209
	Other current liabilities	(305)	(27)
	Other non-current liabilities	(112)	(30)
Interest rate swaps	Other assets	—	2,614
	Other non-current liabilities	(65,381)	(11,068)






Forward-starting interest rate swaps	Other non-current liabilities	(22,832)	—

Derivative not designated as a hedging instrument:


Carbon options	Other current liabilities	—	(607)


Total derivative contracts:
Other current assets		$585	$575
Other assets		1,349	3,213
Total derivative assets		$1,934	$3,788

Other current liabilities		(1,273)	(806)
Other non-current liabilities		(88,342)	(11,098)
Total derivative liabilities		($89,615)	($11,904)

(a) See Note 16 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

OFFSETTING DERIVATIVES

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

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2020

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 our financial instruments as of June 30, 2020 and December 31, 2019, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	June 30, 2020							December 31, 2019
Asset (Liability) (a)	Carrying Amount	Fair Value					Carrying Amount	Fair Value
				Level 1		Level 2			Level 1	Level 2
Cash and cash equivalents, excluding Timber Funds	$87,813	$87,813	—		$68,735		$68,735	—
Cash and cash equivalents, Timber Funds	6,973	6,973	—		—		—	—
Restricted cash (b)	475	475	—		1,233		1,233	—
Current maturities of long-term debt, excluding Timber Funds	—	—	—		(82,000)		—	(82,000)
Current maturities of long-term debt, Timber Funds	(25,042)	—	(25,083)		—		—	—
Long-term debt, excluding Timber Funds (c)	(1,310,506)	—	(1,297,698)		(973,129)		—	(981,500)
Long-term debt, Timber Funds (c)	(35,617)	—	(35,741)		—		—	—
Interest rate swaps (d)	(65,381)	—	(65,381)		(8,454)		—	(8,454)

Forward-starting interest rate swaps (d)	(22,832)	—	(22,832)		—		—	—
Foreign currency exchange contracts (d)	502	—	502		642		—	642
Foreign currency option contracts (d)	30	—	30		303		—	303
Carbon option contracts (d)	—	—	—		(607)		—	(607)
Marketable equity securities (e)	—	—	—		10,582		10,582	—
Noncontrolling Interests in the Operating Partnership (f)	110,220	110,220	—		—		—	—

(a)We did not have Level 3 assets or liabilities at June 30, 2020 and December 31, 2019.

(b)Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 22 — 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 7 — Debt for additional information.

(d)See Note 15 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(e)Investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations.

(f)Noncontrolling Interests in the Operating Partnership is neither an asset or liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. Common Units by various individuals and entities other than the Company.

We use the following methods and assumptions in estimating the fair value of our 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.

Noncontrolling Interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for more than 12 months or greater at June 30, 2020 and December 31, 2019:


	June 30, 2020							December 31, 2019
	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 (losses) gains	—	—	—	—	—	3,043	—	3,043

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.

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

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2020

EMPLOYEE BENEFIT PLANS

We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match. 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.

As of June 30, 2020, we have paid $1.1 million of the approximately $3.6 million in current year mandatory pension contribution requirements (based on actuarial estimates and IRS minimum funding requirements).

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


Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension			Postretirement
			Three Months Ended June 30,			Three Months Ended June 30,
			2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$2	$1
Interest cost	Interest and other miscellaneous income, net	677	799	13	13
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(876)	(777)	—	—

Amortization of losses	Interest and other miscellaneous income, net	215	112	2	—

Net periodic benefit cost		$16	$134	$17	$14


Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension			Postretirement
			Six Months Ended June 30,			Six Months Ended June 30,
			2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$3	$3
Interest cost	Interest and other miscellaneous income, net	1,353	1,599	26	27
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(1,752)	(1,554)	—	—

Amortization of losses	Interest and other miscellaneous income, net	431	224	4	—

Net periodic benefit cost		$32	$269	$33	$30

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2020 net periodic benefit cost for pension benefits is 5.7%

DEFINED CONTRIBUTION PLANS

Upon completion of the merger with Pope Resources, former Pope Resources employees were immediately eligible to participate in the Rayonier 401(k) plan. Pope Resources employees’ years of service were credited to the 401(k) plan for vesting purposes. Former Pope Resources employees have the option to rollover their former 401(k) account balance into our 401(k) plan. 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.

The entire disclosure for retirement benefits.

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Share-based Payment Arrangement [Abstract]

INCENTIVE STOCK PLANS

6 Months Ended

Jun. 30, 2020

INCENTIVE STOCK PLANS

REPLACEMENT RESTRICTED STOCK AWARDS FROM THE MERGER WITH POPE RESOURCES

As a result of the merger with Pope Resources, Rayonier issued 69,176 shares of restricted stock awards (“replacement awards”) in connection with unvested Pope Resources restricted units. Eligible outstanding Pope Resources restricted units were canceled and exchanged for replacement awards, pursuant to an exchange ratio in the merger agreement designed to maintain the intrinsic value of the awards immediately prior to the exchange.

In accordance with ASC 805, these awards are considered to be replacement awards. Exchanges of share-based payment awards in conjunction with a business combination are modifications in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). As a result, the portion of the fair-value of replacement awards attributable to pre-merger services were included in measuring the consideration transferred in the business combination. The fair value of the replacement awards was estimated to be approximately $1.7 million of which $0.2 million was attributable to pre-merger services. See Note 2 — Merger with Pope Resources for additional information.

REPLACEMENT AWARD EXPENSE

The replacement awards issued have similar vesting provisions as the terms of existing Rayonier Inc. restricted stock. Expense for the replacement awards that were not fully vested prior to the date of the merger will continue to be recognized over a weighted average remaining service period of approximately 21 months unless a qualifying termination occurs.

A qualifying termination of an awardee will result in the acceleration of vesting and expense recognition in the period that the qualifying termination occurs. Qualifying terminations during three months and six months ended June 30, 2020 resulted in the accelerated vesting of 11,076 of the replacement awards and recognition of approximately $0.2 million of expense. This accelerated vesting expense is included in merger-related integration costs as described in Note 20 — Charges for Integration and Restructuring.

A summary of the replacement awards granted as a result of the merger with Pope Resources is presented below:


	Three Months Ended June 30,		Six Months Ended June 30,
		2020		2020
Replacement restricted shares granted	69,176		69,176
Weighted average price of replacement restricted shares granted	$24.01		$24.01
Replacement restricted shares vested as a result of acceleration due to qualifying terminations	11,076		11,076
Grant date fair value of replacement restricted shares vested	$24.01		$24.01
Intrinsic value of replacement restricted shares outstanding (a)	$1,440		$1,440
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements	44		44

(a)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at June 30, 2020.

For additional information related to our incentive stock plans, see Note 17 — Incentive Stock Plans in the Company’s 2019 Form 10-K.

OTHER OPERATING EXPENSE, NET

6 Months Ended

Jun. 30, 2020

Other Income and Expenses [Abstract]

OTHER OPERATING EXPENSE, NET

Other operating expense, net consisted of the following:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Loss on foreign currency remeasurement, net of cash flow hedges	($2,720)	($719)	($1,287)	($690)
Gain on sale or disposal of property and equipment	4	35	7	56



Log trading marketing fees	3	80	50	137
Costs related to the merger with Pope Resources (a)	(13,498)	—	(15,985)	—

Miscellaneous expense, net	(272)	(1,365)	(379)	(1,437)
Total	($16,483)	($1,969)	($17,594)	($1,934)

(a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 20 - Charges for Integration and Restructuring for additional information.

CHARGES FOR INTEGRATION AND RESTRUCTURING

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

CHARGES FOR INTEGRATION AND RESTRUCTURING

During 2020, we have incurred and accrued for termination benefits (primarily severance) and accelerated share-based payment costs based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made concurrent with and subsequent to the Mergers. We have also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to our merger with Pope Resources.

A summary of the charges for integration and restructuring related to our merger with Pope Resources is presented below:


	Three Months Ended	Six Months Ended
	June 30, 2020	June 30, 2020

Termination benefits	$581	$581
Acceleration of share-based compensation related to qualifying terminations (Note 18)	232	232
Professional services	10,967	13,314
Other integration and restructuring costs	1,718	1,858
Total integration and restructuring charges related to our merger with Pope Resources	$13,498	$15,985

Changes in accrued severance related to restructuring during the three and six months ended June 30, 2020 were as follows:


	Three Months Ended	Six Months Ended
	June 30, 2020	June 30, 2020
Accrued severance as of March 31, 2020	—	—
Charges	581	581
Payments	(334)	(334)
Accrued severance as of June 30, 2020	$247	$247

Accrued severance is recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. The majority of the accrued severance balance as of June 30, 2020 is expected to be paid within one year.

INVENTORY

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORY

As of June 30, 2020 and December 31, 2019, our inventory consisted entirely of finished goods, as follows:


	June 30, 2020	December 31, 2019
Finished goods inventory
Real estate inventory (a)	$3,890	$12,663
Log inventory	6,475	1,855
Total inventory	$10,365	$14,518

(a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold.

See Note 8 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH

6 Months Ended

Jun. 30, 2020

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 LKE purchases are not completed, the proceeds are returned to us after 180 days and reclassified as available cash. As of June 30, 2020 and December 31, 2019, we had $0.5 million and $1.2 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 a real estate sale.

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2020:


			June 30, 2020

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			94,786
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$95,261

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 30, 2020

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

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2020 and the year ended December 31, 2019. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.


	Foreign currency translation (loss) gains	Net investment hedges of New Zealand subsidiary	Cash flow hedges		Employee benefit plans		Total Rayonier, L.P.	Allocation to Operating Partnership	Total Rayonier Inc.
Balance as of December 31, 2018	($1,010)	$1,321	$21,965		($22,037)		$239	—	$239
Other comprehensive (loss) income before reclassifications	784	—	(29,251)		(1,799)		(30,266)	—	(30,266)
Amounts reclassified from accumulated other comprehensive (loss) income	—	—	(1,624)		449	(b)	(1,175)	—	(1,175)
Net other comprehensive (loss) income	784	—	(30,875)		(1,350)		(31,441)	—	(31,441)
Balance as of December 31, 2019	($226)	$1,321	($8,910)		($23,387)		($31,202)	—	($31,202)
Other comprehensive loss before reclassifications	(16,022)	—	(92,806)	(a)	—		(108,828)	—	(108,828)
Amounts reclassified from accumulated other comprehensive (loss) income	—	—	2,124		434	(b)	2,558	(457)	2,101
Net other comprehensive (loss) income	(16,022)	—	(90,682)		434		(106,270)	(457)	(106,727)
Balance as of June 30, 2020	($16,248)	$1,321	($99,592)		($22,953)		($137,472)	($457)	($137,929)

(a)Includes $90.5 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 15 — 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 and post-retirement costs. See Note 17 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2020 and June 30, 2019:


Details about accumulated other comprehensive (loss) income components	Amount reclassified from accumulated other comprehensive (loss) income					Affected line item in the income statement
		June 30, 2020		June 30, 2019
Realized (gain) loss on foreign currency exchange contracts	($1,892)		($190)		Other operating expense, net
Realized loss (gain) on foreign currency option contracts	8		(60)		Other operating expense, net
Noncontrolling interest	434		58		Comprehensive (loss) income attributable to noncontrolling interest
Realized loss (gain) on interest rate contracts	3,168		(1,866)		Interest expense
Income tax expense from net gain on foreign currency contracts	406		54		Income tax expense


Net gain from accumulated other comprehensive income	$2,124		($2,004)

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, “The Funds”)

In the May 8, 2020 merger with Pope Resources, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on The Funds, see Note 5 — Noncontrolling Interests.

The assets and liabilities of The Funds as of June 30, 2020, were as follows:


Timber Funds			June 30, 2020
Assets:
Cash and cash equivalents			$6,973
Accounts receivable			3,213
Prepaid expenses			81
Other current assets			361
Total current assets			10,628
Timber and timberlands, net of depletion and amortization			467,800
Other assets			3
Total assets			$478,431
Liabilities and Equity:
Accounts payable			$636
Intercompany payable (a)			3,837
Current maturities of long-term debt			25,042
Accrued taxes			251
Accrued interest			655
Deferred revenue			1
Other current liabilities			787
Total current liabilities			31,209
Long-term debt			35,617
Funds’ equity			411,605
Total liabilities and equity			$478,431

(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

Ferncliff Investors

We also acquired in the merger with Pope Resources an ownership interest in a real estate joint venture entity. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 5 — Noncontrolling Interests.

The assets and liabilities of Ferncliff Investors as of June 30, 2020, were as follows:


Ferncliff Investors			June 30, 2020
Assets:
Cash and cash equivalents			$760


Total current assets			760
Investment in real estate joint venture entity			3,141
Advances to real estate joint venture entity			1,000
Total assets			$4,901
Liabilities and equity:

Intercompany payable (a)			$10




Total current liabilities			10

Ferncliff Investors’ equity			4,891
Total liabilities and equity			$4,901

(a)Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

Redeemable Common Units

REDEEMABLE COMMON UNITS

Merger with Pope Resources

MERGER WITH POPE RESOURCES

As a result of the merger with Pope Resources, we have revised our reportable business segments, adding one additional segment, Timber Funds.

Recently Adopted Standards and New Accounting Standards

RECENTLY ADOPTED STANDARDS

We 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

Subsequent Events

SUBSEQUENT EVENTSWe have evaluated events occurring from June 30, 2020 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

Revenue Recognition

PERFORMANCE OBLIGATIONS

CONTRACT BALANCES

Segment Reporting

We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading.

Derivatives

Offsetting Derivatives

OFFSETTING DERIVATIVES

Fair Value of 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.

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


	June 30, 2020							December 31, 2019
	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 (losses) gains	—	—	—	—	—	3,043	—	3,043

BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Operating Income and Net Income Attributable to Rayonier. L.P


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019

Operating income	—	—	—	—
Net income attributable to Rayonier, L.P. (a)	($3,596)	($3,596)	($7,192)	($7,192)
Basic earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.05)	($0.06)
Diluted earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.05)	($0.06)

(a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes.

MERGER WITH POPE RESOURCES (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Total Consideration Transferred by Rayonier in the Merger

The following table summarizes the total consideration transferred by Rayonier in the merger (dollars in thousands, except per share and per unit data):



Cash consideration:
Pope Resources units outstanding as of May 8, 2020	4,366,636
Less: Pope Resources units held by us	(114,400)
Units outstanding, net	4,252,236
Cash consideration (per Pope Resources unit)	$37.50
Cash consideration for elections		$159,463
General partner interest		10,000
Repayment of Pope Resources debt		65,943
Prepayment penalty and accrued interest on Pope Resources’ debt		2,275
Closing costs paid on behalf of Pope Resources		9,637
Cash consideration transferred		$247,318

Equity consideration:






Rayonier common shares issued	7,181,071
Rayonier share price (a)	$24.01
Equity consideration for elections		$172,418
Pope Resources replacement awards (b)(c)		222
Equity consideration transferred		$172,640

Redeemable Common Unit consideration:
Redeemable Common Units issued	4,446,153
Rayonier share price (a)	$24.01
Redeemable Common Unit consideration transferred		$106,752






Fair Value of Pope Resources units held by us (d)		$11,211

Total consideration		$537,921

(a)The closing price of Rayonier common stock on the NYSE on May 7, 2020.

(b)See Note 18 — Incentive Stock Plans for additional details.

(c)Represents the fair value of Rayonier replacement restricted stock awards for restricted Pope Resources units held by employees that relate to pre-merger services rendered to Pope Resources.

(d)Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.

The following table contains the amounts of cash transferred in the merger and net cash consideration shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2020:


			June 30, 2020

Cash consideration transferred			$247,318
Less: Cash assumed in merger			(16,250)
Net cash consideration shown in the Consolidated Statements of Cash Flows			$231,068

Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed


	Core Timberlands	Timber Funds	Total
Timberland and Real Estate Business
Cash	$7,380	$8,870	$16,250
Accounts receivable	2,280	1,794	4,074
Other current assets	651	499	1,150
Timber and Timberlands	515,519	471,900	987,419
Higher and Better Use Timberlands and Real Estate Development Investments	27,722	—	27,722
Property, plant and equipment	8,307	—	8,307
Other assets	4,297	—	4,297
Total identifiable assets acquired	$566,156	$483,063	$1,049,219
			—
Accounts payable	274	292	566
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	7,233	1,117	8,350
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	11,000	—	11,000
Other non-current liabilities (a)	4,137	—	4,137
Total liabilities assumed	$76,390	$62,527	$138,917

Net identifiable assets	$489,766	$420,536	$910,302
Less: noncontrolling interest	(3,307)	(369,074)	(372,381)
Total net assets acquired	$486,459	$51,462	$537,921

(a)Other non-current liabilities includes a $4.0 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities.

Schedule of Unaudited Pro Forma Information


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Sales	$215,500	$212,800	$499,100	$429,300

Net income attributable to Rayonier Inc.	$7,644	$13,016	$28,069	$32,959
Basic earnings per share attributable to Rayonier Inc.	$0.06	$0.10	$0.20	$0.24
Diluted earnings per share attributable to Rayonier Inc.	$0.06	$0.09	$0.20	$0.24

Net income attributable to Rayonier, L.P.	$7,823	$13,414	$28,819	$34,028
Basic earnings per unit attributable to Rayonier, L.P.	$0.06	$0.10	$0.20	$0.24
Diluted earnings per unit attributable to Rayonier, L.P.	$0.06	$0.09	$0.20	$0.24

REVENUE (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Contract with Customer, Liabilities

The following table summarizes revenue recognized during the three and six months ended June 30, 2020 and 2019 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Revenue recognized from contract liability balance at the beginning of the year (a)	$3,661	$3,440	$10,086	$8,796

(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

Disaggregation of Revenue by Product

The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2020
Pulpwood	$24,685	$3,163	$5,766	$328	—	$2,463	—	$36,405
Sawtimber	16,359	22,296	34,959	6,305	—	21,805	—	101,724
Hardwood	512	—	—	—	—	—	—	512
Total Timber Sales	41,556	25,459	40,725	6,633	—	24,268	—	138,641
License Revenue, Primarily from Hunting	4,337	95	83	10	—	—	—	4,525
Other Non-Timber/Carbon Revenue	874	617	961	4	—	—	—	2,456
Agency Fee Income	—	—	—	—	—	(1)	—	(1)
Total Non-Timber Sales	5,211	712	1,044	14	—	(1)	—	6,980
Improved Development	—	—	—	—	6,427	—	—	6,427
Unimproved Development	—	—	—	—	8,426	—	—	8,426
Rural	—	—	—	—	27,234	—	—	27,234
Timberlands & Non-Strategic	—	—	—	—	9,606	—	—	9,606
Deferred Revenue/Other (b)	—	—	—	—	(1,756)	—	—	(1,756)

Total Real Estate Sales	—	—	—	—	49,937	—	—	49,937

Revenue from Contracts with Customers	46,767	26,171	41,769	6,647	49,937	24,267	—	195,558
Lease Revenue	—	—	—	—	72	—	—	72
Intersegment	—	—	—	877	—	53	(930)	—
Total Revenue	$46,767	$26,171	$41,769	$7,524	$50,009	$24,320	($930)	$195,630


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2019
Pulpwood	$19,310	$2,267	$8,581	—	—	$3,826	—	$33,984
Sawtimber	16,286	15,407	52,427	—	—	31,377	—	115,497
Hardwood	1,391	—	—	—	—	—	—	1,391
Total Timber Sales	36,987	17,674	61,008	—	—	35,203	—	150,872
License Revenue, Primarily from Hunting	4,296	103	142	—	—	—	—	4,541
Other Non-Timber/Carbon Revenue	4,914	779	977	—	—	—	—	6,670
Agency Fee Income	—	—	—	—	—	184	—	184
Total Non-Timber Sales	9,210	882	1,119	—	—	184	—	11,395
Improved Development	—	—	—	—	172	—	—	172
Unimproved Development	—	—	—	—	14,431	—	—	14,431
Rural (a)	—	—	—	—	7,107	—	—	7,107
Timberlands & Non-Strategic (a)	—	—	—	—	815	—	—	815
Deferred Revenue/Other (b)	—	—	—	—	8	—	—	8

Total Real Estate Sales	—	—	—	—	22,533	—	—	22,533

Revenue from Contracts with Customers	46,197	18,556	62,127	—	22,533	35,387	—	184,800
Intersegment	—	—	—	—	—	74	(74)	—
Total Revenue	$46,197	$18,556	$62,127	—	$22,533	$35,461	($74)	$184,800

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


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2020
Pulpwood	$52,178	$6,290	$10,613	$328	—	$4,993	—	$74,402
Sawtimber	35,868	49,741	65,746	6,305	—	37,918	—	195,578
Hardwood	993	—	—	—	—	—	—	993
Total Timber Sales	89,039	56,031	76,359	6,633	—	42,911	—	270,973
License Revenue, Primarily From Hunting	8,926	192	140	10	—	—	—	9,268
Other Non-Timber/Carbon Revenue	1,784	1,022	2,809	4	—	—	—	5,619
Agency Fee Income	—	—	—	—	—	327	—	327
Total Non-Timber Sales	10,710	1,214	2,949	14	—	327	—	15,214
Improved Development	—	—	—	—	6,427	—	—	6,427
Unimproved Development	—	—	—	—	8,426	—	—	8,426
Rural	—	—	—	—	29,631	—	—	29,631
Timberlands & Non-Strategic	—	—	—	—	9,606	—	—	9,606
Deferred Revenue/Other (b)	—	—	—	—	(1,616)	—	—	(1,616)
Large Dispositions	—	—	—	—	116,027	—	—	116,027
Total Real Estate Sales	—	—	—	—	168,501	—	—	168,501

Revenue from Contracts with Customers	99,749	57,245	79,308	6,647	168,501	43,238	—	454,688
Lease Revenue	—	—	—	—	72	—	—	72
Intersegment	—	—	—	877	—	66	(943)	—
Total Revenue	$99,749	$57,245	$79,308	$7,524	$168,573	$43,304	($943)	$454,760

Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
June 30, 2019
Pulpwood	$46,109	$5,087	$17,349	—	—	$8,152	—	$76,697
Sawtimber	39,437	32,684	98,290	—	—	58,890	—	229,301
Hardwood	2,477	—	—	—	—	—	—	2,477
Total Timber Sales	88,023	37,771	115,639	—	—	67,042	—	308,475
License Revenue, Primarily from Hunting	8,420	205	195	—	—	—	—	8,820
Other Non-Timber/Carbon Revenue	10,600	1,115	3,423	—	—	—	—	15,138
Agency Fee Income	—	—	—	—	—	381	—	381
Total Non-Timber Sales	19,020	1,320	3,618	—	—	381	—	24,339
Improved Development	—	—	—	—	514	—	—	514
Unimproved Development	—	—	—	—	15,430	—	—	15,430
Rural (a)	—	—	—	—	26,313	—	—	26,313
Timberlands & Non-Strategic (a)	—	—	—	—	1,207	—	—	1,207
Deferred Revenue/Other (b)	—	—	—	—	68	—	—	68

Total Real Estate Sales	—	—	—	—	43,532	—	—	43,532

Revenue from Contracts with Customers	107,043	39,091	119,257	—	43,532	67,423	—	376,346
Intersegment	—	—	—	—	—	103	(103)	—
Total Revenue	$107,043	$39,091	$119,257	—	$43,532	$67,526	($103)	$376,346

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

The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
June 30, 2020
Stumpage Pay-as-Cut	$16,216	—	—	531	—	$16,747
Stumpage Lump Sum	863	326	—	—	—	1,189

Total Stumpage	17,079	326	—	531	—	17,936

Delivered Wood (Domestic)	21,438	25,133	12,126	6,102	462	65,261
Delivered Wood (Export)	3,039	—	28,599	—	23,806	55,444
Total Delivered	24,477	25,133	40,725	6,102	24,268	120,705

Total Timber Sales	$41,556	$25,459	$40,725	$6,633	$24,268	$138,641

June 30, 2019
Stumpage Pay-as-Cut	$15,172	—	—	—	—	$15,172
Stumpage Lump Sum	581	—	—	—	—	581

Total Stumpage	15,753	—	—	—	—	15,753

Delivered Wood (Domestic)	17,041	17,674	21,739	—	2,669	59,123
Delivered Wood (Export)	4,193	—	39,269	—	32,534	75,996
Total Delivered	21,234	17,674	61,008	—	35,203	135,119

Total Timber Sales	$36,987	$17,674	$61,008	—	$35,203	$150,872


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
June 30, 2020
Stumpage Pay-as-Cut	$41,623	—	—	531	—	$42,154
Stumpage Lump Sum	1,251	5,457	—	—	—	6,708

Total Stumpage	42,874	5,457	—	531	—	48,862

Delivered Wood (Domestic)	42,498	50,574	25,817	6,102	934	125,925
Delivered Wood (Export)	3,667	—	50,542	—	41,977	96,186
Total Delivered	46,165	50,574	76,359	6,102	42,911	222,111

Total Timber Sales	$89,039	$56,031	$76,359	$6,633	$42,911	$270,973

June 30, 2019
Stumpage Pay-as-Cut	$43,180	—	—	—	—	$43,180
Stumpage Lump Sum	2,675	—	—	—	—	$2,675

Total Stumpage	45,855	—	—	—	—	45,855

Delivered Wood (Domestic)	36,379	37,771	42,439	—	4,793	121,382
Delivered Wood (Export)	5,789	—	73,200	—	62,249	141,238
Total Delivered	42,168	37,771	115,639	—	67,042	262,620

Total Timber Sales	$88,023	$37,771	$115,639	—	$67,042	$308,475

LEASES (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Operating Lease Maturities

The following table details our undiscounted lease obligations as of June 30, 2020 by type of lease and year of expiration:


		Year of Expiration
Lease obligations	Total	Remaining 2020	2021	2022	2023	2024	Thereafter
Operating lease liabilities	$178,880	$5,675	$9,003	$8,119	$8,051	$7,946	$140,086

Total Undiscounted Cash Flows	$178,880	$5,675	$9,003	$8,119	$8,051	$7,946	$140,086
Imputed interest	(82,154)
Balance at June 30, 2020	96,726
Less: Current portion	(8,952)
Non-current portion at June 30, 2020	$87,774

Lease Cost

The following table details components of our lease cost for the three and six months ended June 30, 2020 and June 30, 2019:


	Three Months Ended June 30,			Six Months Ended June 30,
Lease Cost Components	2020	2019	2020	2019
Operating lease cost	$1,341	$2,396	$3,439	$4,833
Variable lease cost (a)	136	81	214	157
Total lease cost (b)	$1,477	$2,477	$3,653	$4,990

(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.

The following table provides supplemental cash flow information related to our leases for the six months ended June 30, 2020 and June 30, 2019:


	Six Months Ended June 30,
Supplemental cash flow information related to leases:	2020		2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases	$1,138		$1,493
Investing cash flows from operating leases	2,301		3,340
Total cash flows from operating leases	$3,439		$4,833




Weighted-average remaining lease term in years - operating leases	28		28

Weighted-average discount rate - operating leases	5	%	5	%

Operating Lease, Lease Income

The following table details our lease income for the three and six months ended June 30, 2020:


	Three Months Ended June 30,	Six Months Ended June 30,
Lease Income Components	2020	2020
Operating lease income	$72	$72

Total lease income	$72	$72

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

Future lease income as of June 30, 2020, based on payments due by period under the lease contracts, are presented in the following table:


		Year of Expiration
Lease assets	Total	Remaining 2020	2021	2022	2023	2024	Thereafter
Operating lease Income	$708	$165	$176	$173	$137	$57	—

Lease, Practical Expedient

We apply the following practical expedients as allowed under ASC 842:


Practical Expedient						Description
Short-term leases						We do not record right-of-use assets or lease 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						We do 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.

NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries

The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Net income attributable to noncontrolling interest in the New Zealand subsidiary	$693	$2,168	$1,261	$5,167

The following table sets forth the (loss) attributable to the Funds’ noncontrolling interests:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Funds:	($2,146)	—	($2,146)	—

The following table sets forth the (loss) attributable to Ferncliff Investors’ noncontrolling interests:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Ferncliff Investors:	($46)	—	($46)	—

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:


	Three Months Ended June 30,	Six Months Ended June 30,
	2020	2020
Beginning noncontrolling interests in the Operating Partnership	—	—
Issuances of Redeemable Common Units	106,752	106,752
Adjustment of noncontrolling interests in the Operating Partnership	3,992	3,992

Net Income attributable to noncontrolling interests in the Operating Partnership	219	219
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	457	457
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(1,200)
Total noncontrolling interests in the Operating Partnership	$110,220	$110,220

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the segment information for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,			Six Months Ended June 30,
SALES	2020	2019	2020	2019
Southern Timber	$46,767	$46,197	$99,749	$107,043
Pacific Northwest Timber	26,171	18,556	57,245	39,091
New Zealand Timber	41,769	62,127	79,308	119,257
Timber Funds (a)	7,524	—	7,524	—
Real Estate (b)	50,009	22,533	168,573	43,532
Trading	24,320	35,461	43,304	67,526

Intersegment Eliminations (c)	(930)	(74)	(943)	(103)
Total	$195,630	$184,800	$454,760	$376,346

(a)The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in the Timber Funds.

(b)The six months ended June 30, 2020 includes $116.0 million from a Large Disposition.


	Three Months Ended June 30,			Six Months Ended June 30,
OPERATING INCOME (LOSS)	2020	2019	2020	2019
Southern Timber	$11,208	$14,741	$26,278	$36,261
Pacific Northwest Timber	(6,681)	(3,815)	(7,629)	(7,556)
New Zealand Timber	4,973	12,797	10,422	28,517
Timber Funds (a)	(1,892)	—	(1,892)	—
Real Estate (b)	24,848	15,468	51,622	25,495
Trading	102	(171)	83	309

Corporate and Other (c)	(20,872)	(7,627)	(28,646)	(13,113)
Total Operating Income	11,686	31,393	50,238	69,913
Unallocated interest expense and other	(8,241)	(6,865)	(16,666)	(13,242)
Total Income before Income Taxes	$3,445	$24,528	$33,572	$56,671

(a)The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in the Timber Funds.

(b)The six months ended June 30, 2020 includes $28.7 million from a Large Disposition.


	Three Months Ended June 30,			Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2020	2019	2020	2019
Southern Timber	$15,231	$12,880	$33,414	$32,608
Pacific Northwest Timber	10,606	6,045	21,308	12,871
New Zealand Timber	4,942	7,189	9,716	13,508
Timber Funds (a)	4,070	—	4,070	—
Real Estate (b)	6,678	1,199	42,422	4,534


Corporate and Other	340	288	637	572
Total	$41,867	$27,601	$111,567	$64,093

(a)The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization related to noncontrolling interests in the Timber Funds.

(b)The six months ended June 30, 2020 includes $35.4 million from a Large Disposition.


	Three Months Ended June 30,			Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2020	2019	2020	2019



Real Estate (a)	$13,030	$1,617	$65,081	$5,647


Total	$13,030	$1,617	$65,081	$5,647

(a) The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.

DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Our debt consisted of the following at June 30, 2020:


			June 30, 2020
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020 (a)			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%			325,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020 (b)			300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at June 30, 2020 (c)			250,000
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at June 30, 2020			35,000
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches (d)
Due 2025 at a fixed interest rate of 6.1%			11,779
Due 2028 at a fixed interest rate of 4.1%			12,085
Due 2033 at a fixed interest rate of 5.3%			19,564
Due 2036 at a fixed interest rate of 5.4%			9,927
Total debt, excluding Timber Funds			1,313,355


Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d)
Due 2020 at a fixed interest rate of 4.9%			11,030
Due 2020 at a fixed interest rate of 3.8%			14,012
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows (d):
Due 2023 at a fixed interest rate of 5.1%			19,827
Due 2024 at a fixed interest rate of 4.5%			15,790
Total debt, Timber Funds			60,659
Total debt			1,374,014
Less: Current maturities of long-term debt, Timber Funds			(25,042)
Less: Deferred financing costs			(2,849)
Long-term debt, net of deferred financing costs			$1,346,123

(d) See the section below labeled “Long-Term Debt Assumed in the Pope Resources Merger” for additional details.

Schedule of Maturities of Long-Term Debt

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


	Excluding Timber Funds	Timber Funds	Total
2020	—	$25,000	$25,000
2021	—	—	—
2022	325,000	—	325,000
2023	—	17,980	17,980
2024	—	14,400	14,400
Thereafter	980,000	—	980,000
Total Debt	$1,305,000	$57,380	$1,362,380

Schedule of Credit Facilities

The pertinent details of each tranche of the NWFCS Credit Facility we assumed are as follows:


Tranche	Stated Fixed Interest Rate		Effective Fixed Interest Rate (a)		Stated Principal Amount	Est. Fair Value at Merger Date (b)
Tranche 2 (Due 2025)	6.1	%	4.8	%	$10,000	$11,838
Tranche 4 (Due 2028)	4.1	%	3.1	%	11,000	12,108
Tranches 6 & 7 (Due 2033)	5.3	%	4.2	%	16,000	19,609
Tranche 8 (Due 2036)	5.4	%	4.3	%	8,000	9,947
Total NWFCS Credit Facility assumed					$45,000	$53,502

(a)Estimated effective fixed interest rates as of June 30, 2020 after consideration of estimated patronage refunds.

(b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each tranche.

Schedule of Mortgages Payable

The pertinent details of the Fund II Mortgages Payable are as follows:


Maturity Date	Stated Fixed Interest Rate		Stated Principal Amount	Est. Fair Value at Merger Date (a)
September 2020	4.9	%	$11,000	$11,061
September 2020	3.8	%	14,000	14,023
			$25,000	$25,084

(a)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.

The pertinent details of the Fund III Mortgages Payable are as follows:


Maturity Date	Stated Fixed Interest Rate		Effective Fixed Interest Rate (a)		Stated Principal Amount	Est. Fair Value at Merger Date (b)
December 2023	5.1	%	3.9	%	$17,980	$19,915
October 2024	4.5	%	3.2	%	14,400	15,844
					$32,380	$35,759

(a)Estimated effective fixed interest rates as of June 30, 2020 after consideration of estimated patronage refunds.

(b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2020, are calculated on a trailing 12-month basis:


	Covenant Requirement		Actual Ratio		Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		9.8 to 1		7.3
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2020, are calculated on a trailing 12-month basis:


	Covenant Requirement		Actual Ratio		Favorable
Covenant loan-to-appraised value shall not exceed	50%		11%		39	%
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		9.8 to 1		7.3
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

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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Schedule of Costs for Land, Timber and Real Estate Development

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

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to June 30, 2020 are shown below:


	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber	Development Investments	Total
Non-current portion at December 31, 2019	$58,091	$23,700	$81,791
Plus: Current portion (a)	274	12,389	12,663
Total Balance at December 31, 2019	58,365	36,089	94,454
Non-cash cost of land and improved development	(280)	(3,523)	(3,803)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(351)	—	(351)
Capitalized real estate development investments (b)	—	3,587	3,587
HBU properties acquired in merger with Pope Resources (c)	27,722	—	27,722
Capital expenditures (silviculture)	180	—	180

Intersegment transfers	(3,979)	—	(3,979)

Total Balance at June 30, 2020	81,657	36,153	117,810
Less: Current portion (a)	(361)	(3,529)	(3,890)
Non-current portion at June 30, 2020	$81,296	$32,624	$113,920

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 21 — Inventory for additional information.

(b)Capitalized real estate development investments include $0.2 million of capitalized interest.

(c)Based on preliminary estimates of fair value as of May 8, 2020. See Note 2 - Merger with Pope Resources for additional information.

COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments

At June 30, 2020, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Development Projects (b)	Pension Contributions (c)	Commitments (d)	Total
Remaining 2020	$710	$4,206	$2,476	$7,880	$15,272
2021	2,387	160	681	14,193	17,421
2022	2,023	220	—	16,992	19,235
2023	2,012	232	—	17,719	19,963
2024	2,012	232	—	14,987	17,231
Thereafter	2,784	2,770	—	39,877	45,431
	$11,928	$7,820	$3,157	$111,648	$134,553

(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination in Port Gamble, Washington.

(b)Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.

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

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

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table contains the income tax expense recognized in the Consolidated Statements of Income and Comprehensive Income:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Income tax expense	($2,990)	($3,608)	($6,696)	($7,958)

Schedule of Effective Income Tax Rate Reconciliation

The following table contains the Company’s annualized effective tax rate after discrete items:


	Six Months Ended June 30,
	2020		2019
Annualized effective tax rate after discrete items	19.8	%	15.5	%

GUARANTEES (Tables)

6 Months Ended

Jun. 30, 2020

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of June 30, 2020, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$985

Surety bonds (b)

10,011

Total financial commitments

$10,996

EARNINGS PER SHARE AND PER UNIT (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share and Per Unit, Basic and Diluted

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


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Earnings per common share - basic
Numerator:
Net Income	$455	$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 affiliates	1,499	(2,168)	931	(5,167)
Net income attributable to Rayonier Inc.	$1,735	$18,752	$27,588	$43,546
Denominator:
Denominator for basic earnings per common share - weighted average shares	133,318,209	129,380,282	131,227,852	129,277,490
Basic earnings per common share attributable to Rayonier Inc.:	$0.01	$0.14	$0.21	$0.34
Earnings per common share - diluted
Numerator:
Net Income	$455	$20,920	$26,876	$48,713
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	1,499	(2,168)	931	(5,167)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$1,954	$18,752	$27,807	$43,546
Denominator:
Denominator for basic earnings per common share - weighted average shares	133,318,209	129,380,282	131,227,852	129,277,490
Add: Dilutive effect of:
Stock options	—	13,463	537	16,580
Performance shares, restricted shares and restricted stock units	49,299	250,170	129,390	403,915
Noncontrolling interests in common units	2,589,518	—	1,294,759	—
Denominator for diluted earnings per common share - adjusted weighted average shares	135,957,026	129,643,915	132,652,538	129,697,985
Diluted earnings per common share attributable to Rayonier Inc.:	$0.01	$0.14	$0.21	$0.34

The following table provides details of the calculations of basic and diluted earnings per common unit of the Operating Partnership:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Earnings per common unit - basic
Numerator:
Net Income	$455	$20,920	$26,876	$48,713
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,499	(2,168)	931	(5,167)
Net income available to unitholders	$1,954	$18,752	$27,807	$43,546
Denominator:
Denominator for basic earnings per common unit - weighted average units	135,907,727	129,380,282	132,522,611	129,277,490
Basic earnings per common unit attributable to Rayonier, L.P.:	$0.01	$0.14	$0.21	$0.34
Earnings per common unit - diluted
Numerator:
Net Income	$455	$20,920	$26,876	$48,713
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,499	(2,168)	931	(5,167)
Net income available to unitholders	$1,954	$18,752	$27,807	$43,546
Denominator:
Denominator for basic earnings per common share - weighted average units	135,907,727	129,380,282	132,522,611	129,277,490
Add: Dilutive effect of unit equivalents:
Stock options	—	13,463	537	16,580
Performance shares, restricted shares and restricted stock units	49,299	250,170	129,390	403,915
Denominator for diluted earnings per common unit - adjusted weighted average units	135,957,026	129,643,915	132,652,538	129,697,985
Diluted earnings per common share attributable to Rayonier, L.P..:	$0.01	$0.14	$0.21	$0.34

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance shares, restricted shares and restricted stock units	635,779	451,258	521,053	444,765


Total	635,779	451,258	521,053	444,765


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	635,779	451,258	521,053	444,765


Total	635,779	451,258	521,053	444,765

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of June 30, 2020:


Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap (b)		Bank Margin on Debt		Total Effective Interest Rate (c)
August 2015	9 years	$170,000	Term Credit Agreement	2.20	%	1.60	%	3.80	%
August 2015	9 years	180,000	Term Credit Agreement	2.35	%	1.60	%	3.95	%
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	%
June 2020	10 years	250,000	2020 Incremental Term Loan	1.10	%	1.85	%	2.95	%

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

The following table contains information on the expired treasury lock agreements entered into during the six months ended June 30, 2020:

Converted Treasury Rate Locks (a)

Date Entered Into

Term

Notional Amount

Rate

Related Debt Facility (b)

Expiration Date

January 2020

10 years

$100,000

1.53%

2020 Incremental Term Loan Facility

March 30, 2020

January 2020

10 years

100,000

1.53%

2020 Incremental Term Loan Facility

March 31, 2020

February 2020

10 years

50,000

1.35%

2020 Incremental Term Loan Facility

March 31, 2020

(a) At inception, all treasury locks were designated as interest rate cash flow hedges and qualified for hedge accounting.

The following table contains information on the terminated interest rate swap lock agreements as of June 30, 2020:

Converted Interest Rate Swap Locks (a)

Date Entered Into

Term

Notional Amount

Fixed Rate of Swap Lock (b)

Related Debt Facility (c)

Termination Date

March 2020

10 years

$100,000

1.56%

2020 Incremental Term Loan Facility

June 30, 2020

March 2020

10 years

100,000

1.59%

2020 Incremental Term Loan Facility

June 30, 2020

March 2020

10 years

50,000

1.41%

2020 Incremental Term Loan Facility

June 30, 2020

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

The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2020:

Outstanding Forward-Starting Interest Rate Swaps (a)

Date Entered Into

Term

Notional Amount

Fixed Rate of Swap

Related Debt Facility

Forward Date

Maximum Period Ending for Forecasted Issuance Date

February 2020

10 years

$325,000

1.40

Anticipated refinancing of Senior Notes due 2022

April 2022

March 2020

4 years

100,000

0.88

Term Credit Agreement

August 2024

N/A

May 2020

4 years

50,000

0.74

Term Credit Agreement

August 2024

N/A

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

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


		Three Months Ended June 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$5,340	($219)
Foreign currency option contracts	Other comprehensive income (loss)	877	(107)
Interest rate products	Other comprehensive income (loss)	(14,469)	(18,371)
	Interest Expense	2,716	(913)











Derivatives not designated as hedging instruments:



Foreign currency exchange contracts	Interest and other miscellaneous income, net	—	152
Carbon option contracts	Interest and other miscellaneous income, net	14	12


		Six Months Ended June 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	($140)	$900
Foreign currency option contracts	Other comprehensive income (loss)	(273)	(30)
Interest rate products	Other comprehensive income (loss)	(93,621)	(28,966)
	Interest Expense	3,168	(1,866)












Derivatives not designated as hedging instruments:



Foreign currency exchange contracts	Interest and other miscellaneous income, net	—	135
Carbon option contracts	Interest and other miscellaneous income, net	563	415

Schedule of Notional Amounts of Outstanding Derivative Positions

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


	Notional Amount
	June 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$61,500	$56,350
Foreign currency option contracts	36,000	22,000
Interest rate swaps	900,000	650,000

Forward-starting interest rate swaps	475,000	—






Derivative not designated as a hedging instrument:

Carbon options (a)	—	9,592

(a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of June 30, 2020.

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

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


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		June 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$310	$424
	Other assets	1,177	390
	Other current liabilities	(968)	(172)
	Other non-current liabilities	(17)	—
Foreign currency option contracts	Other current assets	275	151
	Other assets	172	209
	Other current liabilities	(305)	(27)
	Other non-current liabilities	(112)	(30)
Interest rate swaps	Other assets	—	2,614
	Other non-current liabilities	(65,381)	(11,068)






Forward-starting interest rate swaps	Other non-current liabilities	(22,832)	—

Derivative not designated as a hedging instrument:


Carbon options	Other current liabilities	—	(607)


Total derivative contracts:
Other current assets		$585	$575
Other assets		1,349	3,213
Total derivative assets		$1,934	$3,788

Other current liabilities		(1,273)	(806)
Other non-current liabilities		(88,342)	(11,098)
Total derivative liabilities		($89,615)	($11,904)

(a) See Note 16 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping


	June 30, 2020							December 31, 2019
Asset (Liability) (a)	Carrying Amount	Fair Value					Carrying Amount	Fair Value
				Level 1		Level 2			Level 1	Level 2
Cash and cash equivalents, excluding Timber Funds	$87,813	$87,813	—		$68,735		$68,735	—
Cash and cash equivalents, Timber Funds	6,973	6,973	—		—		—	—
Restricted cash (b)	475	475	—		1,233		1,233	—
Current maturities of long-term debt, excluding Timber Funds	—	—	—		(82,000)		—	(82,000)
Current maturities of long-term debt, Timber Funds	(25,042)	—	(25,083)		—		—	—
Long-term debt, excluding Timber Funds (c)	(1,310,506)	—	(1,297,698)		(973,129)		—	(981,500)
Long-term debt, Timber Funds (c)	(35,617)	—	(35,741)		—		—	—
Interest rate swaps (d)	(65,381)	—	(65,381)		(8,454)		—	(8,454)

Forward-starting interest rate swaps (d)	(22,832)	—	(22,832)		—		—	—
Foreign currency exchange contracts (d)	502	—	502		642		—	642
Foreign currency option contracts (d)	30	—	30		303		—	303
Carbon option contracts (d)	—	—	—		(607)		—	(607)
Marketable equity securities (e)	—	—	—		10,582		10,582	—
Noncontrolling Interests in the Operating Partnership (f)	110,220	110,220	—		—		—	—

(a)We did not have Level 3 assets or liabilities at June 30, 2020 and December 31, 2019.

(c)The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 7 — Debt for additional information.

(d)See Note 15 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(e)Investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations.

Schedule of Marketable Securities Unrealized Gain Position


	June 30, 2020							December 31, 2019
	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 (losses) gains	—	—	—	—	—	3,043	—	3,043

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2020

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

Schedule of Components of Net Periodic Benefit Cost

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


Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension			Postretirement
			Three Months Ended June 30,			Three Months Ended June 30,
			2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$2	$1
Interest cost	Interest and other miscellaneous income, net	677	799	13	13
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(876)	(777)	—	—

Amortization of losses	Interest and other miscellaneous income, net	215	112	2	—

Net periodic benefit cost		$16	$134	$17	$14


Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension			Postretirement
			Six Months Ended June 30,			Six Months Ended June 30,
			2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$3	$3
Interest cost	Interest and other miscellaneous income, net	1,353	1,599	26	27
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(1,752)	(1,554)	—	—

Amortization of losses	Interest and other miscellaneous income, net	431	224	4	—

Net periodic benefit cost		$32	$269	$33	$30

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2020 net periodic benefit cost for pension benefits is 5.7%

INCENTIVE STOCK PLANS (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards Granted as a Result of Our Merger with Pope Resources

A summary of the replacement awards granted as a result of the merger with Pope Resources is presented below:


	Three Months Ended June 30,		Six Months Ended June 30,
		2020		2020
Replacement restricted shares granted	69,176		69,176
Weighted average price of replacement restricted shares granted	$24.01		$24.01
Replacement restricted shares vested as a result of acceleration due to qualifying terminations	11,076		11,076
Grant date fair value of replacement restricted shares vested	$24.01		$24.01
Intrinsic value of replacement restricted shares outstanding (a)	$1,440		$1,440
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements	44		44

(a)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at June 30, 2020.

OTHER OPERATING EXPENSE, NET (Tables)

6 Months Ended

Jun. 30, 2020

Other Income and Expenses [Abstract]

Other Operating Expense Net

Other operating expense, net consisted of the following:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Loss on foreign currency remeasurement, net of cash flow hedges	($2,720)	($719)	($1,287)	($690)
Gain on sale or disposal of property and equipment	4	35	7	56



Log trading marketing fees	3	80	50	137
Costs related to the merger with Pope Resources (a)	(13,498)	—	(15,985)	—

Miscellaneous expense, net	(272)	(1,365)	(379)	(1,437)
Total	($16,483)	($1,969)	($17,594)	($1,934)

CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Integration and Restructuring Related Cost

A summary of the charges for integration and restructuring related to our merger with Pope Resources is presented below:


	Three Months Ended	Six Months Ended
	June 30, 2020	June 30, 2020

Termination benefits	$581	$581
Acceleration of share-based compensation related to qualifying terminations (Note 18)	232	232
Professional services	10,967	13,314
Other integration and restructuring costs	1,718	1,858
Total integration and restructuring charges related to our merger with Pope Resources	$13,498	$15,985

Schedule of Changes in Accrued Severance Related to Restructuring

Changes in accrued severance related to restructuring during the three and six months ended June 30, 2020 were as follows:


	Three Months Ended	Six Months Ended
	June 30, 2020	June 30, 2020
Accrued severance as of March 31, 2020	—	—
Charges	581	581
Payments	(334)	(334)
Accrued severance as of June 30, 2020	$247	$247

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

As of June 30, 2020 and December 31, 2019, our inventory consisted entirely of finished goods, as follows:


	June 30, 2020	December 31, 2019
Finished goods inventory
Real estate inventory (a)	$3,890	$12,663
Log inventory	6,475	1,855
Total inventory	$10,365	$14,518

(a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold.

See Note 8 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH (Tables)

6 Months Ended

Jun. 30, 2020

Restricted Cash and Investments [Abstract]

Schedule of Restricted Cash

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2020:


			June 30, 2020

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			94,786
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$95,261

Schedule of Cash and Cash Equivalents

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2020:


			June 30, 2020

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			94,786
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$95,261

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jun. 30, 2020

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

Schedule of Accumulated Other Comprehensive Income (Loss)


	Foreign currency translation (loss) gains	Net investment hedges of New Zealand subsidiary	Cash flow hedges		Employee benefit plans		Total Rayonier, L.P.	Allocation to Operating Partnership	Total Rayonier Inc.
Balance as of December 31, 2018	($1,010)	$1,321	$21,965		($22,037)		$239	—	$239
Other comprehensive (loss) income before reclassifications	784	—	(29,251)		(1,799)		(30,266)	—	(30,266)
Amounts reclassified from accumulated other comprehensive (loss) income	—	—	(1,624)		449	(b)	(1,175)	—	(1,175)
Net other comprehensive (loss) income	784	—	(30,875)		(1,350)		(31,441)	—	(31,441)
Balance as of December 31, 2019	($226)	$1,321	($8,910)		($23,387)		($31,202)	—	($31,202)
Other comprehensive loss before reclassifications	(16,022)	—	(92,806)	(a)	—		(108,828)	—	(108,828)
Amounts reclassified from accumulated other comprehensive (loss) income	—	—	2,124		434	(b)	2,558	(457)	2,101
Net other comprehensive (loss) income	(16,022)	—	(90,682)		434		(106,270)	(457)	(106,727)
Balance as of June 30, 2020	($16,248)	$1,321	($99,592)		($22,953)		($137,472)	($457)	($137,929)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2020 and June 30, 2019:


Details about accumulated other comprehensive (loss) income components	Amount reclassified from accumulated other comprehensive (loss) income					Affected line item in the income statement
		June 30, 2020		June 30, 2019
Realized (gain) loss on foreign currency exchange contracts	($1,892)		($190)		Other operating expense, net
Realized loss (gain) on foreign currency option contracts	8		(60)		Other operating expense, net
Noncontrolling interest	434		58		Comprehensive (loss) income attributable to noncontrolling interest
Realized loss (gain) on interest rate contracts	3,168		(1,866)		Interest expense
Income tax expense from net gain on foreign currency contracts	406		54		Income tax expense


Net gain from accumulated other comprehensive income	$2,124		($2,004)

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The assets and liabilities of The Funds as of June 30, 2020, were as follows:


Timber Funds			June 30, 2020
Assets:
Cash and cash equivalents			$6,973
Accounts receivable			3,213
Prepaid expenses			81
Other current assets			361
Total current assets			10,628
Timber and timberlands, net of depletion and amortization			467,800
Other assets			3
Total assets			$478,431
Liabilities and Equity:
Accounts payable			$636
Intercompany payable (a)			3,837
Current maturities of long-term debt			25,042
Accrued taxes			251
Accrued interest			655
Deferred revenue			1
Other current liabilities			787
Total current liabilities			31,209
Long-term debt			35,617
Funds’ equity			411,605
Total liabilities and equity			$478,431

(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

The assets and liabilities of Ferncliff Investors as of June 30, 2020, were as follows:


Ferncliff Investors			June 30, 2020
Assets:
Cash and cash equivalents			$760


Total current assets			760
Investment in real estate joint venture entity			3,141
Advances to real estate joint venture entity			1,000
Total assets			$4,901
Liabilities and equity:

Intercompany payable (a)			$10




Total current liabilities			10

Ferncliff Investors’ equity			4,891
Total liabilities and equity			$4,901

(a)Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

BASIS OF PRESENTATION (Narrative) (Details)	May 08, 2020 segment	May 07, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of additional reportable segments \| segment	1
Rayonier Operating Company LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		100.00%
Operating Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest	96.80%
Ownership interest owned by limited partners	3.20%
Senior Notes due 2022 at a fixed interest rate of 3.75%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated Principal Amount \| $		$ 325,000,000
Stated Fixed Interest Rate		3.75%

BASIS OF PRESENTATION (Summary of Change in Reporting Entity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 11,686	$ 31,393	$ 50,238	$ 69,913
Net income attributable to parent	1,735	18,752	27,588	43,546
Rayonier Limited Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	11,686	31,393	50,238	69,913
Net income attributable to parent	$ 1,954	$ 18,752	$ 27,807	$ 43,546
Basic earnings per share attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.14	$ 0.21	$ 0.34
Diluted earnings per share attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.14	$ 0.21	$ 0.34
Rayonier Limited Partnership \| Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 0	$ 0	$ 0	$ 0
Net income attributable to parent	$ (3,596)	$ (3,596)	$ (7,192)	$ (7,192)
Basic earnings per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.03)	$ (0.03)	$ (0.05)	$ (0.06)
Diluted earnings per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.03)	$ (0.03)	$ (0.05)	$ (0.06)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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MERGER WITH POPE RESOURCES (Narrative) (Details) $ / shares in Units, a in Thousands, $ in Thousands		2 Months Ended	3 Months Ended			6 Months Ended
	May 08, 2020 a fund $ / shares shares	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Business Acquisition [Line Items]
Costs related to the merger with Pope Resources			$ 13,498		$ 0	$ 15,985	$ 0
Pope Resources
Business Acquisition [Line Items]
Number of Timber Funds acquired \| fund	3
Pirce per share issued per acquiree share (in dollars per share) \| $ / shares	$ 37.50
Costs related to the merger with Pope Resources			13,500	$ 2,500
Amount of revenue included, subsequent to merger		$ 11,100
Pope Resources \| Acquisition-related Transaction Costs
Business Acquisition [Line Items]
Costs related to the merger with Pope Resources			$ 23,300			$ 31,200
Pope Resources \| Pacific Northwest Timber
Business Acquisition [Line Items]
Number of acres of high-quality land acquired \| a	124
Pope Resources \| Timber Funds
Business Acquisition [Line Items]
Number of acres of Timber Fund land acquired \| a	141
Pope Resources \| Limited Partnership Interest Of Pope
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) \| shares	3.929
Pirce per share issued per acquiree share (in dollars per share) \| $ / shares	$ 125.00
Pope Resources \| Limited Partnership Interest Of Pope \| Rayonier Limited Partnership
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) \| shares	3.929
Pope Resources \| Holders Of Pope Resources Units With No Valid Election
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) \| shares	2.751
Pirce per share issued per acquiree share (in dollars per share) \| $ / shares	$ 37.50

MERGER WITH POPE RESOURCES (Summary of Consideration Transferred) (Details) - Pope Resources - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	May 08, 2020	May 07, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Pope Resources units outstanding (in shares)	4,366,636
Less: Pope Resources units held by us (in shares)	(114,400)
Units outstanding, net (in shares)	4,252,236
Pirce per share issued per acquiree share (in dollars per share)	$ 37.50
Cash consideration for elections	$ 159,463
General partner interest	10,000
Repayment of Pope Resources debt	65,943
Prepayment penalty and accrued interest on Pope Resources’ debt	2,275
Closing costs paid on behalf of Pope Resources	9,637
Cash consideration transferred	247,318		$ 247,318
Share price (in dollars per share)		$ 24.01
Equity consideration for elections	172,418
Pope Resources replacement awards	222
Equity consideration transferred	172,640
Redeemable Common Unit consideration transferred	106,752
Fair Value of Pope Resources units held by us		$ 11,211
Total consideration	$ 537,921
Common Stock
Business Acquisition [Line Items]
Shares/units issued (in shares/units)	7,181,071
Redeemable Common Units
Business Acquisition [Line Items]
Shares/units issued (in shares/units)	4,446,153

MERGER WITH POPE RESOURCES (Summary of Cash Consideration) (Details) - USD ($) $ in Thousands		6 Months Ended
	May 08, 2020	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Net cash consideration shown in the Consolidated Statements of Cash Flows		$ 231,068	$ 0
Pope Resources
Business Acquisition [Line Items]
Cash consideration transferred	$ 247,318	247,318
Less: Cash assumed in merger		(16,250)
Net cash consideration shown in the Consolidated Statements of Cash Flows		$ 231,068

MERGER WITH POPE RESOURCES (Fair Value of Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	May 08, 2020
Pope Resources
Restructuring Cost and Reserve [Line Items]
Cash		$ 16,250
Accounts receivable		4,074
Other current assets		1,150
Timber and Timberlands		987,419
Higher and Better Use Timberlands and Real Estate Development Investments		27,722
Property, plant and equipment		8,307
Other assets		4,297
Total liabilities assumed		1,049,219
Accounts payable		566
Accrued interest		519
Other current liabilities		8,350
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt		25,084
Long-term debt		89,261
Long-term environmental liabilities		11,000
Other non-current liabilities		4,137
Total liabilities assumed		138,917
Net identifiable assets		910,302
Less: noncontrolling interest		(372,381)
Total net assets acquired		537,921
Deferred income tax liability	$ 4,000
Core Timberlands
Restructuring Cost and Reserve [Line Items]
Cash		7,380
Accounts receivable		2,280
Other current assets		651
Timber and Timberlands		515,519
Higher and Better Use Timberlands and Real Estate Development Investments		27,722
Property, plant and equipment		8,307
Other assets		4,297
Total liabilities assumed		566,156
Accounts payable		274
Accrued interest		244
Other current liabilities		7,233
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt		0
Long-term debt		53,502
Long-term environmental liabilities		11,000
Other non-current liabilities		4,137
Total liabilities assumed		76,390
Net identifiable assets		489,766
Less: noncontrolling interest		(3,307)
Total net assets acquired		486,459
Timber Funds
Restructuring Cost and Reserve [Line Items]
Cash		8,870
Accounts receivable		1,794
Other current assets		499
Timber and Timberlands		471,900
Higher and Better Use Timberlands and Real Estate Development Investments		0
Property, plant and equipment		0
Other assets		0
Total liabilities assumed		483,063
Accounts payable		292
Accrued interest		275
Other current liabilities		1,117
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt		25,084
Long-term debt		35,759
Long-term environmental liabilities		0
Other non-current liabilities		0
Total liabilities assumed		62,527
Net identifiable assets		420,536
Less: noncontrolling interest		(369,074)
Total net assets acquired		$ 51,462

MERGER WITH POPE RESOURCES (Schedule of Unaudited Pro Forma Information) (Details) - Pope Resources - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Sales	$ 215,500	$ 212,800	$ 499,100	$ 429,300
Net Income	$ 7,644	$ 13,016	$ 28,069	$ 32,959
Basic earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.10	$ 0.20	$ 0.24
Diluted earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.09	$ 0.20	$ 0.24
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net Income	$ 7,823	$ 13,414	$ 28,819	$ 34,028
Basic earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.10	$ 0.20	$ 0.24
Diluted earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.09	$ 0.20	$ 0.24

REVENUE (Contract Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 3,661	$ 3,440	$ 10,086	$ 8,796

REVENUE (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 195,558	$ 184,800	$ 454,688	$ 376,346
Lease Revenue	72		72
Total Revenue	195,630	184,800	454,760	376,346
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,405	33,984	74,402	76,697
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	101,724	115,497	195,578	229,301
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	512	1,391	993	2,477
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	138,641	150,872	270,973	308,475
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,525	4,541	9,268	8,820
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,456	6,670	5,619	15,138
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(1)	184	327	381
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,980	11,395	15,214	24,339
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,427	172	6,427	514
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,426	14,431	8,426	15,430
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,234	7,107	29,631	26,313
Timberlands & Non-Strategic (a)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,606	815	9,606	1,207
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(1,756)	8	(1,616)	68
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			116,027
Total Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,937	22,533	168,501	43,532
Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,647		6,647
Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,267	35,387	43,238	67,423
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(930)	(74)	(943)	(103)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,767	46,197	99,749	107,043
Total Revenue	46,767	46,197	99,749	107,043
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,685	19,310	52,178	46,109
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,359	16,286	35,868	39,437
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	512	1,391	993	2,477
Operating Segments \| Southern Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,556	36,987	89,039	88,023
Operating Segments \| Southern Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,337	4,296	8,926	8,420
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	874	4,914	1,784	10,600
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,211	9,210	10,710	19,020
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,171	18,556	57,245	39,091
Total Revenue	26,171	18,556	57,245	39,091
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,163	2,267	6,290	5,087
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,296	15,407	49,741	32,684
Operating Segments \| Pacific Northwest Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,459	17,674	56,031	37,771
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	95	103	192	205
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	617	779	1,022	1,115
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	712	882	1,214	1,320
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,769	62,127	79,308	119,257
Total Revenue	41,769	62,127	79,308	119,257
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,766	8,581	10,613	17,349
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,959	52,427	65,746	98,290
Operating Segments \| New Zealand Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,725	61,008	76,359	115,639
Operating Segments \| New Zealand Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	83	142	140	195
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	961	977	2,809	3,423
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,044	1,119	2,949	3,618
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Total Revenue	7,524	0	7,524	0
Operating Segments \| Timber Funds \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	328	0	328	0
Operating Segments \| Timber Funds \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,305	0	6,305	0
Operating Segments \| Timber Funds \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Timber Funds \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,633	0	6,633	0
Operating Segments \| Timber Funds \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10	0	10	0
Operating Segments \| Timber Funds \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4	0	4	0
Operating Segments \| Timber Funds \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Timber Funds \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14	0	14	0
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,937	22,533	168,501	43,532
Lease Revenue	72		72
Total Revenue	50,009	22,533	168,573	43,532
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,427	172	6,427	514
Operating Segments \| Real Estate \| Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,426	14,431	8,426	15,430
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,234	7,107	29,631	26,313
Operating Segments \| Real Estate \| Timberlands & Non-Strategic (a)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,606	815	9,606	1,207
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(1,756)	8	(1,616)	68
Operating Segments \| Real Estate \| Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			116,027
Operating Segments \| Real Estate \| Total Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,937	22,533	168,501	43,532
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	24,320	35,461	43,304	67,526
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,463	3,826	4,993	8,152
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,805	31,377	37,918	58,890
Operating Segments \| Trading \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,268	35,203	42,911	67,042
Operating Segments \| Trading \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(1)	184	327	381
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(1)	184	327	381
Intersegment Eliminations \| Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	877		877
Intersegment Eliminations \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	53	74	66	103
Intersegment Eliminations \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (930)	$ (74)	$ (943)	$ (103)

REVENUE (Disaggregation of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 195,558	$ 184,800	$ 454,688	$ 376,346
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,747	15,172	42,154	43,180
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,189	581	6,708	2,675
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,936	15,753	48,862	45,855
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	120,705	135,119	222,111	262,620
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	65,261	59,123	125,925	121,382
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	55,444	75,996	96,186	141,238
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	138,641	150,872	270,973	308,475
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,216	15,172	41,623	43,180
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	863	581	1,251	2,675
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,079	15,753	42,874	45,855
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,477	21,234	46,165	42,168
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,438	17,041	42,498	36,379
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,039	4,193	3,667	5,789
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	326	0	5,457	0
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	326	0	5,457	0
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,133	17,674	50,574	37,771
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,133	17,674	50,574	37,771
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,725	61,008	76,359	115,639
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,126	21,739	25,817	42,439
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,599	39,269	50,542	73,200
Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,647		6,647
Timber Funds \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	531	0	531	0
Timber Funds \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Timber Funds \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	531	0	531	0
Timber Funds \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,102	0	6,102	0
Timber Funds \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,102	0	6,102	0
Timber Funds \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,267	35,387	43,238	67,423
Trading \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,268	35,203	42,911	67,042
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	462	2,669	934	4,793
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,806	32,534	41,977	62,249
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,767	46,197	99,749	107,043
Operating Segments \| Southern Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,556	36,987	89,039	88,023
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,171	18,556	57,245	39,091
Operating Segments \| Pacific Northwest Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,459	17,674	56,031	37,771
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,769	62,127	79,308	119,257
Operating Segments \| New Zealand Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,725	61,008	76,359	115,639
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Operating Segments \| Timber Funds \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,633	0	6,633	0
Operating Segments \| Trading \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 24,268	$ 35,203	$ 42,911	$ 67,042

LEASES (Narrative) (Details) a in Thousands	6 Months Ended
LEASES (Narrative) (Details) a in Thousands	Jun. 30, 2020 a lease
Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	1 year
Minimum \| Timberland Leases \| Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Minimum \| Timberland Leases \| Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Maximum \| Timberland Leases \| Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period	45 years
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 \| Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice, gross acres	9
Leases under termination notice, net plantable acres	8
New Zealand \| Forestry Right
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice, gross acres	32
Leases under termination notice, net plantable acres	8
New Zealand \| Fixed-Term Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice, gross acres	3
Leases under termination notice, net plantable acres	2
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

LEASES (Lease Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Remaining 2020	$ 5,675
2021	9,003
2022	8,119
2023	8,051
2024	7,946
Thereafter	140,086
Operating lease liabilities	178,880
Imputed interest	(82,154)
Balance at June 30, 2020	96,726
Less: Current portion	(8,952)
Non-current portion at June 30, 2020	$ 87,774	$ 90,481

LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1,341	$ 2,396	$ 3,439	$ 4,833
Variable lease cost	136	81	214	157
Total lease cost	$ 1,477	$ 2,477	$ 3,653	$ 4,990

LEASES (Supplemental Cash Flow) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 1,138	$ 1,493
Investing cash flows from operating leases	2,301	3,340
Total cash flows from operating leases	$ 3,439	$ 4,833
Weighted-average remaining lease term in years - operating leases	28 years	28 years
Weighted-average discount rate - operating leases	5.00%	5.00%

LEASES (Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
LEASES (Lease Income) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Operating lease income	$ 72	$ 72
Total lease income	$ 72	$ 72

LEASES (Lease Contracts) (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Leases [Abstract]
Total	$ 708
Remaining 2020	165
2021	176
2022	173
2023	137
2024	57
Thereafter	$ 0

NONCONTROLLING INTERESTS (Additional Information) (Details)	May 08, 2020 a fund	Jun. 30, 2020 a
Pope Resources
Schedule of Equity Method Investments [Line Items]
Number of Timber Funds acquired \| fund	3
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres)		416,000
Ferncliff Investors \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed	5
Rayonier \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage		77.00%
Rayonier New Zealand Subsidiary \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners		23.00%
ORM Timber Fund II
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund II \| ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	20.00%
ORM Timber Fund III
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund III \| ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	5.00%
ORM Timber Fund IV
Schedule of Equity Method Investments [Line Items]
Operating agreement term	15 years
ORM Timber Fund IV \| ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	15.00%
Ferncliff Investors \| Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners	33.33%
Bainbridge Landing LLC \| Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners	50.00%

NONCONTROLLING INTERESTS (Schedule of Net Income (Loss) Attributable to Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (1,499)	$ 2,168	$ (931)	$ 5,167
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	693	2,168	1,261	5,167
ORM Timber Funds
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	(2,146)	0	(2,146)	0
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (46)	$ 0	$ (46)	$ 0

NONCONTROLLING INTERESTS (Schedule of Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 0	$ 0
Issuances of Redeemable Common Units	106,752	106,752
Adjustment of noncontrolling interests in the Operating Partnership	3,992	3,992
Net Income attributable to noncontrolling interests in the Operating Partnership	219	219
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	457	457
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(1,200)
Total noncontrolling interests in the Operating Partnership	$ 110,220	$ 110,220

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

SEGMENT AND GEOGRAPHICAL INFORMATION (Narrative) (Details)		6 Months Ended
	May 08, 2020 segment fund	Jun. 30, 2020 segment
Segment Reporting Information [Line Items]
Number of additional reportable segments	1
Number of reportable segments		6
Pope Resources
Segment Reporting Information [Line Items]
Number of Timber Funds acquired \| fund	3
ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund II
Segment Reporting Information [Line Items]
Ownership interest	20.00%
ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund III
Segment Reporting Information [Line Items]
Ownership interest	5.00%
ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund IV
Segment Reporting Information [Line Items]
Ownership interest	15.00%

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
SALES	$ 195,630	$ 184,800	$ 454,760	$ 376,346
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES	(5,800)		(5,800)
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
SALES			116,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(930)	(74)	(943)	(103)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	46,767	46,197	99,749	107,043
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	26,171	18,556	57,245	39,091
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	41,769	62,127	79,308	119,257
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
SALES	7,524	0	7,524	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	50,009	22,533	168,573	43,532
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	24,320	35,461	43,304	67,526
Intersegment Eliminations \| Timber Funds
Segment Reporting Information [Line Items]
SALES	877		877
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	53	74	66	103
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (930)	$ (74)	$ (943)	$ (103)

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total Operating Income	$ 11,686	$ 31,393	$ 50,238	$ 69,913
Unallocated interest expense and other	(8,241)	(6,865)	(16,666)	(13,242)
INCOME BEFORE INCOME TAXES	3,445	24,528	33,572	56,671
Charges	13,498		15,985
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income	2,000		2,000
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Total Operating Income			28,700
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	11,208	14,741	26,278	36,261
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(6,681)	(3,815)	(7,629)	(7,556)
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	4,973	12,797	10,422	28,517
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	(1,892)	0	(1,892)	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	24,848	15,468	51,622	25,495
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	102	(171)	83	309
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (20,872)	$ (7,627)	$ (28,646)	$ (13,113)

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 41,867	$ 27,601	$ 111,567	$ 64,093
Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	3,500		3,500
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION			35,400
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	15,231	12,880	33,414	32,608
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	10,606	6,045	21,308	12,871
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,942	7,189	9,716	13,508
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,070	0	4,070	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	6,678	1,199	42,422	4,534
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 340	$ 288	$ 637	$ 572

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 13,030	$ 1,617	$ 65,081	$ 5,647
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 13,030	$ 1,617	65,081	$ 5,647
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT			$ 51,600

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	May 07, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 1,374,014
Long-term debt, net of deferred financing costs	1,346,123
Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	1,313,355
Less: Current maturities of long-term debt, Timber Funds	0		$ (82,000)
Less: Deferred financing costs	(2,849)
Long-term debt, net of deferred financing costs	1,310,506		973,129
Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	60,659
Less: Current maturities of long-term debt, Timber Funds	(25,042)		0
Long-term debt, net of deferred financing costs	$ 35,617		$ 0
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate during period	3.20%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.60%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 350,000
Effective Fixed Interest Rate	1.80%
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Stated Fixed Interest Rate		3.75%
Senior Notes due 2022 at a fixed interest rate of 3.75% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 325,000
Stated Fixed Interest Rate	3.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate during period	2.80%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.90%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 300,000
Effective Fixed Interest Rate	2.10%
2020 Incremental Term Loan Agreement borrowings due 2025 at an average variable interest rate of 2.05% at June 30, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate during period	2.30%
2020 Incremental Term Loan Agreement borrowings due 2025 at an average variable interest rate of 2.05% at June 30, 2020 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.85%
2020 Incremental Term Loan Agreement borrowings due 2025 at an average variable interest rate of 2.05% at June 30, 2020 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 250,000
Effective Fixed Interest Rate	2.00%
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at June 30, 2020 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 35,000
Effective Fixed Interest Rate	1.70%
Due 2025 at a fixed interest rate of 6.1% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 11,779
Stated Fixed Interest Rate	6.10%
Due 2028 at a fixed interest rate of 4.1% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 12,085
Stated Fixed Interest Rate	4.10%
Due 2033 at a fixed interest rate of 5.3% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 19,564
Stated Fixed Interest Rate	5.30%
Due 2036 at a fixed interest rate of 5.4% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 9,927
Stated Fixed Interest Rate	5.40%
Due 2020 at a fixed interest rate of 4.9% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 11,030
Stated Fixed Interest Rate	4.90%
Due 2020 at a fixed interest rate of 3.8% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 14,012
Stated Fixed Interest Rate	3.80%
Due 2023 at a fixed interest rate of 5.1% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 19,827
Stated Fixed Interest Rate	5.10%
Due 2024 at a fixed interest rate of 4.5% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 15,790
Stated Fixed Interest Rate	4.50%

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Debt Instrument [Line Items]
2020	$ 25,000
2021	0
2022	325,000
2023	17,980
2024	14,400
Thereafter	980,000
Total Debt	1,362,380
Excluding Timber Funds
Debt Instrument [Line Items]
2020	0
2021	0
2022	325,000
2023	0
2024	0
Thereafter	980,000
Total Debt	1,305,000
Timber Funds
Debt Instrument [Line Items]
2020	25,000
2021	0
2022	0
2023	17,980
2024	14,400
Thereafter	0
Total Debt	$ 57,380

DEBT (Narrative and Debt Convenants) (Details) $ in Millions		6 Months Ended
	May 08, 2020 USD ($) mortgage_payable	Jun. 30, 2020 USD ($) tranche	Jun. 30, 2020 NZD ($)	Apr. 16, 2020 USD ($)	Apr. 13, 2020 USD ($)	Apr. 12, 2020 USD ($)	Apr. 01, 2020 USD ($)	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Debt instrument, number of tranches \| tranche		5
Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 1,313,355,000
Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		60,659,000
Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount	$ 25,000,000.0	$ 25,000,000
Debt instrument, number of mortgages payable \| mortgage_payable	2
Fund II Mortgages Payable \| Timber Funds
Debt Instrument [Line Items]
Loan-to-value ratio, percentage		50.00%
Fund III Mortgages Payable
Debt Instrument [Line Items]
Face amount	$ 32,400,000	$ 32,380,000
Debt instrument, number of mortgages payable \| mortgage_payable	2
Fund III Mortgages Payable \| Timber Funds
Debt Instrument [Line Items]
Loan-to-value ratio, percentage		50.00%
Ratio of minimum interest coverage		1.5	1.5
Working capital		$ 500,000
2020 Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt term				5 years
Face amount				$ 250,000,000
2020 Incremental Term Loan Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		250,000,000
Working Capital Facility
Debt Instrument [Line Items]
Proceeds from lines of credit		0
Repayments of lines of credit		0
Remaining borrowing capacity			$ 20.0
Term Credit Agreement \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 350,000,000
Covenant EBITDA to consolidated interest expense, Covenant Requirement		2.5	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio		9.8	9.8
Covenant EBITDA to consolidated interest expense, Favorable		7.3	7.3
Covenant debt to net worth plus covenant debt, Covenant Requirement		0.65	0.65
Covenant debt to net worth plus covenant debt, Actual ratio		0.47	0.47
Covenant debt to net worth plus covenant debt, favorable		0.18	0.18
Incremental Term Loan Agreement borrowings due 2026 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 300,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 300,000,000	$ 250,000,000	$ 250,000,000	$ 200,000,000
Proceeds from lines of credit		70,000,000.0
Repayments of lines of credit		117,000,000.0
Remaining borrowing capacity		264,000,000.0
Amount to secure outstanding letters of credit		1,000,000.0
Revolving Credit Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Maximum borrowing capacity		300,000,000
Northwest Farm Credit Services Credit Facility
Debt Instrument [Line Items]
Face amount	$ 45,000,000.0	45,000,000
Northwest Farm Credit Services Credit Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Long-term debt fair value		$ 45,000,000
Covenant EBITDA to consolidated interest expense, Covenant Requirement		2.5	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio		9.8	9.8
Covenant EBITDA to consolidated interest expense, Favorable		7.3	7.3
Covenant debt to net worth plus covenant debt, Covenant Requirement		0.65	0.65
Covenant debt to net worth plus covenant debt, Actual ratio		0.47	0.47
Covenant debt to net worth plus covenant debt, favorable		0.18	0.18
Ratio of loan To appraised value, Covenant Requirement		50	50
Ratio of loan to appraised value requirement actual		11	11
Ratio of loan to appraised value, favorable		0.39	0.39

DEBT (Credit Facility) (Details) - Northwest Farm Credit Services Credit Facility - USD ($)	Jun. 30, 2020	May 08, 2020
Debt Instrument [Line Items]
Stated Principal Amount	$ 45,000,000	$ 45,000,000.0
Est. Fair Value at Merger Date	$ 53,502,000
Tranche 2 (Due 2025)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	6.10%
Effective Fixed Interest Rate	4.80%
Stated Principal Amount	$ 10,000,000
Est. Fair Value at Merger Date	$ 11,838,000
Tranche 4 (Due 2028)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	4.10%
Effective Fixed Interest Rate	3.10%
Stated Principal Amount	$ 11,000,000
Est. Fair Value at Merger Date	$ 12,108,000
Tranches 6 & 7 (Due 2033)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	5.30%
Effective Fixed Interest Rate	4.20%
Stated Principal Amount	$ 16,000,000
Est. Fair Value at Merger Date	$ 19,609,000
Tranche 8 (Due 2036)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	5.40%
Effective Fixed Interest Rate	4.30%
Stated Principal Amount	$ 8,000,000
Est. Fair Value at Merger Date	$ 9,947,000

DEBT (Mortgages Payable) (Details) - USD ($)	Jun. 30, 2020	May 08, 2020
Fund II Mortgages Payable
Debt Instrument [Line Items]
Stated Principal Amount	$ 25,000,000	$ 25,000,000.0
Est. Fair Value at Merger Date	$ 25,084,000
Fund II Mortgages Payable \| Due 2020 at a fixed interest rate of 4.9%
Debt Instrument [Line Items]
Stated Fixed Interest Rate	4.90%
Stated Principal Amount	$ 11,000,000
Est. Fair Value at Merger Date	$ 11,061,000
Fund II Mortgages Payable \| Due 2020 at a fixed interest rate of 3.8%
Debt Instrument [Line Items]
Stated Fixed Interest Rate	3.80%
Stated Principal Amount	$ 14,000,000
Est. Fair Value at Merger Date	14,023,000
Fund III Mortgages Payable
Debt Instrument [Line Items]
Stated Principal Amount	32,380,000	$ 32,400,000
Est. Fair Value at Merger Date	$ 35,759,000
Fund III Mortgages Payable \| Due 2023 at a fixed interest rate of 5.1%
Debt Instrument [Line Items]
Stated Fixed Interest Rate	5.10%
Effective Fixed Interest Rate	3.90%
Stated Principal Amount	$ 17,980,000
Est. Fair Value at Merger Date	$ 19,915,000
Fund III Mortgages Payable \| Due 2024 at a fixed interest rate of 4.5%
Debt Instrument [Line Items]
Stated Fixed Interest Rate	4.50%
Effective Fixed Interest Rate	3.20%
Stated Principal Amount	$ 14,400,000
Est. Fair Value at Merger Date	$ 15,844,000

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	$ 81,791
Plus: Current portion, Beginning Balance	12,663
Total Balance, Beginning Balance	94,454
Non-cash cost of land and improved development	(3,803)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(351)
Capitalized real estate development investments	3,587
HBU properties acquired in merger with Pope Resources (c)	27,722
Capital expenditures (silviculture)	180
Intersegment transfers	(3,979)
Total Balance, Ending Balance	117,810
Less: Current portion, Ending Balance	(3,890)
Non-current portion, Ending Balance	113,920
Capitalized interest	200
Pope Resources
Real Estate, Land and Land Development Costs [Roll Forward]
HBU properties acquired in merger with Pope Resources (c)	27,700
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	58,091
Plus: Current portion, Beginning Balance	274
Total Balance, Beginning Balance	58,365
Non-cash cost of land and improved development	(280)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(351)
Capitalized real estate development investments	0
HBU properties acquired in merger with Pope Resources (c)	27,722
Capital expenditures (silviculture)	180
Intersegment transfers	(3,979)
Total Balance, Ending Balance	81,657
Less: Current portion, Ending Balance	(361)
Non-current portion, Ending Balance	81,296
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	23,700
Plus: Current portion, Beginning Balance	12,389
Total Balance, Beginning Balance	36,089
Non-cash cost of land and improved development	(3,523)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	3,587
HBU properties acquired in merger with Pope Resources (c)	0
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	36,153
Less: Current portion, Ending Balance	(3,529)
Non-current portion, Ending Balance	$ 32,624

COMMITMENTS (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Commitments
Remaining 2020	$ 15,272
2021	17,421
2022	19,235
2023	19,963
2024	17,231
Thereafter	45,431
Commitments, total	134,553
Environmental Remediation
Commitments
Remaining 2020	710
2021	2,387
2022	2,023
2023	2,012
2024	2,012
Thereafter	2,784
Commitments, total	11,928
Development Projects
Commitments
Remaining 2020	4,206
2021	160
2022	220
2023	232
2024	232
Thereafter	2,770
Commitments, total	7,820
Pension Contributions
Commitments
Remaining 2020	2,476
2021	681
2022	0
2023	0
2024	0
Thereafter	0
Commitments, total	3,157
Commitments
Commitments
Remaining 2020	7,880
2021	14,193
2022	16,992
2023	17,719
2024	14,987
Thereafter	39,877
Commitments, total	$ 111,648

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	May 08, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Income tax expense		$ (2,990)	$ (3,608)	$ (6,696)	$ (7,958)
Annualized effective tax rate after discrete items				19.80%	15.50%
Operating Partnership
Income Taxes
Ownership interest	96.80%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.