0000052827-20-000234 | 10-Q | XBRL Viewer

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 Mergers, 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, liabilities and equity of the Funds as of September 30, 2020, were as follows:


Timber Funds			September 30, 2020
Assets:
Cash and cash equivalents			$2,973
Accounts receivable			4,437
Prepaid expenses			38
Other current assets			361
Total current assets			7,809
Timber and timberlands, net of depletion and amortization			452,777

Total assets			$460,586
Liabilities and Equity:
Accounts payable			$907
Intercompany payable (a)			552

Accrued taxes			353
Accrued interest			432
Deferred revenue			275
Other current liabilities			732
Total current liabilities			3,251
Long-term debt, net of deferred financing costs			60,391
Funds’ equity			396,944
Total liabilities and equity			$460,586

(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 Mergers 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, liabilities and equity of Ferncliff Investors as of September 30, 2020, were as follows:


Ferncliff Investors			September 30, 2020
Assets:
Cash and cash equivalents			$2

Prepaid expenses			740
Total current assets			742
Investment in real estate joint venture entity			2,927
Advances to real estate joint venture entity			1,000
Total assets			$4,669
Liabilities and equity:

Intercompany payable (a)			$8




Total current liabilities			8

Ferncliff Investors’ equity			4,661
Total liabilities and equity			$4,669

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

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
SALES	$ 198,875	$ 156,417	$ 653,635	$ 532,764
Costs and Expenses
Cost of sales	(180,944)	(134,463)	(545,333)	(418,169)
Selling and general expenses	(14,498)	(10,102)	(37,036)	(30,896)
Other operating expense, net (Note 19)	(1,653)	(865)	(19,247)	(2,799)
Costs and expenses	(197,095)	(145,430)	(601,616)	(451,864)
OPERATING INCOME	1,780	10,987	52,019	80,900
Interest expense	(10,421)	(7,996)	(28,457)	(23,629)
Interest and other miscellaneous (expense) income, net	(137)	788	1,232	3,178
(LOSS) INCOME BEFORE INCOME TAXES	(8,778)	3,779	24,794	60,449
Income tax expense (Note 10)	(720)	(2,251)	(7,416)	(10,208)
NET (LOSS) INCOME	(9,498)	1,528	17,378	50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	0	(195)	0
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. COMMON UNITHOLDERS	(758)	(433)	26,830	43,112
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0	12,476	(28,524)	(8,290)	(28,095)
Cash flow hedges, net of income tax effect of $645, $888, $530 and $644	7,861	(12,424)	(82,890)	(42,629)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	217	112	652	337
Total other comprehensive income (loss)	20,554	(40,836)	(90,528)	(70,387)
COMPREHENSIVE INCOME (LOSS)	11,056	(39,308)	(73,150)	(20,146)
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(508)	0	(1,184)	0
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	5,017	5,169	10,761	(197)
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS	$ 15,565	$ (34,139)	$ (63,573)	$ (20,343)
EARNINGS PER COMMON SHARE / UNIT (NOTE 14)
Basic (loss) earnings per share attributable to Rayonier Inc. (in dollars per share)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Diluted (loss) earnings per share attributable to Rayonier Inc. (in dollars per share)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Rayonier Limited Partnership
SALES	$ 198,875	$ 156,417	$ 653,635	$ 532,764
Costs and Expenses
Cost of sales	(180,944)	(134,463)	(545,333)	(418,169)
Selling and general expenses	(14,498)	(10,102)	(37,036)	(30,896)
Other operating expense, net (Note 19)	(1,653)	(865)	(19,247)	(2,799)
Costs and expenses	(197,095)	(145,430)	(601,616)	(451,864)
OPERATING INCOME	1,780	10,987	52,019	80,900
Interest expense	(10,421)	(7,996)	(28,457)	(23,629)
Interest and other miscellaneous (expense) income, net	(137)	788	1,232	3,178
(LOSS) INCOME BEFORE INCOME TAXES	(8,778)	3,779	24,794	60,449
Income tax expense (Note 10)	(720)	(2,251)	(7,416)	(10,208)
NET (LOSS) INCOME	(9,498)	1,528	17,378	50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. COMMON UNITHOLDERS	(783)	(433)	27,025	43,112
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0	12,476	(28,524)	(8,290)	(28,095)
Cash flow hedges, net of income tax effect of $645, $888, $530 and $644	7,861	(12,424)	(82,890)	(42,629)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	217	112	652	337
Total other comprehensive income (loss)	20,554	(40,836)	(90,528)	(70,387)
COMPREHENSIVE INCOME (LOSS)	11,056	(39,308)	(73,150)	(20,146)
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	5,017	5,169	10,761	(197)
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS	$ 16,073	$ (34,139)	$ (62,389)	$ (20,343)
(LOSS) EARNINGS PER COMMON UNIT (NOTE 14)
Basic (loss) earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Diluted (loss) earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Allowance for doubtful accounts	$ 41	$ 24
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	136,518,006	136,518,006
Common shares, shares outstanding (in shares)	129,331,069	129,331,069
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 41	$ 24
Common units outstanding (in shares)	4,445,153	0

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2020 and December 31, 2019, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	September 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	$75,178	$75,178	—	$68,735	$68,735	—
Cash and cash equivalents, Timber Funds	2,973	2,973	—	—	—	—
Restricted cash (b)	475	475	—	1,233	1,233	—
Current maturities of long-term debt, excluding Timber Funds	—	—	—	(82,000)	—	(82,000)

Long-term debt, excluding Timber Funds (c)	(1,318,205)	—	(1,325,204)	(973,129)	—	(981,500)
Long-term debt, Timber Funds (c)	(60,391)	—	(60,628)	—	—	—
Interest rate swaps (d)	(61,308)	—	(61,308)	(8,454)	—	(8,454)

Forward-starting interest rate swaps (d)	(20,980)	—	(20,980)	—	—	—
Foreign currency exchange contracts (d)	2,449	—	2,449	642	—	642
Foreign currency option contracts (d)	389	—	389	303	—	303
Carbon option contracts (d)	—	—	—	(607)	—	(607)
Marketable equity securities (e)	—	—	—	10,582	10,582	—
Noncontrolling Interests in the Operating Partnership (f)	117,530	117,530	—	—	—	—

(a)We did not have Level 3 assets or liabilities at September 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.

Schedule of Marketable Securities Unrealized Gain Position

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 September 30, 2020 and December 31, 2019:


	September 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

LEASES (Lease Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Remaining 2020	$ 4,107
2021	9,278
2022	8,384
2023	8,293
2024	8,176
Thereafter	146,792
Operating lease liabilities	185,030
Imputed interest	(84,705)
Balance at September 30, 2020	100,325
Less: Current portion	(9,203)
Non-current portion at September 30, 2020	$ 91,122	$ 90,481

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Partners' Capital [Roll Forward]
Costs associated with the “At-the-Market” (ATM) program	$ (456)
Net (loss) income	(9,498)			$ 1,528			$ 17,378	$ 50,241
Acquisition of noncontrolling interests in consolidated affiliates		$ 372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Amortization of pension and postretirement plan liabilities	217	217	$ 217	112	$ 112	$ 112	652	337
Foreign currency translation adjustment	12,476	23,258	(44,023)	(28,524)	(5,604)	6,033	(8,290)	(28,095)
Cash flow hedges	7,861	(7,276)	(83,475)	(12,424)	(19,519)	(10,686)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(28,403)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,913,958	1,399,668	1,537,642	1,600,298	1,641,200	1,654,550	1,537,642	1,654,550
Conversion of common units to common shares	27
Issuance of common units associated with the merger with Pope Resources		172,418
Distributions on common units ($0.27 per common unit)	(38,457)	(38,157)	(34,813)	(34,829)	(35,125)	(35,049)
Costs associated with the “At-the-Market” (ATM) program	(456)
Issuance of common units under incentive stock plans	167	222	66	57	177	597
Stock-based compensation	1,965	2,668	1,510	1,562	2,344	1,477
Repurchase of common units made under repurchase program	(4)	(1,572)	(3,152)	(8,438)	(4,207)	(33)
Adjustment of Redeemable Common Units	(7,337)	(3,468)
Net (loss) income	(9,498)	455	26,421	1,528	20,920	27,793	17,378	50,241
Acquisition of noncontrolling interests in consolidated affiliates		372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Amortization of pension and postretirement plan liabilities	217	217	217	112	112	112	652	337
Foreign currency translation adjustment	12,476	23,258	(44,023)	(28,524)	(5,604)	6,033	(8,290)	(28,095)
Cash flow hedges	7,861	(7,276)	(83,475)	(12,424)	(19,519)	(10,686)
Distributions to noncontrolling interests in consolidated affiliates	(667)	(6,856)	(725)	(3,721)		(3,594)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(28,403)
Ending balance	1,851,148	1,913,958	1,399,668	1,515,621	1,600,298	1,641,200	1,851,148	1,515,621
Rayonier Limited Partnership \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(137,472)	(147,255)	(31,202)	(29,511)	(5,853)	239	(31,202)	239
Amortization of pension and postretirement plan liabilities	217	217	217	112	112	112
Foreign currency translation adjustment	9,160	17,872	(33,894)	(21,918)	(4,305)	4,680
Cash flow hedges	7,479	(8,306)	(82,376)	(11,899)	(19,465)	(10,884)
Ending balance	(120,616)	(137,472)	(147,255)	(63,216)	(29,511)	(5,853)	(120,616)	(63,216)
Rayonier Limited Partnership \| Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	456,717	86,275	97,661	99,448	98,633	97,677	97,661	97,677
Net (loss) income	(8,715)	(1,499)	567	1,961	2,168	2,999
Acquisition of noncontrolling interests in consolidated affiliates		372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Foreign currency translation adjustment	3,316	5,386	(10,129)	(6,606)	(1,299)	1,353
Cash flow hedges	382	1,030	(1,099)	(525)	(54)	198
Distributions to noncontrolling interests in consolidated affiliates	(667)	(6,856)	(725)	(3,721)		(3,594)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(28,403)
Ending balance	421,929	456,717	86,275	90,557	99,448	98,633	421,929	90,557
Rayonier Limited Partnership \| General Partners’ Capital \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	15,947	14,606	14,712	15,304	15,484	15,566	14,712	15,566
Issuance of common units associated with the merger with Pope Resources		1,724
Distributions on common units ($0.27 per common unit)	(385)	(382)	(349)	(348)	(351)	(351)
Costs associated with the “At-the-Market” (ATM) program	(5)
Issuance of common units under incentive stock plans	2	2	1	1	2	6
Stock-based compensation	20	27	15	15	23	15
Repurchase of common units made under repurchase program		(15)	(32)	(85)	(42)
Adjustment of Redeemable Common Units	(73)	(35)
Net (loss) income	(8)	20	259	(4)	188	248
Ending balance	15,498	15,947	14,606	14,883	15,304	15,484	15,498	14,883
Rayonier Limited Partnership \| Limited Partners’ Capital \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,578,766	1,446,042	1,456,471	1,515,057	1,532,936	1,541,068	1,456,471	1,541,068
Conversion of common units to common shares	27
Issuance of common units associated with the merger with Pope Resources		170,694
Distributions on common units ($0.27 per common unit)	(38,072)	(37,775)	(34,464)	(34,481)	(34,774)	(34,698)
Costs associated with the “At-the-Market” (ATM) program	(451)
Issuance of common units under incentive stock plans	165	220	65	56	175	591
Stock-based compensation	1,945	2,641	1,495	1,547	2,321	1,462
Repurchase of common units made under repurchase program	(4)	(1,557)	(3,120)	(8,353)	(4,165)	(33)
Adjustment of Redeemable Common Units	(7,264)	(3,433)
Net (loss) income	(775)	1,934	25,595	(429)	18,564	24,546
Ending balance	1,534,337	1,578,766	1,446,042	1,473,397	1,515,057	1,532,936	$ 1,534,337	$ 1,473,397
Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital [Roll Forward]
Amortization of pension and postretirement plan liabilities	217	217	217	112	112	112
Foreign currency translation adjustment	9,160	17,872	(33,894)	(21,918)	(4,305)	4,680
Cash flow hedges	7,479	(8,306)	(82,376)	(11,899)	(19,465)	(10,884)
Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Acquisition of noncontrolling interests in consolidated affiliates		372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Foreign currency translation adjustment	3,316	5,386	(10,129)	(6,606)	(1,299)	1,353
Cash flow hedges	382	$ 1,030	$ (1,099)	$ (525)	$ (54)	$ 198
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	$ (28,403)

MERGER WITH POPE RESOURCES (Schedule of Unaudited Pro Forma Information) (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Sales	$ 198,975	$ 184,300	$ 684,900	$ 613,800
Net income (loss)	$ (342)	$ (7,975)	$ 28,317	$ 25,722
Basic earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19
Diluted earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net income (loss)	$ (353)	$ (8,235)	$ 29,240	$ 26,560
Basic earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19
Diluted earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19

NONCONTROLLING INTERESTS (Narrative) (Details) $ in Thousands, $ in Millions		1 Months Ended		3 Months Ended					9 Months Ended
	May 08, 2020 a fund	Sep. 30, 2020 USD ($) a fund	Sep. 30, 2020 NZD ($)	Sep. 30, 2020 USD ($) a fund	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2020 USD ($) a fund
Schedule of Equity Method Investments [Line Items]
Distributions to noncontrolling interests in the Operating Partnership				$ 667	$ 6,856	$ 725	$ 3,721	$ 3,594
Merger with Pope Resources
Schedule of Equity Method Investments [Line Items]
Number of timber funds acquired \| fund	3	3		3					3
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres) \| a		416,000		416,000					416,000
Distributions to noncontrolling interests in the Operating Partnership		$ 5,100
Matariki Forestry Group \| Minority Shareholder Due 2025 At 2.95%
Schedule of Equity Method Investments [Line Items]
Redeemable determinated price		$ 23,300		$ 23,300					$ 23,300
Stated fixed interest rate		2.95%		2.95%					2.95%
Advance from minority shareholder			$ 22.7
Ferncliff Investors \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed \| a	5
Rayonier \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage		77.00%		77.00%					77.00%
Rayonier New Zealand Subsidiary \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners		23.00%		23.00%					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%

GUARANTEES (Tables)

9 Months Ended

Sep. 30, 2020

Guarantees [Abstract]

Schedule of Guarantor Obligations

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

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$885

Surety bonds (b)

9,324

Total financial commitments

$10,209

(a)We have not recorded any liabilities for these financial commitments in our 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.

In conjunction with the Contribution discussed in Note 1 - Basis of Presentation, the 2022 Notes assumed by the Operating Partnership are fully and unconditionally guaranteed on a joint and several basis by Rayonier Inc. and Rayonier TRS Holdings, Inc.

Financial Commitments

Maximum Potential
Payment

Senior Notes due 2022 (a)

$325,000

Total financial commitments

$325,000

(a)The Senior Notes due 2022 are classified as Long-Term Debt in our Consolidated Balance Sheets. See Note 7 - Debt for additional information.

LEASES

9 Months Ended

Sep. 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, we 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 September 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 September 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	$185,030	$4,107	$9,278	$8,384	$8,293	$8,176	$146,792

Total Undiscounted Cash Flows	$185,030	$4,107	$9,278	$8,384	$8,293	$8,176	$146,792
Imputed interest	(84,705)
Balance at September 30, 2020	100,325
Less: Current portion	(9,203)
Non-current portion at September 30, 2020	$91,122

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


	Three Months Ended September 30,		Nine Months Ended September 30,
Lease Cost Components	2020	2019	2020	2019
Operating lease cost	$1,550	$1,959	$4,989	$6,791
Variable lease cost (a)	85	54	299	211
Total lease cost (b)	$1,635	$2,013	$5,288	$7,002

(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 nine months ended September 30, 2020.

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


	Nine Months Ended September 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	$1,516		$2,152
Investing cash flows from operating leases	3,473		4,639
Total cash flows from operating leases	$4,989		$6,791




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

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

Lessor lease information

In the Mergers, 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 nine months ended September 30, 2020:


	Three Months Ended September 30,	Nine Months Ended September 30,
Lease Income Components	2020	2020
Operating lease income	$324	$397

Total lease income	$324	$397

Future lease income as of September 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	$649	$84	$198	$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 September 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	$185,030	$4,107	$9,278	$8,384	$8,293	$8,176	$146,792

Total Undiscounted Cash Flows	$185,030	$4,107	$9,278	$8,384	$8,293	$8,176	$146,792
Imputed interest	(84,705)
Balance at September 30, 2020	100,325
Less: Current portion	(9,203)
Non-current portion at September 30, 2020	$91,122

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


	Three Months Ended September 30,		Nine Months Ended September 30,
Lease Cost Components	2020	2019	2020	2019
Operating lease cost	$1,550	$1,959	$4,989	$6,791
Variable lease cost (a)	85	54	299	211
Total lease cost (b)	$1,635	$2,013	$5,288	$7,002

(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 nine months ended September 30, 2020 and September 30, 2019:


	Nine Months Ended September 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	$1,516		$2,152
Investing cash flows from operating leases	3,473		4,639
Total cash flows from operating leases	$4,989		$6,791




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

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

Lessor lease information

In the Mergers, 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 nine months ended September 30, 2020:


	Three Months Ended September 30,	Nine Months Ended September 30,
Lease Income Components	2020	2020
Operating lease income	$324	$397

Total lease income	$324	$397

Future lease income as of September 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	$649	$84	$198	$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.

MERGER WITH POPE RESOURCES (Summary of Cash Consideration) (Details) - USD ($) $ in Thousands		9 Months Ended
	May 08, 2020	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Net cash consideration shown in the Consolidated Statements of Cash Flows		$ 231,068	$ 0
Merger with 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

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 43,283	$ 27,846	$ 154,851	$ 91,939
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	3,700		7,200
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	14,954	13,025	48,368	45,633
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	10,912	6,299	32,221	19,170
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,345	7,563	17,062	21,071
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,170	0	8,239	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,527	668	47,950	5,202
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 375	$ 291	$ 1,011	$ 863

DEBT (Credit Facility) (Details) - Northwest Farm Credit Services Credit Facility - USD ($)	Sep. 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

SEGMENT AND GEOGRAPHICAL INFORMATION (Narrative) (Details)	9 Months Ended
	Sep. 30, 2020 segment fund	May 08, 2020 segment fund
Segment Reporting Information [Line Items]
Number of additional reportable segments		1
Number of reportable segments	6
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%
Merger with Pope Resources
Segment Reporting Information [Line Items]
Number of timber funds acquired \| fund	3	3

RESTRICTED CASH (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 0.5	$ 1.2

VARIABLE INTEREST ENTITIES (Summary of VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 78,151	$ 68,735
Accounts receivable	45,439	27,127
Prepaid expenses	19,342	14,728
Other current assets	2,388	867
Total current assets	168,814	125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,284,695	2,482,047
TOTAL ASSETS	3,726,999	2,860,996
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
Accounts payable	24,645	18,160
Accrued taxes	8,067	3,032
Accrued interest	9,203	5,205
Deferred revenue	15,673	11,440
Other current liabilities	24,450	22,480
Total current liabilities	92,066	151,186
Long-term debt, net of deferred financing costs	1,378,596
Equity	1,429,219	1,439,981
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,726,999	$ 2,860,996
Variable Interest Entity, Primary Beneficiary \| ORM Timber Funds
ASSETS
Cash and cash equivalents	2,973
Accounts receivable	4,437
Prepaid expenses	38
Other current assets	361
Total current assets	7,809
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	452,777
TOTAL ASSETS	460,586
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
Accounts payable	907
Intercompany payable	552
Accrued taxes	353
Accrued interest	432
Deferred revenue	275
Other current liabilities	732
Total current liabilities	3,251
Long-term debt, net of deferred financing costs	60,391
Equity	396,944
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	460,586
Variable Interest Entity, Primary Beneficiary \| Ferncliff Investors
ASSETS
Cash and cash equivalents	2
Prepaid expenses	740
Total current assets	742
Investment in real estate joint venture entity	2,927
Advances to real estate joint venture entity	1,000
TOTAL ASSETS	4,669
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
Intercompany payable	8
Total current liabilities	8
Equity	4,661
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 4,669

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 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 September 30,		Three Months Ended September 30,
		2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$2	$1
Interest cost	Interest and other miscellaneous (expense) income, net	677	799	13	13
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(876)	(777)	—	—

Amortization of losses	Interest and other miscellaneous (expense) 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
		Nine Months Ended September 30,		Nine Months Ended September 30,
		2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$5	$4
Interest cost	Interest and other miscellaneous (expense) income, net	2,029	2,398	38	40
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(2,628)	(2,330)	—	—

Amortization of losses	Interest and other miscellaneous (expense) income, net	646	337	6	—

Net periodic benefit cost		$47	$405	$49	$44

(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%

REVENUE (Contract Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 690	$ 874	$ 10,296	$ 9,670

GUARANTEES

9 Months Ended

Sep. 30, 2020

Guarantees [Abstract]

GUARANTEES

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

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

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$885

Surety bonds (b)

9,324

Total financial commitments

$10,209

Financial Commitments

Maximum Potential
Payment

Senior Notes due 2022 (a)

$325,000

Total financial commitments

$325,000

(a)The Senior Notes due 2022 are classified as Long-Term Debt in our Consolidated Balance Sheets. See Note 7 - Debt for additional information.

DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

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


			September 30, 2020
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at September 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 September 30, 2020 (b)			300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at September 30, 2020 (c)			250,000
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020			20,000
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95%			22,735
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%			11,690
Due 2028 at a fixed interest rate of 4.1%			12,052
Due 2033 at a fixed interest rate of 5.3%			19,497
Due 2036 at a fixed interest rate of 5.4%			9,898
Total debt, excluding Timber Funds			1,320,872
Less: Deferred financing costs, excluding Timber Funds			(2,667)
Long-term debt, net of deferred financing costs, excluding Timber Funds			1,318,205


Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d)
Due 2022 at a fixed interest rate of 2.0% (e)			11,000
Due 2022 at a fixed interest rate of 2.0% (e)			14,000
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%			19,695
Due 2024 at a fixed interest rate of 4.5%			15,708
Total debt, Timber Funds			60,403
Less: Deferred financing costs, Timber Funds			(12)
Long-term debt, net of deferred financing costs, Timber Funds			60,391



Long-term debt, net of deferred financing costs			$1,378,596

(a) As of September 30, 2020, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) 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 September 30, 2020, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) 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 September 30, 2020, the periodic interest rate on the 2020 incremental term loan (the “2020 Incremental Term Loan Facility”) 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.

(e) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.

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	—	—	—
2021	—	—	—
2022	325,000	25,000	350,000
2023	—	17,980	17,980
2024	—	14,400	14,400
Thereafter	987,735	—	987,735
Total Debt	$1,312,735	$57,380	$1,370,115

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 September 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 (a)		Stated Principal Amount	Est. Fair Value at Merger Date (b)
September 2022	2.0	%	$11,000	$11,061
September 2022	2.0	%	14,000	14,023
			$25,000	$25,084

(a)Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.

(b)The fair market value premium has been amortized as a benefit to interest expense over the original 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 September 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 September 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		9.42 to 1		6.92
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	48	%	17	%

The covenants listed below, which are the most significant financial covenants in effect as of September 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		9.42 to 1		6.92
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	48	%	17	%

- Definition

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.

+ References

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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

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+ Details

MERGER WITH POPE RESOURCES (Fair Value of Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	May 08, 2020
Merger with Pope Resources
Restructuring Cost and Reserve [Line Items]
Cash		$ 16,250
Accounts receivable		4,059
Other current assets		1,150
Timber and Timberlands		987,441
Higher and Better Use Timberlands and Real Estate Development Investments		27,722
Property, plant and equipment		8,307
Other assets		4,297
Total identifiable assets acquired		1,049,226
Accounts payable		567
Current maturities of long-term debt		25,084
Accrued interest		519
Other current liabilities		9,143
Long-term debt		89,261
Long-term environmental liabilities		11,000
Other non-current liabilities		4,051
Total liabilities assumed		139,625
Net identifiable assets		909,601
Less: noncontrolling interest		(371,680)
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		2,265
Other current assets		651
Timber and Timberlands		515,541
Higher and Better Use Timberlands and Real Estate Development Investments		27,722
Property, plant and equipment		8,307
Other assets		4,297
Total identifiable assets acquired		566,163
Accounts payable		274
Current maturities of long-term debt		0
Accrued interest		244
Other current liabilities		7,203
Long-term debt		53,502
Long-term environmental liabilities		11,000
Other non-current liabilities		4,051
Total liabilities assumed		76,274
Net identifiable assets		489,889
Less: noncontrolling interest		(3,307)
Total net assets acquired		486,582
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 identifiable assets acquired		483,063
Accounts payable		293
Current maturities of long-term debt		25,084
Accrued interest		275
Other current liabilities		1,940
Long-term debt		35,759
Long-term environmental liabilities		0
Other non-current liabilities		0
Total liabilities assumed		63,351
Net identifiable assets		419,712
Less: noncontrolling interest		(368,373)
Total net assets acquired		$ 51,339

ENVIRONMENTAL REMEDIATION LIABILITIES	9 Months Ended
ENVIRONMENTAL REMEDIATION LIABILITIES	Sep. 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. Since completing the merger with Pope Resources, we have made $0.2 million in payments associated with our environmental remediation efforts. As of September 30, 2020, we have accrued $11.7 million for environmental remediation, which represents our current estimate of the fair value of remaining cleanup cost and most likely outcome to various contingencies. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. See Note 2 - Merger with P ope Resources for information regarding our preliminary estimates of fair value. It is expected that the millsite cleanup and 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.

(LOSS) EARNINGS PER SHARE AND PER UNIT (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of (Loss) Earnings Per Share and Per Unit, Basic and Diluted

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020		2019	2020	2019
(Loss) Earnings per common share - basic
Numerator:
Net (Loss) Income	($9,498)		$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25		—	(195)	—
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715		(1,961)	9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	($758)		($433)	$26,830	$43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares	136,351,271		129,325,181	132,948,124	129,293,562
Basic (loss) earnings per common share attributable to Rayonier Inc.:	($0.01)		—	$0.20	$0.33
(Loss) Earnings per common share - diluted
Numerator:
Net (Loss) Income	($9,498)		$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	8,715		(1,961)	9,647	(7,129)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	(a)	—	—	—
Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted	($758)		($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares	136,351,271		129,325,181	132,948,124	129,293,562
Add: Dilutive effect of:
Stock options	—		—	492	13,405
Performance shares, restricted shares and restricted stock units	—		—	159,018	345,495
Noncontrolling interests in common units	—	(a)	—	2,352,822	—
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares	136,351,271		129,325,181	135,460,456	129,652,462
Diluted (loss) earnings per common share attributable to Rayonier Inc.:	($0.01)		—	$0.20	$0.33

(a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interest in the Operating Partnership was included in the numerator for diluted (loss) earnings per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in common units were excluded from the denominator of diluted loss per share.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
(Loss) earnings per common unit - basic
Numerator:
Net (Loss) Income	($9,498)	$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
Net (loss) income available to unitholders	($783)	($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units	140,797,217	129,325,181	135,300,946	129,293,562
Basic (loss) earnings per common unit attributable to Rayonier, L.P.:	($0.01)	—	$0.20	$0.33
(Loss) earnings per common unit - diluted
Numerator:
Net (Loss) Income	($9,498)	$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
Net (loss) income available to unitholders	($783)	($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units	140,797,217	129,325,181	135,300,946	129,293,562
Add: Dilutive effect of unit equivalents:
Stock options	—	—	492	13,405
Performance shares, restricted shares and restricted stock units	—	—	159,018	345,495
Denominator for diluted (loss) earnings per common unit - adjusted weighted average units	140,797,217	129,325,181	135,460,456	129,652,462
Diluted (loss) earnings per common unit attributable to Rayonier, L.P.:	($0.01)	—	$0.20	$0.33

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share:
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units (a)	5,038,514	611,740	471,999	421,853


Total	5,038,514	611,740	471,999	421,853

(a) For the three months ended September 30, 2020 and September 30, 2019, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Anti-dilutive unit equivalents excluded from the computations of diluted (loss) earnings per common unit:
Stock options, performance shares, restricted shares and restricted stock units (a)	592,568	611,740	471,999	421,853


Total	592,568	611,740	471,999	421,853

(a) For the three months ended September 30, 2020 and September 30, 2019, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect

OTHER OPERATING EXPENSE, NET (Tables)

9 Months Ended

Sep. 30, 2020

Other Income and Expenses [Abstract]

Other Operating Expense Net

Other operating expense, net consisted of the following:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Loss on foreign currency remeasurement, net of cash flow hedges	($976)	($895)	($2,263)	($1,585)
Gain on sale or disposal of property and equipment	19	—	26	56
Log trading marketing fees	—	102	50	239
Costs related to the merger with Pope Resources (a)	(430)	—	(16,415)	—
Miscellaneous expense, net	(266)	(72)	(645)	(1,509)
Total	($1,653)	($865)	($19,247)	($2,799)

(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.

ENVIRONMENTAL REMEDIATION LIABILITIES (Details) $ in Millions	5 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Payments for ongoing environmental remediation efforts	$ 0.2
Accrual for environmental remediation	$ 11.7	$ 11.7
Minimum \| Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		2 years
Minimum \| Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		10 years
Maximum \| Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		3 years
Maximum \| Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		15 years

CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables)

9 Months Ended

Sep. 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 the Mergers is presented below:


	Three Months Ended	Nine Months Ended
	September 30, 2020	September 30, 2020

Termination benefits	$70	$651
Acceleration of share-based compensation related to qualifying terminations (Note 18)	92	324
Professional services	239	13,553
Other integration and restructuring costs	29	1,887
Total integration and restructuring charges related to the Mergers	$430	$16,415

Schedule of Changes in Accrued Severance Related to Restructuring

Changes in accrued severance related to restructuring during the nine months ended September 30, 2020 were as follows:


	Nine Months Ended
		September 30, 2020
Accrued severance as of March 31, 2020		—
Charges		581
Payments		(334)
Accrued severance as of June 30, 2020		$247
Charges		70
Payments		(71)
Accrued severance as of September 30, 2020		$246

COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments

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


	Environmental Remediation (a)	Development Projects (b)	Commitments (c)	Total
Remaining 2020	$460	$5,190	$3,644	$9,294
2021	3,238	161	14,289	17,688
2022	1,786	220	17,210	19,216
2023	1,775	232	17,946	19,953
2024	1,775	232	15,036	17,043
Thereafter	2,684	2,770	39,350	44,804
	$11,718	$8,805	$107,475	$127,998

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

BASIS OF PRESENTATION (Summary of Change in Reporting Entity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 1,780	$ 10,987	$ 52,019	$ 80,900
Net income (loss) attributable to parent	(758)	(433)	26,830	43,112
Rayonier Limited Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	1,780	10,987	52,019	80,900
Net income (loss) attributable to parent	$ (783)	$ (433)	$ 27,025	$ 43,112
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Diluted earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33
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 (loss) attributable to parent	$ (3,596)	$ (3,596)	$ (10,788)	$ (10,788)
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.03)	$ (0.03)	$ (0.08)	$ (0.08)
Diluted earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.03)	$ (0.03)	$ (0.08)	$ (0.08)

- Definition

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

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+ Details

LEASES (Narrative) (Details) a in Thousands	9 Months Ended
LEASES (Narrative) (Details) a in Thousands	Sep. 30, 2020 a fund 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 \| fund	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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 3,108	$ 3,788
Fair value, derivative liability	(82,558)	(11,904)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,815	575
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,293	3,213
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(270)	(806)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(82,288)	(11,098)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,252	424
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,293	390
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(96)	(172)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	563	151
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	209
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(174)	(27)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(30)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	2,614
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(61,308)	(11,068)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-starting interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(20,980)	0
Derivative not designated as a hedging instrument \| Carbon options \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (607)

DEBT

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

DEBT

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


			September 30, 2020
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at September 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 September 30, 2020 (b)			300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at September 30, 2020 (c)			250,000
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020			20,000
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95%			22,735
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%			11,690
Due 2028 at a fixed interest rate of 4.1%			12,052
Due 2033 at a fixed interest rate of 5.3%			19,497
Due 2036 at a fixed interest rate of 5.4%			9,898
Total debt, excluding Timber Funds			1,320,872
Less: Deferred financing costs, excluding Timber Funds			(2,667)
Long-term debt, net of deferred financing costs, excluding Timber Funds			1,318,205


Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d)
Due 2022 at a fixed interest rate of 2.0% (e)			11,000
Due 2022 at a fixed interest rate of 2.0% (e)			14,000
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%			19,695
Due 2024 at a fixed interest rate of 4.5%			15,708
Total debt, Timber Funds			60,403
Less: Deferred financing costs, Timber Funds			(12)
Long-term debt, net of deferred financing costs, Timber Funds			60,391



Long-term debt, net of deferred financing costs			$1,378,596

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

(e) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.

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


	Excluding Timber Funds	Timber Funds	Total
2020	—	—	—
2021	—	—	—
2022	325,000	25,000	350,000
2023	—	17,980	17,980
2024	—	14,400	14,400
Thereafter	987,735	—	987,735
Total Debt	$1,312,735	$57,380	$1,370,115

2020 DEBT ACTIVITY

U.S. Debt — Excluding Timber Funds

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. In connection herewith, we recorded deferred financing costs in the amount of $0.5 million which are being amortized over the term of the Term Credit Agreement.

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. In connection herewith, we recorded deferred financing costs in the amount of $1.2 million which are being amortized over the term of the Revolving Credit Facility.

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. In connection herewith, we recorded deferred financing costs in the amount of $0.8 million which are being amortized over the term of the 2020 Incremental Term Loan Facility. The proceeds from the 2020 Incremental Term Loan Facility were used to fund our acquisition of Pope Resources.

During the nine months ended September 30, 2020, we made borrowings of $70.0 million and repayments of $132.0 million on our Revolving Credit Facility. At September 30, 2020, we had available borrowings of $279.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit.

U.S. Debt — Timber Funds

On September 1, 2020, we entered into an agreement to extend the maturity date of the Fund II Mortgages Payable from September 2020 to September 2022. Additionally, the fixed interest rates on both the $11 million tranche and the $14 million tranche were changed to 2.0%, from 4.9% and 3.8%, respectively. Beginning January 1, 2021, this fixed rate will transition to a variable rate of 3-month LIBOR plus 1.700%.

New Zealand

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

In September 2020, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests. A portion of this capital distribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of September 30, 2020, the outstanding balance on the shareholder loan is $22.7 million. See Note 5 — Noncontrolling Interests for more information regarding the New Zealand subsidiary.

LONG-TERM DEBT ASSUMED IN THE POPE RESOURCES MERGER

Northwest Farm Credit Services Credit Facility

We assumed five tranches of a credit facility payable to Northwest Farm Credit Services (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 September 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 Mortgage 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 (a)		Stated Principal Amount	Est. Fair Value at Merger Date (b)
September 2022	2.0	%	$11,000	$11,061
September 2022	2.0	%	14,000	14,023
			$25,000	$25,084

(a)Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.

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

Fund III Mortgage 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 September 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, $300 million Incremental Term Loan Agreement, $250 million 2020 Incremental Term Loan Agreement and $300 million 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 September 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		9.42 to 1		6.92
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	48	%	17	%

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 September 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		9.42 to 1		6.92
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	48	%	17	%

In addition to these financial covenants listed above, the 2022 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 September 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 September 30, 2020.

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
SALES	$ 198,875	$ 156,417	$ 653,635	$ 532,764
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES	7,700		13,500
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
SALES			116,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(1,366)	(34)	(2,310)	(137)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	47,653	41,282	147,402	148,325
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	28,885	18,766	86,131	57,856
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	62,804	61,999	142,112	181,257
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
SALES	9,907	0	17,431	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	28,791	9,212	197,364	52,744
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	22,201	25,192	65,505	92,719
Intersegment Eliminations \| Timber Funds
Segment Reporting Information [Line Items]
SALES	1,274		2,152
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	92	34	158	137
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (1,366)	$ (34)	$ (2,310)	$ (137)

RESTRICTED CASH (Schedule of Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 475	$ 1,233
Cash and cash equivalents	78,151	68,735
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	78,626	$ 69,968	$ 59,934	$ 156,454
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 475

INCENTIVE STOCK PLANS (Narrative) (Details) - Replacement Restricted Stock Awards - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement restricted shares granted (in shares)	0	69,176
Fair value of awards granted		$ 1.7
Fair value of awards granted, portion attributable to pre-merger services		$ 0.2
Weighted average remaining service period		21 months
Accelerated vesting (in shares)	3,973	15,049
Cost of accelerated vesting	$ 0.1	$ 0.3

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Income tax expense	($720)	($2,251)	($7,416)	($10,208)

Schedule of Effective Income Tax Rate Reconciliation

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


	Nine Months Ended September 30,
		2020		2019
Annualized effective tax rate after discrete items		29.9	%	16.6	%

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2021	Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	May 07, 2020	Apr. 16, 2020	Apr. 01, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, net of deferred financing costs		$ 1,378,596
Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		1,320,872
Less: Deferred financing costs		(2,667)
Long-term debt, net of deferred financing costs		1,318,205						$ 973,129
Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		60,403
Less: Deferred financing costs		(12)
Long-term debt, net of deferred financing costs		$ 60,391						$ 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
Less: Deferred financing costs							$ (500)
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
Less: Deferred financing costs						$ (800)
Effective fixed interest rate		2.00%
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 20,000
Effective fixed interest rate		1.70%
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 22,735
Stated fixed interest rate		2.95%
Due 2025 at a fixed interest rate of 6.1% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 11,690
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		$ 12,052
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		$ 19,497
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		$ 9,898
Stated fixed interest rate		5.40%
Due 2022 at a fixed interest rate of 2.0% \| Timber Funds \| LIBOR \| Forecast
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Fund II Mortgages Payable, Due September 2022 At 2.0% One \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 11,000	$ 11,000
Stated fixed interest rate		2.00%	2.00%	4.90%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 14,000	$ 14,000
Stated fixed interest rate		2.00%	2.00%	3.80%
Due 2023 at a fixed interest rate of 5.1% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 19,695
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		$ 15,708
Stated fixed interest rate		4.50%

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	May 08, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Taxes
Income tax expense		$ (720)	$ (2,251)	$ (7,416)	$ (10,208)
Annualized effective tax rate after discrete items				29.90%	16.60%
Operating Partnership
Income Taxes
Ownership interest	96.80%

- Definition

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

+ References + Details

MERGER WITH POPE RESOURCES

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

MERGER WITH POPE RESOURCES

On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources in connection with the Mergers. 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, we believe the Mergers 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 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 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 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 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 nine months ended September 30, 2020:


			September 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, $13.5 million, and $0.4 million of merger-related costs that were expensed during the first, second and third 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 nine months ended September 30, 2020, include results of operations for Pope Resources from May 8, 2020 through September 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	2,265	1,794	4,059
Other current assets	651	499	1,150
Timber and Timberlands	515,541	471,900	987,441
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	$566,163	$483,063	$1,049,226

Accounts payable	274	293	567
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	7,203	1,940	9,143
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	11,000	—	11,000
Other non-current liabilities (a)	4,051	—	4,051
Total liabilities assumed	$76,274	$63,351	$139,625

Net identifiable assets	$489,889	$419,712	$909,601
Less: noncontrolling interest	(3,307)	(368,373)	(371,680)
Total net assets acquired	$486,582	$51,339	$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.

In September 2020, fires in Oregon burned approximately 6,700 acres of land owned by ORM Timber Fund II, which we manage and in which we hold a 20% ownership interest, and approximately 400 acres of land owned by ORM Timber Fund IV, which we manage and in which we hold a 15% ownership interest. As a result, we wrote off $8.8 million and $0.4 million of non-salvageable timber basis in Timber Fund II and Timber Fund IV, of which $1.8 million and $0.1 million was attributable to Rayonier, respectively. The amounts of these write-offs are based on preliminary fair value estimates of the underlying basis in the respective Funds’ timberlands and are subject to adjustments, which could be material. Once the purchase price allocation is finalized, the amounts of the write-offs will more than likely change.

The amount of revenue of Pope Resources included in our Consolidated Statements of Income and Comprehensive Income from the date of the merger to September 30, 2020 is approximately $28.8 million. The net income effect resulting from the merger with Pope Resources for the three and nine months ended September 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 nine months ended September 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Sales	$198,975	$184,300	$684,900	$613,800

Net income (loss) attributable to Rayonier Inc.	($342)	($7,975)	$28,317	$25,722
Basic earnings (loss) per share attributable to Rayonier Inc.	—	($0.06)	$0.21	$0.19
Diluted earnings (loss) per share attributable to Rayonier Inc.	—	($0.06)	$0.21	$0.19

Net income (loss) attributable to Rayonier, L.P.	($353)	($8,235)	$29,240	$26,560
Basic earnings (loss) per unit attributable to Rayonier, L.P.	—	($0.06)	$0.21	$0.19
Diluted earnings (loss) per unit attributable to Rayonier, L.P.	—	($0.06)	$0.21	$0.19

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 nine months ended September 30, 2020 of $0.4 million and $31.6 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.

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Debt Instrument [Line Items]
2020	$ 0
2021	0
2022	350,000
2023	17,980
2024	14,400
Thereafter	987,735
Total Debt	1,370,115
Excluding Timber Funds
Debt Instrument [Line Items]
2020	0
2021	0
2022	325,000
2023	0
2024	0
Thereafter	987,735
Total Debt	1,312,735
Timber Funds
Debt Instrument [Line Items]
2020	0
2021	0
2022	25,000
2023	17,980
2024	14,400
Thereafter	0
Total Debt	$ 57,380

NONCONTROLLING INTERESTS (Schedule of Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 110,220	$ 0
Issuances of Redeemable Common Units	0	106,752
Adjustment of noncontrolling interests in the Operating Partnership	8,030	12,022
Conversions of Common Units to Common Shares	(27)	(27)
Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership	(25)	195
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	532	989
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(2,401)
Total noncontrolling interests in the Operating Partnership	$ 117,530	$ 117,530

- Definition

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.

+ References + Details

INCOME TAXES

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. Through the Mergers, Rayonier transferred all of its assets to the Operating Partnership on May 8, 2020. See N ote 1 - B asis of Presentation for more information. As a result, Rayonier owns a 96.8% interest in the Operating Partnership and conducts substantially all of its timberland operations 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 our TRS. The TRS subsidiaries 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 at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes.

PROVISION FOR INCOME TAXES

The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Income tax expense	($720)	($2,251)	($7,416)	($10,208)

ANNUAL EFFECTIVE TAX RATE

The Company’s effective tax rate after discrete items is over the 21.0% U.S. statutory rate due to a higher proportion of our taxable income resulting from New Zealand operations. The following table contains the Company’s annualized effective tax rate after discrete items:


	Nine Months Ended September 30,
		2020		2019
Annualized effective tax rate after discrete items		29.9	%	16.6	%

- Definition

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.

+ References + Details

DEBT (Mortgages Payable) (Details) - USD ($)	Jan. 01, 2021	Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	May 08, 2020
Due 2022 at a fixed interest rate of 2.0% \| Forecast \| Timber Funds \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Fund II Mortgages Payable, Due September 2022 At 2.0% One \| Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%	2.00%	4.90%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two \| Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%	2.00%	3.80%
Due 2023 at a fixed interest rate of 5.1% \| Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		5.10%
Due 2024 at a fixed interest rate of 4.5% \| Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		4.50%
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 \| Fund II Mortgages Payable, Due September 2022 At 2.0% One
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%
Stated Principal Amount		$ 11,000,000
Est. Fair Value at Merger Date		$ 11,061,000
Fund II Mortgages Payable \| Fund II Mortgages Payable, Due September 2022 At 2.0% Two
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%
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

REVENUE

9 Months Ended

Sep. 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.

NEW REAL ESTATE SALES CATEGORY

Effective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land.

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 September 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 nine months ended September 30, 2020 and 2019 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Revenue recognized from contract liability balance at the beginning of the year (a)	$690	$874	$10,296	$9,670

(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 nine months ended September 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2020
Pulpwood	$22,061	$1,963	$7,943	$227	—	$2,534	—	$34,728
Sawtimber	19,356	25,513	51,400	8,397	—	19,575	—	124,241
Hardwood	760	—	—	—	—	—	—	760
Total Timber Sales	42,177	27,476	59,343	8,624	—	22,109	—	159,729
License Revenue, Primarily from Hunting	4,461	252	60	(6)	—	—	—	4,767
Other Non-Timber/Carbon Revenue	1,015	1,157	3,401	15	—	—	—	5,588

Total Non-Timber Sales	5,476	1,409	3,461	9	—	—	—	10,355
Improved Development	—	—	—	—	1,344	—	—	1,344
Unimproved Development	—	—	—	—	—	—	—	—
Rural	—	—	—	—	23,245	—	—	23,245
Timberland & Non-Strategic	—	—	—	—	42	—	—	42
Conservation Easement	—	—	—	—	3,099	—	—	3,099
Deferred Revenue/Other (b)	—	—	—	—	737	—	—	737

Total Real Estate Sales	—	—	—	—	28,467	—	—	28,467

Revenue from Contracts with Customers	47,653	28,885	62,804	8,633	28,467	22,109	—	198,551
Lease Revenue	—	—	—	—	324	—	—	324
Intersegment	—	—	—	1,274	—	92	(1,366)	—
Total Revenue	$47,653	$28,885	$62,804	$9,907	$28,791	$22,201	($1,366)	$198,875


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2019
Pulpwood	$19,093	$2,109	$7,930	—	—	$2,795	—	$31,927
Sawtimber	11,581	16,064	51,415	—	—	22,214	—	101,274
Hardwood	2,338	—	—	—	—	—	—	2,338
Total Timber Sales	33,012	18,173	59,345	—	—	25,009	—	135,539
License Revenue, Primarily from Hunting	4,351	199	91	—	—	—	—	4,641
Other Non-Timber/Carbon Revenue	3,919	394	2,563	—	—	—	—	6,876
Agency Fee Income	—	—	—	—	—	149	—	149
Total Non-Timber Sales	8,270	593	2,654	—	—	149	—	11,666
Improved Development	—	—	—	—	4,492	—	—	4,492
Unimproved Development	—	—	—	—	—	—	—	—
Rural (a)	—	—	—	—	4,212	—	—	4,212
Timberland & Non-Strategic (a)	—	—	—	—	57	—	—	57
Deferred Revenue/Other (b)	—	—	—	—	451	—	—	451

Total Real Estate Sales	—	—	—	—	9,212	—	—	9,212

Revenue from Contracts with Customers	41,282	18,766	61,999	—	9,212	25,158	—	156,417
Intersegment	—	—	—	—	—	34	(34)	—
Total Revenue	$41,282	$18,766	$61,999	—	$9,212	$25,192	($34)	$156,417

(a) The three months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & 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.


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2020
Pulpwood	$74,239	$8,253	$18,545	$555	—	$7,527	—	$109,119
Sawtimber	55,224	75,255	117,157	14,701	—	57,493	—	319,830
Hardwood	1,752	—	—	—	—	—	—	1,752
Total Timber Sales	131,215	83,508	135,702	15,256	—	65,020	—	430,701
License Revenue, Primarily From Hunting	13,386	444	200	4	—	—	—	14,034
Other Non-Timber/Carbon Revenue	2,801	2,179	6,210	19	—	—	—	11,209
Agency Fee Income	—	—	—	—	—	327	—	327
Total Non-Timber Sales	16,187	2,623	6,410	23	—	327	—	25,570
Improved Development	—	—	—	—	7,771	—	—	7,771
Unimproved Development	—	—	—	—	8,426	—	—	8,426
Rural	—	—	—	—	52,876	—	—	52,876
Timberland & Non-Strategic	—	—	—	—	9,647	—	—	9,647
Conservation Easement	—	—	—	—	3,099	—	—	3,099
Deferred Revenue/Other (b)	—	—	—	—	(879)	—	—	(879)
Large Dispositions	—	—	—	—	116,027	—	—	116,027
Total Real Estate Sales	—	—	—	—	196,967	—	—	196,967

Revenue from Contracts with Customers	147,402	86,131	142,112	15,279	196,967	65,347	—	653,238
Lease Revenue	—	—	—	—	397	—	—	397
Intersegment	—	—	—	2,152	—	158	(2,310)	—
Total Revenue	$147,402	$86,131	$142,112	$17,431	$197,364	$65,505	($2,310)	$653,635

Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2019
Pulpwood	$65,202	$7,196	$25,278	—	—	$10,947	—	$108,623
Sawtimber	51,019	48,748	149,705	—	—	81,104	—	330,576
Hardwood	4,816	—	—	—	—	—	—	4,816
Total Timber Sales	121,037	55,944	174,983	—	—	92,051	—	444,015
License Revenue, Primarily from Hunting	12,772	404	287	—	—	—	—	13,463
Other Non-Timber/Carbon Revenue	14,516	1,508	5,987	—	—	—	—	22,011
Agency Fee Income	—	—	—	—	—	531	—	531
Total Non-Timber Sales	27,288	1,912	6,274	—	—	531	—	36,005
Improved Development	—	—	—	—	5,007	—	—	5,007
Unimproved Development	—	—	—	—	15,430	—	—	15,430
Rural (a)	—	—	—	—	30,525	—	—	30,525
Timberland & Non-Strategic (a)	—	—	—	—	1,263	—	—	1,263
Deferred Revenue/Other (b)	—	—	—	—	519	—	—	519

Total Real Estate Sales	—	—	—	—	52,744	—	—	52,744

Revenue from Contracts with Customers	148,325	57,856	181,257	—	52,744	92,582	—	532,764
Intersegment	—	—	—	—	—	137	(137)	—
Total Revenue	$148,325	$57,856	$181,257	—	$52,744	$92,719	($137)	$532,764

(a) The nine months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & 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 nine months ended September 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2020
Stumpage Pay-as-Cut	$14,518	—	—	$754	—	$15,272
Stumpage Lump Sum	310	472	—	—	—	782

Total Stumpage	14,828	472	—	754	—	16,054

Delivered Wood (Domestic)	21,976	27,004	20,127	7,870	362	77,339
Delivered Wood (Export)	5,373	—	39,216	—	21,747	66,336
Total Delivered	27,349	27,004	59,343	7,870	22,109	143,675

Total Timber Sales	$42,177	$27,476	$59,343	$8,624	$22,109	$159,729

September 30, 2019
Stumpage Pay-as-Cut	$13,077	—	—	—	—	$13,077
Stumpage Lump Sum	1,677	—	—	—	—	1,677

Total Stumpage	14,754	—	—	—	—	14,754

Delivered Wood (Domestic)	16,597	18,173	22,722	—	624	58,116
Delivered Wood (Export)	1,661	—	36,623	—	24,385	62,669
Total Delivered	18,258	18,173	59,345	—	25,009	120,785

Total Timber Sales	$33,012	$18,173	$59,345	—	$25,009	$135,539


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2020
Stumpage Pay-as-Cut	$56,141	—	—	$1,285	—	$57,426
Stumpage Lump Sum	1,561	5,929	—	—	—	7,490

Total Stumpage	57,702	5,929	—	1,285	—	64,916

Delivered Wood (Domestic)	64,473	77,579	45,944	13,971	1,296	203,263
Delivered Wood (Export)	9,040	—	89,758	—	63,724	162,522
Total Delivered	73,513	77,579	135,702	13,971	65,020	365,785

Total Timber Sales	$131,215	$83,508	$135,702	$15,256	$65,020	$430,701

September 30, 2019
Stumpage Pay-as-Cut	$56,257	—	—	—	—	$56,257
Stumpage Lump Sum	4,353	—	—	—	—	4,353

Total Stumpage	60,610	—	—	—	—	60,610

Delivered Wood (Domestic)	52,977	55,944	65,161	—	5,417	179,499
Delivered Wood (Export)	7,450	—	109,822	—	86,634	203,906
Total Delivered	60,427	55,944	174,983	—	92,051	383,405

Total Timber Sales	$121,037	$55,944	$174,983	—	$92,051	$444,015

- Definition

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.

+ References

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
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES (Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
LEASES (Lease Income) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2020
Leases [Abstract]
Operating lease income	$ 324	$ 397
Total lease income	$ 324	$ 397

OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Loss on foreign currency remeasurement, net of cash flow hedges	$ (976)	$ (895)	$ (2,263)	$ (1,585)
Gain on sale or disposal of property and equipment	19	0	26	56
Log trading marketing fees	0	102	50	239
Costs related to the merger with Pope Resources	(430)	0	(16,415)	0
Miscellaneous expense, net	(266)	(72)	(645)	(1,509)
Total	$ (1,653)	$ (865)	$ (19,247)	$ (2,799)

INCENTIVE STOCK PLANS (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards Granted as a Result of Merger

A summary of the replacement awards granted as a result of the Mergers is presented below:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2020	2020
Replacement restricted shares granted	—	69,176
Weighted average price of replacement restricted shares granted	—	$24.01
Replacement restricted shares vested as a result of acceleration due to qualifying terminations	3,973	15,049
Grant date fair value of replacement restricted shares vested	$24.01	$24.01
Intrinsic value of replacement restricted shares outstanding (a)	$1,431	$1,431
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements	—	$44

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

MERGER WITH POPE RESOURCES (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2020:


			September 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	2,265	1,794	4,059
Other current assets	651	499	1,150
Timber and Timberlands	515,541	471,900	987,441
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	$566,163	$483,063	$1,049,226

Accounts payable	274	293	567
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	7,203	1,940	9,143
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	11,000	—	11,000
Other non-current liabilities (a)	4,051	—	4,051
Total liabilities assumed	$76,274	$63,351	$139,625

Net identifiable assets	$489,889	$419,712	$909,601
Less: noncontrolling interest	(3,307)	(368,373)	(371,680)
Total net assets acquired	$486,582	$51,339	$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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Sales	$198,975	$184,300	$684,900	$613,800

Net income (loss) attributable to Rayonier Inc.	($342)	($7,975)	$28,317	$25,722
Basic earnings (loss) per share attributable to Rayonier Inc.	—	($0.06)	$0.21	$0.19
Diluted earnings (loss) per share attributable to Rayonier Inc.	—	($0.06)	$0.21	$0.19

Net income (loss) attributable to Rayonier, L.P.	($353)	($8,235)	$29,240	$26,560
Basic earnings (loss) per unit attributable to Rayonier, L.P.	—	($0.06)	$0.21	$0.19
Diluted earnings (loss) per unit attributable to Rayonier, L.P.	—	($0.06)	$0.21	$0.19

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 47,650,000	$ 56,350,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	32,000,000	22,000,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	900,000,000	650,000,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	475,000,000	0
Derivative not designated as a hedging instrument \| Carbon options
Derivatives, Fair Value [Line Items]
Notional Amount	$ 0	$ 9,592,000

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 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 nine months ended September 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	(6,862)	—	(88,723)	(a)	—		(95,585)	—	(95,585)
Amounts reclassified from accumulated other comprehensive (loss) income	—	—	5,519		652	(b)	6,171	(989)	5,182
Net other comprehensive (loss) income	(6,862)	—	(83,204)		652		(89,414)	(989)	(90,403)
Balance as of September 30, 2020	($7,088)	$1,321	($92,114)		($22,735)		($120,616)	($989)	($121,605)

(a)Includes $91.2 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 nine months ended September 30, 2020 and September 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
	September 30, 2020	September 30, 2019
Realized (gain) loss on foreign currency exchange contracts	($2,568)	$580	Other operating expense, net
Realized loss (gain) on foreign currency option contracts	(15)	(71)	Other operating expense, net
Noncontrolling interest	594	(117)	Comprehensive (loss) income attributable to noncontrolling interest
Realized loss (gain) on interest rate contracts	6,951	(2,414)	Interest expense
Income tax expense from net gain on foreign currency contracts	557	(110)	Income tax expense


Net loss (gain) from accumulated other comprehensive income	$5,519	($2,132)

FAIR VALUE MEASUREMENTS (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	$ (82,558)	$ (11,904)
Marketable equity securities	0	10,582
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interests in the Operating Partnership		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interests in the Operating Partnership		0
Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt, excluding Timber Funds	0	(82,000)
Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	475	1,233
Marketable equity securities	0	10,582
Noncontrolling Interests in the Operating Partnership	117,530	0
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(61,308)	(8,454)
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(20,980)	0
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	2,449	642
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	389	303
Carrying Amount \| Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	(607)
Carrying Amount \| Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	75,178	68,735
Current maturities of long-term debt, excluding Timber Funds	0	(82,000)
Long-term debt	(1,318,205)	(973,129)
Carrying Amount \| Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,973	0
Long-term debt	(60,391)	0
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	475	1,233
Marketable equity securities	0	10,582
Noncontrolling Interests in the Operating Partnership	117,530
Fair Value \| Level 1 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	0	0
Fair Value \| Level 1 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	0	0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value \| Level 1 \| Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Marketable equity securities	0	0
Noncontrolling Interests in the Operating Partnership	0
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(61,308)	(8,454)
Fair Value \| Level 2 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(20,980)	0
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	2,449	642
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	389	303
Fair Value \| Level 2 \| Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	(607)
Fair Value \| Excluding Timber Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	75,178	68,735
Current maturities of long-term debt, excluding Timber Funds	0	0
Long-term debt	0	0
Fair Value \| Excluding Timber Funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Current maturities of long-term debt, excluding Timber Funds	0	(82,000)
Long-term debt	(1,325,204)	(981,500)
Fair Value \| Timber Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,973	0
Long-term debt	0	0
Fair Value \| Timber Funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Long-term debt	$ (60,628)	$ 0

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total Operating Income	$ 1,780	$ 10,987	$ 52,019	$ 80,900
Unallocated interest expense and other	(10,558)	(7,208)	(27,225)	(20,451)
Total (Loss) Income before Income Taxes	(8,778)	3,779	24,794	60,449
Charges	430		16,415
Southern Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	6,000		6,000
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income	10,300		12,300
Timber write-offs from casualty events	7,300		7,300
Timber Funds, Portion Attributable To Parent
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	1,800		1,800
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	5,090	9,512	31,368	45,773
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(1,825)	(3,567)	(9,453)	(11,123)
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	10,720	10,104	21,142	38,621
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	(12,370)	0	(14,262)	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	9,459	425	61,081	25,920
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	(557)	(37)	(474)	271
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (8,737)	$ (5,450)	$ (37,383)	$ (18,562)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Income Statement Location) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	$ 7,861	$ (7,276)	$ (83,475)	$ (12,424)	$ (19,519)	$ (10,686)
Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	1,946			(2,870)			$ 1,806	$ (1,971)
Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	358			(300)			85	(330)
Derivatives designated as cash flow hedges \| Interest rate products \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	2,417			(9,592)			(91,203)	(38,558)
Derivatives designated as cash flow hedges \| Interest rate products \| Interest expense \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	$ 3,783			$ (549)			6,951	(2,414)
Derivative not designated as a hedging instrument \| Foreign currency exchange contracts \| Interest and other miscellaneous (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income							0	135
Derivative not designated as a hedging instrument \| Carbon option contracts \| Interest and other miscellaneous (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income							$ 563	$ 414

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Interest rate swap locks
Derivative [Line Items]
Amount de-designated and partially cash settled	$ 11.1
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Treasury locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI	(20.8)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swap locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI	(1.4)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Carbon option contracts
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax	$ 1.1
New Zealand JV \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
New Zealand JV \| Minimum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	50.00%
New Zealand JV \| Minimum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
New Zealand JV \| Minimum \| Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
New Zealand JV \| Maximum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	90.00%
New Zealand JV \| Maximum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months	75.00%
New Zealand JV \| Maximum \| Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 18 to 48 months	50.00%

LEASES (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Lease Maturities

The following table details our undiscounted lease obligations as of September 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	$185,030	$4,107	$9,278	$8,384	$8,293	$8,176	$146,792

Total Undiscounted Cash Flows	$185,030	$4,107	$9,278	$8,384	$8,293	$8,176	$146,792
Imputed interest	(84,705)
Balance at September 30, 2020	100,325
Less: Current portion	(9,203)
Non-current portion at September 30, 2020	$91,122

Lease Cost

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


	Three Months Ended September 30,		Nine Months Ended September 30,
Lease Cost Components	2020	2019	2020	2019
Operating lease cost	$1,550	$1,959	$4,989	$6,791
Variable lease cost (a)	85	54	299	211
Total lease cost (b)	$1,635	$2,013	$5,288	$7,002

(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 nine months ended September 30, 2020 and September 30, 2019:


	Nine Months Ended September 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	$1,516		$2,152
Investing cash flows from operating leases	3,473		4,639
Total cash flows from operating leases	$4,989		$6,791




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 nine months ended September 30, 2020:


	Three Months Ended September 30,	Nine Months Ended September 30,
Lease Income Components	2020	2020
Operating lease income	$324	$397

Total lease income	$324	$397

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

Future lease income as of September 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	$649	$84	$198	$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.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 23, 2020
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		136,518,249
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		4,444,910
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CHARGES FOR INTEGRATION AND RESTRUCTURING

9 Months Ended

Sep. 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 the Mergers.

A summary of the charges for integration and restructuring related to the Mergers is presented below:


	Three Months Ended	Nine Months Ended
	September 30, 2020	September 30, 2020

Termination benefits	$70	$651
Acceleration of share-based compensation related to qualifying terminations (Note 18)	92	324
Professional services	239	13,553
Other integration and restructuring costs	29	1,887
Total integration and restructuring charges related to the Mergers	$430	$16,415

Changes in accrued severance related to restructuring during the nine months ended September 30, 2020 were as follows:


	Nine Months Ended
		September 30, 2020
Accrued severance as of March 31, 2020		—
Charges		581
Payments		(334)
Accrued severance as of June 30, 2020		$247
Charges		70
Payments		(71)
Accrued severance as of September 30, 2020		$246

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

COMMITMENTS

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

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


	Environmental Remediation (a)	Development Projects (b)	Commitments (c)	Total
Remaining 2020	$460	$5,190	$3,644	$9,294
2021	3,238	161	14,289	17,688
2022	1,786	220	17,210	19,216
2023	1,775	232	17,946	19,953
2024	1,775	232	15,036	17,043
Thereafter	2,684	2,770	39,350	44,804
	$11,718	$8,805	$107,475	$127,998

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

LEASES (Lease Contracts) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
Total	$ 649
Remaining 2020	84
2021	198
2022	173
2023	137
2024	57
Thereafter	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Interest Rate Products) (Details) - USD ($)		9 Months Ended
	Apr. 16, 2020	Sep. 30, 2020
Treasury locks \| 2020 Incremental Term Loan Facility
Derivative [Line Items]
Term of extension	5 years
Interest rate swap locks \| 2020 Incremental Term Loan Facility
Derivative [Line Items]
Term of extension	5 years
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 1
Derivative [Line Items]
Term		9 years
Notional Amount		$ 170,000
Fixed Rate of Swap		2.20%
Bank Margin on Debt		1.60%
Total Effective Interest Rate		3.80%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 2
Derivative [Line Items]
Term		9 years
Notional Amount		$ 180,000
Fixed Rate of Swap		2.35%
Bank Margin on Debt		1.60%
Total Effective Interest Rate		3.95%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 3
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed Rate of Swap		1.60%
Bank Margin on Debt		1.90%
Total Effective Interest Rate		3.50%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 4
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed Rate of Swap		1.60%
Bank Margin on Debt		1.90%
Total Effective Interest Rate		3.50%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 5
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed Rate of Swap		1.26%
Bank Margin on Debt		1.90%
Total Effective Interest Rate		3.16%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 6
Derivative [Line Items]
Term		10 years
Notional Amount		$ 250,000
Fixed Rate of Swap		1.10%
Bank Margin on Debt		1.85%
Total Effective Interest Rate		2.95%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Treasury locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI		$ (20,800,000)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Treasury Lock 1
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.53%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Treasury Lock 2
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.53%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Treasury Lock 3
Derivative [Line Items]
Term		10 years
Notional Amount		$ 50,000
Fixed rate on derivative		1.35%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap Lock 1
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.56%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap Lock 2
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.59%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap Lock 3
Derivative [Line Items]
Term		10 years
Notional Amount		$ 50,000
Fixed rate on derivative		1.41%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swap locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI		$ (1,400,000)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term		10 years
Notional Amount		$ 325,000
Fixed rate on derivative		1.40%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term		4 years
Notional Amount		$ 100,000
Fixed rate on derivative		0.88%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term		4 years
Notional Amount		$ 50,000
Fixed rate on derivative		0.74%

ACCUMULATED OTHER COMPREHENSIVE LOSS (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ 1,653	$ 865	$ 19,247	$ 2,799
Interest expense	(10,421)	(7,996)	(28,457)	(23,629)
Income tax expense	(720)	(2,251)	(7,416)	(10,208)
Net loss (gain) from accumulated other comprehensive income	$ 9,498	$ (1,528)	(17,378)	(50,241)
Amount reclassified from accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss (gain) from accumulated other comprehensive income			5,519	(2,132)
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense			557	(110)
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive (loss) income \| Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			(2,568)	580
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive (loss) income \| Realized loss (gain) on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			(15)	(71)
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive (loss) income \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense			6,951	(2,414)
Cash flow hedges, noncontrolling interest \| Amount reclassified from accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			$ 594	$ (117)

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, income tax (expense) benefit	645	888	530	644
Amortization of pension and postretirement plans, tax expense	0	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0	0
Cash flow hedges, income tax (expense) benefit	645	888	530	644
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

ASSETS HELD FOR SALE (Details) - USD ($)	9 Months Ended
ASSETS HELD FOR SALE (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 9,727,000	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations \| Properties Under Contract
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize	12 months
Assets held for sale	$ 9,700,000
Asset impairment recognized	$ 0

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27

BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

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 nine months ended September 30, 2020 and 2019, are presented below (in thousands, except per unit amounts):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019

Operating income	—	—	—	—
Net income attributable to Rayonier, L.P. (a)	($3,596)	($3,596)	($10,788)	($10,788)
Basic earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.08)	($0.08)
Diluted earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.08)	($0.08)

(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.

(LOSS) EARNINGS PER SHARE AND PER UNIT

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE AND PER UNIT

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020		2019	2020	2019
(Loss) Earnings per common share - basic
Numerator:
Net (Loss) Income	($9,498)		$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25		—	(195)	—
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715		(1,961)	9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	($758)		($433)	$26,830	$43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares	136,351,271		129,325,181	132,948,124	129,293,562
Basic (loss) earnings per common share attributable to Rayonier Inc.:	($0.01)		—	$0.20	$0.33
(Loss) Earnings per common share - diluted
Numerator:
Net (Loss) Income	($9,498)		$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates	8,715		(1,961)	9,647	(7,129)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	(a)	—	—	—
Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted	($758)		($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares	136,351,271		129,325,181	132,948,124	129,293,562
Add: Dilutive effect of:
Stock options	—		—	492	13,405
Performance shares, restricted shares and restricted stock units	—		—	159,018	345,495
Noncontrolling interests in common units	—	(a)	—	2,352,822	—
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares	136,351,271		129,325,181	135,460,456	129,652,462
Diluted (loss) earnings per common share attributable to Rayonier Inc.:	($0.01)		—	$0.20	$0.33


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share:
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units (a)	5,038,514	611,740	471,999	421,853


Total	5,038,514	611,740	471,999	421,853

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
(Loss) earnings per common unit - basic
Numerator:
Net (Loss) Income	($9,498)	$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
Net (loss) income available to unitholders	($783)	($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units	140,797,217	129,325,181	135,300,946	129,293,562
Basic (loss) earnings per common unit attributable to Rayonier, L.P.:	($0.01)	—	$0.20	$0.33
(Loss) earnings per common unit - diluted
Numerator:
Net (Loss) Income	($9,498)	$1,528	$17,378	$50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
Net (loss) income available to unitholders	($783)	($433)	$27,025	$43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units	140,797,217	129,325,181	135,300,946	129,293,562
Add: Dilutive effect of unit equivalents:
Stock options	—	—	492	13,405
Performance shares, restricted shares and restricted stock units	—	—	159,018	345,495
Denominator for diluted (loss) earnings per common unit - adjusted weighted average units	140,797,217	129,325,181	135,460,456	129,652,462
Diluted (loss) earnings per common unit attributable to Rayonier, L.P.:	($0.01)	—	$0.20	$0.33


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Anti-dilutive unit equivalents excluded from the computations of diluted (loss) earnings per common unit:
Stock options, performance shares, restricted shares and restricted stock units (a)	592,568	611,740	471,999	421,853


Total	592,568	611,740	471,999	421,853

RESTRICTED CASH

9 Months Ended

Sep. 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 September 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 nine months ended September 30, 2020:


			September 30, 2020

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			78,151
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$78,626

SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

As a result of the Mergers, 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 Interests, 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 nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,		Nine Months Ended September 30,
SALES	2020	2019	2020	2019
Southern Timber	$47,653	$41,282	$147,402	$148,325
Pacific Northwest Timber	28,885	18,766	86,131	57,856
New Zealand Timber	62,804	61,999	142,112	181,257
Timber Funds (a)	9,907	—	17,431	—
Real Estate (b)	28,791	9,212	197,364	52,744
Trading	22,201	25,192	65,505	92,719

Intersegment Eliminations (c)	(1,366)	(34)	(2,310)	(137)
Total	$198,875	$156,417	$653,635	$532,764

(a)The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million, respectively, of sales attributable to noncontrolling interest in Timber Funds.

(b)The nine months ended September 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 September 30,		Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2020	2019	2020	2019
Southern Timber (a)	$5,090	$9,512	$31,368	$45,773
Pacific Northwest Timber	(1,825)	(3,567)	(9,453)	(11,123)
New Zealand Timber	10,720	10,104	21,142	38,621
Timber Funds (b)	(12,370)	—	(14,262)	—
Real Estate (c)	9,459	425	61,081	25,920
Trading	(557)	(37)	(474)	271

Corporate and Other (d)	(8,737)	(5,450)	(37,383)	(18,562)
Total Operating Income	1,780	10,987	52,019	80,900
Unallocated interest expense and other	(10,558)	(7,208)	(27,225)	(20,451)
Total (Loss) Income before Income Taxes	($8,778)	$3,779	$24,794	$60,449

(a)The three and nine months ended September 30, 2020 include $6.0 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”

(b)The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”

(c)The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition.

(d)The three and nine months ended September 30, 2020 include $0.4 million and $16.4 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 September 30,		Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2020	2019	2020	2019
Southern Timber	$14,954	$13,025	$48,368	$45,633
Pacific Northwest Timber	10,912	6,299	32,221	19,170
New Zealand Timber	7,345	7,563	17,062	21,071
Timber Funds (a)	4,170	—	8,239	—
Real Estate (b)	5,527	668	47,950	5,202


Corporate and Other	375	291	1,011	863
Total	$43,283	$27,846	$154,851	$91,939

(a)The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds.

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


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



Real Estate (a)	$7,259	$4,339	$72,340	$9,985


Total	$7,259	$4,339	$72,340	$9,985

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 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 September 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 September 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 nine months ended September 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) 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 September 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) 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 September 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 (expense) income, net” as the contracts do not qualify for hedge accounting treatment. As of September 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 nine months ended September 30, 2020 and 2019:


		Three Months Ended September 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$1,946	($2,870)
Foreign currency option contracts	Other comprehensive income (loss)	358	(300)
Interest rate products	Other comprehensive income (loss)	2,417	(9,592)
	Interest Expense	3,783	(549)


		Nine Months Ended September 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$1,806	($1,971)
Foreign currency option contracts	Other comprehensive income (loss)	85	(330)
Interest rate products	Other comprehensive income (loss)	(91,203)	(38,558)
	Interest Expense	6,951	(2,414)












Derivatives not designated as hedging instruments:



Foreign currency exchange contracts	Interest and other miscellaneous (expense) income, net	—	135
Carbon option contracts	Interest and other miscellaneous income, net	563	414

During the next 12 months, the amount of the September 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 gain of approximately $1.1 million.

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


	Notional Amount
	September 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$47,650	$56,350
Foreign currency option contracts	32,000	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 the end of the period.

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)
		September 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$1,252	$424
	Other assets	1,293	390
	Other current liabilities	(96)	(172)

Foreign currency option contracts	Other current assets	563	151
	Other assets	—	209
	Other current liabilities	(174)	(27)
	Other non-current liabilities	—	(30)
Interest rate swaps	Other assets	—	2,614
	Other non-current liabilities	(61,308)	(11,068)






Forward-starting interest rate swaps	Other non-current liabilities	(20,980)	—

Derivative not designated as a hedging instrument:


Carbon options	Other current liabilities	—	(607)


Total derivative contracts:
Other current assets		$1,815	$575
Other assets		1,293	3,213
Total derivative assets		$3,108	$3,788

Other current liabilities		(270)	(806)
Other non-current liabilities		(82,288)	(11,098)
Total derivative liabilities		($82,558)	($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.

NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Net income attributable to noncontrolling interest in the New Zealand subsidiary	$2,066	$1,961	$3,326	$7,129

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 Mergers, 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Funds:	($10,627)	—	($12,773)	—

Prior to the Mergers, 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 Mergers 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Ferncliff Investors:	($153)	—	($199)	—

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP

Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Common Units. Net (loss) income attributable to the 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 September 30,	Nine Months Ended September 30,
	2020	2020
Beginning noncontrolling interests in the Operating Partnership	$110,220	—
Issuances of Redeemable Common Units	—	106,752
Adjustment of noncontrolling interests in the Operating Partnership	8,030	12,022
Conversions of Common Units to Common Shares	(27)	(27)
Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership	(25)	195
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	532	989
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(2,401)
Total noncontrolling interests in the Operating Partnership	$117,530	$117,530

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 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.

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Total cash and cash equivalents	$ 78,151	$ 68,735
Accounts receivable, less allowance for doubtful accounts of $41 and $24	45,439	27,127
Inventory (Note 21)	13,767	14,518
Prepaid expenses	19,342	14,728
Assets held for sale	9,727	0
Other current assets	2,388	867
Total current assets	168,814	125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,284,695	2,482,047
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 8)	108,286	81,791
PROPERTY, PLANT AND EQUIPMENT
Land	5,566	4,131
Buildings	29,221	23,095
Machinery and equipment	4,686	4,339
Construction in progress	404	348
Total property, plant and equipment, gross	39,877	31,913
Less — accumulated depreciation	(11,087)	(9,662)
Total property, plant and equipment, net	28,790	22,251
RESTRICTED CASH (NOTE 22)	475	1,233
RIGHT-OF-USE ASSETS (NOTE 4)	100,297	99,942
OTHER ASSETS	35,642	47,757
TOTAL ASSETS	3,726,999	2,860,996
CURRENT LIABILITIES
Accounts payable	24,645	18,160
Accrued taxes	8,067	3,032
Accrued payroll and benefits	10,028	8,869
Accrued interest	9,203	5,205
Deferred revenue	15,673	11,440
Other current liabilities	24,450	22,480
Total current liabilities	92,066	151,186
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,378,596
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17)	21,765	25,311
LONG-TERM LEASE LIABILITY (NOTE 4)	91,122	90,481
OTHER NON-CURRENT LIABILITIES	174,772	83,247
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 4,446,153 and 0 Common Units outstanding, respectively	117,530	0
SHAREHOLDERS’ EQUITY
Common stock	1,065,188	888,177
Retained earnings	485,636	583,006
Accumulated other comprehensive loss (Note 23)	(121,605)	(31,202)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,429,219	1,439,981
Noncontrolling interests in consolidated affiliates (Note 5)	421,929	97,661
TOTAL SHAREHOLDERS’ EQUITY	1,851,148	1,537,642
CAPITAL
Accumulated other comprehensive loss (Note 23)	(121,605)	(31,202)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,726,999	2,860,996
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	75,178	68,735
CURRENT LIABILITIES
Current maturities of long-term debt, excluding Timber Funds (Note 7)	0	82,000
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,318,205	973,129
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	2,973	0
CURRENT LIABILITIES
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	60,391	0
Rayonier Limited Partnership
CURRENT ASSETS
Total cash and cash equivalents	78,151	68,735
Accounts receivable, less allowance for doubtful accounts of $41 and $24	45,439	27,127
Inventory (Note 21)	13,767	14,518
Prepaid expenses	19,342	14,728
Assets held for sale	9,727	0
Other current assets	2,388	867
Total current assets	168,814	125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,284,695	2,482,047
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 8)	108,286	81,791
PROPERTY, PLANT AND EQUIPMENT
Land	5,566	4,131
Buildings	29,221	23,095
Machinery and equipment	4,686	4,339
Construction in progress	404	348
Total property, plant and equipment, gross	39,877	31,913
Less — accumulated depreciation	(11,087)	(9,662)
Total property, plant and equipment, net	28,790	22,251
RESTRICTED CASH (NOTE 22)	475	1,233
RIGHT-OF-USE ASSETS (NOTE 4)	100,297	99,942
OTHER ASSETS	35,642	47,757
TOTAL ASSETS	3,726,999	2,860,996
CURRENT LIABILITIES
Accounts payable	24,645	18,160
Accrued taxes	8,067	3,032
Accrued payroll and benefits	10,028	8,869
Accrued interest	9,203	5,205
Deferred revenue	15,673	11,440
Other current liabilities	24,450	22,480
Total current liabilities	92,066	151,186
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17)	21,765	25,311
LONG-TERM LEASE LIABILITY (NOTE 4)	91,122	90,481
OTHER NON-CURRENT LIABILITIES	174,772	83,247
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 4,446,153 and 0 Common Units outstanding, respectively	117,530	0
SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss (Note 23)	(120,616)	(31,202)
CAPITAL
General partners’ capital	15,498	14,712
Limited partners’ capital	1,534,337	1,456,471
Accumulated other comprehensive loss (Note 23)	(120,616)	(31,202)
TOTAL CONTROLLING INTEREST CAPITAL	1,429,219	1,439,981
Noncontrolling interests in consolidated affiliates (Note 5)	421,929	97,661
TOTAL CAPITAL	1,851,148	1,537,642
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,726,999	2,860,996
Rayonier Limited Partnership \| Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	75,178	68,735
CURRENT LIABILITIES
Current maturities of long-term debt, excluding Timber Funds (Note 7)	0	82,000
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,318,205	973,129
Rayonier Limited Partnership \| Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	2,973	0
CURRENT LIABILITIES
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	$ 60,391	$ 0

RESTRICTED CASH (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2020:


			September 30, 2020

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			78,151
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$78,626

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 nine months ended September 30, 2020:


			September 30, 2020

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			78,151
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$78,626

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Components) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,537,642	$ 1,654,550
Other comprehensive (loss) income before reclassifications	(95,585)	(30,266)
Amounts reclassified from accumulated other comprehensive (loss) income	5,182	(1,175)
Net other comprehensive (loss) income	(90,403)	(31,441)
Ending balance	1,851,148	1,537,642
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(31,202)	239
Ending balance	(121,605)	(31,202)
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(226)	(1,010)
Other comprehensive (loss) income before reclassifications	(6,862)	784
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss) income	(6,862)	784
Ending balance	(7,088)	(226)
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(8,910)	21,965
Other comprehensive (loss) income before reclassifications	(88,723)	(29,251)
Amounts reclassified from accumulated other comprehensive (loss) income	5,519	(1,624)
Net other comprehensive (loss) income	(83,204)	(30,875)
Ending balance	(92,114)	(8,910)
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss) income before reclassifications	91,200
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(23,387)	(22,037)
Other comprehensive (loss) income before reclassifications	0	(1,799)
Amounts reclassified from accumulated other comprehensive (loss) income	652	449
Net other comprehensive (loss) income	652	(1,350)
Ending balance	(22,735)	(23,387)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(31,202)	239
Other comprehensive (loss) income before reclassifications	(95,585)	(30,266)
Amounts reclassified from accumulated other comprehensive (loss) income	6,171	(1,175)
Net other comprehensive (loss) income	(89,414)	(31,441)
Ending balance	(120,616)	(31,202)
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	0
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss) income	(989)	0
Net other comprehensive (loss) income	(989)	0
Ending balance	$ (989)	$ 0

LEASES (Supplemental Cash Flow) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,516	$ 2,152
Investing cash flows from operating leases	3,473	4,639
Total cash flows from operating leases	$ 4,989	$ 6,791
Weighted-average remaining lease term in years - operating leases	28 years	28 years
Weighted-average discount rate - operating leases	5.00%	5.00%

REVENUE (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 198,551	$ 156,417	$ 653,238	$ 532,764
Lease Revenue	324		397
Total Revenue	198,875	156,417	653,635	532,764
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,728	31,927	109,119	108,623
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	124,241	101,274	319,830	330,576
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	760	2,338	1,752	4,816
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	159,729	135,539	430,701	444,015
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,767	4,641	14,034	13,463
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,588	6,876	11,209	22,011
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		149	327	531
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,355	11,666	25,570	36,005
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,344	4,492	7,771	5,007
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	8,426	15,430
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,245	4,212	52,876	30,525
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42	57	9,647	1,263
Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,099		3,099
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	737	451	(879)	519
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	28,467	9,212	196,967	52,744
Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,633		15,279
Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,109	25,158	65,347	92,582
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(1,366)	(34)	(2,310)	(137)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,653	41,282	147,402	148,325
Total Revenue	47,653	41,282	147,402	148,325
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,061	19,093	74,239	65,202
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,356	11,581	55,224	51,019
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	760	2,338	1,752	4,816
Operating Segments \| Southern Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,177	33,012	131,215	121,037
Operating Segments \| Southern Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,461	4,351	13,386	12,772
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,015	3,919	2,801	14,516
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,476	8,270	16,187	27,288
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,885	18,766	86,131	57,856
Total Revenue	28,885	18,766	86,131	57,856
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,963	2,109	8,253	7,196
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,513	16,064	75,255	48,748
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	27,476	18,173	83,508	55,944
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	252	199	444	404
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,157	394	2,179	1,508
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,409	593	2,623	1,912
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,804	61,999	142,112	181,257
Total Revenue	62,804	61,999	142,112	181,257
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,943	7,930	18,545	25,278
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,400	51,415	117,157	149,705
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	59,343	59,345	135,702	174,983
Operating Segments \| New Zealand Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60	91	200	287
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,401	2,563	6,210	5,987
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,461	2,654	6,410	6,274
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Total Revenue	9,907	0	17,431	0
Operating Segments \| Timber Funds \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	227	0	555	0
Operating Segments \| Timber Funds \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,397	0	14,701	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	8,624	0	15,256	0
Operating Segments \| Timber Funds \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(6)	0	4	0
Operating Segments \| Timber Funds \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15	0	19	0
Operating Segments \| Timber Funds \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments \| Timber Funds \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9	0	23	0
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,467	9,212	196,967	52,744
Lease Revenue	324		397
Total Revenue	28,791	9,212	197,364	52,744
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,344	4,492	7,771	5,007
Operating Segments \| Real Estate \| Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	8,426	15,430
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,245	4,212	52,876	30,525
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42	57	9,647	1,263
Operating Segments \| Real Estate \| Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,099		3,099
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	737	451	(879)	519
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	28,467	9,212	196,967	52,744
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	22,201	25,192	65,505	92,719
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,534	2,795	7,527	10,947
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,575	22,214	57,493	81,104
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	22,109	25,009	65,020	92,051
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		149	327	531
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	149	327	531
Intersegment \| Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	1,274		2,152
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	92	34	158	137
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (1,366)	$ (34)	$ (2,310)	$ (137)

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

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 September 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	(882)	(4,947)	(5,829)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(619)	—	(619)
Capitalized real estate development investments (b)	—	5,448	5,448
HBU properties acquired in merger with Pope Resources (c)	27,722	—	27,722
Capital expenditures (silviculture)	211	—	211

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

Total Balance at September 30, 2020	80,818	36,590	117,408
Less: Current portion (a)	(326)	(8,796)	(9,122)
Non-current portion at September 30, 2020	$80,492	$27,794	$108,286

(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 $0.4 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

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The assets, liabilities and equity of the Funds as of September 30, 2020, were as follows:


Timber Funds			September 30, 2020
Assets:
Cash and cash equivalents			$2,973
Accounts receivable			4,437
Prepaid expenses			38
Other current assets			361
Total current assets			7,809
Timber and timberlands, net of depletion and amortization			452,777

Total assets			$460,586
Liabilities and Equity:
Accounts payable			$907
Intercompany payable (a)			552

Accrued taxes			353
Accrued interest			432
Deferred revenue			275
Other current liabilities			732
Total current liabilities			3,251
Long-term debt, net of deferred financing costs			60,391
Funds’ equity			396,944
Total liabilities and equity			$460,586

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

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


Ferncliff Investors			September 30, 2020
Assets:
Cash and cash equivalents			$2

Prepaid expenses			740
Total current assets			742
Investment in real estate joint venture entity			2,927
Advances to real estate joint venture entity			1,000
Total assets			$4,669
Liabilities and equity:

Intercompany payable (a)			$8




Total current liabilities			8

Ferncliff Investors’ equity			4,661
Total liabilities and equity			$4,669

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

- Definition

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.

+ References + Details

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2020

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

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 September 30, 2020, we have paid $2.9 million in pension contributions. These contributions, in conjunction with improvements in plan asset performance have improved the plan’s funding status so that we are no longer required to make mandatory 2020 pension contributions.

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 September 30,		Three Months Ended September 30,
		2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$2	$1
Interest cost	Interest and other miscellaneous (expense) income, net	677	799	13	13
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(876)	(777)	—	—

Amortization of losses	Interest and other miscellaneous (expense) 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
		Nine Months Ended September 30,		Nine Months Ended September 30,
		2020	2019	2020	2019
Service cost	Selling and general expenses	—	—	$5	$4
Interest cost	Interest and other miscellaneous (expense) income, net	2,029	2,398	38	40
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(2,628)	(2,330)	—	—

Amortization of losses	Interest and other miscellaneous (expense) income, net	646	337	6	—

Net periodic benefit cost		$47	$405	$49	$44

(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.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Name Accounting Standards Codification
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+ Details

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

INCENTIVE STOCK PLANS (Summary of Restricted Stock Awards) (Details) - Replacement Restricted Stock Awards $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement restricted shares granted (in shares) \| shares	0	69,176
Weighted average price of replacement restricted shares granted (in dollars per share) \| $ / shares	$ 0	$ 24.01
Replacement restricted shares vested as a result of acceleration due to qualifying terminations (in shares) \| shares	3,973	15,049
Grant date fair value of replacement restricted shares vested (in dollars per share) \| $ / shares	$ 24.01	$ 24.01
Intrinsic value of replacement restricted stock outstanding \| $	$ 1,431	$ 1,431
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements \| $	$ 0	$ 44

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Patronage refunds received, netted with interest paid	$ 4.7	$ 4.0
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 4.7	$ 4.0

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 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	(6,862)	—	(88,723)	(a)	—		(95,585)	—	(95,585)
Amounts reclassified from accumulated other comprehensive (loss) income	—	—	5,519		652	(b)	6,171	(989)	5,182
Net other comprehensive (loss) income	(6,862)	—	(83,204)		652		(89,414)	(989)	(90,403)
Balance as of September 30, 2020	($7,088)	$1,321	($92,114)		($22,735)		($120,616)	($989)	($121,605)

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 nine months ended September 30, 2020 and September 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
	September 30, 2020	September 30, 2019
Realized (gain) loss on foreign currency exchange contracts	($2,568)	$580	Other operating expense, net
Realized loss (gain) on foreign currency option contracts	(15)	(71)	Other operating expense, net
Noncontrolling interest	594	(117)	Comprehensive (loss) income attributable to noncontrolling interest
Realized loss (gain) on interest rate contracts	6,951	(2,414)	Interest expense
Income tax expense from net gain on foreign currency contracts	557	(110)	Income tax expense


Net loss (gain) from accumulated other comprehensive income	$5,519	($2,132)

COMMITMENTS (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Commitments
Remaining 2020	$ 9,294
2021	17,688
2022	19,216
2023	19,953
2024	17,043
Thereafter	44,804
Commitments, total	127,998
Environmental Remediation
Commitments
Remaining 2020	460
2021	3,238
2022	1,786
2023	1,775
2024	1,775
Thereafter	2,684
Commitments, total	11,718
Development Projects
Commitments
Remaining 2020	5,190
2021	161
2022	220
2023	232
2024	232
Thereafter	2,770
Commitments, total	8,805
Commitments
Commitments
Remaining 2020	3,644
2021	14,289
2022	17,210
2023	17,946
2024	15,036
Thereafter	39,350
Commitments, total	$ 107,475

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

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Schedule of Costs for Land, Timber and Real Estate Development

Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to September 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	(882)	(4,947)	(5,829)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(619)	—	(619)
Capitalized real estate development investments (b)	—	5,448	5,448
HBU properties acquired in merger with Pope Resources (c)	27,722	—	27,722
Capital expenditures (silviculture)	211	—	211

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

Total Balance at September 30, 2020	80,818	36,590	117,408
Less: Current portion (a)	(326)	(8,796)	(9,122)
Non-current portion at September 30, 2020	$80,492	$27,794	$108,286

(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 $0.4 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.

INCENTIVE STOCK PLANS

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

INCENTIVE STOCK PLANS

REPLACEMENT RESTRICTED STOCK AWARDS FROM THE MERGERS

As a result of the Mergers, 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 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 the three and nine months ended September 30, 2020 resulted in the accelerated vesting of 3,973 and 15,049 of the replacement awards and recognition of approximately $0.1 million and $0.3 million of expense, respectively. 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 Mergers is presented below:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2020	2020
Replacement restricted shares granted	—	69,176
Weighted average price of replacement restricted shares granted	—	$24.01
Replacement restricted shares vested as a result of acceleration due to qualifying terminations	3,973	15,049
Grant date fair value of replacement restricted shares vested	$24.01	$24.01
Intrinsic value of replacement restricted shares outstanding (a)	$1,431	$1,431
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements	—	$44

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

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) pension_plan	Sep. 30, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| pension_plan			1
Weighted-average expected long-term rate of return on plan assets			5.70%
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension contributions paid			$ 2,900
Service cost	$ 0	$ 0	0	$ 0
Interest cost	677	799	2,029	2,398
Expected return on plan assets	(876)	(777)	(2,628)	(2,330)
Amortization of losses	215	112	646	337
Net periodic benefit cost	16	134	47	405
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	1	5	4
Interest cost	13	13	38	40
Expected return on plan assets	0	0	0	0
Amortization of losses	2	0	6	0
Net periodic benefit cost	$ 17	$ 14	$ 49	$ 44

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	September 30, 2020	December 31, 2019
Finished goods inventory
Real estate inventory (a)	$9,122	$12,663
Log inventory	4,645	1,855
Total inventory	$13,767	$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.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 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.


	September 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	$75,178	$75,178	—	$68,735	$68,735	—
Cash and cash equivalents, Timber Funds	2,973	2,973	—	—	—	—
Restricted cash (b)	475	475	—	1,233	1,233	—
Current maturities of long-term debt, excluding Timber Funds	—	—	—	(82,000)	—	(82,000)

Long-term debt, excluding Timber Funds (c)	(1,318,205)	—	(1,325,204)	(973,129)	—	(981,500)
Long-term debt, Timber Funds (c)	(60,391)	—	(60,628)	—	—	—
Interest rate swaps (d)	(61,308)	—	(61,308)	(8,454)	—	(8,454)

Forward-starting interest rate swaps (d)	(20,980)	—	(20,980)	—	—	—
Foreign currency exchange contracts (d)	2,449	—	2,449	642	—	642
Foreign currency option contracts (d)	389	—	389	303	—	303
Carbon option contracts (d)	—	—	—	(607)	—	(607)
Marketable equity securities (e)	—	—	—	10,582	10,582	—
Noncontrolling Interests in the Operating Partnership (f)	117,530	117,530	—	—	—	—

(a)We did not have Level 3 assets or liabilities at September 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.

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.


	September 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

- Definition

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

+ References + Details

(LOSS) EARNINGS PER SHARE AND PER UNIT (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net (loss) income	$ (9,498)			$ 1,528			$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	$ (219)		0			(195)	0
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715			(1,961)			9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	$ (758)			$ (433)			$ 26,830	$ 43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares (in shares)	136,351,271			129,325,181			132,948,124	129,293,562
Basic (loss) earnings per common share attributable to Rayonier Inc (in dollars per share)	$ (0.01)			$ 0			$ 0.20	$ 0.33
Numerator:
Net (loss) income	$ (9,498)			$ 1,528			$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715			(1,961)			9,647	(7,129)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25			0			0	0
Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted	$ (758)			$ (433)			$ 27,025	$ 43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares (in shares)	136,351,271			129,325,181			132,948,124	129,293,562
Add: Dilutive effect of:
Stock options (in shares/units)	0			0			492	13,405
Performance shares,restricted shares and restricted stock units (in shares/units)	0			0			159,018	345,495
Noncontrolling interest in common units (in shares)	0			0			2,352,822	0
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	136,351,271			129,325,181			135,460,456	129,652,462
Diluted (loss) earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ (0.01)			$ 0			$ 0.20	$ 0.33
Rayonier Limited Partnership
Numerator:
Net (loss) income	$ (9,498)	455	$ 26,421	$ 1,528	$ 20,920	$ 27,793	$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715			(1,961)			9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	$ (783)			$ (433)			$ 27,025	$ 43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units (in units)	140,797,217			129,325,181			135,300,946	129,293,562
Basic (loss) earnings per common unit attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)			$ 0			$ 0.20	$ 0.33
Numerator:
Net (loss) income	$ (9,498)	$ 455	$ 26,421	$ 1,528	$ 20,920	$ 27,793	$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	$ 8,715			$ (1,961)			$ 9,647	$ (7,129)
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units (in units)	140,797,217			129,325,181			135,300,946	129,293,562
Add: Dilutive effect of:
Stock options (in shares/units)	0			0			492	13,405
Performance shares,restricted shares and restricted stock units (in shares/units)	0			0			159,018	345,495
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	140,797,217			129,325,181			135,460,456	129,652,462
Diluted earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)			$ 0			$ 0.20	$ 0.33

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Total

Common Shares

Retained Earnings

Accumulated Other Comprehensive Loss

Noncontrolling Interests in Consolidated Affiliates

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

129,488,675

Beginning balance at Dec. 31, 2018

$ 1,654,550

$ 884,263

$ 672,371

$ 239

$ 97,677

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

Net income (loss)

27,793

24,794

2,999

Dividends ($0.27 per share)

(35,049)

Issuance of shares under incentive stock plans (in shares)

26,031

Issuance of shares under incentive stock plans

597

$ 597

Stock-based compensation

1,477

$ 1,477

Repurchase of common shares made under repurchase program (in shares)

(1,140)

Repurchase of common shares made under repurchase program

(33)

$ (33)

Amortization of pension and postretirement plan liabilities

112

Foreign currency translation adjustment

6,033

4,680

1,353

Cash flow hedges

(10,686)

(10,884)

198

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

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

129,488,675

Beginning balance at Dec. 31, 2018

1,654,550

$ 884,263

672,371

239

97,677

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

Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership

Amortization of pension and postretirement plan liabilities

337

Foreign currency translation adjustment

(28,095)

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

129,311,893

Ending balance at Sep. 30, 2019

1,515,621

$ 886,229

602,051

(63,216)

90,557

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

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 (loss)

20,920

18,752

2,168

Dividends ($0.27 per share)

(35,125)

Issuance of shares under incentive stock plans (in shares)

250,344

Issuance of shares under incentive stock plans

177

$ 177

Stock-based compensation

2,344

$ 2,344

Repurchase of common shares made under repurchase program (in shares)

(134,194)

Repurchase of common shares made under repurchase program

(4,207)

$ (4,207)

Amortization of pension and postretirement plan liabilities

112

Foreign currency translation adjustment

(5,604)

(4,305)

(1,299)

Cash flow hedges

(19,519)

(19,465)

(54)

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

129,629,716

Ending balance at Jun. 30, 2019

1,600,298

$ 884,618

645,743

(29,511)

99,448

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

Net income (loss)

1,528

(433)

1,961

Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership

Dividends ($0.27 per share)

(34,829)

Issuance of shares under incentive stock plans (in shares)

2,423

Issuance of shares under incentive stock plans

$ 57

Stock-based compensation

1,562

$ 1,562

Repurchase of common shares made under repurchase program (in shares)

(320,246)

Repurchase of common shares made under repurchase program

(8,438)

$ (8)

(8,430)

Amortization of pension and postretirement plan liabilities

112

Foreign currency translation adjustment

(28,524)

(21,918)

(6,606)

Cash flow hedges

(12,424)

(11,899)

(525)

Distributions to noncontrolling interests in consolidated affiliates

(3,721)

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

129,311,893

Ending balance at Sep. 30, 2019

1,515,621

$ 886,229

602,051

(63,216)

90,557

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

129,331,069

Beginning balance at Dec. 31, 2019

1,537,642

$ 888,177

583,006

(31,202)

97,661

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

Net income (loss)

26,421

25,854

567

Dividends ($0.27 per share)

(34,813)

Issuance of shares under incentive stock plans (in shares)

2,407

Issuance of shares under incentive stock plans

$ 66

Stock-based compensation

1,510

$ 1,510

Repurchase of common shares made under repurchase program (in shares)

(152,237)

Repurchase of common shares made under repurchase program

(3,152)

Amortization of pension and postretirement plan liabilities

217

Foreign currency translation adjustment

(44,023)

(33,894)

(10,129)

Cash flow hedges

(83,475)

(82,376)

(1,099)

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

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

129,331,069

Beginning balance at Dec. 31, 2019

1,537,642

$ 888,177

583,006

(31,202)

97,661

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

Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership

(195)

Amortization of pension and postretirement plan liabilities

652

Foreign currency translation adjustment

(8,290)

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

136,518,006

Ending balance at Sep. 30, 2020

1,851,148

$ 1,065,188

485,636

(121,605)

421,929

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

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 (loss)

455

1,954

(1,499)

Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership

(219)

Dividends ($0.27 per share)

^[1]

(36,957)

Issuance of shares under incentive stock plans (in shares)

215,970

Issuance of shares under incentive stock plans

222

$ 222

Stock-based compensation

2,668

$ 2,668

Repurchase of common shares made under repurchase program (in shares)

(66,168)

Repurchase of common shares made under repurchase program

(1,572)

$ (1,572)

Acquisition of noncontrolling interests in consolidated affiliates

372,381

Adjustment of noncontrolling interest in the Operating Partnership

(3,992)

Amortization of pension and postretirement plan liabilities

217

Foreign currency translation adjustment

23,258

17,872

5,386

Cash flow hedges

(7,276)

(8,306)

1,030

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

Ending balance at Jun. 30, 2020

1,913,958

$ 1,063,489

531,681

(137,929)

456,717

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

Net income (loss)

(9,498)

(783)

(8,715)

Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership

Dividends ($0.27 per share)

^[1]

(37,257)

Costs associated with the “At-the-Market” (ATM) offering program

(456)

$ (456)

Issuance of shares under incentive stock plans (in shares)

6,079

Issuance of shares under incentive stock plans

167

$ 167

Stock-based compensation

1,965

$ 1,965

Repurchase of common shares made under repurchase program (in shares)

(1,185)

Repurchase of common shares made under repurchase program

(4)

$ (4)

Measurement period adjustment of noncontrolling interests in consolidated affiliates

(701)

Adjustment of noncontrolling interest in the Operating Partnership

(8,030)

Conversion of common units to common shares (in shares)

1,000

Conversion of common units to common shares

$ 27

Amortization of pension and postretirement plan liabilities

217

Foreign currency translation adjustment

12,476

9,160

3,316

Cash flow hedges

7,861

7,479

382

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

(532)

Distributions to noncontrolling interests in consolidated affiliates

(667)

Noncontrolling interests in consolidated affiliates redemption of shares

(28,403)

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

136,518,006

Ending balance at Sep. 30, 2020

$ 1,851,148

$ 1,065,188

$ 485,636

$ (121,605)

$ 421,929

[1]	For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.

REVENUE (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Contract with Customer, Liabilities

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Revenue recognized from contract liability balance at the beginning of the year (a)	$690	$874	$10,296	$9,670

(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 nine months ended September 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2020
Pulpwood	$22,061	$1,963	$7,943	$227	—	$2,534	—	$34,728
Sawtimber	19,356	25,513	51,400	8,397	—	19,575	—	124,241
Hardwood	760	—	—	—	—	—	—	760
Total Timber Sales	42,177	27,476	59,343	8,624	—	22,109	—	159,729
License Revenue, Primarily from Hunting	4,461	252	60	(6)	—	—	—	4,767
Other Non-Timber/Carbon Revenue	1,015	1,157	3,401	15	—	—	—	5,588

Total Non-Timber Sales	5,476	1,409	3,461	9	—	—	—	10,355
Improved Development	—	—	—	—	1,344	—	—	1,344
Unimproved Development	—	—	—	—	—	—	—	—
Rural	—	—	—	—	23,245	—	—	23,245
Timberland & Non-Strategic	—	—	—	—	42	—	—	42
Conservation Easement	—	—	—	—	3,099	—	—	3,099
Deferred Revenue/Other (b)	—	—	—	—	737	—	—	737

Total Real Estate Sales	—	—	—	—	28,467	—	—	28,467

Revenue from Contracts with Customers	47,653	28,885	62,804	8,633	28,467	22,109	—	198,551
Lease Revenue	—	—	—	—	324	—	—	324
Intersegment	—	—	—	1,274	—	92	(1,366)	—
Total Revenue	$47,653	$28,885	$62,804	$9,907	$28,791	$22,201	($1,366)	$198,875


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2019
Pulpwood	$19,093	$2,109	$7,930	—	—	$2,795	—	$31,927
Sawtimber	11,581	16,064	51,415	—	—	22,214	—	101,274
Hardwood	2,338	—	—	—	—	—	—	2,338
Total Timber Sales	33,012	18,173	59,345	—	—	25,009	—	135,539
License Revenue, Primarily from Hunting	4,351	199	91	—	—	—	—	4,641
Other Non-Timber/Carbon Revenue	3,919	394	2,563	—	—	—	—	6,876
Agency Fee Income	—	—	—	—	—	149	—	149
Total Non-Timber Sales	8,270	593	2,654	—	—	149	—	11,666
Improved Development	—	—	—	—	4,492	—	—	4,492
Unimproved Development	—	—	—	—	—	—	—	—
Rural (a)	—	—	—	—	4,212	—	—	4,212
Timberland & Non-Strategic (a)	—	—	—	—	57	—	—	57
Deferred Revenue/Other (b)	—	—	—	—	451	—	—	451

Total Real Estate Sales	—	—	—	—	9,212	—	—	9,212

Revenue from Contracts with Customers	41,282	18,766	61,999	—	9,212	25,158	—	156,417
Intersegment	—	—	—	—	—	34	(34)	—
Total Revenue	$41,282	$18,766	$61,999	—	$9,212	$25,192	($34)	$156,417

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


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2020
Pulpwood	$74,239	$8,253	$18,545	$555	—	$7,527	—	$109,119
Sawtimber	55,224	75,255	117,157	14,701	—	57,493	—	319,830
Hardwood	1,752	—	—	—	—	—	—	1,752
Total Timber Sales	131,215	83,508	135,702	15,256	—	65,020	—	430,701
License Revenue, Primarily From Hunting	13,386	444	200	4	—	—	—	14,034
Other Non-Timber/Carbon Revenue	2,801	2,179	6,210	19	—	—	—	11,209
Agency Fee Income	—	—	—	—	—	327	—	327
Total Non-Timber Sales	16,187	2,623	6,410	23	—	327	—	25,570
Improved Development	—	—	—	—	7,771	—	—	7,771
Unimproved Development	—	—	—	—	8,426	—	—	8,426
Rural	—	—	—	—	52,876	—	—	52,876
Timberland & Non-Strategic	—	—	—	—	9,647	—	—	9,647
Conservation Easement	—	—	—	—	3,099	—	—	3,099
Deferred Revenue/Other (b)	—	—	—	—	(879)	—	—	(879)
Large Dispositions	—	—	—	—	116,027	—	—	116,027
Total Real Estate Sales	—	—	—	—	196,967	—	—	196,967

Revenue from Contracts with Customers	147,402	86,131	142,112	15,279	196,967	65,347	—	653,238
Lease Revenue	—	—	—	—	397	—	—	397
Intersegment	—	—	—	2,152	—	158	(2,310)	—
Total Revenue	$147,402	$86,131	$142,112	$17,431	$197,364	$65,505	($2,310)	$653,635

Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2019
Pulpwood	$65,202	$7,196	$25,278	—	—	$10,947	—	$108,623
Sawtimber	51,019	48,748	149,705	—	—	81,104	—	330,576
Hardwood	4,816	—	—	—	—	—	—	4,816
Total Timber Sales	121,037	55,944	174,983	—	—	92,051	—	444,015
License Revenue, Primarily from Hunting	12,772	404	287	—	—	—	—	13,463
Other Non-Timber/Carbon Revenue	14,516	1,508	5,987	—	—	—	—	22,011
Agency Fee Income	—	—	—	—	—	531	—	531
Total Non-Timber Sales	27,288	1,912	6,274	—	—	531	—	36,005
Improved Development	—	—	—	—	5,007	—	—	5,007
Unimproved Development	—	—	—	—	15,430	—	—	15,430
Rural (a)	—	—	—	—	30,525	—	—	30,525
Timberland & Non-Strategic (a)	—	—	—	—	1,263	—	—	1,263
Deferred Revenue/Other (b)	—	—	—	—	519	—	—	519

Total Real Estate Sales	—	—	—	—	52,744	—	—	52,744

Revenue from Contracts with Customers	148,325	57,856	181,257	—	52,744	92,582	—	532,764
Intersegment	—	—	—	—	—	137	(137)	—
Total Revenue	$148,325	$57,856	$181,257	—	$52,744	$92,719	($137)	$532,764

(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 nine months ended September 30, 2020 and 2019:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2020
Stumpage Pay-as-Cut	$14,518	—	—	$754	—	$15,272
Stumpage Lump Sum	310	472	—	—	—	782

Total Stumpage	14,828	472	—	754	—	16,054

Delivered Wood (Domestic)	21,976	27,004	20,127	7,870	362	77,339
Delivered Wood (Export)	5,373	—	39,216	—	21,747	66,336
Total Delivered	27,349	27,004	59,343	7,870	22,109	143,675

Total Timber Sales	$42,177	$27,476	$59,343	$8,624	$22,109	$159,729

September 30, 2019
Stumpage Pay-as-Cut	$13,077	—	—	—	—	$13,077
Stumpage Lump Sum	1,677	—	—	—	—	1,677

Total Stumpage	14,754	—	—	—	—	14,754

Delivered Wood (Domestic)	16,597	18,173	22,722	—	624	58,116
Delivered Wood (Export)	1,661	—	36,623	—	24,385	62,669
Total Delivered	18,258	18,173	59,345	—	25,009	120,785

Total Timber Sales	$33,012	$18,173	$59,345	—	$25,009	$135,539


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2020
Stumpage Pay-as-Cut	$56,141	—	—	$1,285	—	$57,426
Stumpage Lump Sum	1,561	5,929	—	—	—	7,490

Total Stumpage	57,702	5,929	—	1,285	—	64,916

Delivered Wood (Domestic)	64,473	77,579	45,944	13,971	1,296	203,263
Delivered Wood (Export)	9,040	—	89,758	—	63,724	162,522
Total Delivered	73,513	77,579	135,702	13,971	65,020	365,785

Total Timber Sales	$131,215	$83,508	$135,702	$15,256	$65,020	$430,701

September 30, 2019
Stumpage Pay-as-Cut	$56,257	—	—	—	—	$56,257
Stumpage Lump Sum	4,353	—	—	—	—	4,353

Total Stumpage	60,610	—	—	—	—	60,610

Delivered Wood (Domestic)	52,977	55,944	65,161	—	5,417	179,499
Delivered Wood (Export)	7,450	—	109,822	—	86,634	203,906
Total Delivered	60,427	55,944	174,983	—	92,051	383,405

Total Timber Sales	$121,037	$55,944	$174,983	—	$92,051	$444,015

CHARGES FOR INTEGRATION AND RESTRUCTURING (Summary of Charges) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Termination benefits	$ 70	$ 651
Acceleration of share-based compensation related to qualifying terminations (Note 18)	92	324
Professional services	239	13,553
Other integration and restructuring costs	29	1,887
Total integration and restructuring charges related to the Mergers	$ 430	$ 16,415

INVENTORY

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

INVENTORY

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


	September 30, 2020	December 31, 2019
Finished goods inventory
Real estate inventory (a)	$9,122	$12,663
Log inventory	4,645	1,855
Total inventory	$13,767	$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.

FAIR VALUE MEASUREMENTS (Unrealized Gain Position) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value of marketable equity securities, Carrying Amount	$ 0	$ 10,582
Fair value of marketable securities, Less then 12 Months	0	10,582
Fair value of marketable securities, 12 Months or Greater	0	0
Fair value of marketable securities, Total	0	10,582
Unrealized (losses) gains, Carrying Amount	0	0
Unrealized (losses) gains, Less than 12 Months	0	3,043
Unrealized (losses) gains, 12 Months or Greater	0	0
Unrealized (losses) gains, Total	$ 0	$ 3,043

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 7,259	$ 4,339	$ 72,340	$ 9,985
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 7,259	$ 4,339	72,340	$ 9,985
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT			$ 51,600

NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Net income attributable to noncontrolling interest in the New Zealand subsidiary	$2,066	$1,961	$3,326	$7,129

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Funds:	($10,627)	—	($12,773)	—

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Net (loss) attributable to noncontrolling interest in the Ferncliff Investors:	($153)	—	($199)	—

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


	Three Months Ended September 30,	Nine Months Ended September 30,
	2020	2020
Beginning noncontrolling interests in the Operating Partnership	$110,220	—
Issuances of Redeemable Common Units	—	106,752
Adjustment of noncontrolling interests in the Operating Partnership	8,030	12,022
Conversions of Common Units to Common Shares	(27)	(27)
Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership	(25)	195
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	532	989
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(2,401)
Total noncontrolling interests in the Operating Partnership	$117,530	$117,530

NONCONTROLLING INTERESTS (Schedule of Net Income (Loss) Attributable to Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (8,715)	$ 1,961	$ (9,647)	$ 7,129
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	2,066	1,961	3,326	7,129
ORM Timber Funds
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	(10,627)	0	(12,773)	0
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (153)	$ 0	$ (199)	$ 0

GUARANTEES (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 10,209
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	885
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	9,324
Financial Commitment from Operating Partnership
Guarantor Obligations [Line Items]
Maximum Potential Payment	325,000
Financial Commitment from Operating Partnership \| Senior Notes due 2022
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 325,000

MERGER WITH POPE RESOURCES (Summary of Consideration Transferred) (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	May 08, 2020	May 07, 2020	Sep. 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
Cash consideration (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
Rayonier 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]
Rayonier common shares issued (in shares)	7,181,071
Redeemable Common Units
Business Acquisition [Line Items]
Rayonier common shares issued (in shares)	4,446,153

(LOSS) EARNINGS PER SHARE AND PER UNIT (Antidilutive Securities) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share (in shares/units)	5,038,514	611,740	471,999	421,853
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share (in shares/units)	592,568	611,740	471,999	421,853

ASSETS HELD FOR SALE	9 Months Ended
ASSETS HELD FOR SALE	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for sale criteria in accordance with ASC 360-10-45-9. As of September 30, 2020, the basis in properties meeting this classification was $9.7 million. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. As of December 31, 2019, there were no properties classified as assets held for sale.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 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 September 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 nine months ended September 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) 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.

The following table contains information on the terminated interest rate swap lock agreements as of September 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.

(c) 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.

The following table contains information on the outstanding forward-starting interest rate swaps as of September 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 September 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$1,946	($2,870)
Foreign currency option contracts	Other comprehensive income (loss)	358	(300)
Interest rate products	Other comprehensive income (loss)	2,417	(9,592)
	Interest Expense	3,783	(549)


		Nine Months Ended September 30,
	Income Statement Location	2020	2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$1,806	($1,971)
Foreign currency option contracts	Other comprehensive income (loss)	85	(330)
Interest rate products	Other comprehensive income (loss)	(91,203)	(38,558)
	Interest Expense	6,951	(2,414)












Derivatives not designated as hedging instruments:



Foreign currency exchange contracts	Interest and other miscellaneous (expense) income, net	—	135
Carbon option contracts	Interest and other miscellaneous income, net	563	414

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
	September 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$47,650	$56,350
Foreign currency option contracts	32,000	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 the end of the period.

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)
		September 30, 2020	December 31, 2019
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$1,252	$424
	Other assets	1,293	390
	Other current liabilities	(96)	(172)

Foreign currency option contracts	Other current assets	563	151
	Other assets	—	209
	Other current liabilities	(174)	(27)
	Other non-current liabilities	—	(30)
Interest rate swaps	Other assets	—	2,614
	Other non-current liabilities	(61,308)	(11,068)






Forward-starting interest rate swaps	Other non-current liabilities	(20,980)	—

Derivative not designated as a hedging instrument:


Carbon options	Other current liabilities	—	(607)


Total derivative contracts:
Other current assets		$1,815	$575
Other assets		1,293	3,213
Total derivative assets		$3,108	$3,788

Other current liabilities		(270)	(806)
Other non-current liabilities		(82,288)	(11,098)
Total derivative liabilities		($82,558)	($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.

BASIS OF PRESENTATION (Narrative) (Details)			9 Months Ended
BASIS OF PRESENTATION (Narrative) (Details)	May 08, 2020 segment	May 07, 2020 USD ($)	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Conversion ratio on redeemable common units			1
Number of additional reportable segments \| segment	1
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%
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%

CHARGES FOR INTEGRATION AND RESTRUCTURING (Changes in Accrued Severance) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Charges	$ 430		$ 16,415
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	247	$ 0
Charges	70	581
Payments	(71)	(334)
Ending balance	$ 246	$ 247	$ 246

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

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

OPERATING ACTIVITIES

Net (loss) income

$ 17,378

$ 50,241

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

Depreciation, depletion and amortization

119,479

91,939

Non-cash cost of land and improved development

20,701

9,985

Stock-based incentive compensation expense

6,143

5,383

Deferred income taxes

10,267

8,133

Amortization of losses from pension and postretirement plans

652

337

Timber write-offs due to casualty events

15,203

Gain on sale of large disposition of timberlands

(28,655)

Other

(6,986)

(760)

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

Receivables

(14,089)

(1,839)

Inventories

(2,310)

(1,107)

Accounts payable

6,553

2,021

All other operating activities

(6,352)

(140)

CASH PROVIDED BY OPERATING ACTIVITIES

137,984

164,193

INVESTING ACTIVITIES

Capital expenditures

(44,679)

(45,271)

Real estate development investments

(5,448)

(3,349)

Purchase of timberlands

(24,379)

(81,913)

Net proceeds from large disposition of timberlands

115,666

Net cash consideration for merger with Pope Resources

(231,068)

Other

5,127

(2,219)

CASH USED FOR INVESTING ACTIVITIES

(184,781)

(132,752)

FINANCING ACTIVITIES

Issuance of debt

320,000

Repayment of debt

(132,000)

Dividends paid on common stock

(109,136)

(106,125)

Distributions to noncontrolling interests in the Operating Partnership

(2,401)

Proceeds from the issuance of common shares under incentive stock plan

233

831

Repurchase of common shares

(1,577)

(4,249)

Debt issuance costs

(2,483)

Offering issuance costs

(456)

Repurchase of common shares made under repurchase program

(3,152)

(8,430)

Proceeds from shareholder distribution hedge

135

Noncontrolling interests in consolidated affiliates redemption of shares

(5,113)

Distributions to noncontrolling interest in consolidated affiliates

(8,247)

(7,315)

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

55,668

(125,153)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(213)

(2,808)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

8,658

(96,520)

Balance, beginning of year

69,968

156,454

Balance, end of period

78,626

59,934

Cash paid during the period:

Interest

^[1]

25,546

20,578

Income taxes

621

1,352

Non-cash investing activity

Capital assets purchased on account

3,250

2,271

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 (loss) income

17,378

50,241

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

Depreciation, depletion and amortization

119,479

91,939

Non-cash cost of land and improved development

20,701

9,985

Stock-based incentive compensation expense

6,143

5,383

Deferred income taxes

10,267

8,133

Amortization of losses from pension and postretirement plans

652

337

Timber write-offs due to casualty events

15,203

Gain on sale of large disposition of timberlands

(28,655)

Other

(6,986)

(760)

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

Receivables

(14,089)

(1,839)

Inventories

(2,310)

(1,107)

Accounts payable

6,553

2,021

All other operating activities

(6,352)

(140)

CASH PROVIDED BY OPERATING ACTIVITIES

137,984

164,193

INVESTING ACTIVITIES

Capital expenditures

(44,679)

(45,271)

Real estate development investments

(5,448)

(3,349)

Purchase of timberlands

(24,379)

(81,913)

Net proceeds from large disposition of timberlands

115,666

Net cash consideration for merger with Pope Resources

(231,068)

Other

5,127

(2,219)

CASH USED FOR INVESTING ACTIVITIES

(184,781)

(132,752)

FINANCING ACTIVITIES

Issuance of debt

320,000

Repayment of debt

(132,000)

Distribution on common units

(111,537)

(106,125)

Proceeds from the issuance of common units under incentive stock plan

233

831

Repurchase of common units

(1,577)

(4,249)

Debt issuance costs

(2,483)

Offering issuance costs

(456)

Repurchase of common shares made under repurchase program

(3,152)

(8,430)

Proceeds from shareholder distribution hedge

135

Noncontrolling interests in consolidated affiliates redemption of shares

(5,113)

Distributions to noncontrolling interest in consolidated affiliates

(8,247)

(7,315)

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

55,668

(125,153)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(213)

(2,808)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

8,658

(96,520)

Balance, beginning of year

69,968

156,454

Balance, end of period

78,626

59,934

Cash paid during the period:

Interest

^[2]

25,546

20,578

Income taxes

621

1,352

Non-cash investing activity

Capital assets purchased on account

3,250

2,271

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 $4.7 million and $4.0 million for the nine months ended September 30, 2020 and September 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 $4.7 million and $4.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.

BASIS OF PRESENTATION (Policies)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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 September 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.

Redeemable Common Units

REDEEMABLE COMMON UNITS

Limited partners holding 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 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

MERGER WITH POPE RESOURCES

On May 8, 2020, we completed the 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 Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds.

New Real Estate Sales Category

NEW REAL ESTATE SALES CATEGORYEffective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land.

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.

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.

NEW ACCOUNTING STANDARDS

In March 2020, the Financial Accounting Standards Board (“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 as a result of the new standard.

Subsequent Events

SUBSEQUENT EVENTSWe have evaluated events occurring from September 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.


	September 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

REVENUE REMAINING PERFORMANCE OBLIGATION (Narrative) (Details)	Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to Satisfaction, period	12 months

MERGER WITH POPE RESOURCES (Narrative) (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended						5 Months Ended	9 Months Ended
	May 08, 2020 a fund $ / shares shares	Sep. 30, 2020 USD ($) a fund	Sep. 30, 2020 USD ($) a fund	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2020 USD ($) a fund	Sep. 30, 2020 USD ($) a fund	Sep. 30, 2019 USD ($)
Business Acquisition [Line Items]
Costs related to the merger with Pope Resources			$ 430			$ 0				$ 16,415	$ 0
Net income (loss)			$ (9,498)			1,528				$ 17,378	50,241
Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund II \| ORM Timber Funds
Business Acquisition [Line Items]
Ownership interest										20.00%
Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund IV \| ORM Timber Funds
Business Acquisition [Line Items]
Ownership interest										15.00%
Oregon Wildfires \| ORM Timber Fund II \| ORM Timber Funds
Business Acquisition [Line Items]
Timber write-offs from casualty events		$ 8,800
Oregon Wildfires \| ORM Timber Fund IV \| ORM Timber Funds
Business Acquisition [Line Items]
Timber write-offs from casualty events		$ 400
Oregon Wildfires \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund II \| ORM Timber Funds
Business Acquisition [Line Items]
Area of land \| a		6,700	6,700						6,700	6,700
Ownership interest		20.00%
Timber write-offs from casualty events		$ 1,800
Oregon Wildfires \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Fund IV \| ORM Timber Funds
Business Acquisition [Line Items]
Area of land \| a		400	400						400	400
Ownership interest		15.00%
Timber write-offs from casualty events		$ 100
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net income (loss)			$ (9,498)	$ 455	$ 26,421	$ 1,528	$ 20,920	$ 27,793		$ 17,378	$ 50,241
Merger with Pope Resources
Business Acquisition [Line Items]
Number of timber funds acquired \| fund	3	3	3						3	3
Cash consideration (in dollars per share) \| $ / shares	$ 37.50
Costs related to the merger with Pope Resources			$ 400	$ 13,500	$ 2,500
Amount of revenue included, subsequent to merger									$ 28,800
Merger with Pope Resources \| Acquisition-related Transaction Costs
Business Acquisition [Line Items]
Net income (loss)			$ 400							$ 31,600
Merger with Pope Resources \| Limited Partnership Interest Of Pope
Business Acquisition [Line Items]
Cash consideration (in dollars per share) \| $ / shares	125.00
Merger with Pope Resources \| Holders Of Pope Resources Units With No Valid Election
Business Acquisition [Line Items]
Cash consideration (in dollars per share) \| $ / shares	$ 37.50
Merger with Pope Resources \| Common Stock
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) \| shares	3.929
Merger with Pope Resources \| Common Stock \| 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
Merger with Pope Resources \| Partnership Interest \| Rayonier Limited Partnership
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) \| shares	3.929
Merger with Pope Resources \| Pacific Northwest Timber
Business Acquisition [Line Items]
Number of acres of high-quality land acquired \| a	124,000
Merger with Pope Resources \| Timber Funds
Business Acquisition [Line Items]
Number of acres of Timber Fund land acquired \| a	141,000

OTHER OPERATING EXPENSE, NET

9 Months Ended

Sep. 30, 2020

Other Income and Expenses [Abstract]

OTHER OPERATING EXPENSE, NET

Other operating expense, net consisted of the following:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Loss on foreign currency remeasurement, net of cash flow hedges	($976)	($895)	($2,263)	($1,585)
Gain on sale or disposal of property and equipment	19	—	26	56
Log trading marketing fees	—	102	50	239
Costs related to the merger with Pope Resources (a)	(430)	—	(16,415)	—
Miscellaneous expense, net	(266)	(72)	(645)	(1,509)
Total	($1,653)	($865)	($19,247)	($2,799)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventory	$ 13,767	$ 14,518
Real estate inventory
Inventory [Line Items]
Inventory	9,122	12,663
Log inventory
Inventory [Line Items]
Inventory	$ 4,645	$ 1,855

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019

Operating income	—	—	—	—
Net income attributable to Rayonier, L.P. (a)	($3,596)	($3,596)	($10,788)	($10,788)
Basic earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.08)	($0.08)
Diluted earnings per unit attributable to Rayonier, L.P.	($0.03)	($0.03)	($0.08)	($0.08)

(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

MERGER WITH POPE RESOURCES

As a result of the Mergers, 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.

NEW REAL ESTATE SALES CATEGORY

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

We have evaluated events occurring from September 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.

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended September 30,		Nine Months Ended September 30,
SALES	2020	2019	2020	2019
Southern Timber	$47,653	$41,282	$147,402	$148,325
Pacific Northwest Timber	28,885	18,766	86,131	57,856
New Zealand Timber	62,804	61,999	142,112	181,257
Timber Funds (a)	9,907	—	17,431	—
Real Estate (b)	28,791	9,212	197,364	52,744
Trading	22,201	25,192	65,505	92,719

Intersegment Eliminations (c)	(1,366)	(34)	(2,310)	(137)
Total	$198,875	$156,417	$653,635	$532,764

(a)The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million, respectively, of sales attributable to noncontrolling interest in Timber Funds.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2020	2019	2020	2019
Southern Timber (a)	$5,090	$9,512	$31,368	$45,773
Pacific Northwest Timber	(1,825)	(3,567)	(9,453)	(11,123)
New Zealand Timber	10,720	10,104	21,142	38,621
Timber Funds (b)	(12,370)	—	(14,262)	—
Real Estate (c)	9,459	425	61,081	25,920
Trading	(557)	(37)	(474)	271

Corporate and Other (d)	(8,737)	(5,450)	(37,383)	(18,562)
Total Operating Income	1,780	10,987	52,019	80,900
Unallocated interest expense and other	(10,558)	(7,208)	(27,225)	(20,451)
Total (Loss) Income before Income Taxes	($8,778)	$3,779	$24,794	$60,449

(c)The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition.


	Three Months Ended September 30,		Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2020	2019	2020	2019
Southern Timber	$14,954	$13,025	$48,368	$45,633
Pacific Northwest Timber	10,912	6,299	32,221	19,170
New Zealand Timber	7,345	7,563	17,062	21,071
Timber Funds (a)	4,170	—	8,239	—
Real Estate (b)	5,527	668	47,950	5,202


Corporate and Other	375	291	1,011	863
Total	$43,283	$27,846	$154,851	$91,939

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


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



Real Estate (a)	$7,259	$4,339	$72,340	$9,985


Total	$7,259	$4,339	$72,340	$9,985

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

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 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	(5,829)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(619)
Capitalized real estate development investments	5,448
HBU properties acquired in merger with Pope Resources	27,722
Capital expenditures (silviculture)	211
Intersegment transfers	(3,979)
Total Balance, Ending Balance	117,408
Less: Current portion, Ending Balance	(9,122)
Non-current portion, Ending Balance	108,286
Capitalized interest	400
Merger with Pope Resources
Real Estate, Land and Land Development Costs [Roll Forward]
HBU properties acquired in merger with Pope Resources	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	(882)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(619)
Capitalized real estate development investments	0
HBU properties acquired in merger with Pope Resources	27,722
Capital expenditures (silviculture)	211
Intersegment transfers	(3,979)
Total Balance, Ending Balance	80,818
Less: Current portion, Ending Balance	(326)
Non-current portion, Ending Balance	80,492
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	(4,947)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	5,448
HBU properties acquired in merger with Pope Resources	0
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	36,590
Less: Current portion, Ending Balance	(8,796)
Non-current portion, Ending Balance	$ 27,794

LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1,550	$ 1,959	$ 4,989	$ 6,791
Variable lease cost	85	54	299	211
Total lease cost	$ 1,635	$ 2,013	$ 5,288	$ 7,002

DEBT (Narrative and Debt Convenants) (Details) $ in Millions			1 Months Ended		3 Months Ended					9 Months Ended
	Jan. 01, 2021	May 08, 2020 USD ($) mortgage_payable	Sep. 30, 2020 USD ($)	Sep. 30, 2020 NZD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2020 USD ($) tranche	Sep. 30, 2020 NZD ($)	Sep. 01, 2020 USD ($)	Aug. 31, 2020	Apr. 16, 2020 USD ($)	Apr. 13, 2020 USD ($)	Apr. 12, 2020 USD ($)	Apr. 01, 2020 USD ($)
Debt Instrument [Line Items]
Distributions to noncontrolling interests in the Operating Partnership					$ 667,000	$ 6,856,000	$ 725,000	$ 3,721,000	$ 3,594,000
Debt instrument, number of tranches \| tranche										5
Matariki Forestry Group
Debt Instrument [Line Items]
Distributions to noncontrolling interests in the Operating Partnership			$ 5,100,000
Excluding Timber Funds
Debt Instrument [Line Items]
Deferred financing costs			2,667,000		2,667,000					$ 2,667,000
Total debt, excluding Timber Funds			1,320,872,000		1,320,872,000					1,320,872,000
Timber Funds
Debt Instrument [Line Items]
Deferred financing costs			12,000		12,000					12,000
Total debt, excluding Timber Funds			60,403,000		60,403,000					60,403,000
Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount		$ 25,000,000.0	25,000,000		25,000,000					$ 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		$ 32,380,000					$ 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					1.5	1.5
Working capital										$ 500,000
2020 Incremental Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate										1.85%
2020 Incremental Term Loan Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Deferred financing costs														$ 800,000
Debt term														5 years
Face amount														$ 250,000,000
Total debt, excluding Timber Funds			$ 250,000,000		$ 250,000,000					$ 250,000,000
Working Capital Facility
Debt Instrument [Line Items]
Debt term						12 months
Proceeds from lines of credit										$ 0
Remaining borrowing capacity											$ 20.0
Minority Shareholder Due 2025 At 2.95% \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated Fixed Interest Rate			2.95%		2.95%					2.95%	2.95%
Redeemable determinated price			$ 23,300,000		$ 23,300,000					$ 23,300,000
Advance from minority shareholder				$ 22.7
Term Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate										1.60%
Term Credit Agreement \| Excluding Timber Funds
Debt Instrument [Line Items]
Deferred financing costs																	$ 500,000
Total debt, excluding Timber Funds			$ 350,000,000		$ 350,000,000					$ 350,000,000
Covenant EBITDA to consolidated interest expense, Covenant Requirement			2.5		2.5					2.5	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio			9.42		9.42					9.42	9.42
Covenant EBITDA to consolidated interest expense, Favorable			6.92		6.92					6.92	6.92
Covenant debt to net worth plus covenant debt, Covenant Requirement			0.65		0.65					0.65	0.65
Covenant debt to net worth plus covenant debt, Actual ratio			0.48		0.48					0.48	0.48
Covenant debt to net worth plus covenant debt, favorable			0.17		0.17					0.17	0.17
Incremental Term Loan Agreement borrowings due 2026 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate										1.90%
Incremental Term Loan Agreement borrowings due 2026 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds			$ 300,000,000		$ 300,000,000					$ 300,000,000
Due 2022 at a fixed interest rate of 2.0% \| Timber Funds \| LIBOR \| Forecast
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Fund II Mortgages Payable, Due September 2022 At 2.0% One \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds			$ 11,000,000		$ 11,000,000					$ 11,000,000		$ 11,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%	2.00%	4.90%
Fund II Mortgages Payable, Due September 2022 At 2.0% One \| Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount			$ 11,000,000		$ 11,000,000					$ 11,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds			$ 14,000,000		$ 14,000,000					$ 14,000,000		$ 14,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%	2.00%	3.80%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two \| Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount			$ 14,000,000		$ 14,000,000					$ 14,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%
Revolving Credit Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300,000,000		$ 300,000,000		$ 200,000,000			$ 300,000,000					$ 300,000,000	$ 250,000,000	$ 250,000,000
Deferred financing costs															$ 1,200,000
Proceeds from lines of credit										70,000,000.0
Repayments of lines of credit										132,000,000.0
Remaining borrowing capacity			279,100,000		279,100,000					279,100,000
Amount to secure outstanding letters of credit			900,000		900,000					900,000
Northwest Farm Credit Services Credit Facility
Debt Instrument [Line Items]
Face amount		$ 45,000,000.0	45,000,000		45,000,000					45,000,000
Northwest Farm Credit Services Credit Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Long-term debt fair value			$ 45,000,000		$ 45,000,000					$ 45,000,000
Covenant EBITDA to consolidated interest expense, Covenant Requirement			2.5		2.5					2.5	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio			9.42		9.42					9.42	9.42
Covenant EBITDA to consolidated interest expense, Favorable			6.92		6.92					6.92	6.92
Covenant debt to net worth plus covenant debt, Covenant Requirement			0.65		0.65					0.65	0.65
Covenant debt to net worth plus covenant debt, Actual ratio			0.48		0.48					0.48	0.48
Covenant debt to net worth plus covenant debt, favorable			0.17		0.17					0.17	0.17
Ratio of loan To appraised value, Covenant Requirement			50		50					50	50
Ratio of loan to appraised value requirement actual			11		11					11	11
Ratio of loan to appraised value, favorable			0.39		0.39					0.39	0.39

VARIABLE INTEREST ENTITIES (Narrative) (Details) - fund	9 Months Ended
VARIABLE INTEREST ENTITIES (Narrative) (Details) - fund	Sep. 30, 2020	May 08, 2020
ORM Timber Fund II \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Funds
Variable Interest Entity [Line Items]
Ownership interest	20.00%
ORM Timber Fund III \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Funds
Variable Interest Entity [Line Items]
Ownership interest	5.00%
ORM Timber Fund IV \| Variable Interest Entity, Primary Beneficiary \| ORM Timber Funds
Variable Interest Entity [Line Items]
Ownership interest	15.00%
Merger with Pope Resources
Variable Interest Entity [Line Items]
Number of timber funds acquired	3	3

REVENUE (Disaggregation of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 198,551	$ 156,417	$ 653,238	$ 532,764
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,272	13,077	57,426	56,257
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	782	1,677	7,490	4,353
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,054	14,754	64,916	60,610
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	143,675	120,785	365,785	383,405
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	77,339	58,116	203,263	179,499
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,336	62,669	162,522	203,906
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	159,729	135,539	430,701	444,015
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,518	13,077	56,141	56,257
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	310	1,677	1,561	4,353
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,828	14,754	57,702	60,610
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,349	18,258	73,513	60,427
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,976	16,597	64,473	52,977
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,373	1,661	9,040	7,450
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	472	0	5,929	0
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	472	0	5,929	0
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,004	18,173	77,579	55,944
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,004	18,173	77,579	55,944
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	59,343	59,345	135,702	174,983
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,127	22,722	45,944	65,161
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	39,216	36,623	89,758	109,822
Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,633		15,279
Timber Funds \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	754	0	1,285	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	754	0	1,285	0
Timber Funds \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,870	0	13,971	0
Timber Funds \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,870	0	13,971	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	22,109	25,158	65,347	92,582
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	22,109	25,009	65,020	92,051
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	362	624	1,296	5,417
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,747	24,385	63,724	86,634
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,653	41,282	147,402	148,325
Operating Segments \| Southern Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,177	33,012	131,215	121,037
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,885	18,766	86,131	57,856
Operating Segments \| Pacific Northwest Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,476	18,173	83,508	55,944
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,804	61,999	142,112	181,257
Operating Segments \| New Zealand Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,343	59,345	135,702	174,983
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	8,624	0	15,256	0
Operating Segments \| Trading \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 22,109	$ 25,009	$ 65,020	$ 92,051