0000052827-21-000098 | 10-Q | XBRL Viewer

Changes in operating assets and liabilities:

(3,681)

568

Receivables

(3,697)

(5,316)

Inventories

(3,512)

(3,618)

Accounts payable

6,684

3,353

All other operating activities

(5,306)

(3,403)

CASH PROVIDED BY OPERATING ACTIVITIES

53,868

29,179

INVESTING ACTIVITIES

Capital expenditures

(15,831)

(17,176)

Real estate development investments

(3,011)

(1,727)

Purchase of timberlands

(29,938)

(24,122)

Net proceeds from large disposition of timberlands

115,666

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

4,356

2,070

(44,424)

74,711

FINANCING ACTIVITIES

Issuance of debt

20,000

Repayment of debt

(20,000)

Dividends paid on common stock

(37,490)

(34,907)

Distributions to noncontrolling interests in the Operating Partnership

(1,155)

Proceeds from the issuance of common shares under incentive stock plan

1,166

Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs

32,545

Repurchase of common shares

(155)

Repurchase of common shares made under repurchase program

(3,152)

Distributions to noncontrolling interests in consolidated affiliates

(8,737)

(725)

CASH USED FOR FINANCING ACTIVITIES

(13,826)

(38,718)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(5)

(2,303)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(4,387)

62,869

Balance, beginning of year

87,482

69,968

Balance, end of period

83,095

132,837

Cash paid during the period:

Interest

^[1]

2,945

2,595

Income taxes

4,838

185

Non-cash investing activity:

Capital assets purchased on account

4,814

4,215

Rayonier Limited Partnership

OPERATING ACTIVITIES

Net (loss) income

15,032

26,421

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

Depreciation, depletion and amortization

45,213

34,329

Non-cash cost of land and improved development

1,813

412

Stock-based incentive compensation expense

2,156

1,510

Deferred income taxes

(1,128)

3,361

Amortization of losses from pension and postretirement plans

294

217

Gain on sale of large disposition of timberlands

(28,655)

Changes in operating assets and liabilities:

(3,681)

568

Receivables

(3,697)

(5,316)

Inventories

(3,512)

(3,618)

Accounts payable

6,684

3,353

All other operating activities

(5,306)

(3,403)

CASH PROVIDED BY OPERATING ACTIVITIES

53,868

29,179

INVESTING ACTIVITIES

Capital expenditures

(15,831)

(17,176)

Real estate development investments

(3,011)

(1,727)

Purchase of timberlands

(29,938)

(24,122)

Net proceeds from large disposition of timberlands

115,666

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

4,356

2,070

(44,424)

74,711

FINANCING ACTIVITIES

Issuance of debt

20,000

Repayment of debt

(20,000)

Distributions on units

(38,645)

(34,907)

Proceeds from the issuance of units under incentive stock plan

1,166

Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs

32,545

Repurchase of units

(155)

Repurchase of common shares made under repurchase program

(3,152)

Distributions to noncontrolling interests in consolidated affiliates

(8,737)

(725)

CASH USED FOR FINANCING ACTIVITIES

(13,826)

(38,718)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(5)

(2,303)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(4,387)

62,869

Balance, beginning of year

87,482

69,968

Balance, end of period

83,095

132,837

Cash paid during the period:

Interest

^[2]

2,945

2,595

Income taxes

4,838

185

Non-cash investing activity:

Capital assets purchased on account

$ 4,814

$ 4,215

[1]	Interest paid is presented net of patronage payments received of $6.2 million and $4.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.
[2]	Interest paid is presented net of patronage payments received of $6.2 million and $4.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Patronage refunds received, netted with interest paid	$ 6.2	$ 4.3
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 6.2	$ 4.3

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).

The Rayonier Inc. and Rayonier, L.P. 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 our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC (the “2020 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, Rayonier, L.P. expressly assumed all the obligations of Rayonier Inc. with respect to the outstanding 2022 Notes and Rayonier Inc. agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. under the Indenture, including the 2022 Notes.

On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of March 31, 2021, the Company owned a 97.0% interest in the Operating Partnership, with the remaining 3.0% 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. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger.

Pursuant to ASC 250, the Contribution was accounted for as a change in reporting entity between entities under common control and applied retrospectively for all periods as if the Contribution had been in effect since inception of common control. As a result, 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 months ended March 31, 2020, assuming the change in reporting entity occurred on January 1, 2020 are presented below (in thousands, except per unit amounts):


						Three Months Ended March 31,
						2020

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

(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

For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2020 Form 10-K.

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. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements.

SUBSEQUENT EVENTS

We have evaluated events occurring from March 31, 2021 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

MERGER WITH POPE RESOURCES

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

MERGER WITH POPE RESOURCES

On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. For additional information about the merger, see Note 2 - Merger with Pope Resources in the 2020 Form 10-K.

The total purchase price was as follows (in millions):



Cash consideration			$247,318
Equity consideration			172,640
Redeemable Operating Partnership Unit consideration			106,752
Fair value of Pope Resources units held by us (a)			11,211
Total purchase price			$537,921

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

We recognized approximately $2.5 million of merger-related costs that were expensed during first quarter of 2020. See Note 24 — 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.

As a result of refinements to the preliminary purchase price allocation, higher and better use timberlands increased by approximately $8.2 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.

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 11 — 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 timber 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 timberlands, 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	2,459	1,787	4,246
Other current assets	703	260	963
Timber and Timberlands	507,526	432,500	940,026
Higher and Better Use Timberlands and Real Estate Development Investments	34,748	—	34,748
Property, plant and equipment	11,616	—	11,616
Other assets	3,736	269	4,005
Total identifiable assets acquired	$568,168	$443,686	$1,011,854

Accounts payable	274	293	567
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	9,038	2,080	11,118
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	10,748	—	10,748
Other non-current liabilities (a)	2,616	—	2,616
Total liabilities assumed	$76,422	$63,491	$139,913

Net identifiable assets	$491,746	$380,195	$871,941
Less: noncontrolling interests	(3,816)	(330,204)	(334,020)
Total net assets acquired	$487,930	$49,991	$537,921

(a)Other non-current liabilities includes a $2.6 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.

Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three months ended March 31, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts):


	Three Months Ended
		March 31, 2020
Sales		$283,500

Net income attributable to Rayonier Inc.		$18,398
Basic earnings per share attributable to Rayonier Inc.		$0.13
Diluted earnings per share attributable to Rayonier Inc.		$0.13

Net income attributable to Rayonier, L.P.		$18,998
Basic earnings per unit attributable to Rayonier, L.P.		$0.13
Diluted earnings per unit attributable to Rayonier, L.P.		$0.13

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, 2020, 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 months ended March 31, 2020 of $7.7 million 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.

SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

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 Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“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 months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
SALES		2021	2020
Southern Timber		$51,677	$52,982
Pacific Northwest Timber		41,522	31,075
New Zealand Timber		57,579	37,538
Timber Funds (a)		14,939	—
Real Estate (b)		10,504	118,564
Trading		16,665	18,984

Intersegment Eliminations (c)		(1,439)	(13)
Total		$191,447	$259,130

(a)The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds.

(b)The three months ended March 31, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.

(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 Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.


	Three Months Ended March 31,
OPERATING INCOME (LOSS)		2021	2020
Southern Timber		$17,347	$15,070
Pacific Northwest Timber		1,350	(948)
New Zealand Timber		13,944	5,448
Timber Funds (a)		1,501	—
Real Estate (b)		1,687	26,774
Trading		244	(19)

Corporate and Other		(7,588)	(7,773)
Total Operating Income		28,485	38,552
Unallocated interest expense and other		(10,032)	(8,425)
Total Income before Income Taxes		$18,453	$30,127

(a)The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds.

(b)The three months ended March 31, 2020 includes $28.7 million from a Large Disposition.


	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION		2021	2020
Southern Timber		$14,359	$18,182
Pacific Northwest Timber		16,284	10,702
New Zealand Timber		7,250	4,774
Timber Funds (a)		5,500	—
Real Estate (b)		1,557	35,745


Corporate and Other		263	297
Total		$45,213	$69,700

(a)The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds.

(b)The three months ended March 31, 2020 includes $35.4 million from a Large Disposition.


	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		2021	2020



Real Estate (a)		$1,813	$52,051


Total		$1,813	$52,051

(a) The three months ended March 31, 2020 includes $51.6 million from a Large Disposition.

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

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Revenue from Contract with Customer [Abstract]

REVENUE

3 Months Ended

Mar. 31, 2021

REVENUE

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 March 31, 2021 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. 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 months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended March 31,
		2021	2020
Revenue recognized from contract liability balance at the beginning of the year (a)		$5,920	$6,425

(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 months ended March 31, 2021 and 2020:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
March 31, 2021
Pulpwood	$21,856	$2,495	$9,542	$260	—	$1,835	—	$35,988
Sawtimber	21,963	37,758	47,792	13,308	—	14,389	—	135,210
Hardwood	405	—	—	—	—	—	—	405
Total Timber Sales	44,224	40,253	57,334	13,568	—	16,224	—	171,603
License Revenue, Primarily From Hunting	4,417	91	58	3	—	—	—	4,569
Other Non-Timber/Carbon Revenue	3,036	1,178	187	14	—	—	—	4,415
Agency Fee Income	—	—	—	—	—	356	—	356
Total Non-Timber Sales	7,453	1,269	245	17	—	356	—	9,340
Improved Development	—	—	—	—	252	—	—	252

Rural	—	—	—	—	9,765	—	—	9,765


Deferred Revenue/Other (a)	—	—	—	—	255	—	—	255

Total Real Estate Sales	—	—	—	—	10,272	—	—	10,272

Revenue from Contracts with Customers	51,677	41,522	57,579	13,585	10,272	16,580	—	191,215
Lease Revenue	—	—	—	—	232	—	—	232
Intersegment	—	—	—	1,354	—	85	(1,439)	—
Total Revenue	$51,677	$41,522	$57,579	$14,939	$10,504	$16,665	($1,439)	$191,447

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
March 31, 2020
Pulpwood	$27,493	$3,127	$4,847	—	—	$2,530	—	$37,997
Sawtimber	19,509	27,445	30,788	—	—	16,112	—	93,854
Hardwood	481	—	—	—	—	—	—	481
Total Timber Sales	47,483	30,572	35,635	—	—	18,642	—	132,332
License Revenue, Primarily from Hunting	4,589	97	57	—	—	—	—	4,743
Other Non-Timber/Carbon Revenue	910	406	1,846	—	—	—	—	3,162
Agency Fee Income	—	—	—	—	—	329	—	329
Total Non-Timber Sales	5,499	503	1,903	—	—	329	—	8,234


Rural	—	—	—	—	2,397	—	—	2,397

Deferred Revenue/Other (a)	—	—	—	—	140	—	—	140
Large Dispositions	—	—	—		116,027		—	116,027
Total Real Estate Sales	—	—	—	—	118,564	—	—	118,564

Revenue from Contracts with Customers	52,982	31,075	37,538	—	118,564	18,971	—	259,130
Intersegment	—	—	—	—	—	13	(13)	—
Total Revenue	$52,982	$31,075	$37,538	—	$118,564	$18,984	($13)	$259,130

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

The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2021 and 2020:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
March 31, 2021
Stumpage Pay-as-Cut	$21,257	—	—	—	—	$21,257
Stumpage Lump Sum	3	6,131	—	—	—	6,134

Total Stumpage	21,260	6,131	—	—	—	27,391

Delivered Wood (Domestic)	18,059	34,122	17,106	13,568	1,091	83,946
Delivered Wood (Export)	4,905	—	40,228	—	15,133	60,266
Total Delivered	22,964	34,122	57,334	13,568	16,224	144,212

Total Timber Sales	$44,224	$40,253	$57,334	$13,568	$16,224	$171,603

March 31, 2020
Stumpage Pay-as-Cut	$25,407	—	—	—	—	$25,407
Stumpage Lump Sum	388	5,131	—	—	—	5,519

Total Stumpage	25,795	5,131	—	—	—	30,926

Delivered Wood (Domestic)	21,060	25,441	13,691	—	472	60,664
Delivered Wood (Export)	628	—	21,944	—	18,170	40,742
Total Delivered	21,688	25,441	35,635	—	18,642	101,406

Total Timber Sales	$47,483	$30,572	$35,635	—	$18,642	$132,332

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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-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

Equity Method Investments and Joint Ventures [Abstract]

LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

LEASES

We lease commercial and residential properties primarily located in Port Gamble, Washington. Our leases are operating leases and mostly range between one and five years, and may be extended on a case by case basis. Income associated with commercial and residential property leases generally includes scheduled rent increases, but do not include variable payments based on indexes.

The following table details our lease income for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
Lease Income Components	2021	2020
Operating lease income	$232	—

Total lease income	$232	—

NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2021

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 417,000 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 interests are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net 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 March 31,
		2021	2020
Net income attributable to noncontrolling interests in the New Zealand subsidiary		$2,638	$567

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”)

We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. Based upon an analysis under the variable interest entity guidance, 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. Income 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 income attributable to noncontrolling interests in consolidated affiliates.”

The following table sets forth the income attributable to the Funds’ noncontrolling interests:


	Three Months Ended March 31,
		2021	2020
Net income attributable to noncontrolling interests in the Funds		$1,076	—

Prior to the merger with Pope Resources, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a specified term from the end of its respective investment period: 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II is scheduled to terminate in March 2023, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in January 2035. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership.

Ferncliff Investors

We maintain an ownership interest in Ferncliff Investors, 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.

Based upon an analysis under the variable interest entity guidance, 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.

The Ferncliff Investors joint venture agreement provides for liquidation rights and distribution priorities that are disproportionate to member’s ownership interest. Due to the complex nature of cash distributions to members, net income of the joint venture is allocated to members, including us, using the Hypothetical Liquidation at Book Value (HLBV) method. Under the HLBV method, Ferncliff Investors income or loss is allocated to the members based on the period change in each member’s claim on the book value of net assets, excluding capital contributions and distributions made during the period.

The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests:


	Three Months Ended March 31,
		2021	2020
Net income attributable to noncontrolling interests in Ferncliff Investors		$129	—

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP

Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a 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 March 31, 2021

Beginning noncontrolling interests in the Operating Partnership						$130,121

Adjustment of noncontrolling interests in the Operating Partnership						11,867
Conversions of Redeemable Operating Partnership Units to Common Shares						(4,715)
Net Income attributable to noncontrolling interests in the Operating Partnership						341
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership						1,531
Distributions to noncontrolling interests in the Operating Partnership						(1,155)
Total noncontrolling interests in the Operating Partnership						$137,990

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

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

We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain 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 6 — Noncontrolling Interests.

The assets, liabilities and equity of the Funds as of March 31, 2021, were as follows:


Timber Funds			March 31, 2021
Assets:
Cash and cash equivalents			$4,674
Accounts receivable			3,099
Prepaid expenses			9
Other current assets			237
Total current assets			8,019
Timber and timberlands, net of depletion and amortization			408,338
Other assets			74
Total assets			$416,431
Liabilities and Equity:
Accounts payable			$2,064
Intercompany payable (a)			698

Accrued taxes			174
Accrued interest			505
Deferred revenue			323
Other current liabilities			514
Total current liabilities			4,278
Long-term debt, net of deferred financing costs			59,967
Funds’ equity			352,186
Total liabilities and equity			$416,431

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

Ferncliff Investors

We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, 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 6 — Noncontrolling Interests.

The assets, liabilities and equity of Ferncliff Investors as of March 31, 2021, were as follows:


Ferncliff Investors			March 31, 2021
Assets:
Cash and cash equivalents			$139
Intercompany receivable			61


Total current assets			200

Advances to real estate joint venture entity			1,000
Total assets			$1,200
Liabilities and equity:






Total liabilities			$1,892

Ferncliff Investors’ equity			(692)
Total liabilities and equity			$1,200

EARNINGS PER SHARE AND PER UNIT

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND PER UNIT

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


	Three Months Ended March 31,
		2021	2020
Earnings per common share - basic
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in the Operating Partnership		(341)	—
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income attributable to Rayonier Inc.		$10,848	$25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares		137,870,821	129,137,494
Basic earnings per common share attributable to Rayonier Inc.:		$0.08	$0.20
Earnings per common share - diluted
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership		$11,189	$25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares		137,870,821	129,137,494
Add: Dilutive effect of:
Stock options		4,051	1,075
Performance shares, restricted shares and restricted stock units		353,131	209,481
Noncontrolling interests in Operating Partnership units		4,330,794	—
Denominator for diluted earnings per common share - adjusted weighted average shares		142,558,797	129,348,050
Diluted earnings per common share attributable to Rayonier Inc.:		$0.08	$0.20


	Three Months Ended March 31,
		2021	2020
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units		194,256	406,326


Total		194,256	406,326

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


	Three Months Ended March 31,
		2021	2020
Earnings per unit - basic
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income available to unitholders		$11,189	$25,854
Denominator:
Denominator for basic earnings per unit - weighted average units		142,201,615	129,137,494
Basic earnings per unit attributable to Rayonier, L.P.:		$0.08	$0.20
Earnings per unit - diluted
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income available to unitholders		$11,189	$25,854
Denominator:
Denominator for basic earnings per unit - weighted average units		142,201,615	129,137,494
Add: Dilutive effect of unit equivalents:
Stock options		4,051	1,075
Performance shares, restricted shares and restricted stock units		353,131	209,481
Denominator for diluted earnings per unit - adjusted weighted average units		142,558,797	129,348,050
Diluted earnings per unit attributable to Rayonier, L.P.:		$0.08	$0.20


	Three Months Ended March 31,
		2021	2020
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units		194,256	406,326


Total		194,256	406,326

DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

Our debt consisted of the following at March 31, 2021:


			March 31, 2021
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at March 31, 2021 (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 2.0% at March 31, 2021 (b)			300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 (c)			250,000

New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95%			24,074
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches
Due 2025 at a fixed interest rate of 6.1%			11,512
Due 2028 at a fixed interest rate of 4.1%			11,984
Due 2033 at a fixed interest rate of 5.3%			19,363
Due 2036 at a fixed interest rate of 5.4%			9,838
Total debt, excluding Timber Funds			1,301,771
Less: Deferred financing costs, excluding Timber Funds			(2,338)
Long-term debt, net of deferred financing costs, excluding Timber Funds			1,299,433


Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d)
Due 2022 at a variable interest rate of 2.0% at March 31, 2021			11,000
Due 2022 at a variable interest rate of 2.0% at March 31, 2021			14,000
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows: (e)
Due 2023 at a fixed interest rate of 5.1%			19,431
Due 2024 at a fixed interest rate of 4.5%			15,544
Total debt, Timber Funds			59,975
Less: Deferred financing costs, Timber Funds			(8)
Long-term debt, net of deferred financing costs, Timber Funds			59,967



Long-term debt, net of deferred financing costs			$1,359,400

(a) As of March 31, 2021, 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 March 31, 2021, 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 March 31, 2021, 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) As of March 31, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%.

(e) As of March 31, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds.

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


	Excluding Timber Funds	Timber Funds	Total
2021	—	—	—
2022	325,000	25,000	350,000
2023	—	17,980	17,980
2024	—	14,400	14,400
2025	284,074	—	284,074
Thereafter	685,000	—	685,000
Total Debt	$1,294,074	$57,380	$1,351,454

2021 DEBT ACTIVITY

U.S. Debt — Excluding Timber Funds

During the three months ended March 31, 2021, we made no borrowings or repayments on our Revolving Credit Facility. At March 31, 2021, we had available borrowings of $299.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit.

U.S. Debt — Timber Funds

On January 1, 2021, both Fund II Mortgages Payable transitioned from a fixed interest rate of 2.0% to a variable rate of 3-month LIBOR plus 1.700%.

New Zealand

During the three months ended March 31, 2021, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At March 31, 2021, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility.

As of March 31, 2021, the outstanding balance on the shareholder loan is $24.1 million. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loan since its inception. See Note 6 — Noncontrolling Interests for more information regarding the New Zealand subsidiary.

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 March 31, 2021, 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		6.7 to 1		4.2
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

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

The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2021, are calculated on a trailing 12-month basis:


	Covenant Requirement		Actual Ratio		Favorable
Covenant loan-to-appraised value shall not exceed	50%		12%		38	%
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		6.7 to 1		4.2
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

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 March 31, 2021, we were in compliance with all applicable covenants.

DEBT COVENANTS — TIMBER FUNDS

The Fund II Mortgages Payable to MetLife contain 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 March 31, 2021.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, foreign currency exchange contracts and foreign currency option contracts had maturity dates through September 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 March 31, 2021:


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 of 2020, we entered into three treasury lock agreements, which were designated and qualified as cash flow hedges. 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. As of March 31, 2021, there was $18.8 million recorded in accumulated other comprehensive loss in connection with the settled treasury locks which will be reclassified to earnings through interest expense over the life of the anticipated issued debt. For additional information regarding the expired treasury lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K.

INTEREST RATE SWAP LOCKS

Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements, which 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. As of March 31, 2021, there was $1.3 million recorded in accumulated other comprehensive loss in connection with settled interest rate swap locks which will be reclassified to earnings through interest expense over the life of the anticipated issued debt. For additional information regarding the expired interest rate swap lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K.

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 March 31, 2021:

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, net” as the contracts do not qualify for hedge accounting treatment. As of March 31, 2021, all existing carbon option contracts have expired.

The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2021 and 2020:


		Three Months Ended March 31,
	Income Statement Location	2021	2020
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	($2,852)	($5,480)
Foreign currency option contracts	Other comprehensive income (loss)	(929)	(1,149)



Interest rate swaps	Other comprehensive income (loss)	28,512	(39,450)
	Interest expense	3,438	452
Treasury locks	Other comprehensive income (loss)	—	(20,846)
	Interest expense	521	—
Interest rate swap locks	Other comprehensive income (loss)	—	854
	Interest expense	35	—
Forward-starting interest rate swaps	Other comprehensive income (loss)	31,219	(19,710)





Derivatives not designated as hedging instruments:




Carbon option contracts	Interest and other miscellaneous income, net	—	549

During the next 12 months, the amount of the March 31, 2021 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of our derivative instruments is a gain of approximately $2.6 million.

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


	Notional Amount
	March 31, 2021	December 31, 2020
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$64,000	$49,000
Foreign currency option contracts	16,000	28,000
Interest rate swaps	900,000	900,000

Forward-starting interest rate swaps	475,000	475,000

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)
		March 31, 2021	December 31, 2020
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$3,477	$4,968
	Other assets	160	1,050
	Other current liabilities	(454)	—
	Other non-current liabilities	(17)	—
Foreign currency option contracts	Other current assets	592	1,526

	Other current liabilities	(7)	(11)

Interest rate swaps	Other assets	9,945	—
	Other non-current liabilities	(29,301)	(51,580)






Forward-starting interest rate swaps	Other assets	18,690	513
	Other non-current liabilities	—	(13,042)







Total derivative contracts:
Other current assets		$4,069	$6,494
Other assets		28,795	1,563
Total derivative assets		$32,864	$8,057

Other current liabilities		(461)	(11)
Other non-current liabilities		(29,318)	(64,622)
Total derivative liabilities		($29,779)	($64,633)

(a) See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

OFFSETTING DERIVATIVES

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

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

Level 2 — Observable inputs other than quoted prices included in Level 1.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	March 31, 2021			December 31, 2020
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	$77,946	$77,946	—	$80,454	$80,454	—
Cash and cash equivalents, Timber Funds	4,674	4,674	—	4,053	4,053	—
Restricted cash (b)	475	475	—	2,975	2,975	—


Long-term debt, excluding Timber Funds (c)	(1,299,433)	—	(1,304,371)	(1,300,336)	—	(1,313,631)
Long-term debt, Timber Funds (c)	(59,967)	—	(60,207)	(60,179)	—	(60,474)
Interest rate swaps (d)	(19,356)	—	(19,356)	(51,580)	—	(51,580)

Forward-starting interest rate swaps (d)	18,690	—	18,690	(12,529)	—	(12,529)
Foreign currency exchange contracts (d)	3,166	—	3,166	6,018	—	6,018
Foreign currency option contracts (d)	585	—	585	1,515	—	1,515


Noncontrolling Interests in the Operating Partnership (e)	137,990	137,990	—	130,121	130,121	—

(a)We did not have Level 3 assets or liabilities at March 31, 2021 and December 31, 2020.

(b)Restricted cash represents cash held in escrow. 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 9 — Debt for additional information.

(d)See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(e)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. units by various individuals and entities other than the Company.

We use the following methods and assumptions in estimating the fair value of our financial instruments:

Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.

Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.

Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.

Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

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

The 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.

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

3 Months Ended

Mar. 31, 2021

COMMITMENTS

At March 31, 2021, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Development Projects (b)	Commitments (c)	Total
Remaining 2021	$814	$17,440	$11,445	$29,699
2022	2,097	3,182	17,901	23,180
2023	1,853	267	18,512	20,632
2024	1,853	267	15,671	17,791
2025	2,338	267	10,625	13,230
Thereafter	2,575	3,899	29,987	36,461
	$11,530	$25,322	$104,141	$140,993

(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information.

(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 financial instruments (foreign exchange contracts, interest rate swaps and forward-starting interest rate swaps) and other purchase obligations.

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

3 Months Ended

Mar. 31, 2021

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIESVarious federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. 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 contaminated materials. 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 contaminated materials on or from the owner’s property, regardless of culpability for the release. For additional information, see Note 13 - Environmental and Natural Resource Damage Liabilities in the 2020 Form 10-K.

Changes in environmental and NRD liabilities from December 31, 2020 to March 31, 2021 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2020			$10,615
Plus: Current portion			1,026
Total Balance at December 31, 2020			11,641
Expenditures			(111)

Total Balance at March 31, 2021			11,530
Less: Current portion			(930)
Non-current portion at March 31, 2021			$10,600

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 Pope Resources for information regarding our preliminary estimates of fair value. It is expected that the upland mill site cleanup and NRD restoration will occur over the next two to three years, while the monitoring of Port Gamble Bay, mill site and landfills will continue for an additional 10 to 15 years. NRD costs are subject to 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 12 - Commitments.

GUARANTEES

3 Months Ended

Mar. 31, 2021

Guarantees [Abstract]

GUARANTEES

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

As of March 31, 2021, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$885

Surety bonds (b)

9,340

Total financial commitments

$10,225

(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 2021, 2022, 2023 and 2024 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

3 Months Ended

Mar. 31, 2021

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.

Changes in higher and better use timberlands and real estate development investments from December 31, 2020 to March 31, 2021 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, 2020	$79,901	$28,617	$108,518
Plus: Current portion (a)	212	6,544	6,756
Total Balance at December 31, 2020	80,113	35,161	115,274
Non-cash cost of land and improved development	(549)	(232)	(781)
Amortization of parcel real estate development investments	—	(139)	(139)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(243)	—	(243)
Capitalized real estate development investments (b)	—	5,291	5,291
Capital expenditures (silviculture)	96	—	96

Intersegment transfers	1,082	—	1,082
Purchase price allocation adjustment (c)	8,238	—	8,238

Total Balance at March 31, 2021	88,737	40,081	128,818
Less: Current portion (a)	(811)	(16,692)	(17,503)
Non-current portion at March 31, 2021	$87,926	$23,389	$111,315

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information.

(b)Capitalized real estate development investments include $0.1 million of capitalized interest and $2.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

(c)Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The estimated fair value of HBU properties acquired in the merger is approximately $34.7 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. See Note 2 - Merger with Pope Resources for additional information

INVENTORY

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORY

As of March 31, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows:


	March 31, 2021	December 31, 2020
Finished goods inventory
Real estate inventory (a)	$17,503	$6,756
Log inventory	7,490	3,838
Total inventory	$24,993	$10,594

(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

OTHER OPERATING INCOME (EXPENSE), NET

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

OTHER OPERATING INCOME (EXPENSE), NET

Other operating income (expense), net consisted of the following:


	Three Months Ended March 31,
		2021	2020
Gain on foreign currency remeasurement, net of cash flow hedges		$2,429	$1,433
Gain on sale or disposal of property and equipment		90	3
Log trading marketing fees		6	47
Costs related to the merger with Pope Resources (a)		—	(2,487)
Equity income related to Bainbridge Landing LLC joint venture (b)		19	—
Miscellaneous expense, net		(96)	(107)
Total		$2,448	($1,111)

(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 24 - Charges for Integration and Restructuring for additional information.

(b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors.

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2021

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.

We are not required to make mandatory 2021 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three months ended March 31, 2021.

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


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Three Months Ended March 31,		Three Months Ended March 31,
		2021	2020	2021	2020
Service cost	Selling and general expenses	—	—	$2	$2
Interest cost	Interest and other miscellaneous expense, net	557	677	11	13
Expected return on plan assets (a)	Interest and other miscellaneous expense, net	(936)	(876)	—	—

Amortization of losses	Interest and other miscellaneous expense, net	288	215	5	2

Net periodic benefit (credit) cost		($91)	$16	$18	$17

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefits is 5.7%.

The entire disclosure for retirement benefits.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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INCOME TAXES

3 Months Ended

Mar. 31, 2021

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. As of March 31, 2021, Rayonier owns a 97.0% 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 March 31,
		2021	2020
Income tax expense		($3,421)	($3,706)

ANNUAL EFFECTIVE TAX RATE

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


	Three Months Ended March 31,
		2021		2020
Annualized effective tax rate after discrete items		11.6	%	12.1	%

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.

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

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2021

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the changes in AOCI by component for the three months ended March 31, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.


	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, 2019	($226)	$1,321	($8,910)		($23,387)		($31,202)	—	($31,202)
Other comprehensive income (loss) before reclassifications	22,928	—	(71,644)		(1,794)		(50,510)	—	(50,510)
Amounts reclassified from accumulated other comprehensive loss	—	—	9,498		869	(b)	10,367	(2,540)	7,827
Net other comprehensive income (loss)	22,928	—	(62,146)		(925)		(40,143)	(2,540)	(42,683)
Balance as of December 31, 2020	$22,702	$1,321	($71,056)		($24,312)		($71,345)	($2,540)	($73,885)
Other comprehensive (loss) income before reclassifications	(11,652)	—	56,637	(a)	—		44,985	—	44,985
Amounts reclassified from accumulated other comprehensive loss	—	—	4,991		294	(b)	5,285	(1,531)	3,754
Net other comprehensive (loss) income	(11,652)	—	61,628		294		50,270	(1,531)	48,739
Balance as of March 31, 2021	$11,050	$1,321	($9,428)		($24,018)		($21,075)	($4,071)	($25,146)

(a)Includes $59.7 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 10 — 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 19 — 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 three months ended March 31, 2021 and March 31, 2020:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the income statement
	March 31, 2021	March 31, 2020
Realized loss on foreign currency exchange contracts	$1,205	$18	Other operating expense, net
Realized loss on foreign currency option contracts	594	9	Other operating expense, net
Noncontrolling interests	(414)	(6)	Comprehensive (loss) income attributable to noncontrolling interests
Realized loss (gain) on interest rate contracts	3,994	(452)	Interest expense
Income tax expense from net gain on foreign currency contracts	(388)	(6)	Income tax expense


Net loss (gain) from accumulated other comprehensive income	$4,991	($437)

RESTRICTED CASH

3 Months Ended

Mar. 31, 2021

Restricted Cash and Investments [Abstract]

RESTRICTED CASH

Restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Richmond Hill development project as well as cash held in escrow for real estate sales. As of March 31, 2021 and December 31, 2020, we had $0.5 million and $3.0 million, respectively, of restricted cash held in escrow. In addition, 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 March 31, 2021 and December 31, 2020, we had no proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary.

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the three months ended March 31, 2021:


			March 31, 2021

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			82,620
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$83,095

ASSETS HELD FOR SALE	3 Months Ended
ASSETS HELD FOR SALE	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, the basis in properties meeting this classification was $7.9 million and $3.4 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

CHARGES FOR INTEGRATION AND RESTRUCTURING

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

CHARGES FOR INTEGRATION AND RESTRUCTURING

During 2020, we 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 merger with Pope Resources. We also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to the merger with Pope Resources.

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


	Three Months Ended March 31,
	2021	2020


Professional services	—	$2,347
Other integration and restructuring costs	—	140
Total integration and restructuring charges related to the merger with Pope Resources	—	$2,487

Changes in accrued severance related to restructuring during the three months ended March 31, 2021 were as follows:


									Three Months Ended
									March 31, 2021
Accrued severance as of December 31, 2020									$112

Payments									(53)
Accrued severance as of March 31, 2021									$59

Accrued severance is recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. The majority of the accrued severance balance as of March 31, 2021 is expected to be paid within one year.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2021
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. and Rayonier, L.P. 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 our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC (the “2020 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, Rayonier, L.P. expressly assumed all the obligations of Rayonier Inc. with respect to the outstanding 2022 Notes and Rayonier Inc. agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. under the Indenture, including the 2022 Notes. On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of March 31, 2021, the Company owned a 97.0% interest in the Operating Partnership, with the remaining 3.0% 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. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger.
New Accounting Standards	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. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements.
Subsequent Events	SUBSEQUENT EVENTSWe have evaluated events occurring from March 31, 2021 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 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 March 31, 2021 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. 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.
Segment Reporting	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 Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“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.”
Derivatives	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.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.
Fair Value of Financial Instruments	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. 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. 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.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Disclosure of accounting policy for segment reporting.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2021

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


						Three Months Ended March 31,
						2020

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

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

MERGER WITH POPE RESOURCES (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Total Consideration Transferred by Rayonier in the Merger

The total purchase price was as follows (in millions):



Cash consideration			$247,318
Equity consideration			172,640
Redeemable Operating Partnership Unit consideration			106,752
Fair value of Pope Resources units held by us (a)			11,211
Total purchase price			$537,921

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

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	2,459	1,787	4,246
Other current assets	703	260	963
Timber and Timberlands	507,526	432,500	940,026
Higher and Better Use Timberlands and Real Estate Development Investments	34,748	—	34,748
Property, plant and equipment	11,616	—	11,616
Other assets	3,736	269	4,005
Total identifiable assets acquired	$568,168	$443,686	$1,011,854

Accounts payable	274	293	567
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	9,038	2,080	11,118
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	10,748	—	10,748
Other non-current liabilities (a)	2,616	—	2,616
Total liabilities assumed	$76,422	$63,491	$139,913

Net identifiable assets	$491,746	$380,195	$871,941
Less: noncontrolling interests	(3,816)	(330,204)	(334,020)
Total net assets acquired	$487,930	$49,991	$537,921

(a)Other non-current liabilities includes a $2.6 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
		March 31, 2020
Sales		$283,500

Net income attributable to Rayonier Inc.		$18,398
Basic earnings per share attributable to Rayonier Inc.		$0.13
Diluted earnings per share attributable to Rayonier Inc.		$0.13

Net income attributable to Rayonier, L.P.		$18,998
Basic earnings per unit attributable to Rayonier, L.P.		$0.13
Diluted earnings per unit attributable to Rayonier, L.P.		$0.13

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the segment information for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
SALES		2021	2020
Southern Timber		$51,677	$52,982
Pacific Northwest Timber		41,522	31,075
New Zealand Timber		57,579	37,538
Timber Funds (a)		14,939	—
Real Estate (b)		10,504	118,564
Trading		16,665	18,984

Intersegment Eliminations (c)		(1,439)	(13)
Total		$191,447	$259,130

(a)The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds.


	Three Months Ended March 31,
OPERATING INCOME (LOSS)		2021	2020
Southern Timber		$17,347	$15,070
Pacific Northwest Timber		1,350	(948)
New Zealand Timber		13,944	5,448
Timber Funds (a)		1,501	—
Real Estate (b)		1,687	26,774
Trading		244	(19)

Corporate and Other		(7,588)	(7,773)
Total Operating Income		28,485	38,552
Unallocated interest expense and other		(10,032)	(8,425)
Total Income before Income Taxes		$18,453	$30,127

(a)The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds.

(b)The three months ended March 31, 2020 includes $28.7 million from a Large Disposition.


	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION		2021	2020
Southern Timber		$14,359	$18,182
Pacific Northwest Timber		16,284	10,702
New Zealand Timber		7,250	4,774
Timber Funds (a)		5,500	—
Real Estate (b)		1,557	35,745


Corporate and Other		263	297
Total		$45,213	$69,700

(a)The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds.

(b)The three months ended March 31, 2020 includes $35.4 million from a Large Disposition.


	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		2021	2020



Real Estate (a)		$1,813	$52,051


Total		$1,813	$52,051

(a) The three months ended March 31, 2020 includes $51.6 million from a Large Disposition.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract with Customer, Liabilities

The following table summarizes revenue recognized during the three months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended March 31,
		2021	2020
Revenue recognized from contract liability balance at the beginning of the year (a)		$5,920	$6,425

(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 months ended March 31, 2021 and 2020:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
March 31, 2021
Pulpwood	$21,856	$2,495	$9,542	$260	—	$1,835	—	$35,988
Sawtimber	21,963	37,758	47,792	13,308	—	14,389	—	135,210
Hardwood	405	—	—	—	—	—	—	405
Total Timber Sales	44,224	40,253	57,334	13,568	—	16,224	—	171,603
License Revenue, Primarily From Hunting	4,417	91	58	3	—	—	—	4,569
Other Non-Timber/Carbon Revenue	3,036	1,178	187	14	—	—	—	4,415
Agency Fee Income	—	—	—	—	—	356	—	356
Total Non-Timber Sales	7,453	1,269	245	17	—	356	—	9,340
Improved Development	—	—	—	—	252	—	—	252

Rural	—	—	—	—	9,765	—	—	9,765


Deferred Revenue/Other (a)	—	—	—	—	255	—	—	255

Total Real Estate Sales	—	—	—	—	10,272	—	—	10,272

Revenue from Contracts with Customers	51,677	41,522	57,579	13,585	10,272	16,580	—	191,215
Lease Revenue	—	—	—	—	232	—	—	232
Intersegment	—	—	—	1,354	—	85	(1,439)	—
Total Revenue	$51,677	$41,522	$57,579	$14,939	$10,504	$16,665	($1,439)	$191,447

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
March 31, 2020
Pulpwood	$27,493	$3,127	$4,847	—	—	$2,530	—	$37,997
Sawtimber	19,509	27,445	30,788	—	—	16,112	—	93,854
Hardwood	481	—	—	—	—	—	—	481
Total Timber Sales	47,483	30,572	35,635	—	—	18,642	—	132,332
License Revenue, Primarily from Hunting	4,589	97	57	—	—	—	—	4,743
Other Non-Timber/Carbon Revenue	910	406	1,846	—	—	—	—	3,162
Agency Fee Income	—	—	—	—	—	329	—	329
Total Non-Timber Sales	5,499	503	1,903	—	—	329	—	8,234


Rural	—	—	—	—	2,397	—	—	2,397

Deferred Revenue/Other (a)	—	—	—	—	140	—	—	140
Large Dispositions	—	—	—		116,027		—	116,027
Total Real Estate Sales	—	—	—	—	118,564	—	—	118,564

Revenue from Contracts with Customers	52,982	31,075	37,538	—	118,564	18,971	—	259,130
Intersegment	—	—	—	—	—	13	(13)	—
Total Revenue	$52,982	$31,075	$37,538	—	$118,564	$18,984	($13)	$259,130

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

The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2021 and 2020:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
March 31, 2021
Stumpage Pay-as-Cut	$21,257	—	—	—	—	$21,257
Stumpage Lump Sum	3	6,131	—	—	—	6,134

Total Stumpage	21,260	6,131	—	—	—	27,391

Delivered Wood (Domestic)	18,059	34,122	17,106	13,568	1,091	83,946
Delivered Wood (Export)	4,905	—	40,228	—	15,133	60,266
Total Delivered	22,964	34,122	57,334	13,568	16,224	144,212

Total Timber Sales	$44,224	$40,253	$57,334	$13,568	$16,224	$171,603

March 31, 2020
Stumpage Pay-as-Cut	$25,407	—	—	—	—	$25,407
Stumpage Lump Sum	388	5,131	—	—	—	5,519

Total Stumpage	25,795	5,131	—	—	—	30,926

Delivered Wood (Domestic)	21,060	25,441	13,691	—	472	60,664
Delivered Wood (Export)	628	—	21,944	—	18,170	40,742
Total Delivered	21,688	25,441	35,635	—	18,642	101,406

Total Timber Sales	$47,483	$30,572	$35,635	—	$18,642	$132,332

LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Operating Lease, Lease Income

The following table details our lease income for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
Lease Income Components	2021	2020
Operating lease income	$232	—

Total lease income	$232	—

NONCONTROLLING INTERESTS (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
		2021	2020
Net income attributable to noncontrolling interests in the New Zealand subsidiary		$2,638	$567

The following table sets forth the income attributable to the Funds’ noncontrolling interests:


	Three Months Ended March 31,
		2021	2020
Net income attributable to noncontrolling interests in the Funds		$1,076	—

The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests:


	Three Months Ended March 31,
		2021	2020
Net income attributable to noncontrolling interests in Ferncliff Investors		$129	—

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


						Three Months Ended March 31, 2021

Beginning noncontrolling interests in the Operating Partnership						$130,121

Adjustment of noncontrolling interests in the Operating Partnership						11,867
Conversions of Redeemable Operating Partnership Units to Common Shares						(4,715)
Net Income attributable to noncontrolling interests in the Operating Partnership						341
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership						1,531
Distributions to noncontrolling interests in the Operating Partnership						(1,155)
Total noncontrolling interests in the Operating Partnership						$137,990

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The assets, liabilities and equity of the Funds as of March 31, 2021, were as follows:


Timber Funds			March 31, 2021
Assets:
Cash and cash equivalents			$4,674
Accounts receivable			3,099
Prepaid expenses			9
Other current assets			237
Total current assets			8,019
Timber and timberlands, net of depletion and amortization			408,338
Other assets			74
Total assets			$416,431
Liabilities and Equity:
Accounts payable			$2,064
Intercompany payable (a)			698

Accrued taxes			174
Accrued interest			505
Deferred revenue			323
Other current liabilities			514
Total current liabilities			4,278
Long-term debt, net of deferred financing costs			59,967
Funds’ equity			352,186
Total liabilities and equity			$416,431

(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 March 31, 2021, were as follows:


Ferncliff Investors			March 31, 2021
Assets:
Cash and cash equivalents			$139
Intercompany receivable			61


Total current assets			200

Advances to real estate joint venture entity			1,000
Total assets			$1,200
Liabilities and equity:






Total liabilities			$1,892

Ferncliff Investors’ equity			(692)
Total liabilities and equity			$1,200

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.

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

EARNINGS PER SHARE AND PER UNIT (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,
		2021	2020
Earnings per common share - basic
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in the Operating Partnership		(341)	—
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income attributable to Rayonier Inc.		$10,848	$25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares		137,870,821	129,137,494
Basic earnings per common share attributable to Rayonier Inc.:		$0.08	$0.20
Earnings per common share - diluted
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership		$11,189	$25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares		137,870,821	129,137,494
Add: Dilutive effect of:
Stock options		4,051	1,075
Performance shares, restricted shares and restricted stock units		353,131	209,481
Noncontrolling interests in Operating Partnership units		4,330,794	—
Denominator for diluted earnings per common share - adjusted weighted average shares		142,558,797	129,348,050
Diluted earnings per common share attributable to Rayonier Inc.:		$0.08	$0.20

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


	Three Months Ended March 31,
		2021	2020
Earnings per unit - basic
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income available to unitholders		$11,189	$25,854
Denominator:
Denominator for basic earnings per unit - weighted average units		142,201,615	129,137,494
Basic earnings per unit attributable to Rayonier, L.P.:		$0.08	$0.20
Earnings per unit - diluted
Numerator:
Net Income		$15,032	$26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(3,843)	(567)
Net income available to unitholders		$11,189	$25,854
Denominator:
Denominator for basic earnings per unit - weighted average units		142,201,615	129,137,494
Add: Dilutive effect of unit equivalents:
Stock options		4,051	1,075
Performance shares, restricted shares and restricted stock units		353,131	209,481
Denominator for diluted earnings per unit - adjusted weighted average units		142,558,797	129,348,050
Diluted earnings per unit attributable to Rayonier, L.P.:		$0.08	$0.20

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


	Three Months Ended March 31,
		2021	2020
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units		194,256	406,326


Total		194,256	406,326


	Three Months Ended March 31,
		2021	2020
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units		194,256	406,326


Total		194,256	406,326

DEBT (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Our debt consisted of the following at March 31, 2021:


			March 31, 2021
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at March 31, 2021 (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 2.0% at March 31, 2021 (b)			300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 (c)			250,000

New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95%			24,074
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches
Due 2025 at a fixed interest rate of 6.1%			11,512
Due 2028 at a fixed interest rate of 4.1%			11,984
Due 2033 at a fixed interest rate of 5.3%			19,363
Due 2036 at a fixed interest rate of 5.4%			9,838
Total debt, excluding Timber Funds			1,301,771
Less: Deferred financing costs, excluding Timber Funds			(2,338)
Long-term debt, net of deferred financing costs, excluding Timber Funds			1,299,433


Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d)
Due 2022 at a variable interest rate of 2.0% at March 31, 2021			11,000
Due 2022 at a variable interest rate of 2.0% at March 31, 2021			14,000
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows: (e)
Due 2023 at a fixed interest rate of 5.1%			19,431
Due 2024 at a fixed interest rate of 4.5%			15,544
Total debt, Timber Funds			59,975
Less: Deferred financing costs, Timber Funds			(8)
Long-term debt, net of deferred financing costs, Timber Funds			59,967



Long-term debt, net of deferred financing costs			$1,359,400

(d) As of March 31, 2021, the periodic interest rate on the Fund II Mortgages Payable was 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
2021	—	—	—
2022	325,000	25,000	350,000
2023	—	17,980	17,980
2024	—	14,400	14,400
2025	284,074	—	284,074
Thereafter	685,000	—	685,000
Total Debt	$1,294,074	$57,380	$1,351,454

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2021, 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		6.7 to 1		4.2
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2021, are calculated on a trailing 12-month basis:


	Covenant Requirement		Actual Ratio		Favorable
Covenant loan-to-appraised value shall not exceed	50%		12%		38	%
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		6.7 to 1		4.2
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	47	%	18	%

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

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of March 31, 2021:


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 outstanding forward-starting interest rate swaps as of March 31, 2021:

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

The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2021 and 2020:


		Three Months Ended March 31,
	Income Statement Location	2021	2020
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	($2,852)	($5,480)
Foreign currency option contracts	Other comprehensive income (loss)	(929)	(1,149)



Interest rate swaps	Other comprehensive income (loss)	28,512	(39,450)
	Interest expense	3,438	452
Treasury locks	Other comprehensive income (loss)	—	(20,846)
	Interest expense	521	—
Interest rate swap locks	Other comprehensive income (loss)	—	854
	Interest expense	35	—
Forward-starting interest rate swaps	Other comprehensive income (loss)	31,219	(19,710)





Derivatives not designated as hedging instruments:




Carbon option contracts	Interest and other miscellaneous income, net	—	549

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
	March 31, 2021	December 31, 2020
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$64,000	$49,000
Foreign currency option contracts	16,000	28,000
Interest rate swaps	900,000	900,000

Forward-starting interest rate swaps	475,000	475,000

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)
		March 31, 2021	December 31, 2020
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$3,477	$4,968
	Other assets	160	1,050
	Other current liabilities	(454)	—
	Other non-current liabilities	(17)	—
Foreign currency option contracts	Other current assets	592	1,526

	Other current liabilities	(7)	(11)

Interest rate swaps	Other assets	9,945	—
	Other non-current liabilities	(29,301)	(51,580)






Forward-starting interest rate swaps	Other assets	18,690	513
	Other non-current liabilities	—	(13,042)







Total derivative contracts:
Other current assets		$4,069	$6,494
Other assets		28,795	1,563
Total derivative assets		$32,864	$8,057

Other current liabilities		(461)	(11)
Other non-current liabilities		(29,318)	(64,622)
Total derivative liabilities		($29,779)	($64,633)

(a) See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping


	March 31, 2021			December 31, 2020
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	$77,946	$77,946	—	$80,454	$80,454	—
Cash and cash equivalents, Timber Funds	4,674	4,674	—	4,053	4,053	—
Restricted cash (b)	475	475	—	2,975	2,975	—


Long-term debt, excluding Timber Funds (c)	(1,299,433)	—	(1,304,371)	(1,300,336)	—	(1,313,631)
Long-term debt, Timber Funds (c)	(59,967)	—	(60,207)	(60,179)	—	(60,474)
Interest rate swaps (d)	(19,356)	—	(19,356)	(51,580)	—	(51,580)

Forward-starting interest rate swaps (d)	18,690	—	18,690	(12,529)	—	(12,529)
Foreign currency exchange contracts (d)	3,166	—	3,166	6,018	—	6,018
Foreign currency option contracts (d)	585	—	585	1,515	—	1,515


Noncontrolling Interests in the Operating Partnership (e)	137,990	137,990	—	130,121	130,121	—

(a)We did not have Level 3 assets or liabilities at March 31, 2021 and December 31, 2020.

(b)Restricted cash represents cash held in escrow. 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 9 — Debt for additional information.

(d)See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

COMMITMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments

At March 31, 2021, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Development Projects (b)	Commitments (c)	Total
Remaining 2021	$814	$17,440	$11,445	$29,699
2022	2,097	3,182	17,901	23,180
2023	1,853	267	18,512	20,632
2024	1,853	267	15,671	17,791
2025	2,338	267	10,625	13,230
Thereafter	2,575	3,899	29,987	36,461
	$11,530	$25,322	$104,141	$140,993

(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 financial instruments (foreign exchange contracts, interest rate swaps and forward-starting interest rate swaps) and other purchase obligations.

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

Environmental Remediation Obligations [Abstract]

Schedule of Environmental Loss Contingencies by Site

Changes in environmental and NRD liabilities from December 31, 2020 to March 31, 2021 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2020			$10,615
Plus: Current portion			1,026
Total Balance at December 31, 2020			11,641
Expenditures			(111)

Total Balance at March 31, 2021			11,530
Less: Current portion			(930)
Non-current portion at March 31, 2021			$10,600

GUARANTEES (Tables)

3 Months Ended

Mar. 31, 2021

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of March 31, 2021, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$885

Surety bonds (b)

9,340

Total financial commitments

$10,225

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

3 Months Ended

Mar. 31, 2021

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, 2020 to March 31, 2021 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, 2020	$79,901	$28,617	$108,518
Plus: Current portion (a)	212	6,544	6,756
Total Balance at December 31, 2020	80,113	35,161	115,274
Non-cash cost of land and improved development	(549)	(232)	(781)
Amortization of parcel real estate development investments	—	(139)	(139)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(243)	—	(243)
Capitalized real estate development investments (b)	—	5,291	5,291
Capital expenditures (silviculture)	96	—	96

Intersegment transfers	1,082	—	1,082
Purchase price allocation adjustment (c)	8,238	—	8,238

Total Balance at March 31, 2021	88,737	40,081	128,818
Less: Current portion (a)	(811)	(16,692)	(17,503)
Non-current portion at March 31, 2021	$87,926	$23,389	$111,315

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information.

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

As of March 31, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows:


	March 31, 2021	December 31, 2020
Finished goods inventory
Real estate inventory (a)	$17,503	$6,756
Log inventory	7,490	3,838
Total inventory	$24,993	$10,594

OTHER OPERATING INCOME (EXPENSE), NET (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other Operating (Expense) Income

Other operating income (expense), net consisted of the following:


	Three Months Ended March 31,
		2021	2020
Gain on foreign currency remeasurement, net of cash flow hedges		$2,429	$1,433
Gain on sale or disposal of property and equipment		90	3
Log trading marketing fees		6	47
Costs related to the merger with Pope Resources (a)		—	(2,487)
Equity income related to Bainbridge Landing LLC joint venture (b)		19	—
Miscellaneous expense, net		(96)	(107)
Total		$2,448	($1,111)

(b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors.

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2021

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

Schedule of Components of Net Periodic Benefit (Credit) Cost

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


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Three Months Ended March 31,		Three Months Ended March 31,
		2021	2020	2021	2020
Service cost	Selling and general expenses	—	—	$2	$2
Interest cost	Interest and other miscellaneous expense, net	557	677	11	13
Expected return on plan assets (a)	Interest and other miscellaneous expense, net	(936)	(876)	—	—

Amortization of losses	Interest and other miscellaneous expense, net	288	215	5	2

Net periodic benefit (credit) cost		($91)	$16	$18	$17

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefits is 5.7%.

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
		2021	2020
Income tax expense		($3,421)	($3,706)

Schedule of Effective Income Tax Rate Reconciliation

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


	Three Months Ended March 31,
		2021		2020
Annualized effective tax rate after discrete items		11.6	%	12.1	%

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2021

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, 2019	($226)	$1,321	($8,910)		($23,387)		($31,202)	—	($31,202)
Other comprehensive income (loss) before reclassifications	22,928	—	(71,644)		(1,794)		(50,510)	—	(50,510)
Amounts reclassified from accumulated other comprehensive loss	—	—	9,498		869	(b)	10,367	(2,540)	7,827
Net other comprehensive income (loss)	22,928	—	(62,146)		(925)		(40,143)	(2,540)	(42,683)
Balance as of December 31, 2020	$22,702	$1,321	($71,056)		($24,312)		($71,345)	($2,540)	($73,885)
Other comprehensive (loss) income before reclassifications	(11,652)	—	56,637	(a)	—		44,985	—	44,985
Amounts reclassified from accumulated other comprehensive loss	—	—	4,991		294	(b)	5,285	(1,531)	3,754
Net other comprehensive (loss) income	(11,652)	—	61,628		294		50,270	(1,531)	48,739
Balance as of March 31, 2021	$11,050	$1,321	($9,428)		($24,018)		($21,075)	($4,071)	($25,146)

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 three months ended March 31, 2021 and March 31, 2020:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the income statement
	March 31, 2021	March 31, 2020
Realized loss on foreign currency exchange contracts	$1,205	$18	Other operating expense, net
Realized loss on foreign currency option contracts	594	9	Other operating expense, net
Noncontrolling interests	(414)	(6)	Comprehensive (loss) income attributable to noncontrolling interests
Realized loss (gain) on interest rate contracts	3,994	(452)	Interest expense
Income tax expense from net gain on foreign currency contracts	(388)	(6)	Income tax expense


Net loss (gain) from accumulated other comprehensive income	$4,991	($437)

RESTRICTED CASH (Tables)

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021:


			March 31, 2021

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			82,620
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$83,095

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 three months ended March 31, 2021:


			March 31, 2021

Restricted cash held in escrow			$475

Total restricted cash shown in the Consolidated Balance Sheets			475
Cash and cash equivalents			82,620
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows			$83,095

CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Integration and Restructuring Related Cost

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


	Three Months Ended March 31,
	2021	2020


Professional services	—	$2,347
Other integration and restructuring costs	—	140
Total integration and restructuring charges related to the merger with Pope Resources	—	$2,487

Schedule of Changes in Accrued Severance Related to Restructuring

Changes in accrued severance related to restructuring during the three months ended March 31, 2021 were as follows:


									Three Months Ended
									March 31, 2021
Accrued severance as of December 31, 2020									$112

Payments									(53)
Accrued severance as of March 31, 2021									$59

BASIS OF PRESENTATION - Narrative (Details) - Operating Partnership	Mar. 31, 2021	May 08, 2020	May 07, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest	97.00%		100.00%
Ownership interest owned by limited partners		3.00%

BASIS OF PRESENTATION - Summary of Change in Reporting Entity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 28,485	$ 38,552
Net income (loss) attributable to parent	10,848	25,854
Rayonier Limited Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	28,485	38,552
Net income (loss) attributable to parent	$ 11,189	$ 25,854
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ 0.08	$ 0.20
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.08	$ 0.20
Rayonier Limited Partnership \| Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income		$ 0
Net income (loss) attributable to parent		$ (3,596)
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)		$ (0.03)
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)		$ (0.03)

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

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MERGER WITH POPE RESOURCES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	May 08, 2020 fund
Business Acquisition [Line Items]
Costs related to the merger with Pope Resources	$ 0	$ 2,487
Net (loss) income	15,032	26,421
Merger with Pope Resources
Business Acquisition [Line Items]
Number of timber funds acquired \| fund			3
Costs related to the merger with Pope Resources		2,500
Increase in higher and better use timberlands from purchase price allocation	$ 8,200
Merger with Pope Resources \| Acquisition-related Transaction Costs
Business Acquisition [Line Items]
Net (loss) income		$ 7,700

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

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MERGER WITH POPE RESOURCES - Summary of Consideration Transferred (Details) - Merger with Pope Resources - USD ($) $ in Thousands	May 08, 2020	May 07, 2020
Business Acquisition [Line Items]
Cash consideration	$ 247,318
Equity consideration	172,640
Redeemable Operating Partnership Unit consideration	106,752
Fair value of Pope Resources units held by us		$ 11,211
Total purchase price	$ 537,921

MERGER WITH POPE RESOURCES - Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) $ in Thousands	May 08, 2020 USD ($)
Merger with Pope Resources
Restructuring Cost and Reserve [Line Items]
Cash	$ 16,250
Accounts receivable	4,246
Other current assets	963
Timber and Timberlands	940,026
Higher and Better Use Timberlands and Real Estate Development Investments	34,748
Property, plant and equipment	11,616
Other assets	4,005
Total identifiable assets acquired	1,011,854
Accounts payable	567
Current maturities of long-term debt	25,084
Accrued interest	519
Other current liabilities	11,118
Long-term debt	89,261
Long-term environmental liabilities	10,748
Other non-current liabilities	2,616
Total liabilities assumed	139,913
Net identifiable assets	871,941
Less: noncontrolling interests	(334,020)
Total net assets acquired	537,921
Deferred income tax liability	2,600
Core Timberlands
Restructuring Cost and Reserve [Line Items]
Cash	7,380
Accounts receivable	2,459
Other current assets	703
Timber and Timberlands	507,526
Higher and Better Use Timberlands and Real Estate Development Investments	34,748
Property, plant and equipment	11,616
Other assets	3,736
Total identifiable assets acquired	568,168
Accounts payable	274
Current maturities of long-term debt	0
Accrued interest	244
Other current liabilities	9,038
Long-term debt	53,502
Long-term environmental liabilities	10,748
Other non-current liabilities	2,616
Total liabilities assumed	76,422
Net identifiable assets	491,746
Less: noncontrolling interests	(3,816)
Total net assets acquired	487,930
Timber Funds
Restructuring Cost and Reserve [Line Items]
Cash	8,870
Accounts receivable	1,787
Other current assets	260
Timber and Timberlands	432,500
Higher and Better Use Timberlands and Real Estate Development Investments	0
Property, plant and equipment	0
Other assets	269
Total identifiable assets acquired	443,686
Accounts payable	293
Current maturities of long-term debt	25,084
Accrued interest	275
Other current liabilities	2,080
Long-term debt	35,759
Long-term environmental liabilities	0
Other non-current liabilities	0
Total liabilities assumed	63,491
Net identifiable assets	380,195
Less: noncontrolling interests	(330,204)
Total net assets acquired	$ 49,991

MERGER WITH POPE RESOURCES - Schedule of Unaudited Pro Forma Information (Details) - Merger with Pope Resources $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares
Business Acquisition [Line Items]
Sales \| $	$ 283,500
Net income attributable to Rayonier Inc. \| $	$ 18,398
Basic earnings per share/unit (in dollars per share/unit)	$ 0.13
Diluted earnings per share/unit (in dollars per share/unit)	$ 0.13
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net income attributable to Rayonier Inc. \| $	$ 18,998
Basic earnings per share/unit (in dollars per share/unit)	$ 0.13
Diluted earnings per share/unit (in dollars per share/unit)	$ 0.13

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
SALES	$ 191,447	$ 259,130
Threshold to be considered a large disposition transaction		20,000
Large Dispositions
Segment Reporting Information [Line Items]
SALES		116,000
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES	11,900
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(1,439)	(13)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	51,677	52,982
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	41,522	31,075
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	57,579	37,538
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
SALES	14,939	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	10,504	118,564
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	16,665	18,984
Intersegment Eliminations \| Timber Funds
Segment Reporting Information [Line Items]
SALES	1,354
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	85	13
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (1,439)	$ (13)

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total Operating Income	$ 28,485	$ 38,552
Unallocated interest expense and other	(10,032)	(8,425)
Total Income before Income Taxes	18,453	30,127
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income	(1,100)
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	17,347	15,070
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	1,350	(948)
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	13,944	5,448
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	1,501	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	1,687	26,774
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	244	(19)
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (7,588)	$ (7,773)

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 45,213	$ 69,700
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,900
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	14,359	18,182
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	16,284	10,702
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,250	4,774
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,500	0
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	1,557	35,745
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 263	$ 297

SEGMENT AND GEOGRAPHICAL INFORMATION Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 1,813	$ 52,051
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 1,813	52,051
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		$ 51,600

REVENUE REMAINING PERFORMANCE OBLIGATION - Narrative (Details)	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to Satisfaction, period	12 months

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 5,920	$ 6,425

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 191,215	$ 259,130
Lease Revenue	232	0
Total Revenue	191,447	259,130
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,988	37,997
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	135,210	93,854
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	405	481
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	171,603	132,332
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,569	4,743
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,415	3,162
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	356	329
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,340	8,234
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	252
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,765	2,397
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	255	140
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	10,272	118,564
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(1,439)	(13)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,677	52,982
Total Revenue	51,677	52,982
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,856	27,493
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,963	19,509
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	405	481
Operating Segments \| Southern Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	44,224	47,483
Operating Segments \| Southern Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,417	4,589
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,036	910
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,453	5,499
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,522	31,075
Total Revenue	41,522	31,075
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,495	3,127
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	37,758	27,445
Operating Segments \| Pacific Northwest Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Pacific Northwest Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,253	30,572
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	91	97
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,178	406
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,269	503
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,579	37,538
Total Revenue	57,579	37,538
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,542	4,847
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,792	30,788
Operating Segments \| New Zealand Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| New Zealand Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,334	35,635
Operating Segments \| New Zealand Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	58	57
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	187	1,846
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	245	1,903
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,585	0
Total Revenue	14,939	0
Operating Segments \| Timber Funds \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	260	0
Operating Segments \| Timber Funds \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,308	0
Operating Segments \| Timber Funds \| Hardwood
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	13,568	0
Operating Segments \| Timber Funds \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3	0
Operating Segments \| Timber Funds \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14	0
Operating Segments \| Timber Funds \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Timber Funds \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17	0
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,272	118,564
Lease Revenue	232
Total Revenue	10,504	118,564
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	252
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,765	2,397
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	255	140
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	10,272	118,564
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,580	18,971
Total Revenue	16,665	18,984
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,835	2,530
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,389	16,112
Operating Segments \| Trading \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Trading \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,224	18,642
Operating Segments \| Trading \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Trading \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	356	329
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	356	329
Intersegment \| Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	1,354
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	85	13
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (1,439)	$ (13)

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 191,215	$ 259,130
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,257	25,407
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,134	5,519
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,391	30,926
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	144,212	101,406
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	83,946	60,664
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,266	40,742
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	171,603	132,332
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,257	25,407
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3	388
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,260	25,795
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,964	21,688
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,059	21,060
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,905	628
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,131	5,131
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,131	5,131
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,122	25,441
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,122	25,441
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,334	35,635
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,106	13,691
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,228	21,944
Timber Funds \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Timber Funds \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Timber Funds \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Timber Funds \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,568	0
Timber Funds \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,568	0
Timber Funds \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,224	18,642
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,091	472
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,133	18,170
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,677	52,982
Operating Segments \| Southern Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	44,224	47,483
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,522	31,075
Operating Segments \| Pacific Northwest Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,253	30,572
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,579	37,538
Operating Segments \| New Zealand Timber \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,334	35,635
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,585	0
Operating Segments \| Timber Funds \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,568	0
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,580	18,971
Operating Segments \| Trading \| Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 16,224	$ 18,642

LEASES - Narrative (Details)	Mar. 31, 2021
Minimum
Lessee, Lease, Description [Line Items]
Contract terms, in years	1 year
Maximum
Lessee, Lease, Description [Line Items]
Contract terms, in years	5 years

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Income (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease income	$ 232	$ 0
Total lease income	$ 232	$ 0

NONCONTROLLING INTERESTS - Narrative (Details)	3 Months Ended
NONCONTROLLING INTERESTS - Narrative (Details)	Mar. 31, 2021 a fund
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres)	417,000
ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of timber funds \| fund	3
Ferncliff Investors \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed	5
Rayonier \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage	77.00%
Rayonier New Zealand Subsidiary \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners	23.00%
ORM Timber Fund II
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund II \| ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	20.00%
ORM Timber Fund III
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund III \| ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	5.00%
ORM Timber Fund IV
Schedule of Equity Method Investments [Line Items]
Operating agreement term	15 years
ORM Timber Fund IV \| ORM Timber Funds \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	15.00%
Ferncliff Investors \| Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners	33.33%
Bainbridge Landing LLC \| Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners	50.00%

NONCONTROLLING INTERESTS - Schedule of Net Income Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ 3,843	$ 567
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	2,638	567
ORM Timber Funds
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	1,076	0
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ 129	$ 0

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 130,121
Adjustment of noncontrolling interests in the Operating Partnership	11,867
Conversions of Redeemable Operating Partnership Units to Common Shares	(4,715)
Net Income attributable to noncontrolling interests in the Operating Partnership	341
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	1,531
Distributions to noncontrolling interests in the Operating Partnership	(1,155)
Total noncontrolling interests in the Operating Partnership	$ 137,990

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.

VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Primary Beneficiary - ORM Timber Funds	3 Months Ended
	Mar. 31, 2021 fund
Variable Interest Entity [Line Items]
Number of timber funds	3
ORM Timber Fund II
Variable Interest Entity [Line Items]
Ownership interest	20.00%
ORM Timber Fund III
Variable Interest Entity [Line Items]
Ownership interest	5.00%
ORM Timber Fund IV
Variable Interest Entity [Line Items]
Ownership interest	15.00%

VARIABLE INTEREST ENTITIES - Summary of VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 82,620	$ 84,507
Accounts receivable	51,902	49,082
Prepaid expenses	18,280	16,168
Other current assets	4,355	6,765
Total current assets	190,080	170,565
Timber and timberlands, net of depletion and amortization	3,245,122	3,262,126
TOTAL ASSETS	3,749,584	3,728,733
Liabilities and Equity:
Accounts payable	35,083	24,790
Accrued taxes	8,317	7,347
Accrued interest	9,627	6,325
Deferred revenue	8,137	11,112
Other current liabilities	33,587	29,234
Total current liabilities	100,845	91,135
Long-term debt, net of deferred financing costs	1,359,400
Funds’ equity	1,528,835	1,474,057
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,749,584	$ 3,728,733
Variable Interest Entity, Primary Beneficiary \| ORM Timber Funds
ASSETS
Cash and cash equivalents	4,674
Accounts receivable	3,099
Prepaid expenses	9
Other current assets	237
Total current assets	8,019
Timber and timberlands, net of depletion and amortization	408,338
Other assets	74
TOTAL ASSETS	416,431
Liabilities and Equity:
Accounts payable	2,064
Intercompany payable	698
Accrued taxes	174
Accrued interest	505
Deferred revenue	323
Other current liabilities	514
Total current liabilities	4,278
Long-term debt, net of deferred financing costs	59,967
Funds’ equity	352,186
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	416,431
Variable Interest Entity, Primary Beneficiary \| Ferncliff Investors
ASSETS
Cash and cash equivalents	139
Intercompany receivable	61
Total current assets	200
Advances to real estate joint venture entity	1,000
TOTAL ASSETS	1,200
Liabilities and Equity:
Total current liabilities	1,892
Funds’ equity	(692)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 1,200

EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 15,032	$ 26,421
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(341)	0
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,843)	(567)
Net income attributable to Rayonier Inc.	$ 10,848	$ 25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	137,870,821	129,137,494
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.08	$ 0.20
Numerator:
Net income	$ 15,032	$ 26,421
Less: Net income attributable to noncontrolling interests in the Operating Partnership	341	0
Less: Net income attributable to noncontrolling interests in consolidated affiliates	3,843	567
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$ 11,189	$ 25,854
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	137,870,821	129,137,494
Add: Dilutive effect of:
Stock options (in shares/units)	4,051	1,075
Performance shares,restricted shares and restricted stock units (in shares/units)	353,131	209,481
Noncontrolling interest in common units (in shares)	4,330,794	0
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	142,558,797	129,348,050
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.08	$ 0.20
Rayonier Limited Partnership
Numerator:
Net income	$ 15,032	$ 26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,843)	(567)
Net income attributable to Rayonier Inc.	$ 11,189	$ 25,854
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	142,201,615	129,137,494
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.08	$ 0.20
Numerator:
Net income	$ 15,032	$ 26,421
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ 3,843	$ 567
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	142,201,615	129,137,494
Add: Dilutive effect of:
Stock options (in shares/units)	4,051	1,075
Performance shares,restricted shares and restricted stock units (in shares/units)	353,131	209,481
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	142,558,797	129,348,050
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.08	$ 0.20

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units)	194,256	406,326
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units)	194,256	406,326

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, net of deferred financing costs	$ 1,359,400
Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	1,301,771
Less: Deferred financing costs	(2,338)
Long-term debt, net of deferred financing costs	1,299,433	$ 1,300,336
Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	59,975
Less: Deferred financing costs	(8)
Long-term debt, net of deferred financing costs	$ 59,967	$ 60,179
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021
Debt Instrument [Line Items]
Effective fixed interest rate	3.20%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 \| 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 March 31, 2021 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 350,000
Stated interest rate	1.70%
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 interest rate	3.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021
Debt Instrument [Line Items]
Effective fixed interest rate	2.80%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 \| 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 March 31, 2021 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 300,000
Stated interest rate	2.00%
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021
Debt Instrument [Line Items]
Effective fixed interest rate	2.30%
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.85%
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 250,000
Stated interest rate	2.00%
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% \| Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 24,074
Stated 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	$ 11,512
Stated 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	$ 11,984
Stated 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	$ 19,363
Stated 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	$ 9,838
Stated interest rate	5.40%
Due 2022 at a variable interest rate of 2.0% at March 31, 2021 \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 11,000
Stated interest rate	2.00%
Due 2022 at a variable interest rate of 2.0% at March 31, 2021 \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 14,000
Stated interest rate	2.00%
Due 2023 at a fixed interest rate of 5.1% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 19,431
Stated interest rate	5.10%
Effective fixed interest rate	3.90%
Due 2024 at a fixed interest rate of 4.5% \| Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 15,544
Stated interest rate	4.50%
Effective fixed interest rate	3.20%

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
2021	$ 0
2022	350,000
2023	17,980
2024	14,400
2025	284,074
Thereafter	685,000
Total Debt	1,351,454
Excluding Timber Funds
Debt Instrument [Line Items]
2021	0
2022	325,000
2023	0
2024	0
2025	284,074
Thereafter	685,000
Total Debt	1,294,074
Timber Funds
Debt Instrument [Line Items]
2021	0
2022	25,000
2023	17,980
2024	14,400
2025	0
Thereafter	0
Total Debt	$ 57,380

DEBT - Narrative and Debt Covenants (Details) $ in Millions	3 Months Ended
DEBT - Narrative and Debt Covenants (Details) $ in Millions	Mar. 31, 2021 USD ($)	Mar. 31, 2021 NZD ($)
Debt Instrument [Line Items]
Repayments	$ 0
Working Capital Facility
Debt Instrument [Line Items]
Borrowings	0
Repayments	0
Remaining borrowing capacity		$ 20.0
Minority Shareholder Due 2025 At 2.95% \| Matariki Forestry Group
Debt Instrument [Line Items]
Outstanding balance	$ 24,100,000
Term Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.60%
Incremental Term Loan Agreement \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.90%
2020 Incremental Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.85%
Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 1,301,771,000
Excluding Timber Funds \| Term Credit Agreement
Debt Instrument [Line Items]
Stated interest rate	1.70%	1.70%
Total debt, excluding Timber Funds	$ 350,000,000
Excluding Timber Funds \| Incremental Term Loan Agreement
Debt Instrument [Line Items]
Stated interest rate	2.00%	2.00%
Total debt, excluding Timber Funds	$ 300,000,000
Excluding Timber Funds \| 2020 Incremental Term Loan Facility
Debt Instrument [Line Items]
Stated interest rate	2.00%	2.00%
Total debt, excluding Timber Funds	$ 250,000,000
Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds	$ 59,975,000
Timber Funds \| Fund II Mortgages Payable
Debt Instrument [Line Items]
Loan-to-value ratio, percentage	50.00%
Timber Funds \| Fund III Mortgages Payable
Debt Instrument [Line Items]
Loan-to-value ratio, percentage	50.00%
Ratio of minimum interest coverage	1.5	1.5
Working capital	$ 500,000
Timber Funds \| Fund II Mortgages Payable, Due 2022 At 1.700%
Debt Instrument [Line Items]
Stated interest rate	2.00%	2.00%
Timber Funds \| Fund II Mortgages Payable, Due 2022 At 1.700% \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings	$ 0
Revolving Credit Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Remaining borrowing capacity	299,100,000
Amount to secure outstanding letters of credit	900,000
Maximum borrowing capacity	300,000,000
Northwest Farm Credit Services Credit Facility \| Excluding Timber Funds
Debt Instrument [Line Items]
Long-term debt fair value	$ 45,000,000

Debt - Debt Convenants - Excluding Timber Funds (Details) - Excluding Timber Funds	Mar. 31, 2021
Northwest Farm Credit Services Credit Facility
Debt Instrument [Line Items]
Ratio of loan To appraised value, Covenant Requirement	50
Ratio of loan to appraised value requirement actual	12
Ratio of loan to appraised value, favorable	0.38
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	6.7
Covenant EBITDA to consolidated interest expense, Favorable	4.2
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.47
Covenant debt to net worth plus covenant debt, favorable	0.18
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021
Debt Instrument [Line Items]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	6.7
Covenant EBITDA to consolidated interest expense, Favorable	4.2
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.47
Covenant debt to net worth plus covenant debt, favorable	0.18

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 agreement
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax	$ 2.6
Treasury locks \| Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Number of agreements \| agreement		3
Gain (loss) on treasury lock recorded to AOCI	18.8
Interest rate swap locks
Derivative [Line Items]
Amount de-designated and partially cash settled	11.1
Interest rate swap locks \| Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI	$ 1.3
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%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges	3 Months Ended
	Mar. 31, 2021 USD ($)
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%
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%
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%
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%
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%
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%
Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	10 years
Notional Amount	$ 325,000
Fixed rate on derivative	1.40%
Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed rate on derivative	0.88%
Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed rate on derivative	0.74%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	$ 61,001	$ (83,475)
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	(2,852)	(5,480)
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	(929)	(1,149)
Derivatives designated as cash flow hedges \| Interest rate swaps \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	28,512	(39,450)
Derivatives designated as cash flow hedges \| Interest rate swaps \| Interest expense \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	3,438	452
Derivatives designated as cash flow hedges \| Treasury locks \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	0	(20,846)
Derivatives designated as cash flow hedges \| Treasury locks \| Interest expense \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	521	0
Derivatives designated as cash flow hedges \| Interest rate swap locks \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	0	854
Derivatives designated as cash flow hedges \| Interest rate swap locks \| Interest expense \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	35	0
Derivatives designated as cash flow hedges \| Forward-starting interest rate swaps \| Other comprehensive income (loss) \| Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	31,219	(19,710)
Derivative not designated as a hedging instrument \| Carbon option contracts \| Interest and other miscellaneous expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 0	$ 549

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 64,000,000	$ 49,000,000
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	16,000,000	28,000,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	900,000,000	900,000,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 475,000,000	$ 475,000,000

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 32,864	$ 8,057
Fair value, derivative liability	(29,779)	(64,633)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	4,069	6,494
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	28,795	1,563
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(461)	(11)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(29,318)	(64,622)
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	3,477	4,968
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	160	1,050
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	(454)	0
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(17)	0
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	592	1,526
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	(7)	(11)
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	9,945	0
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	(29,301)	(51,580)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-starting interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	18,690	513
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	$ 0	$ (13,042)

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 475	$ 2,975
Noncontrolling Interests in the Operating Partnership	137,990	130,121
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(19,356)	(51,580)
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(12,529)
Derivative assets	18,690
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,166	6,018
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	585	1,515
Carrying Amount \| Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	77,946	80,454
Long-term debt	(1,299,433)	(1,300,336)
Carrying Amount \| Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,674	4,053
Long-term debt	(59,967)	(60,179)
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	475	2,975
Noncontrolling Interests in the Operating Partnership	137,990	130,121
Fair Value \| Level 1 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative 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]
Derivative liabilities		0
Derivative assets	0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Noncontrolling Interests in the Operating Partnership	0	0
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(19,356)	(51,580)
Fair Value \| Level 2 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(12,529)
Derivative assets	18,690
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,166	6,018
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	585	1,515
Fair Value \| Excluding Timber Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	77,946	80,454
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
Long-term debt	(1,304,371)	(1,313,631)
Fair Value \| Timber Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,674	4,053
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	$ (60,207)	$ (60,474)

COMMITMENTS (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Commitments
Remaining 2021	$ 29,699
2022	23,180
2023	20,632
2024	17,791
2025	13,230
Thereafter	36,461
Commitments, total	140,993
Environmental Remediation
Commitments
Remaining 2021	814
2022	2,097
2023	1,853
2024	1,853
2025	2,338
Thereafter	2,575
Commitments, total	11,530
Development Projects
Commitments
Remaining 2021	17,440
2022	3,182
2023	267
2024	267
2025	267
Thereafter	3,899
Commitments, total	25,322
Commitments
Commitments
Remaining 2021	11,445
2022	17,901
2023	18,512
2024	15,671
2025	10,625
Thereafter	29,987
Commitments, total	$ 104,141

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 10,615
Beginning balance, plus: current portion	1,026
Beginning balance	11,641
Expenditures	(111)
Ending balance	11,530
Ending balance, less: current portion	(930)
Ending balance, non-current portion	$ 10,600

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
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

GUARANTEES (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 10,225
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	885
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 9,340

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) - USD ($) $ in Thousands		3 Months Ended
	May 08, 2020	Mar. 31, 2021
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning Balance		$ 108,518
Plus: Current portion, beginning balance		6,756
Total balance, beginning balance		115,274
Non-cash cost of land and improved development		(781)
Amortization of parcel real estate development investments		(139)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		(243)
Capitalized real estate development investments		5,291
Capital expenditures (silviculture)		96
Intersegment transfers		1,082
Port Gamble purchase price adjustment		8,238
Total balance, ending balance		128,818
Less: Current portion, ending balance		(17,503)
Non-current portion, ending Balance		111,315
Capitalized interest		100
Parcel real estate development investments		2,300
Merger with Pope Resources
Real Estate, Land and Land Development Costs [Roll Forward]
HBU properties acquired in merger with Pope Resources	$ 34,700
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning Balance		79,901
Plus: Current portion, beginning balance		212
Total balance, beginning balance		80,113
Non-cash cost of land and improved development		(549)
Amortization of parcel real estate development investments		0
Timber depletion from harvesting activities and basis of timber sold in real estate sales		(243)
Capitalized real estate development investments		0
Capital expenditures (silviculture)		96
Intersegment transfers		1,082
Port Gamble purchase price adjustment		8,238
Total balance, ending balance		88,737
Less: Current portion, ending balance		(811)
Non-current portion, ending Balance		87,926
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning Balance		28,617
Plus: Current portion, beginning balance		6,544
Total balance, beginning balance		35,161
Non-cash cost of land and improved development		(232)
Amortization of parcel real estate development investments		(139)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		0
Capitalized real estate development investments		5,291
Capital expenditures (silviculture)		0
Intersegment transfers		0
Port Gamble purchase price adjustment		0
Total balance, ending balance		40,081
Less: Current portion, ending balance		(16,692)
Non-current portion, ending Balance		$ 23,389

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory	$ 24,993	$ 10,594
Real estate inventory
Inventory [Line Items]
Inventory	17,503	6,756
Log inventory
Inventory [Line Items]
Inventory	$ 7,490	$ 3,838

OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Gain on foreign currency remeasurement, net of cash flow hedges	$ 2,429	$ 1,433
Gain on sale or disposal of property and equipment	90	3
Log trading marketing fees	6	47
Costs related to the merger with Pope Resources	0	(2,487)
Equity income related to Bainbridge Landing LLC joint venture	19	0
Miscellaneous expense, net	(96)	(107)
Total	$ 2,448	$ (1,111)

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	Mar. 31, 2021 USD ($) pension_plan	Mar. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| pension_plan	1
Pension contributions paid	$ 0
Weighted-average expected long-term rate of return on plan assets	5.70%
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	557	677
Expected return on plan assets	(936)	(876)
Amortization of losses	288	215
Net periodic benefit (credit) cost	(91)	16
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2
Interest cost	11	13
Expected return on plan assets	0	0
Amortization of losses	5	2
Net periodic benefit (credit) cost	$ 18	$ 17

INCOME TAXES (Details) - USD ($) $ in Thousands			3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	May 07, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Income tax expense			$ (3,421)	$ (3,706)
Annualized effective tax rate after discrete items			11.60%	12.10%
Operating Partnership
Income Taxes
Ownership interest	97.00%	100.00%

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

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,862,645	$ 1,537,642
Other comprehensive income (loss) before reclassifications	44,985	(50,510)
Amounts reclassified from accumulated other comprehensive loss	3,754	7,827
Net other comprehensive (loss) income	48,739	(42,683)
Ending balance	1,909,921	1,862,645
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(73,885)	(31,202)
Ending balance	(25,146)	(73,885)
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	22,702	(226)
Other comprehensive income (loss) before reclassifications	(11,652)	22,928
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive (loss) income	(11,652)	22,928
Ending balance	11,050	22,702
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	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	(71,056)	(8,910)
Other comprehensive income (loss) before reclassifications	56,637	(71,644)
Amounts reclassified from accumulated other comprehensive loss	4,991	9,498
Net other comprehensive (loss) income	61,628	(62,146)
Ending balance	(9,428)	(71,056)
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	59,700
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(24,312)	(23,387)
Other comprehensive income (loss) before reclassifications	0	(1,794)
Amounts reclassified from accumulated other comprehensive loss	294	869
Net other comprehensive (loss) income	294	(925)
Ending balance	(24,018)	(24,312)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(71,345)	(31,202)
Other comprehensive income (loss) before reclassifications	44,985	(50,510)
Amounts reclassified from accumulated other comprehensive loss	5,285	10,367
Net other comprehensive (loss) income	50,270	(40,143)
Ending balance	(21,075)	(71,345)
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,540)	0
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	(1,531)	(2,540)
Net other comprehensive (loss) income	(1,531)	(2,540)
Ending balance	$ (4,071)	$ (2,540)

ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ (2,448)	$ 1,111
Interest expense	(10,028)	(8,216)
Income tax expense	(3,421)	(3,706)
Net loss (gain) from accumulated other comprehensive income	(15,032)	(26,421)
Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss (gain) from accumulated other comprehensive income	4,991	(437)
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense	(388)	(6)
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	1,205	18
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Realized loss on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	594	9
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	3,994	(452)
Cash flow hedges, noncontrolling interest \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interests	$ (414)	$ (6)

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Proceeds from sale of real estate	$ 0.0	$ 0.0
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted deposits	$ 0.5		$ 3.0

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 475	$ 2,975
Cash and cash equivalents	82,620	84,507
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	83,095	$ 87,482	$ 132,837	$ 69,968
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 475

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	3 Months Ended
ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 7,930	$ 3,449
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	$ 7,900	$ 3,400
Asset impairment recognized	$ 0

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.