0000052827-22-000135 | 10-Q | XBRL Viewer

DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Our debt consisted of the following at September 30, 2022:


			September 30, 2022
Debt
Term Credit Agreement borrowings due 2028 at a variable interest rate of 4.2% at September 30, 2022 (a)			$350,000

Senior Notes due 2031 at a fixed interest rate of 2.75%			450,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.2% at September 30, 2022 (b)			200,000


2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 4.1% at September 30, 2022 (c)			200,000
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d)			19,691
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d)			22,973
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (d)			22,973






Total principal debt			1,265,637

Less: Unamortized discounts			(3,186)

Less: Deferred financing costs			(4,695)

















Total long-term debt			$1,257,756

(a) As of September 30, 2022, 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 3.0% after consideration of interest rate swaps and estimated patronage refunds.

(b) As of September 30, 2022, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds.

(c) As of September 30, 2022, the periodic interest rate on the 2021 incremental term loan (the “2021 Incremental Term Loan Facility”) was LIBOR plus 1.550%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds.

(d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception.

Schedule of Maturities of Long-Term Debt

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


									Total
2022									—
2023									—
2024									—
2025									19,691
2026									222,973
Thereafter									1,022,973
Total Debt									$1,265,637

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2022, 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		10.3 to 1		7.8
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	41	%	24	%

- Definition

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

+ References

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2022 and December 31, 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	September 30, 2022			December 31, 2021
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	$260,931	$260,931	—	$358,680	$358,680	—
Cash and cash equivalents, Timber Funds	873	873	—	3,493	3,493	—
Restricted cash, Timber Funds (b)	1,464	1,464	—	6,341	6,341	—
Restricted cash, excluding Timber Funds (c)	16,252	16,252	—	625	625	—
Current maturities of long-term debt (d)	—	—	—	(124,965)	—	(125,288)

Long-term debt (d)	(1,257,756)	—	(1,177,851)	(1,242,819)	—	(1,245,148)

Interest rate swaps (e)	63,538	—	63,538	(15,582)	—	(15,582)

Forward-starting interest rate swaps (e)	12,839	—	12,839	11,482	—	11,482
Foreign currency exchange contracts (e)	(19,921)	—	(19,921)	(1,948)	—	(1,948)
Foreign currency option contracts (e)	(2,346)	—	(2,346)	(42)	—	(42)


Noncontrolling interests in the operating partnership (f)	96,243	96,243	—	133,823	133,823	—

(a)We did not have Level 3 assets or liabilities at September 30, 2022 and December 31, 2021.

(b)Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 19 — Restricted Cash for additional information.

(c)Restricted cash, excluding Timber Funds represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 19 — Restricted Cash for additional information.

(d)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information.

(e)See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(f)Noncontrolling interests in the operating partnership is neither an asset nor 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. See Note 4 — Noncontrolling Interests for additional information.

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

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Higher and Better Use Timberlands and Real Estate Development Investments

Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to September 30, 2022 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, 2021	$87,910	$18,968	$106,878
Plus: Current portion (a)	718	24,022	24,740
Total Balance at December 31, 2021	88,628	42,990	131,618
Non-cash cost of land and improved development	(712)	(10,989)	(11,701)
Amortization of parcel real estate development investments	—	(4,110)	(4,110)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(874)	—	(874)
Capitalized real estate development investments (b)	—	15,513	15,513
Capital expenditures (silviculture)	165	—	165

Intersegment transfers	5,717	—	5,717

Total Balance at September 30, 2022	92,924	43,404	136,328
Less: Current portion (a)	(1,726)	(18,618)	(20,344)
Non-current portion at September 30, 2022	$91,198	$24,786	$115,984

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information.

(b)Capitalized real estate development investments include $0.6 million of capitalized interest and $4.6 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.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivatives designated as cash flow hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 7,687
Forecasted Sales and Purchases, term 1 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum \| Forecasted Sales and Purchases, term 1 \| New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50.00%
Minimum \| Forecasted Sales and Purchases, term 2 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum \| Forecasted Sales and Purchases, term 3 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Minimum \| Forecasted Sales and Purchases, term 4 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Maximum \| Forecasted Sales and Purchases, term 1 \| New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90.00%
Maximum \| Forecasted Sales and Purchases, term 2 \| New Zealand JV
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 (as a percent)	75.00%
Maximum \| Forecasted Sales and Purchases, term 3 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Percent of forecast sales and purchases hedged for 18 to 24 months (as a percent)	50.00%
Maximum \| Forecasted Sales and Purchases, term 4 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 24 to 48 months (as a percent)	50.00%

EARNINGS PER SHARE AND PER UNIT (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Earnings per common share - basic
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in the operating partnership	(455)	(2,210)	(1,670)	(4,303)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
Net income attributable to Rayonier Inc.	$20,578	$75,831	$73,999	$143,885
Denominator:
Denominator for basic earnings per common share - weighted average shares	146,370,340	141,777,574	146,022,718	139,749,358
Basic earnings per common share attributable to Rayonier Inc.:	$0.14	$0.53	$0.51	$1.03
Earnings per common share - diluted
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$21,033	$78,041	$75,669	$148,188
Denominator:
Denominator for basic earnings per common share - weighted average shares	146,370,340	141,777,574	146,022,718	139,749,358
Add: Dilutive effect of:
Stock options	3,271	9,803	6,200	8,833
Performance shares, restricted shares and restricted stock units	620,316	520,737	693,954	361,596
Noncontrolling interests in operating partnership units	3,238,962	4,131,454	3,288,409	4,245,323
Denominator for diluted earnings per common share - adjusted weighted average shares	150,232,889	146,439,568	150,011,281	144,365,110
Diluted earnings per common share attributable to Rayonier Inc.:	$0.14	$0.53	$0.50	$1.03

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Earnings per unit - basic
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
Net income available to unitholders	$21,033	$78,041	$75,669	$148,188
Denominator:
Denominator for basic earnings per unit - weighted average units	149,609,302	145,909,028	149,311,127	143,994,681
Basic earnings per unit attributable to Rayonier, L.P.:	$0.14	$0.53	$0.51	$1.03
Earnings per unit - diluted
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
Net income available to unitholders	$21,033	$78,041	$75,669	$148,188
Denominator:
Denominator for basic earnings per unit - weighted average units	149,609,302	145,909,028	149,311,127	143,994,681
Add: Dilutive effect of unit equivalents:
Stock options	3,271	9,803	6,200	8,833
Performance shares, restricted shares and restricted stock units	620,316	520,737	693,954	361,596
Denominator for diluted earnings per unit - adjusted weighted average units	150,232,889	146,439,568	150,011,281	144,365,110
Diluted earnings per unit attributable to Rayonier, L.P.:	$0.14	$0.53	$0.50	$1.03

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	126,132	100,135	78,634	167,668


Total	126,132	100,135	78,634	167,668


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	126,132	100,135	78,634	167,668


Total	126,132	100,135	78,634	167,668

EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net Income	$ 31,861			$ 110,512			$ 88,147	$ 188,963
Less: Net income attributable to noncontrolling interests in the operating partnership	(455)	$ (546)	$ (669)	(2,210)	$ (1,753)	$ (341)	(1,670)	(4,303)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)			(32,471)			(12,478)	(40,775)
NET INCOME ATTRIBUTABLE TO RAYONIER INC./RAYONIER, L.P. UNITHOLDERS	$ 20,578			$ 75,831			$ 73,999	$ 143,885
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	146,370,340			141,777,574			146,022,718	139,749,358
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.14			$ 0.53			$ 0.51	$ 1.03
Numerator:
Net Income	$ 31,861			$ 110,512			$ 88,147	$ 188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	10,828			32,471			12,478	40,775
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 21,033			$ 78,041			$ 75,669	$ 148,188
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	146,370,340			141,777,574			146,022,718	139,749,358
Add: Dilutive effect of:
Stock options (in shares/units)	3,271			9,803			6,200	8,833
Performance shares, restricted shares and restricted stock units (in shares/units)	620,316			520,737			693,954	361,596
Noncontrolling interests in operating partnership units (in shares)	3,238,962			4,131,454			3,288,409	4,245,323
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	150,232,889			146,439,568			150,011,281	144,365,110
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.14			$ 0.53			$ 0.50	$ 1.03
Rayonier Limited Partnership
Numerator:
Net Income	$ 31,861	25,287	30,998	$ 110,512	63,420	15,032	$ 88,147	$ 188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)			(32,471)			(12,478)	(40,775)
NET INCOME ATTRIBUTABLE TO RAYONIER INC./RAYONIER, L.P. UNITHOLDERS	$ 21,033			$ 78,041			$ 75,669	$ 148,188
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	149,609,302			145,909,028			149,311,127	143,994,681
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.14			$ 0.53			$ 0.51	$ 1.03
Numerator:
Net Income	$ 31,861	$ 25,287	$ 30,998	$ 110,512	$ 63,420	$ 15,032	$ 88,147	$ 188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ 10,828			$ 32,471			$ 12,478	$ 40,775
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	149,609,302			145,909,028			149,311,127	143,994,681
Add: Dilutive effect of:
Stock options (in shares/units)	3,271			9,803			6,200	8,833
Performance shares, restricted shares and restricted stock units (in shares/units)	620,316			520,737			693,954	361,596
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	150,232,889			146,439,568			150,011,281	144,365,110
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.14			$ 0.53			$ 0.50	$ 1.03

GUARANTEES (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 20,006
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	885
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 19,121

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	9 Months Ended
	Sep. 30, 2022
Minimum \| Millsite Cleanup and Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	1 year
Minimum \| Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	10 years
Maximum \| Millsite Cleanup and Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	2 years
Maximum \| Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	15 years

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Environmental Remediation Obligations [Abstract]

Schedule of Environmental Loss Contingencies by Site

Changes in environmental and NRD liabilities from December 31, 2021 to September 30, 2022 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2021			$10,110
Plus: Current portion			695
Total Balance at December 31, 2021			10,805
Expenditures charged to liabilities			(557)
Increase to liabilities			698
Total Balance at September 30, 2022			10,946
Less: Current portion			(623)
Non-current portion at September 30, 2022			$10,323

GUARANTEES

9 Months Ended

Sep. 30, 2022

Guarantees [Abstract]

GUARANTEES

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

As of September 30, 2022, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$885

Surety bonds (b)

19,121

Total financial commitments

$20,006

(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 completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2022, 2023, 2024 and 2025 and are expected to be renewed as required.

REVENUE (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract with Customer, Liabilities

The following table summarizes revenue recognized during the three and nine months ended September 30, 2022 and 2021 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Revenue recognized from contract liability balance at the beginning of the year (a)	$1,957	$235	$14,458	$10,204

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

Schedule of Disaggregation of Revenue by Product

The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2022 and 2021:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2022
Pulpwood	$32,564	$2,989	$7,645	—	—	$1,112	—	$44,310
Sawtimber	20,943	29,630	58,412	—	—	10,053	—	119,038
Hardwood	4,221	—	—	—	—	—	—	4,221
Total Timber Sales	57,728	32,619	66,057	—	—	11,165	—	167,569
License Revenue, Primarily from Hunting	5,141	326	118	—	—	—	—	5,585
Other Non-Timber/Carbon Revenue	1,680	1,452	6,277	—	—	—	—	9,409
Agency Fee Income	—	—	—	—	—	289	—	289

Total Non-Timber Sales	6,821	1,778	6,395	—	—	289	—	15,283
Improved Development	—	—	—	—	2,296	—	—	2,296

Rural	—	—	—	—	6,964	—	—	6,964


Deferred Revenue/Other (a)	—	—	—	—	2,769	—	—	2,769

Total Real Estate Sales	—	—	—	—	12,029	—	—	12,029

Revenue from Contracts with Customers	64,549	34,397	72,452	—	12,029	11,454	—	194,881
Lease Revenue	—	—	—	—	406	—	—	406
Intersegment	—	—	—	—	—	128	(128)	—
Total Revenue	$64,549	$34,397	$72,452	—	$12,435	$11,582	($128)	$195,287


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2021
Pulpwood	$21,358	$2,116	$10,746	$127	—	$3,861	—	$38,208
Sawtimber	17,680	28,134	64,562	6,707	—	21,281	—	138,364
Hardwood	247	—	—	—	—	—	—	247
Total Timber Sales	39,285	30,250	75,308	6,834	—	25,142	—	176,819
License Revenue, Primarily from Hunting	4,588	298	161	11	—	—	—	5,058
Other Non-Timber/Carbon Revenue	945	965	89	25	—	—	—	2,024
Agency Fee Income	—	—	—	—	—	350	—	350
Fund II Timberland Dispositions	—	—	—	87,100	—	—	—	87,100
Total Non-Timber Sales	5,533	1,263	250	87,136	—	350	—	94,532
Improved Development	—	—	—	—	27,774	—	—	27,774
Unimproved Development	—	—	—	—	37,500	—	—	37,500
Rural	—	—	—	—	6,937	—	—	6,937
Timberland & Non-Strategic	—	—	—	—	44	—	—	44

Deferred Revenue/Other (a)	—	—	—	—	728	—	—	728
Large Dispositions	—	—	—	—	20,048	—	—	20,048
Total Real Estate Sales	—	—	—	—	93,031	—	—	93,031

Revenue from Contracts with Customers	44,818	31,513	75,558	93,970	93,031	25,492	—	364,382
Lease Revenue	—	—	—	—	344	—	—	344
Intersegment	—	—	—	499	—	91	(590)	—
Total Revenue	$44,818	$31,513	$75,558	$94,469	$93,375	$25,583	($590)	$364,726


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2022
Pulpwood	$100,945	$9,478	$26,091	—	—	$5,636	—	$142,150
Sawtimber	70,203	106,155	164,759	—	—	45,910	—	387,027
Hardwood	15,776	—	—	—	—	—	—	15,776
Total Timber Sales	186,924	115,633	190,850	—	—	51,546	—	544,953
License Revenue, Primarily From Hunting	16,322	571	266	—	—	—	—	17,159
Other Non-Timber/Carbon Revenue	4,338	3,630	11,607	—	—	—	—	19,575
Agency Fee Income	—	—	—	—	—	955	—	955

Total Non-Timber Sales	20,660	4,201	11,873	—	—	955	—	37,689
Improved Development	—	—	—	—	18,828	—	—	18,828

Rural	—	—	—	—	47,333	—	—	47,333
Timberland & Non-Strategic	—	—	—	—	11,400	—	—	11,400

Deferred Revenue/Other (a)	—	—	—	—	2,498	—	—	2,498

Total Real Estate Sales	—	—	—	—	80,059	—	—	80,059

Revenue from Contracts with Customers	207,584	119,834	202,723	—	80,059	52,501	—	662,701
Lease Revenue	—	—	—	—	973	—	—	973
Intersegment	—	—	—	—	—	226	(226)	—
Total Revenue	$207,584	$119,834	$202,723	—	$81,032	$52,727	($226)	$663,674

Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2021
Pulpwood	$66,941	$6,689	$32,555	$783	—	$9,372	—	$116,340
Sawtimber	58,335	97,647	180,339	36,433	—	66,146	—	438,900
Hardwood	1,920	—	—	—	—	—	—	1,920
Total Timber Sales	127,196	104,336	212,894	37,216	—	75,518	—	557,160
License Revenue, Primarily from Hunting	13,501	505	300	41	—	—	—	14,347
Other Non-Timber/Carbon Revenue	5,092	3,516	502	438	—	—	—	9,548
Agency Fee Income	—	—	—	—	—	1,040	—	1,040
Fund II Timberland Dispositions	—	—	—	87,100	—	—	—	87,100
Total Non-Timber Sales	18,593	4,021	802	87,579	—	1,040	—	112,035
Improved Development	—	—	—	—	47,366	—	—	47,366
Unimproved Development	—	—	—	—	37,500	—	—	37,500
Rural	—	—	—	—	36,999	—	—	36,999
Timberland & Non-Strategic	—	—	—	—	44	—	—	44
Conservation Easement	—	—	—	—	3,855	—	—	3,855
Deferred Revenue/Other (a)	—	—	—	—	(4,260)	—	—	(4,260)
Large Dispositions	—	—	—	—	56,048	—	—	56,048
Total Real Estate Sales	—	—	—	—	177,552	—	—	177,552

Revenue from Contracts with Customers	145,789	108,357	213,696	124,795	177,552	76,558	—	846,747
Lease Revenue	—	—	—	—	857	—	—	857
Intersegment	—	—	—	3,259	—	237	(3,496)	—
Total Revenue	$145,789	$108,357	$213,696	$128,054	$178,409	$76,795	($3,496)	$847,604

(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 and nine months ended September 30, 2022 and 2021:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2022
Stumpage Pay-as-Cut	$21,111	—	—	—	—	$21,111
Stumpage Lump Sum	288	121	—	—	—	409

Total Stumpage	21,399	121	—	—	—	21,520

Delivered Wood (Domestic)	33,010	30,837	18,825	—	260	82,932
Delivered Wood (Export)	3,319	1,661	47,232	—	10,905	63,117
Total Delivered	36,329	32,498	66,057	—	11,165	146,049

Total Timber Sales	$57,728	$32,619	$66,057	—	$11,165	$167,569

September 30, 2021
Stumpage Pay-as-Cut	$12,335	—	—	$131	—	$12,466
Stumpage Lump Sum	392	1,846	—	—	—	2,238

Total Stumpage	12,727	1,846	—	131	—	14,704

Delivered Wood (Domestic)	19,515	28,404	20,614	6,703	817	76,053
Delivered Wood (Export)	7,043	—	54,694	—	24,325	86,062
Total Delivered	26,558	28,404	75,308	6,703	25,142	162,115

Total Timber Sales	$39,285	$30,250	$75,308	$6,834	$25,142	$176,819


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2022
Stumpage Pay-as-Cut	$78,643	—	—	—	—	$78,643
Stumpage Lump Sum	378	5,593	—	—	—	5,971

Total Stumpage	79,021	5,593	—	—	—	84,614

Delivered Wood (Domestic)	98,386	104,239	50,358	—	1,989	254,972
Delivered Wood (Export)	9,517	5,801	140,492	—	49,557	205,367
Total Delivered	107,903	110,040	190,850	—	51,546	460,339

Total Timber Sales	$186,924	$115,633	$190,850	—	$51,546	$544,953

September 30, 2021
Stumpage Pay-as-Cut	$48,775	—	—	$328	—	$49,103
Stumpage Lump Sum	5,040	8,909	—	—	—	13,949

Total Stumpage	53,815	8,909	—	328	—	63,052

Delivered Wood (Domestic)	57,528	95,427	56,970	36,888	3,144	249,957
Delivered Wood (Export)	15,853	—	155,924	—	72,374	244,151
Total Delivered	73,381	95,427	212,894	36,888	75,518	494,108

Total Timber Sales	$127,196	$104,336	$212,894	$37,216	$75,518	$557,160

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, net income tax	2,488	833	5,677	2,207
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES

Matariki Forestry Group

We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 417,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests 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.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.

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, to develop 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.

In the third quarter of 2022 Bainbridge Landing, LLC completed the planned sale of its multi-family apartment complex in Bainbridge Island, Washington for a purchase price of $65.5 million. The equity income related to the apartment complex sale was $16.0 million, of which $4.5 million was attributable to Rayonier. We recognized the gain on the sale in our Consolidated Statements of Income and Comprehensive Income under the caption “Other operating income, net”.

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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Beginning noncontrolling interests in the operating partnership	$123,811	$153,505	$133,823	$130,121

Adjustment of noncontrolling interests in the operating partnership	(23,363)	(1,746)	(32,131)	25,531
Conversions of Redeemable Operating Partnership Units to Common Shares	(3,696)	(12,258)	(3,842)	(17,214)
Net Income attributable to noncontrolling interests in the operating partnership	455	2,210	1,670	4,303
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership	(49)	(92)	(523)	1,187
Distributions to noncontrolling interests in the operating partnership	(915)	(1,064)	(2,754)	(3,373)
Total noncontrolling interests in the operating partnership	$96,243	$140,555	$96,243	$140,555

OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	$ (1,158)	$ 1,379	$ (481)	$ 5,730
Gain on sale or disposal of property and equipment	9	0	40	93
Gain on investment in Timber Funds	0	3,729	0	3,729
Log trading marketing fees	0	0	0	6
Equity income related to Bainbridge Landing LLC joint venture	15,848	36	15,477	241
Miscellaneous expense, net	(118)	(74)	(638)	(325)
Total	14,581	$ 5,070	14,398	$ 9,474
Equity income from sale	16,000		16,000
Equity income attributable to Rayonier	$ 4,500		$ 4,500

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
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, 2021, as filed with the SEC (the “2021 Form 10-K”). As of September 30, 2022, the Company owned a 97.9% interest in the Operating Partnership, with the remaining 2.1% 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.
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. We have 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. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The pronouncement eliminates the requirement that contracts legally permitting settlement in registered shares be classified as temporary equity. As a result, Redeemable Operating Partnership Units may be classified as permanent partners’ capital in the Operating Partnership’s accompanying balance sheets and the related noncontrolling interests as permanent equity in the accompanying balance sheets of Rayonier, Inc. However, the corresponding SEC guidance on equity classification has remained unchanged. We will continue to monitor any developments in this area and may reclassify the temporary partners’ capital and noncontrolling interests to permanent upon agreement in guidance. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Agreement to acquire 172,400 acres in the U.S. South On November 2, 2022, Rayonier Inc., entered into agreements to acquire approximately 172,400 acres of timberlands in Texas, Georgia, Alabama, and Louisiana. The final aggregate purchase price of these transactions is approximately $474 million. The acquisitions are subject to customary title and other closing conditions and expected to close in the fourth quarter of 2022. We expect to finance the acquisitions with cash on hand and the proceeds from incremental borrowings through the Farm Credit System.
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 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.”
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 September 30, 2022 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
DERIVATIVE	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 income (“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 hedging foreign currency risk 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 income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.
FAIR VALUE OF FINANCIAL INSTRUMENTS	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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2022

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 plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. 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 similar to what is currently provided to employees hired after December 31, 2005. 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 2022 pension contributions due to our plan’s improved funded status and have made no pension contribution payments during the nine months ended September 30, 2022.

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 September 30,		Three Months Ended September 30,
		2022	2021	2022	2021
Service cost	Selling and general expenses	—	—	$2	$2
Interest cost	Interest and other miscellaneous income, net	609	557	13	11
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(872)	(936)	—	—

Amortization of losses	Interest and other miscellaneous income, net	184	288	4	5

Net periodic benefit (credit) cost		($79)	($91)	$19	$18


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Nine Months Ended September 30,		Nine Months Ended September 30,
		2022	2021	2022	2021
Service cost	Selling and general expenses	—	—	$5	$6
Interest cost	Interest and other miscellaneous income, net	1,826	1,671	39	34
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(2,615)	(2,809)	—	—

Amortization of losses	Interest and other miscellaneous income, net	553	865	11	15

Net periodic benefit (credit) cost		($236)	($273)	$55	$55

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefits is 5.0%.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net	$ (14,581)	$ (5,070)	$ (14,398)	$ (9,474)
Interest expense	(9,056)	(11,265)	(26,476)	(34,292)
Income tax expense	(1,238)	(2,811)	(8,056)	(13,114)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (31,861)	$ (110,512)	(88,147)	(188,963)
Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			3,115	13,874
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense			560	(755)
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 income, net			(2,598)	2,322
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 income, net			0	1,177
Cash flow hedges, parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense			4,555	11,935
Cash flow hedges, noncontrolling interest \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income attributable to noncontrolling interests			$ 598	$ (805)

RELATED PARTY (Tables)

9 Months Ended

Sep. 30, 2022

The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended:


		Three Months Ended September 30,		Nine Months Ended September 30,
Related Party Transaction	Location on Statement of Income and Comprehensive Income	2022	2021	2022	2021
Mattamy Contract	Sales (a)	$281	1,022	$794	2,510

(a)The three and nine months ended September 30, 2021 exclude approximately $0.2 million and $0.4 million, respectively, of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees.

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

OPERATING ACTIVITIES

Net income

$ 88,147

$ 188,963

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

Depreciation, depletion and amortization

114,221

121,234

Non-cash cost of land and improved development

20,289

22,818

Stock-based incentive compensation expense

9,844

7,094

Deferred income taxes

(6,678)

7,618

Amortization of losses from pension and postretirement plans

564

881

Other

(1,766)

12,161

Changes in operating assets and liabilities:

Receivables

(12,845)

3,192

Inventories

(6,238)

(1,081)

Accounts payable

6,833

3,350

All other operating activities

(2,482)

(4,306)

CASH PROVIDED BY OPERATING ACTIVITIES

209,889

277,444

INVESTING ACTIVITIES

Capital expenditures

(48,211)

(47,497)

Real estate development investments

(10,935)

(9,165)

Purchase of timberlands

(3,242)

(51,921)

Other

6,531

6,952

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

(55,857)

69,334

FINANCING ACTIVITIES

Issuance of debt

406,842

446,378

Repayment of debt

(531,842)

(420,000)

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

31,877

166,549

Debt issuance costs

(4,829)

Distributions to noncontrolling interests in consolidated affiliates

(16,472)

(19,564)

Make-whole fee on NWFCS debt prepayment

(6,234)

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

(237,613)

47,726

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(6,038)

(346)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(89,619)

394,158

Balance, beginning of year

369,139

87,482

Balance, end of period

279,520

481,640

Cash paid during the period:

Interest

^[1]

24,161

24,680

Income taxes

14,627

7,306

Non-cash investing activity:

Capital assets purchased on account

4,882

4,726

Non-cash financing activity:

Distributions to noncontrolling interest in consolidated affiliates

645

Noncontrolling interests in consolidated affiliates redemption of shares

^[2]

27,860

28,119

Large Disposition Of Timberlands

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

Gain on sale of large disposition of timberlands

(44,800)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

54,698

Timber Funds III & IV

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

Gain on sale of large disposition of timberlands

(3,729)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

31,068

Fund II Timberland Dispositions

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

Gain on sale of large disposition of timberlands

(35,951)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

85,199

Rayonier Limited Partnership

OPERATING ACTIVITIES

Net income

88,147

188,963

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

Depreciation, depletion and amortization

114,221

121,234

Non-cash cost of land and improved development

20,289

22,818

Stock-based incentive compensation expense

9,844

7,094

Deferred income taxes

(6,678)

7,618

Amortization of losses from pension and postretirement plans

564

881

Other

(1,766)

12,161

Changes in operating assets and liabilities:

Receivables

(12,845)

3,192

Inventories

(6,238)

(1,081)

Accounts payable

6,833

3,350

All other operating activities

(2,482)

(4,306)

CASH PROVIDED BY OPERATING ACTIVITIES

209,889

277,444

INVESTING ACTIVITIES

Capital expenditures

(48,211)

(47,497)

Real estate development investments

(10,935)

(9,165)

Purchase of timberlands

(3,242)

(51,921)

Other

6,531

6,952

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

(55,857)

69,334

FINANCING ACTIVITIES

Issuance of debt

406,842

446,378

Repayment of debt

(531,842)

(420,000)

Distributions on units

(126,373)

(117,634)

Proceeds from the issuance of units under incentive stock plan

2,580

4,674

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

31,877

166,548

Repurchase of units to pay withholding taxes on vested incentive stock awards

(4,225)

(1,614)

Debt issuance costs

(4,829)

Distributions to noncontrolling interests in consolidated affiliates

(16,472)

(19,564)

Make-whole fee on NWFCS debt prepayment

(6,234)

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

(237,613)

47,726

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(6,038)

(346)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(89,619)

394,158

Balance, beginning of year

369,139

87,482

Balance, end of period

279,520

481,640

Cash paid during the period:

Interest

^[3]

24,161

24,680

Income taxes

14,627

7,306

Non-cash investing activity:

Capital assets purchased on account

4,882

4,726

Non-cash financing activity:

Noncontrolling interests in consolidated affiliates redemption of shares

^[4]

27,860

28,119

Rayonier Limited Partnership | Large Disposition Of Timberlands

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

Gain on sale of large disposition of timberlands

(44,800)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

54,698

Rayonier Limited Partnership | Timber Funds III & IV

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

Gain on sale of large disposition of timberlands

(3,729)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

31,068

Rayonier Limited Partnership | Fund II Timberland Dispositions

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

Gain on sale of large disposition of timberlands

(35,951)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

$ 0

$ 85,199

[1]	Interest paid is presented net of patronage payments received of $6.0 million and $6.8 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.
[2]	he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.
[3]	Interest paid is presented net of patronage payments received of $6.0 million and $6.8 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.
[4]	he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Statement of Stockholders' Equity [Abstract]

Dividends (in dollars per share)

$ 0.285

$ 0.27

^[1]

$ 0.27

^[2]

Offering issuance costs

$ 339

$ 691

$ 927

$ 197

[1]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.
[2]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Offering issuance costs			$ 339	$ 691	$ 927	$ 197
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.285	$ 0.285	$ 0.27	$ 0.27	$ 0.27	$ 0.27
Offering issuance costs			$ 339	$ 691	$ 927	$ 197

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2022
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.

RESTRICTED CASH - Narrative (Details)	9 Months Ended
RESTRICTED CASH - Narrative (Details)	Sep. 30, 2022
Restricted Cash and Investments [Abstract]
Period for proceeds to be returned	180 days

INVENTORY

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

INVENTORY

As of September 30, 2022 and December 31, 2021, our inventory consisted entirely of finished goods, as follows:


	September 30, 2022	December 31, 2021
Finished goods inventory
Real estate inventory (a)	$20,344	$24,740
Log inventory	10,910	3,783
Total inventory	$31,254	$28,523

(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

GUARANTEES (Tables)

9 Months Ended

Sep. 30, 2022

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of September 30, 2022, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit

$885

Surety bonds (b)

19,121

Total financial commitments

$20,006

DEBT - Narrative (Details)
$ in Thousands, $ in Millions

1 Months Ended

9 Months Ended

Sep. 30, 2022

USD ($)

Feb. 01, 2022

USD ($)

Jan. 04, 2022

USD ($)

Jan. 03, 2022

USD ($)

Jun. 30, 2022

NZD ($)

Apr. 30, 2022

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2022

NZD ($)

Debt Instrument [Line Items]

Issuance of debt

$ 406,842

$ 446,378

Total principal debt

$ 1,265,637

1,265,637

Repayments of debt

531,842

420,000

Noncontrolling interests in consolidated affiliates redemption of shares

^[1]

27,860

$ 28,119

Interest rate swaps

Debt Instrument [Line Items]

Notional amount

$ 200,000

Senior Notes due at a fixed interest rate of 3.75%

Debt Instrument [Line Items]

Total principal debt

$ 325,000

Repayments of debt

125,000

2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 2.6% at September 30, 2022

Debt Instrument [Line Items]

Total principal debt

$ 200,000

Variable interest rate (as a percent)

1.50%

Stated fixed interest rate (as a percent)

4.10%

2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 2.6% at September 30, 2022 | LIBOR

Debt Instrument [Line Items]

Basis points on periodic interest rate (as a percent)

1.55%

Working Capital Facility

Debt Instrument [Line Items]

Debt instrument term

12 months

Remaining borrowing capacity

$ 20.0

Maximum borrowing capacity

$ 20.0

Borrowings, net of repayments

$ 7,100

New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% | Matariki Forestry Group

Debt Instrument [Line Items]

Total principal debt

$ 22,973

Noncontrolling interests in consolidated affiliates redemption of shares

$ 27,900

Stated fixed interest rate (as a percent)

6.48%

Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at September 30, 2022

Debt Instrument [Line Items]

Issuance of debt

$ 200,000

Repayments of debt

200,000

Remaining borrowing capacity

$ 299,100

Amount to secure outstanding letters of credit

900

Maximum borrowing capacity

300,000

2021 Incremental Term Loan Facility

Debt Instrument [Line Items]

Issuance of debt

$ 200,000

Debt instrument term

7 years

Maximum borrowing capacity

$ 200,000

200,000

2021 Incremental Term Loan Facility | LIBOR

Debt Instrument [Line Items]

Basis points on periodic interest rate (as a percent)

1.55%

Term Credit Agreement borrowings due 2028 at a variable interest rate of 2.7% at September 30, 2022

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 350,000

350,000

Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.7% at September 30, 2022

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 200,000

[1]

he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Apr. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal debt	$ 1,265,637
Less: Unamortized discounts	(3,186)
Current maturities of long-term debt	0		$ (124,965)
Less: Deferred financing costs	(4,695)
Total long-term debt	$ 1,257,756		$ 1,242,819
Term Credit Agreement borrowings due 2028 at a variable interest rate of 2.7% at September 30, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	4.20%
Total principal debt	$ 350,000
Effective fixed interest rate (as a percent)	3.00%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 2.7% at September 30, 2022 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.60%
Senior Notes due 2031 at a fixed interest rate of 2.75%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%
Total principal debt	$ 450,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.7% at September 30, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	4.20%
Total principal debt	$ 200,000
Effective fixed interest rate (as a percent)	2.40%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.7% at September 30, 2022 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.65%
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 2.6% at September 30, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	4.10%
Total principal debt	$ 200,000
Effective fixed interest rate (as a percent)	1.50%
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 2.6% at September 30, 2022 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.55%
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%
Total principal debt	$ 19,691
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Total principal debt	$ 22,973
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%	6.48%
Total principal debt	$ 22,973

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 194,881	$ 364,382	$ 662,701	$ 846,747
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,520	14,704	84,614	63,052
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,111	12,466	78,643	49,103
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	409	2,238	5,971	13,949
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	146,049	162,115	460,339	494,108
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	82,932	76,053	254,972	249,957
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	63,117	86,062	205,367	244,151
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	167,569	176,819	544,953	557,160
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,399	12,727	79,021	53,815
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,111	12,335	78,643	48,775
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	288	392	378	5,040
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,329	26,558	107,903	73,381
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,010	19,515	98,386	57,528
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,319	7,043	9,517	15,853
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	121	1,846	5,593	8,909
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	121	1,846	5,593	8,909
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,498	28,404	110,040	95,427
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,837	28,404	104,239	95,427
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,661	0	5,801	0
New Zealand Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,057	75,308	190,850	212,894
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,825	20,614	50,358	56,970
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,232	54,694	140,492	155,924
Timber Funds \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	131	0	328
Timber Funds \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	131	0	328
Timber Funds \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Timber Funds \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	6,703	0	36,888
Timber Funds \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	6,703	0	36,888
Timber Funds \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,165	25,142	51,546	75,518
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	260	817	1,989	3,144
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,905	24,325	49,557	72,374
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	64,549	44,818	207,584	145,789
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,728	39,285	186,924	127,196
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,397	31,513	119,834	108,357
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,619	30,250	115,633	104,336
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	72,452	75,558	202,723	213,696
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,057	75,308	190,850	212,894
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	93,970	0	124,795
Operating Segments \| Timber Funds \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	6,834	0	37,216
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,454	25,492	52,501	76,558
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 11,165	$ 25,142	$ 51,546	$ 75,518

OTHER OPERATING INCOME, NET (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other Operating Income, Net

Other operating income, net consisted of the following:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($1,158)	$1,379	($481)	$5,730
Gain on sale or disposal of property and equipment	9	—	40	93
Gain on investment in Timber Funds (a)	—	3,729	—	3,729

Log trading marketing fees	—	—	—	6


Equity income related to Bainbridge Landing LLC joint venture (b)	15,848	36	15,477	241
Miscellaneous expense, net	(118)	(74)	(638)	(325)
Total	$14,581	$5,070	$14,398	$9,474

(a)Gain on investment in Timber Funds represents the gain recognized on the sale of rights to manage two timber funds (Funds III and IV) previously managed by the Company’s Olympic Resources Management (ORM) subsidiary, as well as its co-investment stake in both funds.

(b)The three and nine months ended September 30, 2022 include $16.0 million equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See N ote 4 - Noncont rolling Inte re sts for additional information.

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2022

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

Schedule of Net Benefit Costs

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 September 30,		Three Months Ended September 30,
		2022	2021	2022	2021
Service cost	Selling and general expenses	—	—	$2	$2
Interest cost	Interest and other miscellaneous income, net	609	557	13	11
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(872)	(936)	—	—

Amortization of losses	Interest and other miscellaneous income, net	184	288	4	5

Net periodic benefit (credit) cost		($79)	($91)	$19	$18


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Nine Months Ended September 30,		Nine Months Ended September 30,
		2022	2021	2022	2021
Service cost	Selling and general expenses	—	—	$5	$6
Interest cost	Interest and other miscellaneous income, net	1,826	1,671	39	34
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(2,615)	(2,809)	—	—

Amortization of losses	Interest and other miscellaneous income, net	553	865	11	15

Net periodic benefit (credit) cost		($236)	($273)	$55	$55

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefits is 5.0%.

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total Operating Income	$ 40,903	$ 123,314	$ 121,689	$ 236,242
Unallocated interest expense and other	(7,804)	(9,991)	(25,486)	(34,165)
Total Income before Income Taxes	33,099	113,323	96,203	202,077
Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale			0	35,951
Pacific Northwest Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	1,100		1,100
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income		(30,500)		(33,300)
Timber Funds, Portion Attributable To Noncontrolling Interests \| Disposal Group, Not Discontinued Operations
Segment Reporting Information [Line Items]
Gain on sale		(3,700)		(3,700)
Timber Funds, Portion Attributable To Noncontrolling Interests \| Disposal Group, Not Discontinued Operations \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale		28,800		28,800
Timber Funds, Portion Attributable To Parent \| Disposal Group, Not Discontinued Operations \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale		7,200		7,200
Real Estate \| Disposal Group, Not Discontinued Operations \| Multi-Family Apartment Complex Sale
Segment Reporting Information [Line Items]
Gain on sale	11,500		11,500
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	22,474	12,778	76,883	47,105
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	2,179	2,071	11,729	5,293
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	9,280	13,302	22,653	47,959
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	0	41,285	0	44,778
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	15,749	60,617	36,953	112,816
Operating Segments \| Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Total Operating Income		14,500		44,800
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	177	(33)	84	628
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (8,956)	$ (6,706)	$ (26,613)	$ (22,337)

RESTRICTED CASH

9 Months Ended

Sep. 30, 2022

Restricted Cash and Investments [Abstract]

RESTRICTED CASH

Restricted cash, Timber Funds includes the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests.

Restricted cash, excluding Timber Funds includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for 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 the Company after 180 days and reclassified as available cash. Additionally, restricted cash, excluding Timber Funds, includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
	2022	2021

Restricted cash, excluding Timber Funds:
Restricted cash deposited with LKE intermediary	$15,627	—
Restricted cash held in escrow	625	625
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	16,252	625
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	1,464	49,209

Cash and cash equivalents	261,804	431,806






Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$279,520	$481,640

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 3,149	$ 24,480	$ 20,289	$ 31,548
Timber Funds
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	8,635	0	8,635
Timber Funds, Portion Attributable To Noncontrolling Interests \| Disposal Group, Not Discontinued Operations \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		6,900		6,900
Timber Funds, Portion Attributable To Parent \| Disposal Group, Not Discontinued Operations \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		1,700		1,700
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 3,149	15,845	$ 20,289	22,913
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		$ 8,600		8,600
Real Estate \| Large Dispositions \| Disposal Group, Not Discontinued Operations
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT				$ 100

COMMITMENTS (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments
Remaining 2022	$ 23,540
2023	23,599
2024	7,717
2025	1,386
2026	717
Thereafter	5,418
Total commitments	62,377
Environmental Remediation
Commitments
Remaining 2022	517
2023	3,844
2024	3,771
2025	1,008
2026	450
Thereafter	1,356
Total commitments	10,946
Development Projects
Commitments
Remaining 2022	18,275
2023	6,397
2024	554
2025	267
2026	267
Thereafter	4,062
Total commitments	29,822
Commitments
Commitments
Remaining 2022	4,748
2023	13,358
2024	3,392
2025	111
2026	0
Thereafter	0
Total commitments	$ 21,609

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 106,878
Plus: Current portion, beginning balance	24,740
Total balance, beginning balance	131,618
Non-cash cost of land and improved development	(11,701)
Amortization of parcel real estate development investments	(4,110)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(874)
Capitalized real estate development investments	15,513
Capital expenditures (silviculture)	165
Intersegment transfers	5,717
Total balance, ending balance	136,328
Less: Current portion, ending balance	(20,344)
Non-current portion, ending balance	115,984
Capitalized interest	600
Parcel real estate development investments	4,600
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	87,910
Plus: Current portion, beginning balance	718
Total balance, beginning balance	88,628
Non-cash cost of land and improved development	(712)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(874)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	165
Intersegment transfers	5,717
Total balance, ending balance	92,924
Less: Current portion, ending balance	(1,726)
Non-current portion, ending balance	91,198
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	18,968
Plus: Current portion, beginning balance	24,022
Total balance, beginning balance	42,990
Non-cash cost of land and improved development	(10,989)
Amortization of parcel real estate development investments	(4,110)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	15,513
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	43,404
Less: Current portion, ending balance	(18,618)
Non-current portion, ending balance	$ 24,786

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize (in months)	12 months
Assets held for sale	$ 2.4	$ 5.1
Asset impairment recognized	$ 0.0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of September 30, 2022:


Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
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	%	1.65	%	3.25	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.65	%	3.25	%
May 2021 (c)	7 years	200,000	2021 Incremental Term Loan Facility	0.77	%	1.55	%	2.32	%

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

(b)Rate is before estimated patronage payments.

(c)On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 6 - Debt for additional information.

The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 2022:

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

April 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 and nine months ended September 30, 2022 and 2021:


		Three Months Ended September 30,
	Income Statement Location	2022	2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive loss	($4,464)	($3,215)
	Other operating income, net	(2,669)	597
Foreign currency option contracts	Other comprehensive loss	(1,754)	(705)
	Other operating income, net	—	349
Interest rate products	Other comprehensive income	26,607	1,288
	Interest expense, net	(62)	2,564


		Nine Months Ended September 30,
	Income Statement Location	2022	2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive loss	($15,373)	($8,688)
	Other operating income, net	(2,598)	2,322
Foreign currency option contracts	Other comprehensive loss	(2,304)	(2,691)
	Other operating income, net	—	1,177
Interest rate products	Other comprehensive income	76,372	46,433
	Interest expense	4,555	11,935

The following table contains details of the expected reclassified amounts into earnings:


			Amount expected to be reclassified into earnings in next 12 months

Derivatives designated as cash flow hedges:
Foreign currency exchange contracts			($10,809)
Foreign currency option contracts			(364)
Interest rate products			18,860
Total estimated gain on derivatives contracts			$7,687

Schedule of Notional Amounts of Outstanding Derivative Positions

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


	Notional Amount
	September 30, 2022	December 31, 2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$145,000	$149,250
Foreign currency option contracts	66,000	14,000
Interest rate swaps	750,000	550,000

Forward-starting interest rate swaps	150,000	350,000

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 at September 30, 2022 and December 31, 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		September 30, 2022	December 31, 2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	—	$721
	Other assets	15	86
	Other current liabilities	(15,015)	(2,061)
	Other non-current liabilities	(4,921)	(694)
Foreign currency option contracts	Other current assets	9	—
	Other assets	854	228
	Other current liabilities	(514)	—
	Other non-current liabilities	(2,695)	(270)
Interest rate swaps	Other assets	63,538	—
	Other non-current liabilities	—	(15,582)






Forward-starting interest rate swaps	Other assets	12,839	11,482








Total derivative contracts:
Other current assets		$9	$721
Other assets		77,246	11,796
Total derivative assets		$77,255	$12,517

Other current liabilities		($15,529)	($2,061)
Other non-current liabilities		(7,616)	(16,546)
Total derivative liabilities		($23,145)	($18,607)

(a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries

The following table sets forth the Company’s noncontrolling interests in the operating partnership:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Beginning noncontrolling interests in the operating partnership	$123,811	$153,505	$133,823	$130,121

Adjustment of noncontrolling interests in the operating partnership	(23,363)	(1,746)	(32,131)	25,531
Conversions of Redeemable Operating Partnership Units to Common Shares	(3,696)	(12,258)	(3,842)	(17,214)
Net Income attributable to noncontrolling interests in the operating partnership	455	2,210	1,670	4,303
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership	(49)	(92)	(523)	1,187
Distributions to noncontrolling interests in the operating partnership	(915)	(1,064)	(2,754)	(3,373)
Total noncontrolling interests in the operating partnership	$96,243	$140,555	$96,243	$140,555

DEBT - Debt Covenants (Details)	Sep. 30, 2022
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	10.3
Covenant EBITDA to consolidated interest expense, Favorable	7.8
Covenant debt to net worth plus covenant debt, Covenant Requirement (as a percent)	0.65
Covenant debt to net worth plus covenant debt, Actual ratio (as a percent)	0.41
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.24

REVENUE - Narrative (Details)	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, period	12 months

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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


	September 30, 2022			December 31, 2021
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	$260,931	$260,931	—	$358,680	$358,680	—
Cash and cash equivalents, Timber Funds	873	873	—	3,493	3,493	—
Restricted cash, Timber Funds (b)	1,464	1,464	—	6,341	6,341	—
Restricted cash, excluding Timber Funds (c)	16,252	16,252	—	625	625	—
Current maturities of long-term debt (d)	—	—	—	(124,965)	—	(125,288)

Long-term debt (d)	(1,257,756)	—	(1,177,851)	(1,242,819)	—	(1,245,148)

Interest rate swaps (e)	63,538	—	63,538	(15,582)	—	(15,582)

Forward-starting interest rate swaps (e)	12,839	—	12,839	11,482	—	11,482
Foreign currency exchange contracts (e)	(19,921)	—	(19,921)	(1,948)	—	(1,948)
Foreign currency option contracts (e)	(2,346)	—	(2,346)	(42)	—	(42)


Noncontrolling interests in the operating partnership (f)	96,243	96,243	—	133,823	133,823	—

(a)We did not have Level 3 assets or liabilities at September 30, 2022 and December 31, 2021.

(d)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information.

(e)See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

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.

- Definition

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

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ 20,147	$ 5,755	$ 40,427	$ 1,711	$ (10,019)	$ 61,001
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(4,464)			(3,215)			$ (15,373)	$ (8,688)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts \| Other operating income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(2,669)			597			(2,598)	2,322
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(1,754)			(705)			(2,304)	(2,691)
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other operating income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	0			349			0	1,177
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate products \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	26,607			1,288			76,372	46,433
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate products \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ (62)			$ 2,564			$ 4,555	$ 11,935

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

We routinely 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, 2021 to September 30, 2022 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, 2021	$87,910	$18,968	$106,878
Plus: Current portion (a)	718	24,022	24,740
Total Balance at December 31, 2021	88,628	42,990	131,618
Non-cash cost of land and improved development	(712)	(10,989)	(11,701)
Amortization of parcel real estate development investments	—	(4,110)	(4,110)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(874)	—	(874)
Capitalized real estate development investments (b)	—	15,513	15,513
Capital expenditures (silviculture)	165	—	165

Intersegment transfers	5,717	—	5,717

Total Balance at September 30, 2022	92,924	43,404	136,328
Less: Current portion (a)	(1,726)	(18,618)	(20,344)
Non-current portion at September 30, 2022	$91,198	$24,786	$115,984

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information.

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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)	126,132	100,135	78,634	167,668
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)	126,132	100,135	78,634	167,668

REVENUE

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

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 September 30, 2022 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component.

CONTRACT BALANCES

The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.

The following table summarizes revenue recognized during the three and nine months ended September 30, 2022 and 2021 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Revenue recognized from contract liability balance at the beginning of the year (a)	$1,957	$235	$14,458	$10,204

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

The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2022 and 2021:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2022
Pulpwood	$32,564	$2,989	$7,645	—	—	$1,112	—	$44,310
Sawtimber	20,943	29,630	58,412	—	—	10,053	—	119,038
Hardwood	4,221	—	—	—	—	—	—	4,221
Total Timber Sales	57,728	32,619	66,057	—	—	11,165	—	167,569
License Revenue, Primarily from Hunting	5,141	326	118	—	—	—	—	5,585
Other Non-Timber/Carbon Revenue	1,680	1,452	6,277	—	—	—	—	9,409
Agency Fee Income	—	—	—	—	—	289	—	289

Total Non-Timber Sales	6,821	1,778	6,395	—	—	289	—	15,283
Improved Development	—	—	—	—	2,296	—	—	2,296

Rural	—	—	—	—	6,964	—	—	6,964


Deferred Revenue/Other (a)	—	—	—	—	2,769	—	—	2,769

Total Real Estate Sales	—	—	—	—	12,029	—	—	12,029

Revenue from Contracts with Customers	64,549	34,397	72,452	—	12,029	11,454	—	194,881
Lease Revenue	—	—	—	—	406	—	—	406
Intersegment	—	—	—	—	—	128	(128)	—
Total Revenue	$64,549	$34,397	$72,452	—	$12,435	$11,582	($128)	$195,287


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2021
Pulpwood	$21,358	$2,116	$10,746	$127	—	$3,861	—	$38,208
Sawtimber	17,680	28,134	64,562	6,707	—	21,281	—	138,364
Hardwood	247	—	—	—	—	—	—	247
Total Timber Sales	39,285	30,250	75,308	6,834	—	25,142	—	176,819
License Revenue, Primarily from Hunting	4,588	298	161	11	—	—	—	5,058
Other Non-Timber/Carbon Revenue	945	965	89	25	—	—	—	2,024
Agency Fee Income	—	—	—	—	—	350	—	350
Fund II Timberland Dispositions	—	—	—	87,100	—	—	—	87,100
Total Non-Timber Sales	5,533	1,263	250	87,136	—	350	—	94,532
Improved Development	—	—	—	—	27,774	—	—	27,774
Unimproved Development	—	—	—	—	37,500	—	—	37,500
Rural	—	—	—	—	6,937	—	—	6,937
Timberland & Non-Strategic	—	—	—	—	44	—	—	44

Deferred Revenue/Other (a)	—	—	—	—	728	—	—	728
Large Dispositions	—	—	—	—	20,048	—	—	20,048
Total Real Estate Sales	—	—	—	—	93,031	—	—	93,031

Revenue from Contracts with Customers	44,818	31,513	75,558	93,970	93,031	25,492	—	364,382
Lease Revenue	—	—	—	—	344	—	—	344
Intersegment	—	—	—	499	—	91	(590)	—
Total Revenue	$44,818	$31,513	$75,558	$94,469	$93,375	$25,583	($590)	$364,726


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2022
Pulpwood	$100,945	$9,478	$26,091	—	—	$5,636	—	$142,150
Sawtimber	70,203	106,155	164,759	—	—	45,910	—	387,027
Hardwood	15,776	—	—	—	—	—	—	15,776
Total Timber Sales	186,924	115,633	190,850	—	—	51,546	—	544,953
License Revenue, Primarily From Hunting	16,322	571	266	—	—	—	—	17,159
Other Non-Timber/Carbon Revenue	4,338	3,630	11,607	—	—	—	—	19,575
Agency Fee Income	—	—	—	—	—	955	—	955

Total Non-Timber Sales	20,660	4,201	11,873	—	—	955	—	37,689
Improved Development	—	—	—	—	18,828	—	—	18,828

Rural	—	—	—	—	47,333	—	—	47,333
Timberland & Non-Strategic	—	—	—	—	11,400	—	—	11,400

Deferred Revenue/Other (a)	—	—	—	—	2,498	—	—	2,498

Total Real Estate Sales	—	—	—	—	80,059	—	—	80,059

Revenue from Contracts with Customers	207,584	119,834	202,723	—	80,059	52,501	—	662,701
Lease Revenue	—	—	—	—	973	—	—	973
Intersegment	—	—	—	—	—	226	(226)	—
Total Revenue	$207,584	$119,834	$202,723	—	$81,032	$52,727	($226)	$663,674

Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
September 30, 2021
Pulpwood	$66,941	$6,689	$32,555	$783	—	$9,372	—	$116,340
Sawtimber	58,335	97,647	180,339	36,433	—	66,146	—	438,900
Hardwood	1,920	—	—	—	—	—	—	1,920
Total Timber Sales	127,196	104,336	212,894	37,216	—	75,518	—	557,160
License Revenue, Primarily from Hunting	13,501	505	300	41	—	—	—	14,347
Other Non-Timber/Carbon Revenue	5,092	3,516	502	438	—	—	—	9,548
Agency Fee Income	—	—	—	—	—	1,040	—	1,040
Fund II Timberland Dispositions	—	—	—	87,100	—	—	—	87,100
Total Non-Timber Sales	18,593	4,021	802	87,579	—	1,040	—	112,035
Improved Development	—	—	—	—	47,366	—	—	47,366
Unimproved Development	—	—	—	—	37,500	—	—	37,500
Rural	—	—	—	—	36,999	—	—	36,999
Timberland & Non-Strategic	—	—	—	—	44	—	—	44
Conservation Easement	—	—	—	—	3,855	—	—	3,855
Deferred Revenue/Other (a)	—	—	—	—	(4,260)	—	—	(4,260)
Large Dispositions	—	—	—	—	56,048	—	—	56,048
Total Real Estate Sales	—	—	—	—	177,552	—	—	177,552

Revenue from Contracts with Customers	145,789	108,357	213,696	124,795	177,552	76,558	—	846,747
Lease Revenue	—	—	—	—	857	—	—	857
Intersegment	—	—	—	3,259	—	237	(3,496)	—
Total Revenue	$145,789	$108,357	$213,696	$128,054	$178,409	$76,795	($3,496)	$847,604

(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 and nine months ended September 30, 2022 and 2021:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2022
Stumpage Pay-as-Cut	$21,111	—	—	—	—	$21,111
Stumpage Lump Sum	288	121	—	—	—	409

Total Stumpage	21,399	121	—	—	—	21,520

Delivered Wood (Domestic)	33,010	30,837	18,825	—	260	82,932
Delivered Wood (Export)	3,319	1,661	47,232	—	10,905	63,117
Total Delivered	36,329	32,498	66,057	—	11,165	146,049

Total Timber Sales	$57,728	$32,619	$66,057	—	$11,165	$167,569

September 30, 2021
Stumpage Pay-as-Cut	$12,335	—	—	$131	—	$12,466
Stumpage Lump Sum	392	1,846	—	—	—	2,238

Total Stumpage	12,727	1,846	—	131	—	14,704

Delivered Wood (Domestic)	19,515	28,404	20,614	6,703	817	76,053
Delivered Wood (Export)	7,043	—	54,694	—	24,325	86,062
Total Delivered	26,558	28,404	75,308	6,703	25,142	162,115

Total Timber Sales	$39,285	$30,250	$75,308	$6,834	$25,142	$176,819


Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
September 30, 2022
Stumpage Pay-as-Cut	$78,643	—	—	—	—	$78,643
Stumpage Lump Sum	378	5,593	—	—	—	5,971

Total Stumpage	79,021	5,593	—	—	—	84,614

Delivered Wood (Domestic)	98,386	104,239	50,358	—	1,989	254,972
Delivered Wood (Export)	9,517	5,801	140,492	—	49,557	205,367
Total Delivered	107,903	110,040	190,850	—	51,546	460,339

Total Timber Sales	$186,924	$115,633	$190,850	—	$51,546	$544,953

September 30, 2021
Stumpage Pay-as-Cut	$48,775	—	—	$328	—	$49,103
Stumpage Lump Sum	5,040	8,909	—	—	—	13,949

Total Stumpage	53,815	8,909	—	328	—	63,052

Delivered Wood (Domestic)	57,528	95,427	56,970	36,888	3,144	249,957
Delivered Wood (Export)	15,853	—	155,924	—	72,374	244,151
Total Delivered	73,381	95,427	212,894	36,888	75,518	494,108

Total Timber Sales	$127,196	$104,336	$212,894	$37,216	$75,518	$557,160

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Total cash and cash equivalents	$ 261,804	$ 362,173
Accounts receivable, less allowance for doubtful accounts of $51 and $59	37,468	30,018
Inventory (Note 14)	31,254	28,523
Prepaid expenses	20,341	18,528
Assets held for sale (Note 20)	2,357	5,099
Other current assets	437	749
Total current assets	355,125	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,750,541	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	115,984	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,452	6,401
Buildings	30,863	31,168
Machinery and equipment	6,548	6,494
Construction in progress	597	460
Total property, plant and equipment, gross	44,460	44,523
Less — accumulated depreciation	(16,707)	(14,900)
Total property, plant and equipment, net	27,753	29,623
RIGHT-OF-USE ASSETS	95,650	101,837
OTHER ASSETS	111,051	50,966
TOTAL ASSETS	3,472,356	3,636,356
CURRENT LIABILITIES
Accounts payable	27,061	23,447
Current maturities of long-term debt, net (Note 6)	0	124,965
Accrued taxes	8,820	12,446
Accrued payroll and benefits	10,942	14,514
Accrued interest	7,178	6,343
Deferred revenue	22,586	17,802
Other current liabilities	34,249	25,863
Total current liabilities	112,412	231,721
LONG-TERM DEBT, NET (NOTE 6)	1,257,756	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16)	9,656	10,478
LONG-TERM LEASE LIABILITY	87,639	93,416
OTHER NON-CURRENT LIABILITIES	83,987	108,521
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 10)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,211,327 and 3,315,741 Units outstanding, respectively	96,243	133,823
CAPITAL
Accumulated other comprehensive loss (Note 18)	(1,599)	(19,604)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,472,356	3,636,356
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	260,931	358,680
PROPERTY, PLANT AND EQUIPMENT
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)	16,252	625
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	873	3,493
Restricted cash, Timber Funds (Note 19)	1,464	6,341
CURRENT LIABILITIES
Distribution payable, Timber Funds	1,576	6,341
Rayonier Limited Partnership
CURRENT ASSETS
Total cash and cash equivalents	261,804	362,173
Accounts receivable, less allowance for doubtful accounts of $51 and $59	37,468	30,018
Inventory (Note 14)	31,254	28,523
Prepaid expenses	20,341	18,528
Assets held for sale (Note 20)	2,357	5,099
Other current assets	437	749
Total current assets	355,125	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,750,541	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	115,984	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,452	6,401
Buildings	30,863	31,168
Machinery and equipment	6,548	6,494
Construction in progress	597	460
Total property, plant and equipment, gross	44,460	44,523
Less — accumulated depreciation	(16,707)	(14,900)
Total property, plant and equipment, net	27,753	29,623
RIGHT-OF-USE ASSETS	95,650	101,837
OTHER ASSETS	111,051	50,966
TOTAL ASSETS	3,472,356	3,636,356
CURRENT LIABILITIES
Accounts payable	27,061	23,447
Current maturities of long-term debt, net (Note 6)	0	124,965
Accrued taxes	8,820	12,446
Accrued payroll and benefits	10,942	14,514
Accrued interest	7,178	6,343
Deferred revenue	22,586	17,802
Other current liabilities	34,249	25,863
Total current liabilities	112,412	231,721
LONG-TERM DEBT, NET (NOTE 6)	1,257,756	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16)	9,656	10,478
LONG-TERM LEASE LIABILITY	87,639	93,416
OTHER NON-CURRENT LIABILITIES	83,987	108,521
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,211,327 and 3,315,741 Units outstanding, respectively	96,243	133,823
CAPITAL
General partners’ capital	18,113	17,872
Limited partners’ capital	1,793,275	1,769,367
Accumulated other comprehensive loss (Note 18)	2,019	(15,463)
TOTAL CONTROLLING INTEREST CAPITAL	1,813,407	1,771,776
Noncontrolling interests in consolidated affiliates (Note 4)	11,256	43,802
TOTAL CAPITAL	1,824,663	1,815,578
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,472,356	3,636,356
Rayonier Limited Partnership \| Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	260,931	358,680
PROPERTY, PLANT AND EQUIPMENT
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)	16,252	625
Rayonier Limited Partnership \| Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	873	3,493
Restricted cash, Timber Funds (Note 19)	1,464	6,341
CURRENT LIABILITIES
Distribution payable, Timber Funds	$ 1,576	$ 6,341

INCOME TAXES

9 Months Ended

Sep. 30, 2022

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 September 30, 2022, Rayonier owns a 97.9% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return.

Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes.

PROVISION FOR INCOME TAXES

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Income tax expense	($1,238)	($2,811)	($8,056)	($13,114)

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:


	Nine Months Ended September 30,
		2022		2021
Annualized effective tax rate after discrete items		7.9	%	6.4	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2022

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 income (“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

Our New Zealand subsidiary’s domestic sales and operating expenses are predominately denominated in New Zealand dollars, while its export sales, shareholder distributions and ocean freight payments are predominately denominated in U.S. dollars. To the extent New Zealand dollar costs exceed New Zealand dollar revenues (the “foreign exchange exposure”), the New Zealand subsidiary manages the foreign exchange exposure through the use of derivative financial instruments. It typically hedges a portion of export sales receipts to cover 50% to 90% of the projected foreign exchange exposure for the following 12 months, up to 75% for the forward 12 to 18 months and up to 50% for the forward 18 to 24 months. Additionally, it will occasionally hedge export sales receipts to cover up to 50% of the foreign exchange exposure for the forward 24 to 48 months when the New Zealand dollar is at a cyclical low versus the U.S. dollar. The New Zealand subsidiary’s trading operations typically hedge a portion of export sales receipts to cover the projected foreign exchange exposure for the following three months. As of September 30, 2022, foreign currency exchange contracts and foreign currency option contracts had maturity dates through October 2024 and July 2025, respectively.

Foreign currency exchange and option contracts hedging foreign currency risk 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 income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.

INTEREST RATE PRODUCTS

We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements 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.

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 AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately.

INTEREST RATE SWAPS

The following table contains information on the outstanding interest rate swaps as of September 30, 2022:


Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
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	%	1.65	%	3.25	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.65	%	3.25	%
May 2021 (c)	7 years	200,000	2021 Incremental Term Loan Facility	0.77	%	1.55	%	2.32	%

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

(b)Rate is before estimated patronage payments.

(c)On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 6 - Debt for additional information.

FORWARD-STARTING INTEREST RATE SWAPS

The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 2022:

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

April 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.


		Three Months Ended September 30,
	Income Statement Location	2022	2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive loss	($4,464)	($3,215)
	Other operating income, net	(2,669)	597
Foreign currency option contracts	Other comprehensive loss	(1,754)	(705)
	Other operating income, net	—	349
Interest rate products	Other comprehensive income	26,607	1,288
	Interest expense, net	(62)	2,564


		Nine Months Ended September 30,
	Income Statement Location	2022	2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive loss	($15,373)	($8,688)
	Other operating income, net	(2,598)	2,322
Foreign currency option contracts	Other comprehensive loss	(2,304)	(2,691)
	Other operating income, net	—	1,177
Interest rate products	Other comprehensive income	76,372	46,433
	Interest expense	4,555	11,935

During the next 12 months, the amount of the September 30, 2022 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $7.7 million. The following table contains details of the expected reclassified amounts into earnings:


			Amount expected to be reclassified into earnings in next 12 months

Derivatives designated as cash flow hedges:
Foreign currency exchange contracts			($10,809)
Foreign currency option contracts			(364)
Interest rate products			18,860
Total estimated gain on derivatives contracts			$7,687

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


	Notional Amount
	September 30, 2022	December 31, 2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$145,000	$149,250
Foreign currency option contracts	66,000	14,000
Interest rate swaps	750,000	550,000

Forward-starting interest rate swaps	150,000	350,000


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		September 30, 2022	December 31, 2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	—	$721
	Other assets	15	86
	Other current liabilities	(15,015)	(2,061)
	Other non-current liabilities	(4,921)	(694)
Foreign currency option contracts	Other current assets	9	—
	Other assets	854	228
	Other current liabilities	(514)	—
	Other non-current liabilities	(2,695)	(270)
Interest rate swaps	Other assets	63,538	—
	Other non-current liabilities	—	(15,582)






Forward-starting interest rate swaps	Other assets	12,839	11,482








Total derivative contracts:
Other current assets		$9	$721
Other assets		77,246	11,796
Total derivative assets		$77,255	$12,517

Other current liabilities		($15,529)	($2,061)
Other non-current liabilities		(7,616)	(16,546)
Total derivative liabilities		($23,145)	($18,607)

(a) See Note 8 — 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.

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Total inventory	$ 31,254	$ 28,523
Real estate inventory
Inventory [Line Items]
Total inventory	20,344	24,740
Log inventory
Inventory [Line Items]
Total inventory	$ 10,910	$ 3,783

RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - Mattamy Jacksonville LLC - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Revenue from related parties	$ 281	$ 1,022	$ 794	$ 2,510
Reimbursement Of Local Impact Fees
Related Party Transaction [Line Items]
Related party transaction, transaction amount		$ 200		$ 400

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

COMMITMENTS

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

At September 30, 2022, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Development Projects (b)	Commitments (c)	Total
Remaining 2022	$517	$18,275	$4,748	$23,540
2023	3,844	6,397	13,358	23,599
2024	3,771	554	3,392	7,717
2025	1,008	267	111	1,386
2026	450	267	—	717
Thereafter	1,356	4,062	—	5,418
	$10,946	$29,822	$21,609	$62,377

(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 11 - Environmental and Natural Resource Damage Liabilities for additional information.

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

(c)Commitments include payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations.

RESTRICTED CASH (Tables)

9 Months Ended

Sep. 30, 2022

Restricted Cash and Investments [Abstract]

Schedule of Restricted Cash


	Nine Months Ended September 30,
	2022	2021

Restricted cash, excluding Timber Funds:
Restricted cash deposited with LKE intermediary	$15,627	—
Restricted cash held in escrow	625	625
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	16,252	625
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	1,464	49,209

Cash and cash equivalents	261,804	431,806






Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$279,520	$481,640

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2022 and the year ended December 31, 2021. 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, 2020	$22,702	$1,321	($71,056)		($24,312)		($71,345)	($2,540)	($73,885)
Other comprehensive income (loss) before reclassifications	(18,487)	—	44,899	(a)	11,302		37,714	(1,080)	36,634
Amounts reclassified from accumulated other comprehensive income (loss)	—	—	16,994		1,174	(b)	18,168	(521)	17,647
Net other comprehensive income (loss)	(18,487)	—	61,893		12,476		55,882	(1,601)	54,281
Balance as of December 31, 2021	$4,215	$1,321	($9,163)		($11,836)		($15,463)	($4,141)	($19,604)
Other comprehensive (loss) income before reclassifications	(52,770)	—	66,573	(a)	—		13,803	(378)	13,425
Amounts reclassified from accumulated other comprehensive income	—	—	3,115		564	(b)	3,679	901	4,580
Net other comprehensive income (loss)	(52,770)	—	69,688		564		17,482	523	18,005
Balance as of September 30, 2022	($48,555)	$1,321	$60,525		($11,272)		$2,019	($3,618)	($1,599)

(a)The nine months ended September 30, 2022 and the year ended December 31, 2021 include $76.4 million and $52.5 million, respectively, of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information.

(b)This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 16 — Employee Benefit Plans for additional information.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2022 and September 30, 2021:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the Income Statement
	September 30, 2022	September 30, 2021
Realized (gain) loss on foreign currency exchange contracts	($2,598)	$2,322	Other operating income, net
Realized loss on foreign currency option contracts	—	1,177	Other operating income, net
Noncontrolling interests	598	(805)	Comprehensive income attributable to noncontrolling interests
Realized loss on interest rate contracts	4,555	11,935	Interest expense
Income tax effect from net gain (loss) on foreign currency contracts	560	(755)	Income tax expense


Net loss on cash flow hedges reclassified from accumulated other comprehensive income	$3,115	$13,874

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (1,238)	$ (2,811)	$ (8,056)	$ (13,114)

- Definition

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

+ References + Details

DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

Our debt consisted of the following at September 30, 2022:


			September 30, 2022
Debt
Term Credit Agreement borrowings due 2028 at a variable interest rate of 4.2% at September 30, 2022 (a)			$350,000

Senior Notes due 2031 at a fixed interest rate of 2.75%			450,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.2% at September 30, 2022 (b)			200,000


2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 4.1% at September 30, 2022 (c)			200,000
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d)			19,691
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d)			22,973
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (d)			22,973






Total principal debt			1,265,637

Less: Unamortized discounts			(3,186)

Less: Deferred financing costs			(4,695)

















Total long-term debt			$1,257,756

(d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception.

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


									Total
2022									—
2023									—
2024									—
2025									19,691
2026									222,973
Thereafter									1,022,973
Total Debt									$1,265,637

2022 DEBT ACTIVITY

U.S. Debt

On January 3, 2022, we drew $200.0 million on our Revolving Credit Facility. On January 4, 2022, we repaid the $325.0 million Senior Notes due 2022 with $125.0 million of cash and the $200.0 million previously drawn on the Revolving Credit Facility. We then made a $200.0 million draw on our 2021 Incremental Term Loan Facility and simultaneously repaid the outstanding principal on our Revolving Credit Facility. The periodic interest rate on the 2021 Incremental Term Loan agreement is subject to a pricing grid based on our leverage ratio, as defined in the credit agreement. As of September 30, 2022, the periodic interest rate on the 2021 Incremental Term Loan is LIBOR plus 1.55%. Monthly payments of interest only are due on this loan through maturity.

On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. This interest rate swap will fix the cost of the 2021 Incremental Term Loan Facility over its seven-year term. We estimate the effective interest rate on the 2021 Incremental Term Loan Facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds.

At September 30, 2022, 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.

New Zealand Debt

In June 2022, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the nine months ended September 30, 2022, the New Zealand subsidiary made borrowings and repayments of $7.1 million, net of changes in exchange rates, on its working capital facility (the “New Zealand Working Capital Facility”). At September 30, 2022, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility.

In April 2022, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests, which was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million due in 2027 at a fixed interest rate of 6.48%. As of September 30, 2022, the outstanding balance on the shareholder loan due 2027 is $23.0 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 4 — Noncontrolling Interests for more information regarding the New Zealand subsidiary.

DEBT COVENANTS

In connection with our $350 million Term Credit Agreement, $200 million Incremental Term Loan Agreement, $200 million 2021 Incremental Term Loan Facility and $300 million Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.

The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2022, 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		10.3 to 1		7.8
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	41	%	24	%

In addition to these financial covenants listed above, the Senior Notes due 2031, Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Facility, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2022, we were in compliance with all applicable covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 194,881	$ 364,382	$ 662,701	$ 846,747
Lease Revenue	406	344	973	857
Total Revenue	195,287	364,726	663,674	847,604
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	167,569	176,819	544,953	557,160
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	44,310	38,208	142,150	116,340
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	119,038	138,364	387,027	438,900
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,221	247	15,776	1,920
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,283	94,532	37,689	112,035
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,585	5,058	17,159	14,347
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,409	2,024	19,575	9,548
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	289	350	955	1,040
Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		87,100		87,100
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,029	93,031	80,059	177,552
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,296	27,774	18,828	47,366
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		37,500		37,500
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,964	6,937	47,333	36,999
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		44	11,400	44
Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers				3,855
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,769	728	2,498	(4,260)
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		20,048		56,048
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(128)	(590)	(226)	(3,496)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	64,549	44,818	207,584	145,789
Total Revenue	64,549	44,818	207,584	145,789
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,728	39,285	186,924	127,196
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,564	21,358	100,945	66,941
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,943	17,680	70,203	58,335
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,221	247	15,776	1,920
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,821	5,533	20,660	18,593
Operating Segments \| Southern Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,141	4,588	16,322	13,501
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,680	945	4,338	5,092
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Southern Timber \| Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,397	31,513	119,834	108,357
Total Revenue	34,397	31,513	119,834	108,357
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,619	30,250	115,633	104,336
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,989	2,116	9,478	6,689
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,630	28,134	106,155	97,647
Operating Segments \| Pacific Northwest Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,778	1,263	4,201	4,021
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	326	298	571	505
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,452	965	3,630	3,516
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	72,452	75,558	202,723	213,696
Total Revenue	72,452	75,558	202,723	213,696
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,057	75,308	190,850	212,894
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,645	10,746	26,091	32,555
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	58,412	64,562	164,759	180,339
Operating Segments \| New Zealand Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,395	250	11,873	802
Operating Segments \| New Zealand Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	118	161	266	300
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,277	89	11,607	502
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Operating Segments \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	93,970	0	124,795
Total Revenue	0	94,469	0	128,054
Operating Segments \| Timber Funds \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	6,834	0	37,216
Operating Segments \| Timber Funds \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	127	0	783
Operating Segments \| Timber Funds \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	6,707	0	36,433
Operating Segments \| Timber Funds \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Timber Funds \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	87,136	0	87,579
Operating Segments \| Timber Funds \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	11	0	41
Operating Segments \| Timber Funds \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	25	0	438
Operating Segments \| Timber Funds \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Timber Funds \| Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		87,100		87,100
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,029	93,031	80,059	177,552
Lease Revenue	406	344	973	857
Total Revenue	12,435	93,375	81,032	178,409
Operating Segments \| Real Estate \| Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,029	93,031	80,059	177,552
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,296	27,774	18,828	47,366
Operating Segments \| Real Estate \| Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		37,500		37,500
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,964	6,937	47,333	36,999
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		44	11,400	44
Operating Segments \| Real Estate \| Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers				3,855
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,769	728	2,498	(4,260)
Operating Segments \| Real Estate \| Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		20,048		56,048
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,454	25,492	52,501	76,558
Total Revenue	11,582	25,583	52,727	76,795
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,165	25,142	51,546	75,518
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,112	3,861	5,636	9,372
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,053	21,281	45,910	66,146
Operating Segments \| Trading \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	289	350	955	1,040
Operating Segments \| Trading \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	289	350	955	1,040
Operating Segments \| Trading \| Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Intersegment \| Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	0	499	0	3,259
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	128	91	226	237
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (128)	$ (590)	$ (226)	$ (3,496)

SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2022

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 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 and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,		Nine Months Ended September 30,
SALES	2022	2021	2022	2021
Southern Timber	$64,549	$44,818	$207,584	$145,789
Pacific Northwest Timber	34,397	31,513	119,834	108,357
New Zealand Timber	72,452	75,558	202,723	213,696
Timber Funds (a)	—	94,469	—	128,054
Real Estate (b)	12,435	93,375	81,032	178,409
Trading	11,582	25,583	52,727	76,795

Intersegment Eliminations (c)	(128)	(590)	(226)	(3,496)
Total	$195,287	$364,726	$663,674	$847,604

(a)The three and nine months ended September 30, 2021 include $75.4 million and $102.1 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $69.7 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $17.4 million from Fund II Timberland Dispositions attributable to Rayonier.

(b)The three and nine months ended September 30, 2021 include $20.0 million and $56.0 million, respectively, from Large Dispositions. 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)The three and nine months ended September 30, 2022 and 2021 includes log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.The three and nine months ended September 30, 2021, primarily consists of the elimination of timberland investment management fees paid to us by the timber funds, which were initially recognized as sales and cost of sales within the Timber Funds segment.


	Three Months Ended September 30,		Nine Months Ended September 30,
OPERATING INCOME	2022	2021	2022	2021
Southern Timber	$22,474	$12,778	$76,883	$47,105
Pacific Northwest Timber (a)	2,179	2,071	11,729	5,293
New Zealand Timber	9,280	13,302	22,653	47,959
Timber Funds (b)	—	41,285	—	44,778
Real Estate (c)	15,749	60,617	36,953	112,816
Trading	177	(33)	84	628

Corporate and Other	(8,956)	(6,706)	(26,613)	(22,337)
Total Operating Income	40,903	123,314	121,689	236,242
Unallocated interest expense and other	(7,804)	(9,991)	(25,486)	(34,165)
Total Income before Income Taxes	$33,099	$113,323	$96,203	$202,077

(a)The three and nine months ended September 30, 2022 include $1.1 million of timber write-offs resulting from casualty events.Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales”.

(b)The three and nine months ended September 30, 2021 include $30.5 million and $33.3 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is a $28.8 million gain on Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include a $7.2 million gain on Fund II Timberland Dispositions attributable to Rayonier and a $3.7 million gain on investment in Timber Funds.

(c)The three and nine months ended September 30, 2022 include a $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests. The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating income, net”. The three and nine months ended September 30, 2021 include $14.5 million and $44.8 million from Large Dispositions.


	Three Months Ended September 30,		Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2022	2021	2022	2021
Southern Timber	$14,116	$11,604	$46,832	$39,539
Pacific Northwest Timber	9,356	10,479	35,587	38,795
New Zealand Timber	6,302	6,555	18,192	20,757
Timber Funds (a)	—	43,158	—	54,780
Real Estate (b)	961	6,797	12,671	16,889


Corporate and Other	316	316	939	892
Total	$31,051	$78,909	$114,221	$171,652

(a)The three and nine months ended September 30, 2021 include $34.4 million and $44.4 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $32.5 million related to Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $8.1 million related to Fund II Timberland Dispositions attributable to Rayonier.

(b)The three and nine months ended September 30, 2021 include $5.0 million and $9.8 million, respectively, from Large Dispositions.


	Three Months Ended September 30,		Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2022	2021	2022	2021



Timber Funds (a)	—	$8,635	—	$8,635
Real Estate (b)	3,149	15,845	20,289	22,913


Total	$3,149	$24,480	$20,289	$31,548

(a)The three and nine months ended September 30, 2021 include $8.6 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $6.9 million was attributable to noncontrolling interests in Timber Funds and $1.7 million was attributable to Rayonier.

(b)The nine months ended September 30, 2021 includes $0.1 million from Large Dispositions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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+ Details

INCOME TAXES (Details)	Sep. 30, 2022
Operating Partnership
Income Taxes
Ownership interest (as a percent)	97.90%

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2022 and December 31, 2021, our inventory consisted entirely of finished goods, as follows:


	September 30, 2022	December 31, 2021
Finished goods inventory
Real estate inventory (a)	$20,344	$24,740
Log inventory	10,910	3,783
Total inventory	$31,254	$28,523

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Feb. 01, 2022	Dec. 31, 2021
Interest rate swaps
Derivative [Line Items]
Notional Amount		$ 200,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed Rate of Swap	2.20%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	3.80%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed Rate of Swap	2.35%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	3.95%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	3.25%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	3.25%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest Rate Swap 5
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200
Fixed Rate of Swap	0.77%
Bank Margin on Debt	1.55%
Total Effective Interest Rate	2.32%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 750,000		$ 550,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed Rate of Swap	0.88%
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed Rate of Swap	0.74%

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
SALES	$ 195,287			$ 364,726			$ 663,674	$ 847,604
Costs and Expenses
Cost of sales	(152,079)			(233,308)			(507,381)	(578,937)
Selling and general expenses	(16,886)			(13,174)			(49,002)	(41,899)
Other operating income, net (Note 15)	14,581			5,070			14,398	9,474
Costs and expenses	(154,384)			(241,412)			(541,985)	(611,362)
OPERATING INCOME	40,903			123,314			121,689	236,242
Interest expense	(9,056)			(11,265)			(26,476)	(34,292)
Interest and other miscellaneous income, net	1,252			1,274			990	127
INCOME BEFORE INCOME TAXES	33,099			113,323			96,203	202,077
Income tax expense (Note 17)	(1,238)			(2,811)			(8,056)	(13,114)
NET INCOME	31,861			110,512			88,147	188,963
Less: Net income attributable to noncontrolling interests in the operating partnership	(455)	$ (546)	$ (669)	(2,210)	$ (1,753)	$ (341)	(1,670)	(4,303)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)			(32,471)			(12,478)	(40,775)
NET INCOME ATTRIBUTABLE TO RAYONIER INC./RAYONIER, L.P. UNITHOLDERS	20,578			75,831			73,999	143,885
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	(25,392)	(36,285)	6,458	(6,622)	1,239	(14,288)	(55,220)	(19,670)
Cash flow hedges, net of income tax effect of $2,488, $833, $5,677 and $2,207	20,147			1,711			66,329	52,693
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	188	$ 188	$ 188	294	$ 294	$ 294	564	881
Total other comprehensive (loss) income	(5,057)			(4,617)			11,673	33,904
COMPREHENSIVE INCOME	26,804			105,895			99,820	222,867
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(490)			(2,118)			(2,147)	(5,490)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(8,029)			(31,099)			(6,670)	(36,168)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	$ 18,285			$ 72,678			$ 91,003	$ 181,209
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.14			$ 0.53			$ 0.51	$ 1.03
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.14			$ 0.53			$ 0.50	$ 1.03

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income	$ 31,861			$ 110,512			$ 88,147	$ 188,963
Costs associated with the “at-the-market” (ATM) equity offering program	(38)	$ (63)
Measurement period adjustment of noncontrolling interests in consolidated affiliates					$ 9,034	$ 655
Amortization of pension and postretirement plan liabilities	188	188	$ 188	294	294	294	564	881
Foreign currency translation adjustment	(25,392)	(36,285)	6,458	(6,622)	1,239	(14,288)	(55,220)	(19,670)
Cash flow hedges	20,147	5,755	40,427	1,711	(10,019)	61,001
Distributions to noncontrolling interests in consolidated affiliates	(9,789)		(1,566)	(53,562)	(6,474)	(8,737)
Noncontrolling interests in consolidated affiliates redemption of shares		(27,860)		(28,119)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,820,450	1,881,639	1,815,578	1,997,483	1,909,921	1,862,645	1,815,578	1,862,645
Net Income	31,861	25,287	30,998	110,512	63,420	15,032	88,147	188,963
Distributions	(42,967)	(43,042)	(40,796)	(40,096)	(39,135)	(38,687)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs			29,771	51,132	79,994	36,708
Costs associated with the “at-the-market” (ATM) equity offering program	(38)	(63)
Issuance of units under incentive stock plans	19	1,983	415	183	3,325	1,166
Stock-based compensation	2,636	4,412	2,797	2,086	2,852	2,156
Repurchase of units	(20)	(3,991)	(214)	(6)	(1,453)	(155)
Adjustment of Redeemable Operating Partnership Units	23,872	12,385	(2,521)	692	(15,756)	(12,584)
Conversion of units into common shares	3,696	42	104	12,258	241	4,715
Measurement period adjustment of noncontrolling interests in consolidated affiliates					9,034	655
Disposition of noncontrolling interests in consolidated affiliates				255,486
Amortization of pension and postretirement plan liabilities	188	188	188	294	294	294	564	881
Foreign currency translation adjustment	(25,392)	(36,285)	6,458	(6,622)	1,239	(14,288)	(55,220)	(19,670)
Cash flow hedges	20,147	5,755	40,427	1,711	(10,019)	61,001
Distributions to noncontrolling interests in consolidated affiliates	(9,789)		(1,566)	(53,562)	(6,474)	(8,737)
Noncontrolling interests in consolidated affiliates redemption of shares		(27,860)		(28,119)
Ending balance	1,824,663	1,820,450	1,881,639	1,792,460	1,997,483	1,909,921	1,824,663	1,792,460
Rayonier Limited Partnership \| Units \| General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,031	18,068	17,872	16,389	15,499	15,454	17,872	15,454
Net Income	210	246	300	780	590	112
Distributions	(430)	(430)	(408)	(401)	(391)	(387)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs			298	511	800	367
Costs associated with the “at-the-market” (ATM) equity offering program	(1)	(1)
Issuance of units under incentive stock plans		20	4	2	33	12
Stock-based compensation	27	44	28	21	29	22
Repurchase of units		(40)	(2)		(15)	(2)
Adjustment of Redeemable Operating Partnership Units	239	124	(25)	7	(158)	(126)
Conversion of units into common shares	37		1	123	2	47
Ending balance	18,113	18,031	18,068	17,432	16,389	15,499	18,113	17,432
Rayonier Limited Partnership \| Units \| Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,785,126	1,788,713	1,769,367	1,622,548	1,534,411	1,529,948	1,769,367	1,529,948
Net Income	20,823	24,404	29,686	77,261	58,369	11,077
Distributions	(42,537)	(42,612)	(40,388)	(39,695)	(38,744)	(38,300)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs			29,473	50,621	79,194	36,341
Costs associated with the “at-the-market” (ATM) equity offering program	(37)	(62)
Issuance of units under incentive stock plans	19	1,963	411	181	3,292	1,154
Stock-based compensation	2,609	4,368	2,769	2,065	2,823	2,134
Repurchase of units	(20)	(3,951)	(212)	(6)	(1,438)	(153)
Adjustment of Redeemable Operating Partnership Units	23,633	12,261	(2,496)	685	(15,598)	(12,458)
Conversion of units into common shares	3,659	42	103	12,135	239	4,668
Ending balance	1,793,275	1,785,126	1,788,713	1,725,795	1,622,548	1,534,411	1,793,275	1,725,795
Rayonier Limited Partnership \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	4,277	30,215	(15,463)	(29,589)	(21,075)	(71,345)	(15,463)	(71,345)
Amortization of pension and postretirement plan liabilities	188	188	188	294	294	294
Foreign currency translation adjustment	(24,065)	(34,373)	5,668	(5,743)	1,025	(11,652)
Cash flow hedges	21,619	8,247	39,822	2,204	(9,833)	61,628
Ending balance	2,019	4,277	30,215	(32,834)	(29,589)	(21,075)	2,019	(32,834)
Rayonier Limited Partnership \| Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	13,016	44,643	43,802	388,135	381,086	388,588	43,802	388,588
Net Income	10,828	637	1,012	32,471	4,461	3,843
Measurement period adjustment of noncontrolling interests in consolidated affiliates					9,034	655
Disposition of noncontrolling interests in consolidated affiliates				255,486
Foreign currency translation adjustment	(1,327)	(1,912)	790	(879)	214	(2,636)
Cash flow hedges	(1,472)	(2,492)	605	(493)	(186)	(627)
Distributions to noncontrolling interests in consolidated affiliates	(9,789)		(1,566)	(53,562)	(6,474)	(8,737)
Noncontrolling interests in consolidated affiliates redemption of shares		(27,860)		(28,119)
Ending balance	$ 11,256	$ 13,016	$ 44,643	$ 82,067	$ 388,135	$ 381,086	$ 11,256	$ 82,067

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
SALES	$ 195,287	$ 364,726	$ 663,674	$ 847,604
Revenue from contract with customer, excluding assessed tax	194,881	364,382	662,701	846,747
Large Dispositions
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax		20,048		56,048
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES		(75,400)		(102,100)
Timber Funds, Portion Attributable To Noncontrolling Interests \| Fund II Timberland Dispositions \| Disposal Group, Not Discontinued Operations
Segment Reporting Information [Line Items]
SALES		69,700		69,700
Timber Funds, Portion Attributable To Parent \| Fund II Timberland Dispositions \| Disposal Group, Not Discontinued Operations
Segment Reporting Information [Line Items]
SALES		17,400		17,400
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(128)	(590)	(226)	(3,496)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	64,549	44,818	207,584	145,789
Revenue from contract with customer, excluding assessed tax	64,549	44,818	207,584	145,789
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	34,397	31,513	119,834	108,357
Revenue from contract with customer, excluding assessed tax	34,397	31,513	119,834	108,357
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	72,452	75,558	202,723	213,696
Revenue from contract with customer, excluding assessed tax	72,452	75,558	202,723	213,696
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
SALES	0	94,469	0	128,054
Revenue from contract with customer, excluding assessed tax	0	93,970	0	124,795
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	12,435	93,375	81,032	178,409
Revenue from contract with customer, excluding assessed tax	12,029	93,031	80,059	177,552
Operating Segments \| Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax		20,048		56,048
Threshold to be considered a Large Disposition		20,000		20,000
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	11,582	25,583	52,727	76,795
Revenue from contract with customer, excluding assessed tax	11,454	25,492	52,501	76,558
Intersegment Eliminations \| Timber Funds
Segment Reporting Information [Line Items]
SALES	0	499	0	3,259
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	128	91	226	237
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (128)	$ (590)	$ (226)	$ (3,496)

EARNINGS PER SHARE AND PER UNIT

9 Months Ended

Sep. 30, 2022

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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Earnings per common share - basic
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in the operating partnership	(455)	(2,210)	(1,670)	(4,303)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
Net income attributable to Rayonier Inc.	$20,578	$75,831	$73,999	$143,885
Denominator:
Denominator for basic earnings per common share - weighted average shares	146,370,340	141,777,574	146,022,718	139,749,358
Basic earnings per common share attributable to Rayonier Inc.:	$0.14	$0.53	$0.51	$1.03
Earnings per common share - diluted
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$21,033	$78,041	$75,669	$148,188
Denominator:
Denominator for basic earnings per common share - weighted average shares	146,370,340	141,777,574	146,022,718	139,749,358
Add: Dilutive effect of:
Stock options	3,271	9,803	6,200	8,833
Performance shares, restricted shares and restricted stock units	620,316	520,737	693,954	361,596
Noncontrolling interests in operating partnership units	3,238,962	4,131,454	3,288,409	4,245,323
Denominator for diluted earnings per common share - adjusted weighted average shares	150,232,889	146,439,568	150,011,281	144,365,110
Diluted earnings per common share attributable to Rayonier Inc.:	$0.14	$0.53	$0.50	$1.03


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	126,132	100,135	78,634	167,668


Total	126,132	100,135	78,634	167,668

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Earnings per unit - basic
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
Net income available to unitholders	$21,033	$78,041	$75,669	$148,188
Denominator:
Denominator for basic earnings per unit - weighted average units	149,609,302	145,909,028	149,311,127	143,994,681
Basic earnings per unit attributable to Rayonier, L.P.:	$0.14	$0.53	$0.51	$1.03
Earnings per unit - diluted
Numerator:
Net Income	$31,861	$110,512	$88,147	$188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
Net income available to unitholders	$21,033	$78,041	$75,669	$148,188
Denominator:
Denominator for basic earnings per unit - weighted average units	149,609,302	145,909,028	149,311,127	143,994,681
Add: Dilutive effect of unit equivalents:
Stock options	3,271	9,803	6,200	8,833
Performance shares, restricted shares and restricted stock units	620,316	520,737	693,954	361,596
Denominator for diluted earnings per unit - adjusted weighted average units	150,232,889	146,439,568	150,011,281	144,365,110
Diluted earnings per unit attributable to Rayonier, L.P.:	$0.14	$0.53	$0.50	$1.03


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	126,132	100,135	78,634	167,668


Total	126,132	100,135	78,634	167,668

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 261,804	$ 362,173	$ 431,806
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	279,520	369,139	481,640	$ 87,482
Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds	16,252	625	625
Cash and cash equivalents	260,931	358,680
Excluding Timber Funds \| Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds	15,627		0
Excluding Timber Funds \| Held In Escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds	625		625
Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, Timber Funds	1,464	6,341	$ 49,209
Cash and cash equivalents	$ 873	$ 3,493

NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) a	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) a	Sep. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity income related to Bainbridge Landing LLC joint venture	$ 15,848	$ 36	$ 15,477	$ 241
Equity income attributable to Rayonier	$ 4,500		$ 4,500
Ferncliff Investors \| Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)			33.33%
Bainbridge Landing LLC \| Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)			50.00%
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned \| a	417,000		417,000
Matariki Forestry Group \| Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77.00%		77.00%
Matariki Forestry Group \| Rayonier New Zealand Subsidiary
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23.00%		23.00%
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 65,500
Equity income related to Bainbridge Landing LLC joint venture	16,000
Equity income attributable to Rayonier	$ 4,500
Ferncliff Investors \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed \| a			5

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 1,957	$ 235	$ 14,458	$ 10,204

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Feb. 01, 2022	Dec. 31, 2021
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount		$ 200,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 145,000		$ 149,250
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	66,000		14,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	750,000		550,000
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 150,000		$ 350,000

BASIS OF PRESENTATION (Details) $ in Millions	Nov. 02, 2022 USD ($) a	Sep. 30, 2022
Subsequent event \| U.S. South
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of land acquired \| a	172,400
Aggregate purchase price \| $	$ 474.0
Operating Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest (as a percent)		97.90%
Ownership interest owned by limited partners (as a percent)		2.10%

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Income tax expense	($1,238)	($2,811)	($8,056)	($13,114)

Schedule of Effective Income Tax Rate Reconciliation

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


	Nine Months Ended September 30,
		2022		2021
Annualized effective tax rate after discrete items		7.9	%	6.4	%

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,771,776
Other comprehensive income (loss) before reclassifications	13,425	$ 36,634
Amounts reclassified from accumulated other comprehensive income	4,580	17,647
Net other comprehensive income (loss)	18,005	54,281
Ending balance	1,813,407	1,771,776
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(19,604)	(73,885)
Ending balance	(1,599)	(19,604)
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	4,215	22,702
Other comprehensive income (loss) before reclassifications	(52,770)	(18,487)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income (loss)	(52,770)	(18,487)
Ending balance	(48,555)	4,215
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 income	0	0
Net other comprehensive income (loss)	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,163)	(71,056)
Other comprehensive income (loss) before reclassifications	66,573	44,899
Amounts reclassified from accumulated other comprehensive income	3,115	16,994
Net other comprehensive income (loss)	69,688	61,893
Ending balance	60,525	(9,163)
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	76,400	52,500
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(11,836)	(24,312)
Other comprehensive income (loss) before reclassifications	0	11,302
Amounts reclassified from accumulated other comprehensive income	564	1,174
Net other comprehensive income (loss)	564	12,476
Ending balance	(11,272)	(11,836)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(15,463)	(71,345)
Other comprehensive income (loss) before reclassifications	13,803	37,714
Amounts reclassified from accumulated other comprehensive income	3,679	18,168
Net other comprehensive income (loss)	17,482	55,882
Ending balance	2,019	(15,463)
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,141)	(2,540)
Other comprehensive income (loss) before reclassifications	(378)	(1,080)
Amounts reclassified from accumulated other comprehensive income	901	(521)
Net other comprehensive income (loss)	523	(1,601)
Ending balance	$ (3,618)	$ (4,141)

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt	$ 0	$ (124,965)
Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash, excluding Timber Funds	16,252	625	$ 625
Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash, Timber Funds	1,464	6,341	$ 49,209
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt	0	(124,965)
Long-term debt	(1,257,756)	(1,242,819)
Noncontrolling interests in the operating partnership	96,243	133,823
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	63,538
Interest rate swaps, liabilities		(15,582)
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	12,839	11,482
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(19,921)	(1,948)
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(2,346)	(42)
Carrying Amount \| Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	260,931	358,680
Restricted cash, excluding Timber Funds	16,252	625
Carrying Amount \| Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	873	3,493
Restricted cash, Timber Funds	1,464	6,341
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt	0	0
Long-term debt	0	0
Noncontrolling interests in the operating partnership	96,243	133,823
Fair Value \| Level 1 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0
Interest rate swaps, liabilities		0
Fair Value \| Level 1 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0	0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	0	0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt	0	(125,288)
Long-term debt	(1,177,851)	(1,245,148)
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]
Interest rate swaps, assets	63,538
Interest rate swaps, liabilities		(15,582)
Fair Value \| Level 2 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	12,839	11,482
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(19,921)	(1,948)
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(2,346)	(42)
Fair Value \| Excluding Timber Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	260,931	358,680
Restricted cash, excluding Timber Funds	16,252	625
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
Restricted cash, excluding Timber Funds	0	0
Fair Value \| Timber Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	873	3,493
Restricted cash, Timber Funds	1,464	6,341
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
Restricted cash, Timber Funds	$ 0	$ 0

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

9 Months Ended

Sep. 30, 2022

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

Various 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.

Changes in environmental and NRD liabilities from December 31, 2021 to September 30, 2022 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2021			$10,110
Plus: Current portion			695
Total Balance at December 31, 2021			10,805
Expenditures charged to liabilities			(557)
Increase to liabilities			698
Total Balance at September 30, 2022			10,946
Less: Current portion			(623)
Non-current portion at September 30, 2022			$10,323

It is expected that the upland mill site cleanup and NRD restoration will occur over the next one to two 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 9 - Commitments.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (d)(5)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
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-Section 55
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=6571209&loc=d3e13644-110860

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=6571209&loc=d3e13718-110860

Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13328-110859

Reference 5: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (d)(4)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6571209&loc=d3e13703-110860

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 9: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13319-110859

Reference 10: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=2175709

Reference 12: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 13: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 10
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859

Reference 14: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=6393242&loc=d3e13283-110859

+ Details

ASSETS HELD FOR SALE	9 Months Ended
ASSETS HELD FOR SALE	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of September 30, 2022 and December 31, 2021, the basis in properties meeting this classification was $2.4 million and $5.1 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) plan	Sep. 30, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| plan			1
Pension contributions paid			$ 0
Weighted-average expected long-term rate of return on plan assets (as a percent)			5.00%
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	609	557	1,826	1,671
Expected return on plan assets	(872)	(936)	(2,615)	(2,809)
Amortization of losses	184	288	553	865
Net periodic benefit (credit) cost	(79)	(91)	(236)	(273)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	5	6
Interest cost	13	11	39	34
Expected return on plan assets	0	0	0	0
Amortization of losses	4	5	11	15
Net periodic benefit (credit) cost	$ 19	$ 18	$ 55	$ 55

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 28, 2022
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		146,424,114
Entity Central Index Key	0000052827
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		3,208,827
Entity Central Index Key	0001806931
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 77,255	$ 12,517
Fair value, derivative liability	(23,145)	(18,607)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	9	721
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	77,246	11,796
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(15,529)	(2,061)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(7,616)	(16,546)
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	0	721
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	15	86
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	(15,015)	(2,061)
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	(4,921)	(694)
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	9	0
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	854	228
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	(514)	0
Derivatives designated as cash flow hedges \| Derivatives designated as cash flow hedges \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,695)	(270)
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	63,538	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	0	(15,582)
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	$ 12,839	$ 11,482

RELATED PARTY - Narrative (Details) - Agreement to Sell Developed Lots - Mattamy Jacksonville LLC - USD ($) $ in Thousands	1 Months Ended
	May 31, 2021	Jan. 31, 2020
Related Party Transaction [Line Items]
Related party transaction, transaction amount	$ 1,000	$ 4,450
Related party transaction, takedown period (in years)		2 years

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Total cash and cash equivalents	$ 261,804	$ 362,173
Accounts receivable, less allowance for doubtful accounts of $51 and $59	37,468	30,018
Inventory (Note 14)	31,254	28,523
Prepaid expenses	20,341	18,528
Assets held for sale (Note 20)	2,357	5,099
Other current assets	437	749
Total current assets	355,125	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,750,541	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	115,984	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,452	6,401
Buildings	30,863	31,168
Machinery and equipment	6,548	6,494
Construction in progress	597	460
Total property, plant and equipment, gross	44,460	44,523
Less — accumulated depreciation	(16,707)	(14,900)
Total property, plant and equipment, net	27,753	29,623
RIGHT-OF-USE ASSETS	95,650	101,837
OTHER ASSETS	111,051	50,966
TOTAL ASSETS	3,472,356	3,636,356
CURRENT LIABILITIES
Accounts payable	27,061	23,447
Current maturities of long-term debt, net (Note 6)	0	124,965
Accrued taxes	8,820	12,446
Accrued payroll and benefits	10,942	14,514
Accrued interest	7,178	6,343
Deferred revenue	22,586	17,802
Other current liabilities	34,249	25,863
Total current liabilities	112,412	231,721
LONG-TERM DEBT, NET (NOTE 6)	1,257,756	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16)	9,656	10,478
LONG-TERM LEASE LIABILITY	87,639	93,416
OTHER NON-CURRENT LIABILITIES	83,987	108,521
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 10)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,211,327 and 3,315,741 Units outstanding, respectively	96,243	133,823
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 146,422,825 and 145,372,961 shares issued and outstanding	1,430,622	1,389,073
Retained earnings	384,384	402,307
Accumulated other comprehensive loss (Note 18)	(1,599)	(19,604)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,813,407	1,771,776
Noncontrolling interests in consolidated affiliates (Note 4)	11,256	43,802
TOTAL SHAREHOLDERS’ EQUITY	1,824,663	1,815,578
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,472,356	3,636,356
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	260,931	358,680
PROPERTY, PLANT AND EQUIPMENT
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)	16,252	625
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	873	3,493
Restricted cash, Timber Funds (Note 19)	1,464	6,341
CURRENT LIABILITIES
Distribution payable, Timber Funds	$ 1,576	$ 6,341

RELATED PARTY

9 Months Ended

Sep. 30, 2022

RELATED PARTY

In January 2020, we entered into an agreement to sell developed lots to Mattamy Jacksonville LLC, a wholly owned subsidiary of Mattamy Homes, for an aggregate base purchase price of $4.45 million (subject to multiple takedowns over a 2 year period), plus additional consideration as to each lot to the extent the ultimate sales price of each finished home exceeds agreed price thresholds (the “Mattamy Contract”). In May 2021, we entered into an amendment to the original agreement for the sale of additional lots to Mattamy for an aggregate base purchase price of $1.0 million. The Mattamy contract also includes marketing fee revenue based on a percentage of the sales price of each finished home. As of September 30, 2022, all lots under contract have been sold to Mattamy, with only marketing fees remaining to be collected from third party homebuyers.

In September 2020, Keith Bass, a member of our Board of Directors, was named the Chief Executive Officer of Mattamy Homes US. Following this development, the Mattamy Contract and the ongoing obligations therein, were reviewed by the Nominating and Corporate Governance Committee in accordance with established policies and procedures regarding the authorization and approval of transactions with related parties.

The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended:


		Three Months Ended September 30,		Nine Months Ended September 30,
Related Party Transaction	Location on Statement of Income and Comprehensive Income	2022	2021	2022	2021
Mattamy Contract	Sales (a)	$281	1,022	$794	2,510

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	7.90%	6.40%

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
SALES	$ 195,287	$ 364,726	$ 663,674	$ 847,604
Costs and Expenses
Cost of sales	(152,079)	(233,308)	(507,381)	(578,937)
Selling and general expenses	(16,886)	(13,174)	(49,002)	(41,899)
Other operating income, net (Note 15)	14,581	5,070	14,398	9,474
Costs and expenses	(154,384)	(241,412)	(541,985)	(611,362)
Total Operating Income	40,903	123,314	121,689	236,242
Interest expense	(9,056)	(11,265)	(26,476)	(34,292)
Interest and other miscellaneous income, net	1,252	1,274	990	127
INCOME BEFORE INCOME TAXES	33,099	113,323	96,203	202,077
Income tax expense (Note 17)	(1,238)	(2,811)	(8,056)	(13,114)
NET INCOME	31,861	110,512	88,147	188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
NET INCOME ATTRIBUTABLE TO RAYONIER INC./RAYONIER, L.P. UNITHOLDERS	20,578	75,831	73,999	143,885
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	(25,392)	(6,622)	(55,220)	(19,670)
Cash flow hedges, net of income tax effect of $2,488, $833, $5,677 and $2,207	20,147	1,711	66,329	52,693
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	188	294	564	881
Total other comprehensive (loss) income	(5,057)	(4,617)	11,673	33,904
COMPREHENSIVE INCOME	26,804	105,895	99,820	222,867
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(490)	(2,118)	(2,147)	(5,490)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(8,029)	(31,099)	(6,670)	(36,168)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	18,285	72,678	91,003	181,209
Rayonier Limited Partnership
SALES	195,287	364,726	663,674	847,604
Costs and Expenses
Cost of sales	(152,079)	(233,308)	(507,381)	(578,937)
Selling and general expenses	(16,886)	(13,174)	(49,002)	(41,899)
Other operating income, net (Note 15)	14,581	5,070	14,398	9,474
Costs and expenses	(154,384)	(241,412)	(541,985)	(611,362)
Total Operating Income	40,903	123,314	121,689	236,242
Interest expense	(9,056)	(11,265)	(26,476)	(34,292)
Interest and other miscellaneous income, net	1,252	1,274	990	127
INCOME BEFORE INCOME TAXES	33,099	113,323	96,203	202,077
Income tax expense (Note 17)	(1,238)	(2,811)	(8,056)	(13,114)
NET INCOME	31,861	110,512	88,147	188,963
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(10,828)	(32,471)	(12,478)	(40,775)
NET INCOME ATTRIBUTABLE TO RAYONIER INC./RAYONIER, L.P. UNITHOLDERS	21,033	78,041	75,669	148,188
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	(25,392)	(6,622)	(55,220)	(19,670)
Cash flow hedges, net of income tax effect of $2,488, $833, $5,677 and $2,207	20,147	1,711	66,329	52,693
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	188	294	564	881
Total other comprehensive (loss) income	(5,057)	(4,617)	11,673	33,904
COMPREHENSIVE INCOME	26,804	105,895	99,820	222,867
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(8,029)	(31,099)	(6,670)	(36,168)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	$ 18,775	$ 74,796	$ 93,150	$ 186,699
EARNINGS PER UNIT
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.14	$ 0.53	$ 0.51	$ 1.03
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.14	$ 0.53	$ 0.50	$ 1.03

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives designated as cash flow hedges $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 7,687
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(10,809)
Realized loss on foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(364)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 18,860

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Patronage refunds received, netted with interest paid

$ 6,000

$ 6,800

Noncontrolling interests in consolidated affiliates redemption of shares

^[1]

27,860

28,119

Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds

Noncontrolling interests in consolidated affiliates redemption of shares

$ 27,900

$ 28,100

[1]

COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments

At September 30, 2022, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Development Projects (b)	Commitments (c)	Total
Remaining 2022	$517	$18,275	$4,748	$23,540
2023	3,844	6,397	13,358	23,599
2024	3,771	554	3,392	7,717
2025	1,008	267	111	1,386
2026	450	267	—	717
Thereafter	1,356	4,062	—	5,418
	$10,946	$29,822	$21,609	$62,377

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

(c)Commitments include payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations.

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2022
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, 2021, as filed with the SEC (the “2021 Form 10-K”). As of September 30, 2022, the Company owned a 97.9% interest in the Operating Partnership, with the remaining 2.1% 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. 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 2021 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. We have 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. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The pronouncement eliminates the requirement that contracts legally permitting settlement in registered shares be classified as temporary equity. As a result, Redeemable Operating Partnership Units may be classified as permanent partners’ capital in the Operating Partnership’s accompanying balance sheets and the related noncontrolling interests as permanent equity in the accompanying balance sheets of Rayonier, Inc. However, the corresponding SEC guidance on equity classification has remained unchanged. We will continue to monitor any developments in this area and may reclassify the temporary partners’ capital and noncontrolling interests to permanent upon agreement in guidance. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS Agreement to acquire 172,400 acres in the U.S. South On November 2, 2022, Rayonier Inc., entered into agreements to acquire approximately 172,400 acres of timberlands in Texas, Georgia, Alabama, and Louisiana. The final aggregate purchase price of these transactions is approximately $474 million. The acquisitions are subject to customary title and other closing conditions and expected to close in the fourth quarter of 2022. We expect to finance the acquisitions with cash on hand and the proceeds from incremental borrowings through the Farm Credit System.

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables summarize the segment information for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,		Nine Months Ended September 30,
SALES	2022	2021	2022	2021
Southern Timber	$64,549	$44,818	$207,584	$145,789
Pacific Northwest Timber	34,397	31,513	119,834	108,357
New Zealand Timber	72,452	75,558	202,723	213,696
Timber Funds (a)	—	94,469	—	128,054
Real Estate (b)	12,435	93,375	81,032	178,409
Trading	11,582	25,583	52,727	76,795

Intersegment Eliminations (c)	(128)	(590)	(226)	(3,496)
Total	$195,287	$364,726	$663,674	$847,604


	Three Months Ended September 30,		Nine Months Ended September 30,
OPERATING INCOME	2022	2021	2022	2021
Southern Timber	$22,474	$12,778	$76,883	$47,105
Pacific Northwest Timber (a)	2,179	2,071	11,729	5,293
New Zealand Timber	9,280	13,302	22,653	47,959
Timber Funds (b)	—	41,285	—	44,778
Real Estate (c)	15,749	60,617	36,953	112,816
Trading	177	(33)	84	628

Corporate and Other	(8,956)	(6,706)	(26,613)	(22,337)
Total Operating Income	40,903	123,314	121,689	236,242
Unallocated interest expense and other	(7,804)	(9,991)	(25,486)	(34,165)
Total Income before Income Taxes	$33,099	$113,323	$96,203	$202,077


	Three Months Ended September 30,		Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2022	2021	2022	2021
Southern Timber	$14,116	$11,604	$46,832	$39,539
Pacific Northwest Timber	9,356	10,479	35,587	38,795
New Zealand Timber	6,302	6,555	18,192	20,757
Timber Funds (a)	—	43,158	—	54,780
Real Estate (b)	961	6,797	12,671	16,889


Corporate and Other	316	316	939	892
Total	$31,051	$78,909	$114,221	$171,652

(b)The three and nine months ended September 30, 2021 include $5.0 million and $9.8 million, respectively, from Large Dispositions.


	Three Months Ended September 30,		Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2022	2021	2022	2021



Timber Funds (a)	—	$8,635	—	$8,635
Real Estate (b)	3,149	15,845	20,289	22,913


Total	$3,149	$24,480	$20,289	$31,548

(b)The nine months ended September 30, 2021 includes $0.1 million from Large Dispositions.

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Allowance for doubtful accounts	$ 51	$ 59
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	146,422,825	145,372,961
Common shares, shares outstanding (in shares)	146,422,825	145,372,961
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 51	$ 59
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	3,211,327	3,315,741

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

OPERATING ACTIVITIES

Net income

$ 88,147

$ 188,963

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

Depreciation, depletion and amortization

114,221

121,234

Non-cash cost of land and improved development

20,289

22,818

Stock-based incentive compensation expense

9,844

7,094

Deferred income taxes

(6,678)

7,618

Amortization of losses from pension and postretirement plans

564

881

Other

(1,766)

12,161

Changes in operating assets and liabilities:

Receivables

(12,845)

3,192

Inventories

(6,238)

(1,081)

Accounts payable

6,833

3,350

All other operating activities

(2,482)

(4,306)

CASH PROVIDED BY OPERATING ACTIVITIES

209,889

277,444

INVESTING ACTIVITIES

Capital expenditures

(48,211)

(47,497)

Real estate development investments

(10,935)

(9,165)

Purchase of timberlands

(3,242)

(51,921)

Other

6,531

6,952

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

(55,857)

69,334

FINANCING ACTIVITIES

Issuance of debt

406,842

446,378

Repayment of debt

(531,842)

(420,000)

Dividends paid on common shares

(123,619)

(114,261)

Distributions to noncontrolling interests in the operating partnership

(2,754)

(3,373)

Proceeds from the issuance of common shares under incentive stock plan

2,580

4,674

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

31,877

166,549

Repurchase of common shares to pay withholding taxes on vested incentive stock awards

(4,225)

(1,614)

Debt issuance costs

(4,829)

Distributions to noncontrolling interests in consolidated affiliates

(16,472)

(19,564)

Make-whole fee on NWFCS debt prepayment

(6,234)

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

(237,613)

47,726

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(6,038)

(346)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(89,619)

394,158

Balance, beginning of year

369,139

87,482

Balance, end of period

279,520

481,640

Cash paid during the period:

Interest

^[1]

24,161

24,680

Income taxes

14,627

7,306

Non-cash investing activity:

Capital assets purchased on account

4,882

4,726

Non-cash financing activity:

Distributions to noncontrolling interest in consolidated affiliates

645

Noncontrolling interests in consolidated affiliates redemption of shares

^[2]

27,860

28,119

Large Disposition Of Timberlands

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

Gain on sale of large disposition of timberlands

(44,800)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

54,698

Timber Funds III & IV

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

Gain on sale of large disposition of timberlands

(3,729)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

31,068

Fund II Timberland Dispositions

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

Gain on sale of large disposition of timberlands

(35,951)

INVESTING ACTIVITIES

Net proceeds from large disposition of timberlands

$ 0

$ 85,199

[1]	Interest paid is presented net of patronage payments received of $6.0 million and $6.8 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.
[2]	he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($)
$ in Thousands

Total

Rayonier Limited Partnership

Noncontrolling Interests in Consolidated Affiliates

Common Shares

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests in Consolidated Affiliates

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

137,678,822

Beginning balance at Dec. 31, 2020

$ 1,862,645

$ 1,101,675

$ 446,267

$ (73,885)

$ 388,588

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

Net income

15,032

11,189

3,843

Net income attributable to noncontrolling interests in the operating partnership

(341)

Dividends

^[1]

(37,532)

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)

1,107,814

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs

36,708

$ 36,708

Issuance of shares under incentive stock plans (in shares)

39,140

Issuance of shares under incentive stock plans

1,166

$ 1,166

Stock-based compensation

2,156

$ 2,156

Repurchase of common shares (in shares)

(5,020)

Repurchase of common shares

(155)

$ (155)

Measurement period adjustment of noncontrolling interests in consolidated affiliates

655

$ 655

655

Adjustment of noncontrolling interests in the operating partnership

(11,867)

Conversion of units into common shares (in shares)

150,134

Conversion of units into common shares

4,715

$ 4,715

Amortization of pension and postretirement plan liabilities

294

Foreign currency translation adjustment

(14,288)

(2,636)

(11,652)

(2,636)

Cash flow hedges

61,001

(627)

61,628

(627)

Allocation of other comprehensive income to noncontrolling interests in the operating partnership

(1,531)

Distributions to noncontrolling interests in consolidated affiliates

(8,737)

Ending balance (in shares) at Mar. 31, 2021

138,970,890

Ending balance at Mar. 31, 2021

1,909,921

$ 1,146,265

407,716

(25,146)

381,086

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

137,678,822

Beginning balance at Dec. 31, 2020

1,862,645

$ 1,101,675

446,267

(73,885)

388,588

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

Net income attributable to noncontrolling interests in the operating partnership

(4,303)

Amortization of pension and postretirement plan liabilities

881

Foreign currency translation adjustment

(19,670)

Ending balance (in shares) at Sep. 30, 2021

143,049,458

Ending balance at Sep. 30, 2021

1,792,460

$ 1,296,877

450,076

(36,560)

82,067

Beginning balance (in shares) at Mar. 31, 2021

138,970,890

Beginning balance at Mar. 31, 2021

1,909,921

$ 1,146,265

407,716

(25,146)

381,086

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

Net income

63,420

58,959

4,461

Net income attributable to noncontrolling interests in the operating partnership

(1,753)

Dividends

(37,981)

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)

2,199,459

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs

79,994

$ 79,994

Issuance of shares under incentive stock plans (in shares)

185,544

Issuance of shares under incentive stock plans

3,325

$ 3,325

Stock-based compensation

2,852

$ 2,852

Repurchase of common shares (in shares)

(42,425)

Repurchase of common shares

(1,453)

$ (1,453)

Measurement period adjustment of noncontrolling interests in consolidated affiliates

9,034

Adjustment of noncontrolling interests in the operating partnership

(15,410)

Conversion of units into common shares (in shares)

6,439

Conversion of units into common shares

241

$ 241

Amortization of pension and postretirement plan liabilities

294

Foreign currency translation adjustment

1,239

214

1,025

214

Cash flow hedges

(10,019)

(186)

(9,833)

(186)

Allocation of other comprehensive income to noncontrolling interests in the operating partnership

253

Distributions to noncontrolling interests in consolidated affiliates

(6,474)

Ending balance (in shares) at Jun. 30, 2021

141,319,907

Ending balance at Jun. 30, 2021

1,997,483

$ 1,231,224

411,531

(33,407)

388,135

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

Net income

110,512

78,041

32,471

Net income attributable to noncontrolling interests in the operating partnership

(2,210)

Dividends

(39,032)

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)

1,390,968

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs

51,132

$ 51,132

Issuance of shares under incentive stock plans (in shares)

5,740

Issuance of shares under incentive stock plans

183

$ 183

Stock-based compensation

2,086

$ 2,086

Repurchase of common shares (in shares)

(175)

Repurchase of common shares

(6)

$ (6)

Disposition of noncontrolling interests in consolidated affiliates

(255,486)

Adjustment of noncontrolling interests in the operating partnership

1,746

Conversion of units into common shares (in shares)

333,018

Conversion of units into common shares

12,258

$ 12,258

Amortization of pension and postretirement plan liabilities

294

Foreign currency translation adjustment

(6,622)

(879)

(5,743)

(879)

Cash flow hedges

1,711

(493)

2,204

(493)

Allocation of other comprehensive income to noncontrolling interests in the operating partnership

Distributions to noncontrolling interests in consolidated affiliates

(53,562)

Noncontrolling interests in consolidated affiliates redemption of shares

(28,119)

Ending balance (in shares) at Sep. 30, 2021

143,049,458

Ending balance at Sep. 30, 2021

1,792,460

$ 1,296,877

450,076

(36,560)

82,067

Beginning balance (in shares) at Dec. 31, 2021

145,372,961

Beginning balance at Dec. 31, 2021

1,815,578

$ 1,389,073

402,307

(19,604)

43,802

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

Net income

30,998

29,986

1,012

Net income attributable to noncontrolling interests in the operating partnership

(669)

Dividends

^[2]

(39,902)

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)

726,248

Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs

29,771

$ 29,771

Issuance of shares under incentive stock plans (in shares)

11,364

Issuance of shares under incentive stock plans

415

$ 415

Stock-based compensation

2,797

$ 2,797

Repurchase of common shares (in shares)

(5,420)

Repurchase of common shares

(214)

$ (214)

Adjustment of noncontrolling interests in the operating partnership

(2,645)

Conversion of units into common shares (in shares)

2,535

Conversion of units into common shares

104

$ 104

Amortization of pension and postretirement plan liabilities

188

Foreign currency translation adjustment

6,458

790

5,668

790

Cash flow hedges

40,427

605

39,822

605

Allocation of other comprehensive income to noncontrolling interests in the operating partnership

(101)

Distributions to noncontrolling interests in consolidated affiliates

(1,566)

Ending balance (in shares) at Mar. 31, 2022

146,107,688

Ending balance at Mar. 31, 2022

1,881,639

$ 1,421,946

389,077

25,973

44,643

Beginning balance (in shares) at Dec. 31, 2021

145,372,961

Beginning balance at Dec. 31, 2021

1,815,578

$ 1,389,073

402,307

(19,604)

43,802

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

Net income attributable to noncontrolling interests in the operating partnership

(1,670)

Amortization of pension and postretirement plan liabilities

564

Foreign currency translation adjustment

(55,220)

Ending balance (in shares) at Sep. 30, 2022

146,422,825

Ending balance at Sep. 30, 2022

1,824,663

$ 1,430,622

384,384

(1,599)

11,256

Beginning balance (in shares) at Mar. 31, 2022

146,107,688

Beginning balance at Mar. 31, 2022

1,881,639

$ 1,421,946

389,077

25,973

44,643

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

Net income

25,287

24,650

637

Net income attributable to noncontrolling interests in the operating partnership

(546)

Dividends

^[2]

(42,098)

Costs associated with the “at-the-market” (ATM) equity offering program

(63)

$ (63)

Issuance of shares under incentive stock plans (in shares)

304,887

Issuance of shares under incentive stock plans

1,983

$ 1,983

Stock-based compensation

4,412

$ 4,412

Repurchase of common shares (in shares)

(91,820)

Repurchase of common shares

(3,991)

$ (3,991)

Adjustment of noncontrolling interests in the operating partnership

11,412

Conversion of units into common shares (in shares)

977

Conversion of units into common shares

$ 42

Amortization of pension and postretirement plan liabilities

188

Foreign currency translation adjustment

(36,285)

(1,912)

(34,373)

(1,912)

Cash flow hedges

5,755

(2,492)

8,247

(2,492)

Allocation of other comprehensive income to noncontrolling interests in the operating partnership

575

Noncontrolling interests in consolidated affiliates redemption of shares

(27,860)

Ending balance (in shares) at Jun. 30, 2022

146,321,732

Ending balance at Jun. 30, 2022

1,820,450

$ 1,424,329

382,495

610

13,016

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

Net income

31,861

21,033

10,828

Net income attributable to noncontrolling interests in the operating partnership

(455)

Dividends

^[2]

(42,052)

Costs associated with the “at-the-market” (ATM) equity offering program

(38)

$ (38)

Issuance of shares under incentive stock plans (in shares)

760

Issuance of shares under incentive stock plans

$ 19

Stock-based compensation

2,636

$ 2,636

Repurchase of common shares (in shares)

(569)

Repurchase of common shares

(20)

$ (20)

Adjustment of noncontrolling interests in the operating partnership

23,363

Conversion of units into common shares (in shares)

100,902

Conversion of units into common shares

3,696

$ 3,696

Amortization of pension and postretirement plan liabilities

188

Foreign currency translation adjustment

(25,392)

(1,327)

(24,065)

(1,327)

Cash flow hedges

20,147

(1,472)

21,619

(1,472)

Allocation of other comprehensive income to noncontrolling interests in the operating partnership

Distributions to noncontrolling interests in consolidated affiliates

(9,789)

$ (9,789)

(9,789)

Ending balance (in shares) at Sep. 30, 2022

146,422,825

Ending balance at Sep. 30, 2022

$ 1,824,663

$ 1,430,622

$ 384,384

$ (1,599)

$ 11,256

[1]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.
[2]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, net income tax	2,488	833	5,677	2,207
Amortization of pension and postretirement plans, tax expense	0	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0	0
Cash flow hedges, net income tax	2,488	833	5,677	2,207
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Patronage refunds received, netted with interest paid

$ 6,000

$ 6,800

Noncontrolling interests in consolidated affiliates redemption of shares

^[1]

27,860

28,119

Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds

Noncontrolling interests in consolidated affiliates redemption of shares

27,900

28,100

Rayonier Limited Partnership

Patronage refunds received, netted with interest paid

6,000

6,800

Noncontrolling interests in consolidated affiliates redemption of shares

^[2]

27,860

28,119

Rayonier Limited Partnership | Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds

Noncontrolling interests in consolidated affiliates redemption of shares

$ 27,900

$ 28,100

[1]	he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.
[2]	he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 31,051	$ 78,909	$ 114,221	$ 171,652
Timber Funds, Portion Attributable To Noncontrolling Interests \| Disposal Group, Not Discontinued Operations \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION		32,500		32,500
Timber Funds, Portion Attributable To Parent \| Disposal Group, Not Discontinued Operations \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION		8,100		8,100
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	14,116	11,604	46,832	39,539
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	9,356	10,479	35,587	38,795
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	6,302	6,555	18,192	20,757
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	0	43,158	0	54,780
Operating Segments \| Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION		34,400		44,400
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	961	6,797	12,671	16,889
Operating Segments \| Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION		5,000		9,800
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 316	$ 316	$ 939	$ 892

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the operating partnership	$ 123,811	$ 153,505	$ 133,823	$ 130,121
Adjustment of noncontrolling interests in the operating partnership	(23,363)	(1,746)	(32,131)	25,531
Conversions of Redeemable Operating Partnership Units to Common Shares	(3,696)	(12,258)	(3,842)	(17,214)
Net Income attributable to noncontrolling interests in the operating partnership	455	2,210	1,670	4,303
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership	(49)	(92)	(523)	1,187
Distributions to noncontrolling interests in the operating partnership	(915)	(1,064)	(2,754)	(3,373)
Total noncontrolling interests in the operating partnership	$ 96,243	$ 140,555	$ 96,243	$ 140,555

- Definition

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

+ References + Details

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 10,110
Beginning balance, plus: current portion	695
Beginning balance	10,805
Expenditures charged to liabilities	(557)
Increase to liabilities	698
Ending balance	10,946
Ending balance, less: current portion	(623)
Ending balance, non-current portion	$ 10,323

OTHER OPERATING INCOME, NET

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

OTHER OPERATING INCOME, NET

Other operating income, net consisted of the following:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($1,158)	$1,379	($481)	$5,730
Gain on sale or disposal of property and equipment	9	—	40	93
Gain on investment in Timber Funds (a)	—	3,729	—	3,729

Log trading marketing fees	—	—	—	6


Equity income related to Bainbridge Landing LLC joint venture (b)	15,848	36	15,477	241
Miscellaneous expense, net	(118)	(74)	(638)	(325)
Total	$14,581	$5,070	$14,398	$9,474

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Allowance for doubtful accounts	$ 51	$ 59
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	146,422,825	145,372,961
Common shares, shares outstanding (in shares)	146,422,825	145,372,961
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 51	$ 59
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	3,211,327	3,315,741

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	0
2025	19,691
2026	222,973
Thereafter	1,022,973
Total Debt	$ 1,265,637

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

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, 2020	$22,702	$1,321	($71,056)		($24,312)		($71,345)	($2,540)	($73,885)
Other comprehensive income (loss) before reclassifications	(18,487)	—	44,899	(a)	11,302		37,714	(1,080)	36,634
Amounts reclassified from accumulated other comprehensive income (loss)	—	—	16,994		1,174	(b)	18,168	(521)	17,647
Net other comprehensive income (loss)	(18,487)	—	61,893		12,476		55,882	(1,601)	54,281
Balance as of December 31, 2021	$4,215	$1,321	($9,163)		($11,836)		($15,463)	($4,141)	($19,604)
Other comprehensive (loss) income before reclassifications	(52,770)	—	66,573	(a)	—		13,803	(378)	13,425
Amounts reclassified from accumulated other comprehensive income	—	—	3,115		564	(b)	3,679	901	4,580
Net other comprehensive income (loss)	(52,770)	—	69,688		564		17,482	523	18,005
Balance as of September 30, 2022	($48,555)	$1,321	$60,525		($11,272)		$2,019	($3,618)	($1,599)

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2022 and September 30, 2021:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the Income Statement
	September 30, 2022	September 30, 2021
Realized (gain) loss on foreign currency exchange contracts	($2,598)	$2,322	Other operating income, net
Realized loss on foreign currency option contracts	—	1,177	Other operating income, net
Noncontrolling interests	598	(805)	Comprehensive income attributable to noncontrolling interests
Realized loss on interest rate contracts	4,555	11,935	Interest expense
Income tax effect from net gain (loss) on foreign currency contracts	560	(755)	Income tax expense


Net loss on cash flow hedges reclassified from accumulated other comprehensive income	$3,115	$13,874