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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from              to             
https://cdn.kscope.io/ebc9506956d520dfb46adf72e8c655c3-logocolor450pxwidthpnga27.jpg
RAYONIER INC.
(Exact name of registrant as specified in its charter)
North Carolina1-678013-2607329
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
Rayonier, L.P.
(Exact name of registrant as specified in its charter)
Delaware333-23724691-1313292
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904357-9100
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolExchange
Common Shares, no par value, of Rayonier Inc.RYNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Rayonier Inc.    Yes         No  ☐    Rayonier, L.P.    Yes         No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Rayonier Inc.    Yes        No  ☐    Rayonier, L.P.    Yes        No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Rayonier Inc.
Large Accelerated Filer
 
Accelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
Rayonier, L.P.
Large Accelerated FilerAccelerated FilerNon-accelerated Filer
 
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Rayonier Inc.     Rayonier, L.P.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Rayonier Inc.    Yes         No      Rayonier, L.P.    Yes         No      
As of July 28, 2023, Rayonier Inc. had 148,268,558 Common Shares outstanding. As of July 28, 2023, Rayonier, L.P. had 2,469,173 Units outstanding.




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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2023 of Rayonier Inc., a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “Operating Partnership” mean Rayonier, L.P. References to “we,” “us,” and “our” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership.

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

As of June 30, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.

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

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

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

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

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

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


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


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TABLE OF CONTENTS
 
ItemPage
PART I - FINANCIAL INFORMATION
1.
2.
3.
4.
PART II - OTHER INFORMATION
1.
2.
5.
6.
 
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PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2023202220232022
SALES (NOTE 3)
$208,865 $246,346 $387,947 $468,387 
Costs and Expenses
Cost of sales(168,410)(194,323)(317,576)(355,303)
Selling and general expenses(18,952)(17,356)(35,729)(32,116)
Other operating (expense) income, net (Note 14)
(1,401)801 (3,917)(182)
(188,763)(210,878)(357,222)(387,601)
OPERATING INCOME20,102 35,468 30,725 80,786 
Interest expense, net(12,457)(9,083)(24,158)(17,420)
Interest and other miscellaneous income (expense), net11,644 206 21,197 (262)
INCOME BEFORE INCOME TAXES19,289 26,591 27,764 63,104 
Income tax expense (Note 16)
(193)(1,304)(1,230)(6,818)
NET INCOME19,096 25,287 26,534 56,286 
Less: Net income attributable to noncontrolling interests in the operating partnership(318)(546)(492)(1,214)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.19,023 24,104 27,323 53,422 
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
(9,203)(36,285)(12,937)(29,827)
Cash flow hedges, net of income tax effect of $560, $4,211, $247 and $3,189
11,942 5,755 (378)46,182 
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0
2 188 3 376 
Total other comprehensive income (loss)2,741 (30,342)(13,312)16,731 
COMPREHENSIVE INCOME (LOSS)21,837 (5,055)13,222 73,017 
Less: Comprehensive (income) loss attributable to noncontrolling interests in the operating partnership(375)29 (220)(1,657)
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates989 3,767 2,023 1,358 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.$22,451 ($1,259)$15,025 $72,718 
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc.$0.13 $0.16 $0.18 $0.37 
Diluted earnings per share attributable to Rayonier Inc.$0.13 $0.16 $0.18 $0.36 








See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 June 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents$88,404 $114,255 
Trade receivables, less allowance for doubtful accounts of $67 and $74
31,515 27,837 
Other receivables18,896 14,701 
Inventory (Note 13)
32,331 23,729 
Prepaid expenses18,961 20,573 
Assets held for sale (Note 19)
4,158 713 
Other current assets2,994 573 
Total current assets197,259 202,381 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION3,175,006 3,230,904 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 12)
111,786 115,097 
PROPERTY, PLANT AND EQUIPMENT
Land6,453 6,453 
Buildings30,948 31,020 
Machinery and equipment6,560 6,568 
Construction in progress1,157 653 
Total property, plant and equipment, gross45,118 44,694 
Less — accumulated depreciation(18,631)(17,505)
Total property, plant and equipment, net26,487 27,189 
RESTRICTED CASH (NOTE 18)
4,962 1,152 
RIGHT-OF-USE ASSETS94,563 97,167 
OTHER ASSETS112,060 115,481 
TOTAL ASSETS$3,722,123 $3,789,371 
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$22,718 $22,100 
Accrued taxes6,975 3,734 
Accrued payroll and benefits7,901 12,564 
Accrued interest7,304 5,920 
Deferred revenue33,490 22,762 
Other current liabilities24,364 28,247 
Total current liabilities102,752 95,327 
LONG-TERM DEBT, NET (NOTE 6)
1,512,197 1,514,721 
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)
8,402 8,510 
LONG-TERM LEASE LIABILITY86,477 88,756 
LONG-TERM DEFERRED REVENUE11,327 6,895 
OTHER NON-CURRENT LIABILITIES84,721 88,687 
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)
77,532 105,763 
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,268,443 and 147,282,631 shares issued and outstanding
1,489,696 1,462,945 
Retained earnings311,429 366,637 
Accumulated other comprehensive income (Note 17)
24,295 35,813 
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,825,420 1,865,395 
Noncontrolling interests in consolidated affiliates (Note 4)
13,295 15,317 
TOTAL SHAREHOLDERS’ EQUITY1,838,715 1,880,712 
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$3,722,123 $3,789,371 


See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings
Accumulated
Other
Comprehensive Income
Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2023147,282,631 $1,462,945 $366,637 $35,813 $15,317 $1,880,712 
Net income (loss)— — 8,474 — (1,037)7,437 
Net income attributable to noncontrolling interests in the operating partnership— — (174)— — (174)
Dividends ($0.285 per share) (a)
— — (42,172)— — (42,172)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $24
400 (10)— — — (10)
Issuance of shares under incentive stock plans1,564 — — — —  
Stock-based compensation— 2,499 — — — 2,499 
Repurchase of common shares(1,167)(41)— — — (41)
Adjustment of noncontrolling interests in the operating partnership— — (2,376)— — (2,376)
Conversion of units into common shares729,551 23,881 — — — 23,881 
Amortization of pension and postretirement plan liabilities— — — 1 — 1 
Foreign currency translation adjustment— — — (3,552)(181)(3,733)
Cash flow hedges— — — (12,504)185 (12,319)
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership— — — 1,110 — 1,110 
Balance, March 31, 2023148,012,979 $1,489,274 $330,389 $20,868 $14,284 $1,854,815 
Net income— — 19,341 — (245)19,096 
Net income attributable to noncontrolling interests in the operating partnership— — (318)— — (318)
Dividends ($0.285 per share) (a)
— — (42,279)— — (42,279)
Costs associated with the “at-the-market” (ATM) equity offering program— (71)— — — (71)
Issuance of shares under incentive stock plans372,149  — — —  
Stock-based compensation— 4,336 — — — 4,336 
Repurchase of common shares(126,788)(4,147)— — — (4,147)
Adjustment of noncontrolling interests in the operating partnership— — 4,296 — — 4,296 
Conversion of units into common shares10,103 304 — — — 304 
Amortization of pension and postretirement plan liabilities— — — 2 — 2 
Foreign currency translation adjustment— — — (8,790)(413)(9,203)
Cash flow hedges— — — 12,273 (331)11,942 
Allocation of other comprehensive income to noncontrolling interests in the operating partnership— — — (58)— (58)
Balance, June 30, 2023148,268,443 $1,489,696 $311,429 $24,295 $13,295 $1,838,715 
(a)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.



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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings
Accumulated
Other
Comprehensive Income (Loss)
Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2022145,372,961 $1,389,073 $402,307 ($19,604)$43,802 $1,815,578 
Net income— — 29,986 — 1,012 30,998 
Net income attributable to noncontrolling interests in the operating partnership— — (669)— — (669)
Dividends ($0.27 per share) (a)
— — (39,902)— — (39,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339
726,248 29,771 — — — 29,771 
Issuance of shares under incentive stock plans11,364 415 — — — 415 
Stock-based compensation— 2,797 — — — 2,797 
Repurchase of common shares(5,420)(214)— — — (214)
Adjustment of noncontrolling interests in the operating partnership— — (2,645)— — (2,645)
Conversion of units into common shares2,535 104 — — — 104 
Amortization of pension and postretirement plan liabilities— — — 188 — 188 
Foreign currency translation adjustment— — — 5,668 790 6,458 
Cash flow hedges— — — 39,822 605 40,427 
Allocation of other comprehensive income to noncontrolling interests in the operating partnership— — — (101)— (101)
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,566)(1,566)
Balance, March 31, 2022146,107,688 $1,421,946 $389,077 $25,973 $44,643 $1,881,639 
Net income— — 24,650 — 637 25,287 
Net income attributable to noncontrolling interests in the operating partnership— — (546)— — (546)
Dividends ($0.285 per share) (a)
— — (42,098)— — (42,098)
Costs associated with the “at-the-market” (ATM) equity offering program (63)— — — (63)
Issuance of shares under incentive stock plans304,887 1,983 — — — 1,983 
Stock-based compensation— 4,412 — — — 4,412 
Repurchase of common shares(91,820)(3,991)— — — (3,991)
Adjustment of noncontrolling interests in the operating partnership— — 11,412 — — 11,412 
Conversion of units into common shares977 42 — — — 42 
Amortization of pension and postretirement plan liabilities— — — 188 — 188 
Foreign currency translation adjustment— — — (34,373)(1,912)(36,285)
Cash flow hedges— — — 8,247 (2,492)5,755 
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership— — — 575 — 575 
Noncontrolling interests in consolidated affiliates redemption of shares— — — — (27,860)(27,860)
Balance, June 30, 2022146,321,732 $1,424,329 $382,495 $610 $13,016 $1,820,450 
(a)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.





See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Six Months Ended June 30,
 20232022
OPERATING ACTIVITIES
Net income$26,534 $56,286 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization77,314 83,169 
Non-cash cost of land and improved development13,603 17,139 
Stock-based incentive compensation expense6,836 7,209 
Deferred income taxes(2,375)(7,272)
Amortization of losses from pension and postretirement plans3 376 
Timber write-off resulting from a casualty event2,302  
Other(541)(4,206)
Changes in operating assets and liabilities:
Receivables(10,400)(17,060)
Inventories(1,083)(2,398)
Accounts payable112 6,959 
All other operating activities14,018 8,328 
CASH PROVIDED BY OPERATING ACTIVITIES126,323 148,530 
INVESTING ACTIVITIES
Capital expenditures(36,798)(30,335)
Real estate development investments(14,757)(6,013)
Purchase of timberlands(9,295)(3,237)
Other4,378 5,112 
CASH USED FOR INVESTING ACTIVITIES(56,472)(34,473)
FINANCING ACTIVITIES
Issuance of debt 408,439 
Repayment of debt (533,298)
Dividends paid on common shares(85,189)(81,767)
Distributions to noncontrolling interests in the operating partnership(1,566)(1,839)
Proceeds from the issuance of common shares under incentive stock plan 2,561 
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs(82)31,915 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(4,188)(4,204)
Distributions to noncontrolling interests in consolidated affiliates (6,684)
CASH USED FOR FINANCING ACTIVITIES(91,025)(184,877)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(867)(2,246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(22,041)(73,066)
Balance, beginning of year115,407 369,139 
Balance, end of period$93,366 $296,073 


Six Months Ended June 30,
20232022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$20,733 $16,932 
Income taxes (b)3,688 14,330 
Non-cash investing activity:
Capital assets purchased on account5,303 4,882 
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares (c) 27,860 
(a)Interest paid is presented net of patronage payments received of $6.2 million and $6.0 million for the six months ended June 30, 2023 and June 30, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.
(b)Income taxes paid in 2022 were elevated due to timing of required tax payments for the New Zealand subsidiary following a full utilization of its net operating losses.
(c)In the second quarter of 2022, the 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.
See Notes to Consolidated Financial Statements.
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RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per unit amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2023202220232022
SALES (NOTE 3)
$208,865 $246,346 $387,947 $468,387 
Costs and Expenses
Cost of sales(168,410)(194,323)(317,576)(355,303)
Selling and general expenses(18,952)(17,356)(35,729)(32,116)
Other operating (expense) income, net (Note 14)
(1,401)801 (3,917)(182)
(188,763)(210,878)(357,222)(387,601)
OPERATING INCOME20,102 35,468 30,725 80,786 
Interest expense(12,457)(9,083)(24,158)(17,420)
Interest and other miscellaneous income (expense), net11,644 206 21,197 (262)
INCOME BEFORE INCOME TAXES19,289 26,591 27,764 63,104 
Income tax expense (Note 16)
(193)(1,304)(1,230)(6,818)
NET INCOME19,096 25,287 26,534 56,286 
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS19,341 24,650 27,815 54,636 
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
Limited Partners19,148 24,404 27,537 54,090 
General Partners193 247 278 546 
Net income attributable to unitholders19,341 24,650 27,815 54,636 
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
(9,203)(36,285)(12,937)(29,827)
Cash flow hedges, net of income tax effect of $560, $4,211, $247 and $3,189
11,942 5,755 (378)46,182 
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0
2 188 3 376 
Total other comprehensive income (loss)2,741 (30,342)(13,312)16,731 
COMPREHENSIVE INCOME (LOSS)21,837 (5,055)13,222 73,017 
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates989 3,767 2,023 1,358 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS$22,826