0000052827-23-000189 | 10-Q | XBRL Viewer

OTHER OPERATING (EXPENSE) INCOME, NET

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($1,674)	$1,249	($4,157)	$677
Gain on sale or disposal of property and equipment	35	6	37	31





Equity loss related to Bainbridge Landing LLC joint venture	—	(145)	—	(370)
Miscellaneous income (expense), net	238	(309)	203	(520)
Total	($1,401)	$801	($3,917)	($182)

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2023
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)	15 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)	20 years

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	$ 19,096		$ 25,287		$ 26,534	$ 56,286
Costs associated with the “at-the-market” (ATM) equity offering program	(71)
Amortization of pension and postretirement plan liabilities	2	$ 1	188	$ 188	3	376
Foreign currency translation adjustment	(9,203)	(3,733)	(36,285)	6,458	(12,937)	(29,827)
Cash flow hedges	11,942	(12,319)	5,755	40,427
Distributions to noncontrolling interests in consolidated affiliates				(1,566)
Noncontrolling interests in consolidated affiliates redemption of shares			(27,860)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,854,815	1,880,712	1,881,639	1,815,578	1,880,712	1,815,578
Net (loss) income	19,096	7,437	25,287	30,998	26,534	56,286
Distributions	(42,984)	(43,033)	(43,042)	(40,796)
Costs associated with the “at-the-market” (ATM) equity offering program	(71)		(63)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs		(10)		29,771
Issuance of units under incentive stock plans			1,983	415
Stock-based compensation	4,336	2,499	4,412	2,797
Repurchase of units	(4,147)	(41)	(3,991)	(214)
Adjustment of Redeemable Operating Partnership Units	4,625	(579)	12,385	(2,521)
Conversion of units into common shares	304	23,881	42	104
Amortization of pension and postretirement plan liabilities	2	1	188	188	3	376
Foreign currency translation adjustment	(9,203)	(3,733)	(36,285)	6,458	(12,937)	(29,827)
Cash flow hedges	11,942	(12,319)	5,755	40,427
Distributions to noncontrolling interests in consolidated affiliates				(1,566)
Noncontrolling interests in consolidated affiliates redemption of shares			(27,860)
Ending balance	1,838,715	1,854,815	1,820,450	1,881,639	1,838,715	1,820,450
Rayonier Limited Partnership \| Units \| General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,163	18,251	18,068	17,872	18,251	17,872
Net (loss) income	193	85	246	300
Distributions	(429)	(431)	(430)	(408)
Costs associated with the “at-the-market” (ATM) equity offering program	(1)		(1)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs				298
Issuance of units under incentive stock plans			20	4
Stock-based compensation	43	25	44	28
Repurchase of units	(41)		(40)	(2)
Adjustment of Redeemable Operating Partnership Units	46	(6)	124	(25)
Conversion of units into common shares	3	239	0	1
Ending balance	17,977	18,163	18,031	18,068	17,977	18,031
Rayonier Limited Partnership \| Units \| Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,798,174	1,806,895	1,788,713	1,769,367	1,806,895	1,769,367
Net (loss) income	19,148	8,389	24,404	29,686
Distributions	(42,555)	(42,602)	(42,612)	(40,388)
Costs associated with the “at-the-market” (ATM) equity offering program	(70)		(62)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs		(10)		29,473
Issuance of units under incentive stock plans			1,963	411
Stock-based compensation	4,293	2,474	4,368	2,769
Repurchase of units	(4,106)	(41)	(3,951)	(212)
Adjustment of Redeemable Operating Partnership Units	4,579	(573)	12,261	(2,496)
Conversion of units into common shares	301	23,642	42	103
Ending balance	1,779,764	1,798,174	1,785,126	1,788,713	1,779,764	1,785,126
Rayonier Limited Partnership \| Accumulated Other Comprehensive Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	24,194	40,249	30,215	(15,463)	40,249	(15,463)
Amortization of pension and postretirement plan liabilities	2	1	188	188
Foreign currency translation adjustment	(8,790)	(3,552)	(34,373)	5,668
Cash flow hedges	12,273	(12,504)	8,247	39,822
Ending balance	27,679	24,194	4,277	30,215	27,679	4,277
Rayonier Limited Partnership \| Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	14,284	15,317	44,643	43,802	15,317	43,802
Net (loss) income	(245)	(1,037)	637	1,012
Foreign currency translation adjustment	(413)	(181)	(1,912)	790
Cash flow hedges	(331)	185	(2,492)	605
Distributions to noncontrolling interests in consolidated affiliates				(1,566)
Noncontrolling interests in consolidated affiliates redemption of shares			(27,860)
Ending balance	$ 13,295	$ 14,284	$ 13,016	$ 44,643	$ 13,295	$ 13,016

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	21,009
2026	224,511
2027	274,511
Thereafter	1,000,000
Total Debt	$ 1,520,031

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	3.90%	9.20%

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the operating partnership	$ 82,461	$ 136,239	$ 105,763	$ 133,823
Adjustment of noncontrolling interests in the operating partnership	(4,296)	(11,412)	(1,920)	(8,767)
Conversions of Redeemable Operating Partnership Units to Common Shares	(304)	(42)	(24,185)	(146)
Net Income attributable to noncontrolling interests in the operating partnership	318	546	492	1,214
Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership	58	(575)	(1,052)	(474)
Distributions to noncontrolling interests in the operating partnership	(705)	(945)	(1,566)	(1,839)
Total noncontrolling interests in the operating partnership	$ 77,532	$ 123,811	$ 77,532	$ 123,811

- 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

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

3 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Statement of Stockholders' Equity [Abstract]

Dividends (in dollars per share)

$ 0.285

^[1]

$ 0.285

$ 0.27

^[2]

Offering issuance costs

$ 24

$ 339

[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.

RESTRICTED CASH (Tables)

6 Months Ended

Jun. 30, 2023

Restricted Cash and Investments [Abstract]

Schedule of Restricted Cash

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 six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023	2022

Restricted cash, excluding Timber Funds:
Restricted cash deposited with LKE intermediary	$1,646	$13,704
Restricted cash held in escrow	3,316	625
Total restricted cash, excluding Timber Funds	4,962	14,329
Restricted cash, Timber Funds	—	1,464

Cash and cash equivalents	88,404	280,280






Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$93,366	$296,073

NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Beginning noncontrolling interests in the operating partnership	$82,461	$136,239	$105,763	$133,823

Adjustment of noncontrolling interests in the operating partnership	(4,296)	(11,412)	(1,920)	(8,767)
Conversions of Redeemable Operating Partnership Units to Common Shares	(304)	(42)	(24,185)	(146)
Net Income attributable to noncontrolling interests in the operating partnership	318	546	492	1,214
Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership	58	(575)	(1,052)	(474)
Distributions to noncontrolling interests in the operating partnership	(705)	(945)	(1,566)	(1,839)
Total noncontrolling interests in the operating partnership	$77,532	$123,811	$77,532	$123,811

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Jun. 30, 2023 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned	419
Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77.00%
Rayonier New Zealand Subsidiary
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23.00%

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 4,962	$ 1,152
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	88,404	114,255
Restricted cash	4,962	1,152
Long-term debt	(1,512,197)	(1,514,721)
Noncontrolling interests in the operating partnership	77,532	105,763
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	59,192	60,792
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	13,441	11,939
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(4,541)	(4,539)
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(312)
Foreign currency contracts, assets		569
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	88,404	114,255
Restricted cash	4,962	1,152
Long-term debt	0	0
Noncontrolling interests in the operating partnership	0	0
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	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
Foreign currency contracts, assets		0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term debt	(1,429,173)	(1,438,736)
Noncontrolling interests in the operating partnership	77,532	105,763
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	59,192	60,792
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	13,441	11,939
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	(4,541)	(4,539)
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	$ (312)
Foreign currency contracts, assets		$ 569

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 39,715	$ 35,751	$ 77,314	$ 83,169
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	21,868	14,657	42,478	32,716
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	9,242	11,316	19,892	26,232
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,927	6,901	10,382	11,891
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	2,235	2,564	3,738	11,709
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 443	$ 313	$ 824	$ 621

RESTRICTED CASH - Narrative (Details)	6 Months Ended
RESTRICTED CASH - Narrative (Details)	Jun. 30, 2023
Restricted Cash and Investments [Abstract]
Period for proceeds to be returned	180 days

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2023

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.

In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. In conjunction with the termination of the Defined Benefit Plan, we also plan to terminate the unfunded plan and distribute all benefits in accordance with Section 409A of the Internal Revenue Code. We expect to recognize pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the obligations of the Defined Benefit and Excess Benefit Plans. These charges are currently expected to occur in 2023 and 2024, with the specific timing and final amounts dependent upon several factors.

We expect to make cash contributions of approximately $7.6 million during the settlement process in order to fund the Defined Benefit Plan on a plan termination basis. The Defined Benefit Plan will be settled upon completion of lump sum distributions and purchase of annuity contracts. The settlement is expected to be completed by the end of Q2 2024. The Excess Benefit Plan will be settled entirely with lump sum payments upon termination with expected cash contributions in 2024 of approximately $1.3 million. Projected cash contributions are an estimate, as actual amounts will be dependent upon the nature and timing of participant settlements and interest rates, as well as prevailing market conditions.

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 June 30,		Three Months Ended June 30,
		2023	2022	2023	2022
Service cost	Selling and general expenses	—	—	$1	$2
Interest cost	Interest and other miscellaneous income (expense), net	844	609	17	13
Expected return on plan assets (a)	Interest and other miscellaneous income (expense), net	(887)	(872)	—	—

Amortization of losses	Interest and other miscellaneous income (expense), net	1	184	—	4

Net periodic benefit (credit) cost		($42)	($79)	$18	$19


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Six Months Ended June 30,		Six Months Ended June 30,
		2023	2022	2023	2022
Service cost	Selling and general expenses	—	—	$2	$3
Interest cost	Interest and other miscellaneous income (expense), net	1,689	1,217	35	26
Expected return on plan assets (a)	Interest and other miscellaneous income (expense), net	(1,776)	(1,743)	—	—

Amortization of losses	Interest and other miscellaneous income (expense), net	3	369	—	7

Net periodic benefit (credit) cost		($84)	($157)	$37	$36

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2023 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/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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)	241,316	109,515	152,992	54,884
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)	241,316	109,515	152,992	54,884

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to parent	$ 19,023	$ 24,104	$ 27,323	$ 53,422

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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+ Details

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal debt	$ 1,520,031
Less: Unamortized discounts	(2,940)
Less: Deferred financing costs	(4,894)
Total long-term debt	$ 1,512,197	$ 1,514,721
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
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.76% at June 30, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.76%
Total principal debt	$ 350,000
Effective fixed interest rate (as a percent)	3.03%
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.76% at June 30, 2023 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.70%
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.76% at June 30, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.76%
Total principal debt	$ 250,000
Effective fixed interest rate (as a percent)	5.38%
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.76% at June 30, 2023 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.70%
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.81% at June 30, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.81%
Total principal debt	$ 200,000
Effective fixed interest rate (as a percent)	2.40%
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.81% at June 30, 2023 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.75%
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.71% at June 30, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.71%
Total principal debt	$ 200,000
Effective fixed interest rate (as a percent)	1.46%
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.71% at June 30, 2023 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.65%
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Total principal debt	$ 24,511
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%
Total principal debt	$ 24,511
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%
Total principal debt	$ 21,009

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

OPERATING ACTIVITIES

Net income

$ 26,534

$ 56,286

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

Depreciation, depletion and amortization

77,314

83,169

Non-cash cost of land and improved development

13,603

17,139

Stock-based incentive compensation expense

6,836

7,209

Deferred income taxes

(2,375)

(7,272)

Amortization of losses from pension and postretirement plans

376

Timber write-off resulting from a casualty event

2,302

Other

(541)

(4,206)

Changes in operating assets and liabilities:

Receivables

(10,400)

(17,060)

Inventories

(1,083)

(2,398)

Accounts payable

112

6,959

All other operating activities

14,018

8,328

CASH PROVIDED BY OPERATING ACTIVITIES

126,323

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)

Other

4,378

5,112

CASH USED FOR INVESTING ACTIVITIES

(56,472)

(34,473)

FINANCING ACTIVITIES

Issuance of debt

408,439

Repayment of debt

(533,298)

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

(82)

31,915

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 year

115,407

369,139

Balance, end of period

93,366

296,073

Cash paid during the period:

Interest

^[1]

20,733

16,932

Income taxes

^[2]

3,688

14,330

Non-cash investing activity:

Capital assets purchased on account

5,303

4,882

Non-cash financing activity:

Noncontrolling interests in consolidated affiliates redemption of shares

^[3]

27,860

Rayonier Limited Partnership

OPERATING ACTIVITIES

Net income

26,534

56,286

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

Depreciation, depletion and amortization

77,314

83,169

Non-cash cost of land and improved development

13,603

17,139

Stock-based incentive compensation expense

6,836

7,209

Deferred income taxes

(2,375)

(7,272)

Amortization of losses from pension and postretirement plans

376

Timber write-off resulting from a casualty event

2,302

Other

(541)

(4,206)

Changes in operating assets and liabilities:

Receivables

(10,400)

(17,060)

Inventories

(1,083)

(2,398)

Accounts payable

112

6,959

All other operating activities

14,018

8,328

CASH PROVIDED BY OPERATING ACTIVITIES

126,323

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)

Other

4,378

5,112

CASH USED FOR INVESTING ACTIVITIES

(56,472)

(34,473)

FINANCING ACTIVITIES

Issuance of debt

408,439

Repayment of debt

(533,298)

Distributions on units

(86,755)

(83,606)

Proceeds from the issuance of units under incentive stock plan

2,561

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

(82)

31,915

Repurchase of units 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 year

115,407

369,139

Balance, end of period

93,366

296,073

Cash paid during the period:

Interest

^[4]

20,733

16,932

Income taxes

^[5]

3,688

14,330

Non-cash investing activity:

Capital assets purchased on account

5,303

4,882

Non-cash financing activity:

Noncontrolling interests in consolidated affiliates redemption of shares

^[6]

$ 0

$ 27,860

[1]	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.
[2]	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.
[3]	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.
[4]	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.
[5]	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.
[6]	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.

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
SALES	$ 208,865	$ 246,346	$ 387,947	$ 468,387
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(116)	(49)	(246)	(98)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	68,310	66,271	140,152	143,035
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	32,317	39,157	66,736	85,437
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	60,898	78,882	105,004	130,271
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	32,041	34,402	48,317	68,597
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	15,415	27,683	27,984	41,145
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	116	49	246	98
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (116)	$ (49)	$ (246)	$ (98)

EARNINGS PER SHARE AND PER UNIT

6 Months Ended

Jun. 30, 2023

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings per common share - basic
Numerator:
Net Income	$19,096	$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 affiliates	245	(637)	1,281	(1,650)
Net income attributable to Rayonier Inc.	$19,023	$24,104	$27,323	$53,422
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,218,436	146,257,311	147,800,265	145,846,026
Basic earnings per common share attributable to Rayonier Inc.:	$0.13	$0.16	$0.18	$0.37
Earnings per common share - diluted
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,218,436	146,257,311	147,800,265	145,846,026
Add: Dilutive effect of:
Stock options	—	8,100	943	7,664
Performance shares, restricted shares and restricted stock units	269,994	666,653	441,204	730,773
Noncontrolling interests in operating partnership units	2,476,761	3,312,315	2,785,928	3,313,543
Denominator for diluted earnings per common share - adjusted weighted average shares	150,965,191	150,244,379	151,028,340	149,898,006
Diluted earnings per common share attributable to Rayonier Inc.:	$0.13	$0.16	$0.18	$0.36


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	241,316	109,515	152,992	54,884


Total	241,316	109,515	152,992	54,884

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings per unit - basic
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income available to unitholders	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per unit - weighted average units	150,695,197	149,569,626	150,586,193	149,159,569
Basic earnings per unit attributable to Rayonier, L.P.:	$0.13	$0.16	$0.18	$0.37
Earnings per unit - diluted
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income available to unitholders	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per unit - weighted average units	150,695,197	149,569,626	150,586,193	149,159,569
Add: Dilutive effect of unit equivalents:
Stock options	—	8,100	943	7,664
Performance shares, restricted shares and restricted stock units	269,994	666,653	441,204	730,773
Denominator for diluted earnings per unit - adjusted weighted average units	150,965,191	150,244,379	151,028,340	149,898,006
Diluted earnings per unit attributable to Rayonier, L.P.:	$0.13	$0.16	$0.18	$0.36


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	241,316	109,515	152,992	54,884


Total	241,316	109,515	152,992	54,884

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, net income tax	560	4,211	247	3,189
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	560	4,211	247	3,189
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

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

6 Months Ended

Jun. 30, 2023

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, 2022 to June 30, 2023 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, 2022	$91,374	$23,723	$115,097
Plus: Current portion (a)	408	17,501	17,909
Total Balance at December 31, 2022	91,782	41,224	133,006
Non-cash cost of land and improved development	(1,055)	(10,337)	(11,392)
Amortization of parcel real estate development investments	—	(5,257)	(5,257)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(672)	—	(672)
Capitalized real estate development investments (b)	—	19,045	19,045
Capital expenditures (silviculture)	23	—	23

Intersegment transfers	553	—	553

Total Balance at June 30, 2023	90,631	44,675	135,306
Less: Current portion (a)	(1,346)	(22,174)	(23,520)
Non-current portion at June 30, 2023	$89,285	$22,501	$111,786

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information.

(b)Capitalized real estate development investments include $0.4 million of capitalized interest and $4.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 6,335	$ 4,968	$ 17,735	$ 12,501

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Total inventory	$ 32,331	$ 23,729
Real Estate Inventory
Inventory [Line Items]
Total inventory	23,520	17,909
Log inventory
Inventory [Line Items]
Total inventory	8,508	5,347
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 303	$ 473

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	June 30, 2023			December 31, 2022
Asset (Liability) (a)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$88,404	$88,404	—	$114,255	$114,255	—


Restricted cash (b)	4,962	4,962	—	1,152	1,152	—



Long-term debt (c)	(1,512,197)	—	(1,429,173)	(1,514,721)	—	(1,438,736)

Interest rate swaps (d)	59,192	—	59,192	60,792	—	60,792

Forward-starting interest rate swaps (d)	13,441	—	13,441	11,939	—	11,939
Foreign currency exchange contracts (d)	(4,541)	—	(4,541)	(4,539)	—	(4,539)
Foreign currency option contracts (d)	(312)	—	(312)	569	—	569


Noncontrolling interests in the operating partnership (e)	77,532	—	77,532	105,763	—	105,763

(a)We did not have Level 3 assets or liabilities at June 30, 2023 and December 31, 2022.

(b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information.

(c)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.

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

(e)Noncontrolling interests in the operating partnership is neither an asset 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.

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SALES	$ 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)
Costs and expenses	(188,763)	(210,878)	(357,222)	(387,601)
OPERATING INCOME	20,102	35,468	30,725	80,786
Interest expense, net	(12,457)	(9,083)	(24,158)	(17,420)
Interest and other miscellaneous income (expense), net	11,644	206	21,197	(262)
INCOME BEFORE INCOME TAXES	19,289	26,591	27,764	63,104
Income tax expense (Note 16)	(193)	(1,304)	(1,230)	(6,818)
NET INCOME	19,096	25,287	26,534	56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net Income	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 loss attributable to noncontrolling interests in consolidated affiliates	989	3,767	2,023	1,358
COMPREHENSIVE INCOME (LOSS)	22,451	(1,259)	15,025	72,718
Rayonier Limited Partnership
SALES	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)
Costs and expenses	(188,763)	(210,878)	(357,222)	(387,601)
OPERATING INCOME	20,102	35,468	30,725	80,786
Interest expense, net	(12,457)	(9,083)	(24,158)	(17,420)
Interest and other miscellaneous income (expense), net	11,644	206	21,197	(262)
INCOME BEFORE INCOME TAXES	19,289	26,591	27,764	63,104
Income tax expense (Note 16)	(193)	(1,304)	(1,230)	(6,818)
NET INCOME	19,096	25,287	26,534	56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net Income	19,341	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 affiliates	989	3,767	2,023	1,358
COMPREHENSIVE INCOME (LOSS)	$ 22,826	$ (1,288)	$ 15,245	$ 74,375
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13	$ 0.16	$ 0.18	$ 0.37
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13	$ 0.16	$ 0.18	$ 0.36
Rayonier Limited Partnership \| Limited Partners’ Capital
Costs and Expenses
Net Income	$ 19,148	$ 24,404	$ 27,537	$ 54,090
Rayonier Limited Partnership \| General Partners’ Capital
Costs and Expenses
Net Income	$ 193	$ 247	$ 278	$ 546

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,		Three Months Ended June 30,
		2023	2022	2023	2022
Service cost	Selling and general expenses	—	—	$1	$2
Interest cost	Interest and other miscellaneous income (expense), net	844	609	17	13
Expected return on plan assets (a)	Interest and other miscellaneous income (expense), net	(887)	(872)	—	—

Amortization of losses	Interest and other miscellaneous income (expense), net	1	184	—	4

Net periodic benefit (credit) cost		($42)	($79)	$18	$19


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Six Months Ended June 30,		Six Months Ended June 30,
		2023	2022	2023	2022
Service cost	Selling and general expenses	—	—	$2	$3
Interest cost	Interest and other miscellaneous income (expense), net	1,689	1,217	35	26
Expected return on plan assets (a)	Interest and other miscellaneous income (expense), net	(1,776)	(1,743)	—	—

Amortization of losses	Interest and other miscellaneous income (expense), net	3	369	—	7

Net periodic benefit (credit) cost		($84)	($157)	$37	$36

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2023 net periodic benefit cost for pension benefits is 5.0%.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTSWe 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, 2022 to June 30, 2023 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, 2022	$91,374	$23,723	$115,097
Plus: Current portion (a)	408	17,501	17,909
Total Balance at December 31, 2022	91,782	41,224	133,006
Non-cash cost of land and improved development	(1,055)	(10,337)	(11,392)
Amortization of parcel real estate development investments	—	(5,257)	(5,257)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(672)	—	(672)
Capitalized real estate development investments (b)	—	19,045	19,045
Capital expenditures (silviculture)	23	—	23

Intersegment transfers	553	—	553

Total Balance at June 30, 2023	90,631	44,675	135,306
Less: Current portion (a)	(1,346)	(22,174)	(23,520)
Non-current portion at June 30, 2023	$89,285	$22,501	$111,786

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information.

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 9,395	$ 11,780	$ 13,603	$ 17,139
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 9,395	$ 11,780	$ 13,603	$ 17,139

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	$ 4,962	$ 1,152
Cash and cash equivalents	88,404	114,255	$ 280,280
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	93,366	$ 115,407	296,073	$ 369,139
Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	4,962		14,329
Excluding Timber Funds \| Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	1,646		13,704
Excluding Timber Funds \| Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	3,316		625
Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, Timber Funds	$ 0		$ 1,464

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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	$ 4.2	$ 0.7
Asset impairment recognized	$ 0.0

INCOME TAXES - Narrative (Details)	Jun. 30, 2023
Operating Partnership
Income Taxes
Ownership interest (as a percent)	98.40%

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

OPERATING ACTIVITIES

Net income

$ 26,534

$ 56,286

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

Depreciation, depletion and amortization

77,314

83,169

Non-cash cost of land and improved development

13,603

17,139

Stock-based incentive compensation expense

6,836

7,209

Deferred income taxes

(2,375)

(7,272)

Amortization of losses from pension and postretirement plans

376

Timber write-off resulting from a casualty event

2,302

Other

(541)

(4,206)

Changes in operating assets and liabilities:

Receivables

(10,400)

(17,060)

Inventories

(1,083)

(2,398)

Accounts payable

112

6,959

All other operating activities

14,018

8,328

CASH PROVIDED BY OPERATING ACTIVITIES

126,323

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)

Other

4,378

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 year

115,407

369,139

Balance, end of period

93,366

296,073

Cash paid during the period:

Interest

^[1]

20,733

16,932

Income taxes

^[2]

3,688

14,330

Non-cash investing activity:

Capital assets purchased on account

5,303

4,882

Non-cash financing activity:

Noncontrolling interests in consolidated affiliates redemption of shares

^[3]

$ 0

$ 27,860

[1]	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.
[2]	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.
[3]	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.

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

Total

Common Shares

Retained Earnings

Accumulated Other Comprehensive Income

Noncontrolling Interests in Consolidated Affiliates

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 (loss)

30,998

29,986

1,012

Net income attributable to noncontrolling interests in the operating partnership

(669)

Dividends

^[1]

(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

5,668

790

Cash flow hedges

40,427

39,822

605

Allocation of other comprehensive income (loss) 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

(1,214)

Amortization of pension and postretirement plan liabilities

376

Foreign currency translation adjustment

(29,827)

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

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 (loss)

25,287

24,650

637

Net income attributable to noncontrolling interests in the operating partnership

(546)

Dividends

^[1]

(42,098)

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

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

(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)

(34,373)

(1,912)

Cash flow hedges

5,755

8,247

(2,492)

Allocation of other comprehensive income (loss) 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

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

147,282,631

Beginning balance at Dec. 31, 2022

1,880,712

$ 1,462,945

366,637

35,813

15,317

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

Net income (loss)

7,437

8,474

(1,037)

Net income attributable to noncontrolling interests in the operating partnership

(174)

Dividends

^[2]

(42,172)

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

400

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

(10)

$ (10)

Issuance of shares under incentive stock plans (in shares)

1,564

Issuance of shares under incentive stock plans

Stock-based compensation

2,499

$ 2,499

Repurchase of common shares (in shares)

(1,167)

Repurchase of common shares

(41)

$ (41)

Adjustment of noncontrolling interests in the operating partnership

(2,376)

Conversion of units into common shares (in shares)

729,551

Conversion of units into common shares

23,881

$ 23,881

Amortization of pension and postretirement plan liabilities

Foreign currency translation adjustment

(3,733)

(3,552)

(181)

Cash flow hedges

(12,319)

(12,504)

185

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

1,110

Ending balance (in shares) at Mar. 31, 2023

148,012,979

Ending balance at Mar. 31, 2023

1,854,815

$ 1,489,274

330,389

20,868

14,284

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

147,282,631

Beginning balance at Dec. 31, 2022

1,880,712

$ 1,462,945

366,637

35,813

15,317

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

Net income attributable to noncontrolling interests in the operating partnership

(492)

Amortization of pension and postretirement plan liabilities

Foreign currency translation adjustment

(12,937)

Ending balance (in shares) at Jun. 30, 2023

148,268,443

Ending balance at Jun. 30, 2023

1,838,715

$ 1,489,696

311,429

24,295

13,295

Beginning balance (in shares) at Mar. 31, 2023

148,012,979

Beginning balance at Mar. 31, 2023

1,854,815

$ 1,489,274

330,389

20,868

14,284

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

Net income (loss)

19,096

19,341

(245)

Net income attributable to noncontrolling interests in the operating partnership

(318)

Dividends

^[2]

(42,279)

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

(71)

$ (71)

Issuance of shares under incentive stock plans (in shares)

372,149

Issuance of shares under incentive stock plans

$ 0

Stock-based compensation

4,336

$ 4,336

Repurchase of common shares (in shares)

(126,788)

Repurchase of common shares

(4,147)

$ (4,147)

Adjustment of noncontrolling interests in the operating partnership

4,296

Conversion of units into common shares (in shares)

10,103

Conversion of units into common shares

304

$ 304

Amortization of pension and postretirement plan liabilities

Foreign currency translation adjustment

(9,203)

(8,790)

(413)

Cash flow hedges

11,942

12,273

(331)

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

(58)

Ending balance (in shares) at Jun. 30, 2023

148,268,443

Ending balance at Jun. 30, 2023

$ 1,838,715

$ 1,489,696

$ 311,429

$ 24,295

$ 13,295

[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.

OTHER OPERATING (EXPENSE) INCOME, NET (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Operating (Income) Expense, Net

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($1,674)	$1,249	($4,157)	$677
Gain on sale or disposal of property and equipment	35	6	37	31





Equity loss related to Bainbridge Landing LLC joint venture	—	(145)	—	(370)
Miscellaneous income (expense), net	238	(309)	203	(520)
Total	($1,401)	$801	($3,917)	($182)

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2023
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, 2022, as filed with the SEC (the “2022 Form 10-K”). 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. 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 2022 Form 10-K. REVENUE RECOGNITION NON-TIMBER SALES Carbon Capture and Storage Sales Carbon capture and storage (“CCS”) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the most likely amount of consideration we expect to receive as of the reporting date. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates. We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised. NEW ACCOUNTING STANDARDS There have been no recently adopted or pending accounting pronouncements which are applicable or are expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS On July 24, 2023, the New Zealand subsidiary renewed its NZ$20 million working capital facility, extending its maturity date to June 30, 2024. The facility is available for short-term operating cash flow needs of the New Zealand subsidiary. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. See Note 6 — Debt for additional information.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 115,097
Plus: Current portion, beginning balance	17,909
Total balance, beginning balance	133,006
Non-cash cost of land and improved development	(11,392)
Amortization of parcel real estate development investments	(5,257)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(672)
Capitalized real estate development investments	19,045
Capital expenditures (silviculture)	23
Intersegment transfers	553
Total balance, ending balance	135,306
Less: Current portion, ending balance	(23,520)
Non-current portion, ending balance	111,786
Capitalized interest	400
Parcel real estate development investments	4,300
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	91,374
Plus: Current portion, beginning balance	408
Total balance, beginning balance	91,782
Non-cash cost of land and improved development	(1,055)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(672)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	23
Intersegment transfers	553
Total balance, ending balance	90,631
Less: Current portion, ending balance	(1,346)
Non-current portion, ending balance	89,285
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	23,723
Plus: Current portion, beginning balance	17,501
Total balance, beginning balance	41,224
Non-cash cost of land and improved development	(10,337)
Amortization of parcel real estate development investments	(5,257)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	19,045
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	44,675
Less: Current portion, ending balance	(22,174)
Non-current portion, ending balance	$ 22,501

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Realized (gain) loss on foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 124,600	$ 138,250
Realized loss on foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	82,000	78,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	200,000	150,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 850,000	$ 850,000

GUARANTEES (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 25,466
Standby Letters of Credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	3,779
Letter of credit for development project	2,900
Surety Bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 21,687

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2023 and the year ended December 31, 2022. 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, 2021	$4,215	$1,321	($9,163)		($11,836)		($15,463)	($4,141)	($19,604)
Other comprehensive income (loss) before reclassifications	(22,282)	—	78,166	(a)	874		56,758	(1,323)	55,435
Amounts reclassified from accumulated other comprehensive income (loss)	—	—	(1,799)		753	(b)	(1,046)	1,028	(18)
Net other comprehensive income (loss)	(22,282)	—	76,367		1,627		55,712	(295)	55,417
Balance as of December 31, 2022	($18,067)	$1,321	$67,204		($10,209)		$40,249	($4,436)	$35,813
Other comprehensive (loss) income before reclassifications	(12,342)	—	9,792	(a)	—		(2,550)	88	(2,462)
Amounts reclassified from accumulated other comprehensive income	—	—	(10,023)		3	(b)	(10,020)	964	(9,056)
Net other comprehensive income (loss)	(12,342)	—	(231)		3		(12,570)	1,052	(11,518)
Balance as of June 30, 2023	($30,409)	$1,321	$66,973		($10,206)		$27,679	($3,384)	$24,295

(a)The six months ended June 30, 2023 includes $8.0 million of other comprehensive income related to interest rate products. The year ended December 31, 2022 included $75.0 million 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 is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information.

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2023 and June 30, 2022:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the Income Statement
	June 30, 2023	June 30, 2022
Realized (gain) loss on foreign currency exchange contracts	($4,005)	$71	Other operating expense, net
Realized loss on foreign currency option contracts	(48)	—	Other operating expense, net
Noncontrolling interests	932	(16)	Comprehensive loss (income) attributable to noncontrolling interests
Realized (gain) loss on interest rate contracts	(7,777)	4,617	Interest expense
Income tax effect from net gain (loss) on foreign currency contracts	875	(15)	Income tax expense


Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	($10,023)	$4,657

DEBT - Debt Covenants (Details)	Jun. 30, 2023
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, covenant requirement	2.5
Covenant EBITDA to consolidated interest expense, actual ratio	7.4
Covenant EBITDA to consolidated interest expense, favorable	4.9
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)	0.46
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.19

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total Operating Income	$ 20,102	$ 35,468	$ 30,725	$ 80,786
Unallocated interest expense and other	(813)	(8,877)	(2,961)	(17,682)
Total Income before Income Taxes	19,289	26,591	27,764	63,104
Gain from net recovery with legal settlement	11,400		20,500
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events			2,300
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	21,708	24,067	43,931	54,409
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(2,376)	2,943	(5,919)	9,550
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	2,373	7,981	1,710	13,373
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	8,649	11,023	9,532	21,204
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	67	(444)	409	(93)
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (10,319)	$ (10,102)	$ (18,938)	$ (17,657)

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables summarize the segment information for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,		Six Months Ended June 30,
SALES	2023	2022	2023	2022
Southern Timber	$68,310	$66,271	$140,152	$143,035
Pacific Northwest Timber	32,317	39,157	66,736	85,437
New Zealand Timber	60,898	78,882	105,004	130,271

Real Estate	32,041	34,402	48,317	68,597
Trading	15,415	27,683	27,984	41,145

Intersegment Eliminations (a)	(116)	(49)	(246)	(98)
Total	$208,865	$246,346	$387,947	$468,387

(a)Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.


	Three Months Ended June 30,		Six Months Ended June 30,
OPERATING INCOME	2023	2022	2023	2022
Southern Timber	$21,708	$24,067	$43,931	$54,409
Pacific Northwest Timber	(2,376)	2,943	(5,919)	9,550
New Zealand Timber (a)	2,373	7,981	1,710	13,373

Real Estate	8,649	11,023	9,532	21,204
Trading	67	(444)	409	(93)

Corporate and Other	(10,319)	(10,102)	(18,938)	(17,657)
Total Operating Income	20,102	35,468	30,725	80,786
Unallocated interest expense and other (b)	(813)	(8,877)	(2,961)	(17,682)
Total Income before Income Taxes	$19,289	$26,591	$27,764	$63,104

(a)The six months ended June 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event. 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 six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.


	Three Months Ended June 30,		Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2023	2022	2023	2022
Southern Timber	$21,868	$14,657	$42,478	$32,716
Pacific Northwest Timber	9,242	11,316	19,892	26,232
New Zealand Timber	5,927	6,901	10,382	11,891

Real Estate	2,235	2,564	3,738	11,709


Corporate and Other	443	313	824	621
Total	$39,715	$35,751	$77,314	$83,169


	Three Months Ended June 30,		Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2023	2022	2023	2022




Real Estate	$9,395	$11,780	$13,603	$17,139


Total	$9,395	$11,780	$13,603	$17,139

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 14,418
Beginning balance, plus: current portion	1,175
Beginning balance	15,593
Expenditures charged to liabilities	(223)
Decrease to liabilities	(20)
Ending balance	15,350
Ending balance, less: current portion	(2,371)
Ending balance, non-current portion	$ 12,979

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

Our debt consisted of the following at June 30, 2023:


			June 30, 2023
Debt


Senior Notes due 2031 at a fixed interest rate of 2.75%			$450,000
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.76% at June 30, 2023			350,000
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.76% at June 30, 2023			250,000
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.81% at June 30, 2023			200,000


2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.71% at June 30, 2023			200,000

New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a)			24,511
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a)			24,511
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a)			21,009






Total principal debt			1,520,031

Less: Unamortized discounts			(2,940)

Less: Deferred financing costs			(4,894)

















Total long-term debt			$1,512,197

(a) 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.

The following table contains information on the outstanding variable rate debt as of June 30, 2023:


Debt	Periodic Interest Rate (a)	Effective Fixed Interest Rate (b)
2015 Term Loan	Daily Simple SOFR + 1.70%	3.03	%
2022 Incremental Term Loan	Daily Simple SOFR + 1.70%	5.38	%
2016 Incremental Term Loan	Daily Simple SOFR + 1.75%	2.40	%
2021 Incremental Term Loan	Daily Simple SOFR + 1.65%	1.46	%

(a) Includes credit spread adjustment of 0.1%.

(b) Effective interest rate is after consideration of interest rate swaps and estimated patronage refunds.

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


									Total
2023									—
2024									—
2025									21,009
2026									224,511
2027									274,511
Thereafter									1,000,000
Total Debt									$1,520,031

2023 DEBT ACTIVITY

U.S. Debt

During the six months ended June 30, 2023, we made no borrowings or repayments on our Revolving Credit Facility. At June 30, 2023, we had available borrowings of $296.2 million under the Revolving Credit Facility, net of $3.8 million to secure our outstanding letters of credit.

New Zealand Debt

In June 2023, the New Zealand subsidiary temporarily extended its NZ$20 million working capital facility for an additional 1-month term. During the six months ended June 30, 2023, the New Zealand subsidiary made no borrowings and repayments on its working capital facility (the “New Zealand Working Capital Facility”). At June 30, 2023, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. See the subsequent events section of Note 1 — B asis of Presentation for information about the renewal of the New Zealand subsidiary’s working capital facility subsequent to June 30, 2023.

DEBT COVENANTS

In connection with our 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2023, 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		7.4 to 1		4.9
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	46	%	19	%

In addition to these financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 2021 Incremental Term Loan Facility, 2022 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 June 30, 2023, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	$ (1,674)	$ 1,249	$ (4,157)	$ 677
Gain on sale or disposal of property and equipment	35	6	37	31
Equity loss related to Bainbridge Landing LLC joint venture	0	(145)	0	(370)
Miscellaneous income (expense), net	238	(309)	203	(520)
Total	$ (1,401)	$ 801	$ (3,917)	$ (182)

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 88,404	$ 114,255
Accounts receivable, less allowance for doubtful accounts of $67 and $74	31,515	27,837
Other receivables	18,896	14,701
Inventory (Note 13)	32,331	23,729
Prepaid expenses	18,961	20,573
Assets held for sale (Note 19)	4,158	713
Other current assets	2,994	573
Total current assets	197,259	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,175,006	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	111,786	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,948	31,020
Machinery and equipment	6,560	6,568
Construction in progress	1,157	653
Total property, plant and equipment, gross	45,118	44,694
Less — accumulated depreciation	(18,631)	(17,505)
Total property, plant and equipment, net	26,487	27,189
RESTRICTED CASH (NOTE 18)	4,962	1,152
RIGHT-OF-USE ASSETS	94,563	97,167
OTHER ASSETS	112,060	115,481
TOTAL ASSETS	3,722,123	3,789,371
CURRENT LIABILITIES
Accounts payable	22,718	22,100
Accrued taxes	6,975	3,734
Accrued payroll and benefits	7,901	12,564
Accrued interest	7,304	5,920
Deferred revenue	33,490	22,762
Other current liabilities	24,364	28,247
Total current liabilities	102,752	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 LIABILITY	86,477	88,756
LONG-TERM DEFERRED REVENUE	11,327	6,895
OTHER NON-CURRENT LIABILITIES	84,721	88,687
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,469,173 and 3,208,827 Units outstanding, respectively	77,532	105,763
CAPITAL
Accumulated other comprehensive income (Note 17)	24,295	35,813
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,722,123	3,789,371
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	88,404	114,255
Accounts receivable, less allowance for doubtful accounts of $67 and $74	31,515	27,837
Other receivables	18,896	14,701
Inventory (Note 13)	32,331	23,729
Prepaid expenses	18,961	20,573
Assets held for sale (Note 19)	4,158	713
Other current assets	2,994	573
Total current assets	197,259	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,175,006	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	111,786	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,948	31,020
Machinery and equipment	6,560	6,568
Construction in progress	1,157	653
Total property, plant and equipment, gross	45,118	44,694
Less — accumulated depreciation	(18,631)	(17,505)
Total property, plant and equipment, net	26,487	27,189
RESTRICTED CASH (NOTE 18)	4,962	1,152
RIGHT-OF-USE ASSETS	94,563	97,167
OTHER ASSETS	112,060	115,481
TOTAL ASSETS	3,722,123	3,789,371
CURRENT LIABILITIES
Accounts payable	22,718	22,100
Accrued taxes	6,975	3,734
Accrued payroll and benefits	7,901	12,564
Accrued interest	7,304	5,920
Deferred revenue	33,490	22,762
Other current liabilities	24,364	28,247
Total current liabilities	102,752	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 LIABILITY	86,477	88,756
LONG-TERM DEFERRED REVENUE	11,327	6,895
OTHER NON-CURRENT LIABILITIES	84,721	88,687
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,469,173 and 3,208,827 Units outstanding, respectively	77,532	105,763
CAPITAL
General partners’ capital	17,977	18,251
Limited partners’ capital	1,779,764	1,806,895
Accumulated other comprehensive income (Note 17)	27,679	40,249
TOTAL CONTROLLING INTEREST CAPITAL	1,825,420	1,865,395
Noncontrolling interests in consolidated affiliates (Note 4)	13,295	15,317
TOTAL CAPITAL	1,838,715	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	$ 3,722,123	$ 3,789,371

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 88,404	$ 114,255
Accounts receivable, less allowance for doubtful accounts of $67 and $74	31,515	27,837
Other receivables	18,896	14,701
Inventory (Note 13)	32,331	23,729
Prepaid expenses	18,961	20,573
Assets held for sale (Note 19)	4,158	713
Other current assets	2,994	573
Total current assets	197,259	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,175,006	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	111,786	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,948	31,020
Machinery and equipment	6,560	6,568
Construction in progress	1,157	653
Total property, plant and equipment, gross	45,118	44,694
Less — accumulated depreciation	(18,631)	(17,505)
Total property, plant and equipment, net	26,487	27,189
RESTRICTED CASH (NOTE 18)	4,962	1,152
RIGHT-OF-USE ASSETS	94,563	97,167
OTHER ASSETS	112,060	115,481
TOTAL ASSETS	3,722,123	3,789,371
CURRENT LIABILITIES
Accounts payable	22,718	22,100
Accrued taxes	6,975	3,734
Accrued payroll and benefits	7,901	12,564
Accrued interest	7,304	5,920
Deferred revenue	33,490	22,762
Other current liabilities	24,364	28,247
Total current liabilities	102,752	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 LIABILITY	86,477	88,756
LONG-TERM DEFERRED REVENUE	11,327	6,895
OTHER NON-CURRENT LIABILITIES	84,721	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 earnings	311,429	366,637
Accumulated other comprehensive income (Note 17)	24,295	35,813
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,825,420	1,865,395
Noncontrolling interests in consolidated affiliates (Note 4)	13,295	15,317
TOTAL SHAREHOLDERS’ EQUITY	1,838,715	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	$ 3,722,123	$ 3,789,371

REVENUE (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Contract Balances

The following table contains contract balances recorded in the Consolidated Balance Sheets at June 30, 2023 and December 31, 2022:

June 30, 2023

December 31, 2022

Balance Sheet Location

Contract assets

Trade receivables, net (a)

$31,515

$27,837

Trade receivables

Contract liabilities

Deferred revenue, current (b)

33,490

22,762

Deferred revenue

Deferred revenue, non-current (c)

11,327

6,895

Long-term deferred revenue

(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments.

(b)The increase in deferred revenue, current is driven by the timing of renewals of hunting contracts and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023, partially offset by the satisfaction of post-closing obligations on real estate sales and stumpage contracts.

(c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023.

The following table summarizes revenue recognized during the three and six months ended June 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Revenue recognized from contract liability balance at the beginning of the year (a)	$6,335	$4,968	$17,735	$12,501

(a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate 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 six months ended June 30, 2023 and 2022:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2023
Pulpwood	$23,855	$2,204	$8,364	—	$1,442	—	$35,865
Sawtimber	33,846	27,781	51,829	—	13,510	—	126,966
Hardwood	706	—	—	—	—	—	706
Total Timber Sales	58,407	29,985	60,193	—	14,952	—	163,537
License Revenue, Primarily from Hunting	5,186	203	68	—	—	—	5,457
Other Non-Timber/Carbon Revenue	4,717	2,129	637	—	—	—	7,483
Agency Fee Income	—	—	—	—	347	—	347

Total Non-Timber Sales	9,903	2,332	705	—	347	—	13,287
Improved Development	—	—	—	12,233	—	—	12,233

Rural	—	—	—	15,626	—	—	15,626
Timberland & Non-Strategic	—	—	—	255	—	—	255

Deferred Revenue/Other (a)	—	—	—	3,568	—	—	3,568

Total Real Estate Sales	—	—	—	31,682	—	—	31,682

Revenue from Contracts with Customers	68,310	32,317	60,898	31,682	15,299	—	208,506
Lease Revenue	—	—	—	359	—	—	359
Intersegment	—	—	—	—	116	(116)	—
Total Revenue	$68,310	$32,317	$60,898	$32,041	$15,415	($116)	$208,865


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2022
Pulpwood	$30,770	$3,572	$10,851	—	$2,999	—	$48,192
Sawtimber	21,744	34,310	64,247	—	24,319	—	144,620
Hardwood	5,706	—	—	—	—	—	5,706
Total Timber Sales	58,220	37,882	75,098	—	27,318	—	198,518
License Revenue, Primarily from Hunting	6,506	129	87	—	—	—	6,722
Other Non-Timber/Carbon Revenue	1,545	1,146	3,697	—	—	—	6,388
Agency Fee Income	—	—	—	—	316	—	316

Total Non-Timber Sales	8,051	1,275	3,784	—	316	—	13,426
Improved Development	—	—	—	11,566	—	—	11,566

Rural	—	—	—	23,420	—	—	23,420


Deferred Revenue/Other (a)	—	—	—	(907)	—	—	(907)

Total Real Estate Sales	—	—	—	34,079	—	—	34,079

Revenue from Contracts with Customers	66,271	39,157	78,882	34,079	27,634	—	246,023
Lease Revenue	—	—	—	323	—	—	323
Intersegment	—	—	—	—	49	(49)	—
Total Revenue	$66,271	$39,157	$78,882	$34,402	$27,683	($49)	$246,346

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


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2023
Pulpwood	$50,638	$5,919	$14,446	—	$2,881	—	$73,884
Sawtimber	68,389	57,562	89,512	—	24,176	—	239,639
Hardwood	1,826	—	—	—	—	—	1,826
Total Timber Sales	120,853	63,481	103,958	—	27,057	—	315,349
License Revenue, Primarily From Hunting	10,454	340	123	—	—	—	10,917
Other Non-Timber/Carbon Revenue	8,845	2,915	923	—	—	—	12,683
Agency Fee Income	—	—	—	—	681	—	681

Total Non-Timber Sales	19,299	3,255	1,046	—	681	—	24,281
Improved Development	—	—	—	17,035	—	—	17,035

Rural	—	—	—	22,125	—	—	22,125
Timberland & Non-Strategic	—	—	—	1,892	—	—	1,892

Deferred Revenue/Other (a)	—	—	—	6,661	—	—	6,661

Total Real Estate Sales	—	—	—	47,713	—	—	47,713

Revenue from Contracts with Customers	140,152	66,736	105,004	47,713	27,738	—	387,343
Lease Revenue	—	—	—	604	—	—	604
Intersegment	—	—	—	—	246	(246)	—
Total Revenue	$140,152	$66,736	$105,004	$48,317	$27,984	($246)	$387,947

Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2022
Pulpwood	$68,381	$6,491	$18,446	—	$4,523	—	$97,841
Sawtimber	49,260	76,524	106,347	—	35,857	—	267,988
Hardwood	11,555	—	—	—	—	—	11,555
Total Timber Sales	129,196	83,015	124,793	—	40,380	—	377,384
License Revenue, Primarily from Hunting	11,182	245	148	—	—	—	11,575
Other Non-Timber/Carbon Revenue	2,657	2,177	5,330	—	—	—	10,164
Agency Fee Income	—	—	—	—	667	—	667

Total Non-Timber Sales	13,839	2,422	5,478	—	667	—	22,406
Improved Development	—	—	—	16,532	—	—	16,532

Rural	—	—	—	40,369	—	—	40,369
Timberland & Non-Strategic	—	—	—	11,400	—	—	11,400

Deferred Revenue/Other (a)	—	—	—	(271)	—	—	(271)

Total Real Estate Sales	—	—	—	68,030	—	—	68,030

Revenue from Contracts with Customers	143,035	85,437	130,271	68,030	41,047	—	467,820
Lease Revenue	—	—	—	567	—	—	567
Intersegment	—	—	—	—	98	(98)	—
Total Revenue	$143,035	$85,437	$130,271	$68,597	$41,145	($98)	$468,387

(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 six months ended June 30, 2023 and 2022:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
June 30, 2023
Stumpage Pay-as-Cut	$30,493	—	—	—	$30,493
Stumpage Lump Sum	281	—	—	—	281

Total Stumpage	30,774	—	—	—	30,774

Delivered Wood (Domestic)	25,437	26,996	12,559	89	65,081
Delivered Wood (Export)	2,196	2,989	47,634	14,863	67,682
Total Delivered	27,633	29,985	60,193	14,952	132,763

Total Timber Sales	$58,407	$29,985	$60,193	$14,952	$163,537

June 30, 2022
Stumpage Pay-as-Cut	$21,326	—	—	—	$21,326
Stumpage Lump Sum	90	85	—	—	175

Total Stumpage	21,416	85	—	—	21,501

Delivered Wood (Domestic)	33,248	33,956	18,051	1,104	86,359
Delivered Wood (Export)	3,556	3,841	57,047	26,214	90,658
Total Delivered	36,804	37,797	75,098	27,318	177,017

Total Timber Sales	$58,220	$37,882	$75,098	$27,318	$198,518


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
June 30, 2023
Stumpage Pay-as-Cut	$60,970	—	—	—	$60,970
Stumpage Lump Sum	387	624	—	—	1,011

Total Stumpage	61,357	624	—	—	61,981

Delivered Wood (Domestic)	54,850	56,164	24,154	491	135,659
Delivered Wood (Export)	4,646	6,693	79,804	26,566	117,709
Total Delivered	59,496	62,857	103,958	27,057	253,368

Total Timber Sales	$120,853	$63,481	$103,958	$27,057	$315,349

June 30, 2022
Stumpage Pay-as-Cut	$57,532	—	—	—	$57,532
Stumpage Lump Sum	90	5,473	—	—	5,563

Total Stumpage	57,622	5,473	—	—	63,095

Delivered Wood (Domestic)	65,376	73,402	31,532	1,729	172,039
Delivered Wood (Export)	6,198	4,140	93,261	38,651	142,250
Total Delivered	71,574	77,542	124,793	40,380	314,289

Total Timber Sales	$129,196	$83,015	$124,793	$40,380	$377,384

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 24,132
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(3,108)
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(324)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 27,564

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2023

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 36 months and up to 25% of the foreign exchange exposure for the forward 36 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 June 30, 2023, foreign currency exchange contracts and foreign currency option contracts had maturity dates through May 2026.

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 AOCI for de-designated hedges remains in AOCI 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 June 30, 2023:


Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt (b)		Total Effective Interest Rate (c)
August 2015	9 years	$170,000	Term Credit Agreement	2.10	%	1.70	%	3.80	%
August 2015	9 years	180,000	Term Credit Agreement	2.26	%	1.70	%	3.96	%
April 2016	10 years	100,000	Incremental Term Loan	1.50	%	1.75	%	3.25	%
April 2016	10 years	100,000	Incremental Term Loan	1.51	%	1.75	%	3.26	%
May 2021	7 years	200,000	2021 Incremental Term Loan Facility	0.67	%	1.65	%	2.32	%
December 2022	5 years	100,000	2022 Incremental Term Loan Facility	3.72	%	1.70	%	5.42	%

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

(b)Includes the SOFR Credit Spread Adjustment component of 0.1%.

(c)Rate is before estimated patronage payments.

FORWARD-STARTING INTEREST RATE SWAPS

In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rates swaps, resulting in slightly favorable fixed rates. In May 2023, we entered into a new $50 million forward-starting interest rate swap, benchmarked to the Daily Simple SOFR.

The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2023:

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

0.78

Term Credit Agreement

August 2024

N/A

May 2020

4 years

50,000

0.64

Term Credit Agreement

August 2024

N/A

May 2023

4 years

50,000

3.29

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.

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 six months ended June 30, 2023 and 2022:


		Three Months Ended June 30,
	Income Statement Location	2023	2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$188	($14,438)
	Other operating (expense) income, net	(1,577)	86
Foreign currency option contracts	Other comprehensive income (loss)	(561)	(686)
	Other operating (expense) income, net	(48)	—
Interest rate products	Other comprehensive income (loss)	17,695	14,636
	Interest expense, net	(4,314)	1,948



		Six Months Ended June 30,
	Income Statement Location	2023	2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$4,001	($10,909)
	Other operating (expense) income, net	(4,005)	70
Foreign currency option contracts	Other comprehensive income (loss)	(831)	(550)
	Other operating (expense) income, net	(48)	—
Interest rate products	Other comprehensive income (loss)	8,035	49,765
	Interest expense, net	(7,777)	4,618

During the next 12 months, the amount of the June 30, 2023 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $24.1 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			($3,108)
Foreign currency option contracts			(324)
Interest rate products (a)			27,564
Total estimated gain on derivatives contracts			$24,132

(a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.

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


	Notional Amount
	June 30, 2023	December 31, 2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$124,600	$138,250
Foreign currency option contracts	82,000	78,000
Interest rate swaps	850,000	850,000

Forward-starting interest rate swaps	200,000	150,000

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at June 30, 2023 and December 31, 2022. 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)
		June 30, 2023	December 31, 2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$21	$25
	Other assets	544	1,303
	Other current liabilities	(4,338)	(5,457)
	Other non-current liabilities	(768)	(410)
Foreign currency option contracts	Other current assets	15	66
	Other assets	1,182	2,131
	Other current liabilities	(465)	(347)
	Other non-current liabilities	(1,044)	(1,281)
Interest rate swaps	Other assets	59,192	60,843
	Other non-current liabilities	—	(51)






Forward-starting interest rate swaps	Other assets	13,441	11,939








Total derivative contracts:
Other current assets		$36	$91
Other assets		74,359	76,216
Total derivative assets		$74,395	$76,307

Other current liabilities		(4,803)	(5,804)
Other non-current liabilities		(1,812)	(1,742)
Total derivative liabilities		($6,615)	($7,546)

(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.

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Environmental Remediation Obligations [Abstract]

Schedule of Environmental Loss Contingencies by Site

Changes in environmental and NRD liabilities from December 31, 2022 to June 30, 2023 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2022			$14,418
Plus: Current portion			1,175
Total Balance at December 31, 2022			15,593
Expenditures charged to liabilities			(223)
Decrease to liabilities (a)			(20)
Total Balance at June 30, 2023			15,350
Less: Current portion			(2,371)
Non-current portion at June 30, 2023			$12,979

(a)Reflects revised environmental and NRD cost estimates recorded during the six months ended June 30, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2023
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, 2022, as filed with the SEC (the “2022 Form 10-K”). 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.
REVENUE RECOGNITION	REVENUE RECOGNITION NON-TIMBER SALES Carbon Capture and Storage Sales Carbon capture and storage (“CCS”) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the most likely amount of consideration we expect to receive as of the reporting date. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates. We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised. 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”). Unsatisfied performance obligations as of June 30, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $33.5 million is expected to be recognized within the next twelve months, with the remaining $11.3 million expected to be recognized thereafter as we satisfy our performance obligations. 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 trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables 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.
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS There have been no recently adopted or pending accounting pronouncements which are applicable or are expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 24, 2023, the New Zealand subsidiary renewed its NZ$20 million working capital facility, extending its maturity date to June 30, 2024. The facility is available for short-term operating cash flow needs of the New Zealand subsidiary. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. See Note 6 — Debt for additional information.
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 expense, miscellaneous income (expense) and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
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 AOCI for de-designated hedges remains in AOCI 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.

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- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

INVENTORY

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY

As of June 30, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows:


	June 30, 2023	December 31, 2022
Finished goods inventory
Real estate inventory (a)	$23,520	$17,909
Log inventory	8,508	5,347
Carbon unit inventory (b)	303	473
Total inventory	$32,331	$23,729

(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 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

(b)Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 31,515	$ 27,837
Deferred revenue, current	33,490	22,762
Deferred revenue, non-current	$ 11,327	$ 6,895

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

6 Months Ended

Jun. 30, 2023

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, 2022 to June 30, 2023 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2022			$14,418
Plus: Current portion			1,175
Total Balance at December 31, 2022			15,593
Expenditures charged to liabilities			(223)
Decrease to liabilities (a)			(20)
Total Balance at June 30, 2023			15,350
Less: Current portion			(2,371)
Non-current portion at June 30, 2023			$12,979

(a)Reflects revised environmental and NRD cost estimates recorded during the six months ended June 30, 2023.

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 15 to 20 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 10 - Commitments in our 2022 Form 10-K.

We do not currently anticipate any material loss in excess of the amounts accrued; however we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.

- 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.

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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2023

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, 2021	$4,215	$1,321	($9,163)		($11,836)		($15,463)	($4,141)	($19,604)
Other comprehensive income (loss) before reclassifications	(22,282)	—	78,166	(a)	874		56,758	(1,323)	55,435
Amounts reclassified from accumulated other comprehensive income (loss)	—	—	(1,799)		753	(b)	(1,046)	1,028	(18)
Net other comprehensive income (loss)	(22,282)	—	76,367		1,627		55,712	(295)	55,417
Balance as of December 31, 2022	($18,067)	$1,321	$67,204		($10,209)		$40,249	($4,436)	$35,813
Other comprehensive (loss) income before reclassifications	(12,342)	—	9,792	(a)	—		(2,550)	88	(2,462)
Amounts reclassified from accumulated other comprehensive income	—	—	(10,023)		3	(b)	(10,020)	964	(9,056)
Net other comprehensive income (loss)	(12,342)	—	(231)		3		(12,570)	1,052	(11,518)
Balance as of June 30, 2023	($30,409)	$1,321	$66,973		($10,206)		$27,679	($3,384)	$24,295

(b)This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2023 and June 30, 2022:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the Income Statement
	June 30, 2023	June 30, 2022
Realized (gain) loss on foreign currency exchange contracts	($4,005)	$71	Other operating expense, net
Realized loss on foreign currency option contracts	(48)	—	Other operating expense, net
Noncontrolling interests	932	(16)	Comprehensive loss (income) attributable to noncontrolling interests
Realized (gain) loss on interest rate contracts	(7,777)	4,617	Interest expense
Income tax effect from net gain (loss) on foreign currency contracts	875	(15)	Income tax expense


Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	($10,023)	$4,657

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 24,132
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
Minimum \| Forecasted Sales and Purchases, term 5 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 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	36 months
Percent of forecast sales and purchases hedged for 24 to 36 months (as a percent)	50.00%
Maximum \| Forecasted Sales and Purchases, term 5 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent)	25.00%

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
SALES	$ 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)
Costs and expenses	(188,763)	(210,878)	(357,222)	(387,601)
OPERATING INCOME	20,102	35,468	30,725	80,786
Interest expense, net	(12,457)	(9,083)	(24,158)	(17,420)
Interest and other miscellaneous income (expense), net	11,644	206	21,197	(262)
INCOME BEFORE INCOME TAXES	19,289	26,591	27,764	63,104
Income tax expense (Note 16)	(193)	(1,304)	(1,230)	(6,818)
NET INCOME	19,096	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 affiliates	245	(637)	1,281	(1,650)
Net Income	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 affiliates	989	3,767	2,023	1,358
COMPREHENSIVE INCOME (LOSS)	$ 22,451	$ (1,259)	$ 15,025	$ 72,718
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.13	$ 0.16	$ 0.18	$ 0.37
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.13	$ 0.16	$ 0.18	$ 0.36

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 67	$ 74
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 67	$ 74
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	2,469,173	3,208,827

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

As of June 30, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows:


	June 30, 2023	December 31, 2022
Finished goods inventory
Real estate inventory (a)	$23,520	$17,909
Log inventory	8,508	5,347
Carbon unit inventory (b)	303	473
Total inventory	$32,331	$23,729

(b)Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.

BASIS OF PRESENTATION (Details) $ in Millions, $ in Millions	Jun. 30, 2023 NZD ($)	Jul. 24, 2023 USD ($)
Working Capital Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity	$ 20
Working Capital Facility \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity		$ 20
Operating Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest (as a percent)	98.40%
Ownership interest owned by limited partners (as a percent)	1.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 208,506	$ 246,023	$ 387,343	$ 467,820
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,774	21,501	61,981	63,095
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,493	21,326	60,970	57,532
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	281	175	1,011	5,563
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	132,763	177,017	253,368	314,289
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	65,081	86,359	135,659	172,039
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	67,682	90,658	117,709	142,250
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	163,537	198,518	315,349	377,384
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,774	21,416	61,357	57,622
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,493	21,326	60,970	57,532
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	281	90	387	90
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,633	36,804	59,496	71,574
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,437	33,248	54,850	65,376
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,196	3,556	4,646	6,198
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	85	624	5,473
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	0	85	624	5,473
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,985	37,797	62,857	77,542
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,996	33,956	56,164	73,402
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,989	3,841	6,693	4,140
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	60,193	75,098	103,958	124,793
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,559	18,051	24,154	31,532
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,634	57,047	79,804	93,261
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	14,952	27,318	27,057	40,380
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	89	1,104	491	1,729
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,863	26,214	26,566	38,651
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	68,310	66,271	140,152	143,035
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	58,407	58,220	120,853	129,196
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,317	39,157	66,736	85,437
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,985	37,882	63,481	83,015
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,898	78,882	105,004	130,271
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,193	75,098	103,958	124,793
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,299	27,634	27,738	41,047
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 14,952	$ 27,318	$ 27,057	$ 40,380

REVENUE

6 Months Ended

Jun. 30, 2023

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”). Unsatisfied performance obligations as of June 30, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $33.5 million is expected to be recognized within the next twelve months, with the remaining $11.3 million expected to be recognized thereafter as we satisfy our performance obligations. 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 trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables 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 contains contract balances recorded in the Consolidated Balance Sheets at June 30, 2023 and December 31, 2022:

June 30, 2023

December 31, 2022

Balance Sheet Location

Contract assets

Trade receivables, net (a)

$31,515

$27,837

Trade receivables

Contract liabilities

Deferred revenue, current (b)

33,490

22,762

Deferred revenue

Deferred revenue, non-current (c)

11,327

6,895

Long-term deferred revenue

(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments.

(c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023.

The following table summarizes revenue recognized during the three and six months ended June 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Revenue recognized from contract liability balance at the beginning of the year (a)	$6,335	$4,968	$17,735	$12,501

(a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate sales.

The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2023 and 2022:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2023
Pulpwood	$23,855	$2,204	$8,364	—	$1,442	—	$35,865
Sawtimber	33,846	27,781	51,829	—	13,510	—	126,966
Hardwood	706	—	—	—	—	—	706
Total Timber Sales	58,407	29,985	60,193	—	14,952	—	163,537
License Revenue, Primarily from Hunting	5,186	203	68	—	—	—	5,457
Other Non-Timber/Carbon Revenue	4,717	2,129	637	—	—	—	7,483
Agency Fee Income	—	—	—	—	347	—	347

Total Non-Timber Sales	9,903	2,332	705	—	347	—	13,287
Improved Development	—	—	—	12,233	—	—	12,233

Rural	—	—	—	15,626	—	—	15,626
Timberland & Non-Strategic	—	—	—	255	—	—	255

Deferred Revenue/Other (a)	—	—	—	3,568	—	—	3,568

Total Real Estate Sales	—	—	—	31,682	—	—	31,682

Revenue from Contracts with Customers	68,310	32,317	60,898	31,682	15,299	—	208,506
Lease Revenue	—	—	—	359	—	—	359
Intersegment	—	—	—	—	116	(116)	—
Total Revenue	$68,310	$32,317	$60,898	$32,041	$15,415	($116)	$208,865


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2022
Pulpwood	$30,770	$3,572	$10,851	—	$2,999	—	$48,192
Sawtimber	21,744	34,310	64,247	—	24,319	—	144,620
Hardwood	5,706	—	—	—	—	—	5,706
Total Timber Sales	58,220	37,882	75,098	—	27,318	—	198,518
License Revenue, Primarily from Hunting	6,506	129	87	—	—	—	6,722
Other Non-Timber/Carbon Revenue	1,545	1,146	3,697	—	—	—	6,388
Agency Fee Income	—	—	—	—	316	—	316

Total Non-Timber Sales	8,051	1,275	3,784	—	316	—	13,426
Improved Development	—	—	—	11,566	—	—	11,566

Rural	—	—	—	23,420	—	—	23,420


Deferred Revenue/Other (a)	—	—	—	(907)	—	—	(907)

Total Real Estate Sales	—	—	—	34,079	—	—	34,079

Revenue from Contracts with Customers	66,271	39,157	78,882	34,079	27,634	—	246,023
Lease Revenue	—	—	—	323	—	—	323
Intersegment	—	—	—	—	49	(49)	—
Total Revenue	$66,271	$39,157	$78,882	$34,402	$27,683	($49)	$246,346

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


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2023
Pulpwood	$50,638	$5,919	$14,446	—	$2,881	—	$73,884
Sawtimber	68,389	57,562	89,512	—	24,176	—	239,639
Hardwood	1,826	—	—	—	—	—	1,826
Total Timber Sales	120,853	63,481	103,958	—	27,057	—	315,349
License Revenue, Primarily From Hunting	10,454	340	123	—	—	—	10,917
Other Non-Timber/Carbon Revenue	8,845	2,915	923	—	—	—	12,683
Agency Fee Income	—	—	—	—	681	—	681

Total Non-Timber Sales	19,299	3,255	1,046	—	681	—	24,281
Improved Development	—	—	—	17,035	—	—	17,035

Rural	—	—	—	22,125	—	—	22,125
Timberland & Non-Strategic	—	—	—	1,892	—	—	1,892

Deferred Revenue/Other (a)	—	—	—	6,661	—	—	6,661

Total Real Estate Sales	—	—	—	47,713	—	—	47,713

Revenue from Contracts with Customers	140,152	66,736	105,004	47,713	27,738	—	387,343
Lease Revenue	—	—	—	604	—	—	604
Intersegment	—	—	—	—	246	(246)	—
Total Revenue	$140,152	$66,736	$105,004	$48,317	$27,984	($246)	$387,947

Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
June 30, 2022
Pulpwood	$68,381	$6,491	$18,446	—	$4,523	—	$97,841
Sawtimber	49,260	76,524	106,347	—	35,857	—	267,988
Hardwood	11,555	—	—	—	—	—	11,555
Total Timber Sales	129,196	83,015	124,793	—	40,380	—	377,384
License Revenue, Primarily from Hunting	11,182	245	148	—	—	—	11,575
Other Non-Timber/Carbon Revenue	2,657	2,177	5,330	—	—	—	10,164
Agency Fee Income	—	—	—	—	667	—	667

Total Non-Timber Sales	13,839	2,422	5,478	—	667	—	22,406
Improved Development	—	—	—	16,532	—	—	16,532

Rural	—	—	—	40,369	—	—	40,369
Timberland & Non-Strategic	—	—	—	11,400	—	—	11,400

Deferred Revenue/Other (a)	—	—	—	(271)	—	—	(271)

Total Real Estate Sales	—	—	—	68,030	—	—	68,030

Revenue from Contracts with Customers	143,035	85,437	130,271	68,030	41,047	—	467,820
Lease Revenue	—	—	—	567	—	—	567
Intersegment	—	—	—	—	98	(98)	—
Total Revenue	$143,035	$85,437	$130,271	$68,597	$41,145	($98)	$468,387

(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 six months ended June 30, 2023 and 2022:



Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
June 30, 2023
Stumpage Pay-as-Cut	$30,493	—	—	—	$30,493
Stumpage Lump Sum	281	—	—	—	281

Total Stumpage	30,774	—	—	—	30,774

Delivered Wood (Domestic)	25,437	26,996	12,559	89	65,081
Delivered Wood (Export)	2,196	2,989	47,634	14,863	67,682
Total Delivered	27,633	29,985	60,193	14,952	132,763

Total Timber Sales	$58,407	$29,985	$60,193	$14,952	$163,537

June 30, 2022
Stumpage Pay-as-Cut	$21,326	—	—	—	$21,326
Stumpage Lump Sum	90	85	—	—	175

Total Stumpage	21,416	85	—	—	21,501

Delivered Wood (Domestic)	33,248	33,956	18,051	1,104	86,359
Delivered Wood (Export)	3,556	3,841	57,047	26,214	90,658
Total Delivered	36,804	37,797	75,098	27,318	177,017

Total Timber Sales	$58,220	$37,882	$75,098	$27,318	$198,518


Six Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
June 30, 2023
Stumpage Pay-as-Cut	$60,970	—	—	—	$60,970
Stumpage Lump Sum	387	624	—	—	1,011

Total Stumpage	61,357	624	—	—	61,981

Delivered Wood (Domestic)	54,850	56,164	24,154	491	135,659
Delivered Wood (Export)	4,646	6,693	79,804	26,566	117,709
Total Delivered	59,496	62,857	103,958	27,057	253,368

Total Timber Sales	$120,853	$63,481	$103,958	$27,057	$315,349

June 30, 2022
Stumpage Pay-as-Cut	$57,532	—	—	—	$57,532
Stumpage Lump Sum	90	5,473	—	—	5,563

Total Stumpage	57,622	5,473	—	—	63,095

Delivered Wood (Domestic)	65,376	73,402	31,532	1,729	172,039
Delivered Wood (Export)	6,198	4,140	93,261	38,651	142,250
Total Delivered	71,574	77,542	124,793	40,380	314,289

Total Timber Sales	$129,196	$83,015	$124,793	$40,380	$377,384

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE - Remaining Performance Obligations Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 33.5
Remaining performance obligation, expected to satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 11.3
Remaining performance obligation, expected to satisfaction, period

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of June 30, 2023:


Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt (b)		Total Effective Interest Rate (c)
August 2015	9 years	$170,000	Term Credit Agreement	2.10	%	1.70	%	3.80	%
August 2015	9 years	180,000	Term Credit Agreement	2.26	%	1.70	%	3.96	%
April 2016	10 years	100,000	Incremental Term Loan	1.50	%	1.75	%	3.25	%
April 2016	10 years	100,000	Incremental Term Loan	1.51	%	1.75	%	3.26	%
May 2021	7 years	200,000	2021 Incremental Term Loan Facility	0.67	%	1.65	%	2.32	%
December 2022	5 years	100,000	2022 Incremental Term Loan Facility	3.72	%	1.70	%	5.42	%

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

(b)Includes the SOFR Credit Spread Adjustment component of 0.1%.

(c)Rate is before estimated patronage payments.

The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2023:

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

0.78

Term Credit Agreement

August 2024

N/A

May 2020

4 years

50,000

0.64

Term Credit Agreement

August 2024

N/A

May 2023

4 years

50,000

3.29

Term Credit Agreement

August 2024

N/A

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

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


		Three Months Ended June 30,
	Income Statement Location	2023	2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$188	($14,438)
	Other operating (expense) income, net	(1,577)	86
Foreign currency option contracts	Other comprehensive income (loss)	(561)	(686)
	Other operating (expense) income, net	(48)	—
Interest rate products	Other comprehensive income (loss)	17,695	14,636
	Interest expense, net	(4,314)	1,948



		Six Months Ended June 30,
	Income Statement Location	2023	2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$4,001	($10,909)
	Other operating (expense) income, net	(4,005)	70
Foreign currency option contracts	Other comprehensive income (loss)	(831)	(550)
	Other operating (expense) income, net	(48)	—
Interest rate products	Other comprehensive income (loss)	8,035	49,765
	Interest expense, net	(7,777)	4,618

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			($3,108)
Foreign currency option contracts			(324)
Interest rate products (a)			27,564
Total estimated gain on derivatives contracts			$24,132

(a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.

Schedule of Notional Amounts of Outstanding Derivative Positions

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


	Notional Amount
	June 30, 2023	December 31, 2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$124,600	$138,250
Foreign currency option contracts	82,000	78,000
Interest rate swaps	850,000	850,000

Forward-starting interest rate swaps	200,000	150,000

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


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		June 30, 2023	December 31, 2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$21	$25
	Other assets	544	1,303
	Other current liabilities	(4,338)	(5,457)
	Other non-current liabilities	(768)	(410)
Foreign currency option contracts	Other current assets	15	66
	Other assets	1,182	2,131
	Other current liabilities	(465)	(347)
	Other non-current liabilities	(1,044)	(1,281)
Interest rate swaps	Other assets	59,192	60,843
	Other non-current liabilities	—	(51)






Forward-starting interest rate swaps	Other assets	13,441	11,939








Total derivative contracts:
Other current assets		$36	$91
Other assets		74,359	76,216
Total derivative assets		$74,395	$76,307

Other current liabilities		(4,803)	(5,804)
Other non-current liabilities		(1,812)	(1,742)
Total derivative liabilities		($6,615)	($7,546)

(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.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ 11,942	$ (12,319)	$ 5,755	$ 40,427
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-Starting Interest Rate Swap 1
Derivative Instruments, Gain (Loss) [Line Items]
Term					4 years
Notional Amount	$ 100,000				$ 100,000
Fixed Rate of Swap	0.78%				0.78%
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-Starting Interest Rate Swap 2
Derivative Instruments, Gain (Loss) [Line Items]
Term					4 years
Notional Amount	$ 50,000				$ 50,000
Fixed Rate of Swap	0.64%				0.64%
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-Starting Interest Rate Swap 3
Derivative Instruments, Gain (Loss) [Line Items]
Term					4 years
Notional Amount	$ 50,000				$ 50,000
Fixed Rate of Swap	3.29%				3.29%
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	$ 124,600				$ 124,600		$ 138,250
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	188		(14,438)		4,001	$ (10,909)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other operating (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(1,577)		86		(4,005)	70
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	82,000				82,000		$ 78,000
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	(561)		(686)		(831)	(550)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other operating (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(48)		0		(48)	0
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	17,695		14,636		8,035	49,765
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate products \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ (4,314)		$ 1,948		$ (7,777)	$ 4,618

GUARANTEES

6 Months Ended

Jun. 30, 2023

Guarantees [Abstract]

GUARANTEES

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

As of June 30, 2023, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit (b)

$3,779

Surety bonds (c)

21,687

Total financial commitments

$25,466

(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)Approximately $2.9 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2023 and will be renewed as required.

(c)Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2023, 2024, and 2025 and are expected to be renewed as required.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

EARNINGS PER SHARE AND PER UNIT (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings per common share - basic
Numerator:
Net Income	$19,096	$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 affiliates	245	(637)	1,281	(1,650)
Net income attributable to Rayonier Inc.	$19,023	$24,104	$27,323	$53,422
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,218,436	146,257,311	147,800,265	145,846,026
Basic earnings per common share attributable to Rayonier Inc.:	$0.13	$0.16	$0.18	$0.37
Earnings per common share - diluted
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,218,436	146,257,311	147,800,265	145,846,026
Add: Dilutive effect of:
Stock options	—	8,100	943	7,664
Performance shares, restricted shares and restricted stock units	269,994	666,653	441,204	730,773
Noncontrolling interests in operating partnership units	2,476,761	3,312,315	2,785,928	3,313,543
Denominator for diluted earnings per common share - adjusted weighted average shares	150,965,191	150,244,379	151,028,340	149,898,006
Diluted earnings per common share attributable to Rayonier Inc.:	$0.13	$0.16	$0.18	$0.36

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Earnings per unit - basic
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income available to unitholders	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per unit - weighted average units	150,695,197	149,569,626	150,586,193	149,159,569
Basic earnings per unit attributable to Rayonier, L.P.:	$0.13	$0.16	$0.18	$0.37
Earnings per unit - diluted
Numerator:
Net Income	$19,096	$25,287	$26,534	$56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245	(637)	1,281	(1,650)
Net income available to unitholders	$19,341	$24,650	$27,815	$54,636
Denominator:
Denominator for basic earnings per unit - weighted average units	150,695,197	149,569,626	150,586,193	149,159,569
Add: Dilutive effect of unit equivalents:
Stock options	—	8,100	943	7,664
Performance shares, restricted shares and restricted stock units	269,994	666,653	441,204	730,773
Denominator for diluted earnings per unit - adjusted weighted average units	150,965,191	150,244,379	151,028,340	149,898,006
Diluted earnings per unit attributable to Rayonier, L.P.:	$0.13	$0.16	$0.18	$0.36

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	241,316	109,515	152,992	54,884


Total	241,316	109,515	152,992	54,884


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	241,316	109,515	152,992	54,884


Total	241,316	109,515	152,992	54,884

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Offering issuance costs		$ 24		$ 339
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.285	$ 0.285	$ 0.285	$ 0.27
Offering issuance costs		$ 24		$ 339

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Our debt consisted of the following at June 30, 2023:


			June 30, 2023
Debt


Senior Notes due 2031 at a fixed interest rate of 2.75%			$450,000
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.76% at June 30, 2023			350,000
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.76% at June 30, 2023			250,000
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.81% at June 30, 2023			200,000


2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.71% at June 30, 2023			200,000

New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a)			24,511
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a)			24,511
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a)			21,009






Total principal debt			1,520,031

Less: Unamortized discounts			(2,940)

Less: Deferred financing costs			(4,894)

















Total long-term debt			$1,512,197

(a) 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.

The following table contains information on the outstanding variable rate debt as of June 30, 2023:


Debt	Periodic Interest Rate (a)	Effective Fixed Interest Rate (b)
2015 Term Loan	Daily Simple SOFR + 1.70%	3.03	%
2022 Incremental Term Loan	Daily Simple SOFR + 1.70%	5.38	%
2016 Incremental Term Loan	Daily Simple SOFR + 1.75%	2.40	%
2021 Incremental Term Loan	Daily Simple SOFR + 1.65%	1.46	%

(a) Includes credit spread adjustment of 0.1%.

(b) Effective interest rate is after consideration of interest rate swaps and estimated patronage refunds.

Schedule of Maturities of Long-Term Debt

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


									Total
2023									—
2024									—
2025									21,009
2026									224,511
2027									274,511
Thereafter									1,000,000
Total Debt									$1,520,031

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2023, 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		7.4 to 1		4.9
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	46	%	19	%

- 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

ASSETS HELD FOR SALE	6 Months Ended
ASSETS HELD FOR SALE	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, the basis in properties meeting this classification was $4.2 million and $0.7 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

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

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Patronage refunds received, netted with interest paid

$ 6,200

$ 6,000

Noncontrolling interests in consolidated affiliates redemption of shares

^[1]

$ 0

$ 27,860

New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds | Subsidiaries

Noncontrolling interests in consolidated affiliates redemption of shares

$ 27,900

[1]	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.

NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2023

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 419,000 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.

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Beginning noncontrolling interests in the operating partnership	$82,461	$136,239	$105,763	$133,823

Adjustment of noncontrolling interests in the operating partnership	(4,296)	(11,412)	(1,920)	(8,767)
Conversions of Redeemable Operating Partnership Units to Common Shares	(304)	(42)	(24,185)	(146)
Net Income attributable to noncontrolling interests in the operating partnership	318	546	492	1,214
Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership	58	(575)	(1,052)	(474)
Distributions to noncontrolling interests in the operating partnership	(705)	(945)	(1,566)	(1,839)
Total noncontrolling interests in the operating partnership	$77,532	$123,811	$77,532	$123,811

RESTRICTED CASH

6 Months Ended

Jun. 30, 2023

Restricted Cash and Investments [Abstract]

RESTRICTED CASH

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.

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


	Six Months Ended June 30,
	2023	2022

Restricted cash, excluding Timber Funds:
Restricted cash deposited with LKE intermediary	$1,646	$13,704
Restricted cash held in escrow	3,316	625
Total restricted cash, excluding Timber Funds	4,962	14,329
Restricted cash, Timber Funds	—	1,464

Cash and cash equivalents	88,404	280,280






Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$93,366	$296,073

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 208,506	$ 246,023	$ 387,343	$ 467,820
Lease Revenue	359	323	604	567
Total Revenue	208,865	246,346	387,947	468,387
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	163,537	198,518	315,349	377,384
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,865	48,192	73,884	97,841
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	126,966	144,620	239,639	267,988
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	706	5,706	1,826	11,555
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,287	13,426	24,281	22,406
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,457	6,722	10,917	11,575
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,483	6,388	12,683	10,164
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	347	316	681	667
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,682	34,079	47,713	68,030
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,233	11,566	17,035	16,532
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,626	23,420	22,125	40,369
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	255		1,892	11,400
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,568	(907)	6,661	(271)
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(116)	(49)	(246)	(98)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	68,310	66,271	140,152	143,035
Total Revenue	68,310	66,271	140,152	143,035
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	58,407	58,220	120,853	129,196
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,855	30,770	50,638	68,381
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,846	21,744	68,389	49,260
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	706	5,706	1,826	11,555
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,903	8,051	19,299	13,839
Operating Segments \| Southern Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,186	6,506	10,454	11,182
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,717	1,545	8,845	2,657
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,317	39,157	66,736	85,437
Total Revenue	32,317	39,157	66,736	85,437
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,985	37,882	63,481	83,015
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,204	3,572	5,919	6,491
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,781	34,310	57,562	76,524
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	2,332	1,275	3,255	2,422
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	203	129	340	245
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,129	1,146	2,915	2,177
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,898	78,882	105,004	130,271
Total Revenue	60,898	78,882	105,004	130,271
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,193	75,098	103,958	124,793
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,364	10,851	14,446	18,446
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,829	64,247	89,512	106,347
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	705	3,784	1,046	5,478
Operating Segments \| New Zealand Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	68	87	123	148
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	637	3,697	923	5,330
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,682	34,079	47,713	68,030
Lease Revenue	359	323	604	567
Total Revenue	32,041	34,402	48,317	68,597
Operating Segments \| Real Estate \| Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,682	34,079	47,713	68,030
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,233	11,566	17,035	16,532
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,626	23,420	22,125	40,369
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	255		1,892	11,400
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,568	(907)	6,661	(271)
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,299	27,634	27,738	41,047
Total Revenue	15,415	27,683	27,984	41,145
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,952	27,318	27,057	40,380
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,442	2,999	2,881	4,523
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,510	24,319	24,176	35,857
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	347	316	681	667
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	347	316	681	667
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	116	49	246	98
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (116)	$ (49)	$ (246)	$ (98)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ 1,401	$ (801)	$ 3,917	$ 182
Interest expense, net	(12,457)	(9,083)	(24,158)	(17,420)
Income tax expense	(193)	(1,304)	(1,230)	(6,818)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	$ (19,096)	$ (25,287)	(26,534)	(56,286)
Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income			(10,023)	4,657
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense			875	(15)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			(4,005)	71
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Realized loss on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			(48)	0
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net			(7,777)	4,617
Cash Flow Hedges, Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive loss (income) attributable to noncontrolling interests			$ 932	$ (16)

SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2023

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 expense, miscellaneous income (expense) and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”

The following tables summarize the segment information for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,		Six Months Ended June 30,
SALES	2023	2022	2023	2022
Southern Timber	$68,310	$66,271	$140,152	$143,035
Pacific Northwest Timber	32,317	39,157	66,736	85,437
New Zealand Timber	60,898	78,882	105,004	130,271

Real Estate	32,041	34,402	48,317	68,597
Trading	15,415	27,683	27,984	41,145

Intersegment Eliminations (a)	(116)	(49)	(246)	(98)
Total	$208,865	$246,346	$387,947	$468,387

(a)Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.


	Three Months Ended June 30,		Six Months Ended June 30,
OPERATING INCOME	2023	2022	2023	2022
Southern Timber	$21,708	$24,067	$43,931	$54,409
Pacific Northwest Timber	(2,376)	2,943	(5,919)	9,550
New Zealand Timber (a)	2,373	7,981	1,710	13,373

Real Estate	8,649	11,023	9,532	21,204
Trading	67	(444)	409	(93)

Corporate and Other	(10,319)	(10,102)	(18,938)	(17,657)
Total Operating Income	20,102	35,468	30,725	80,786
Unallocated interest expense and other (b)	(813)	(8,877)	(2,961)	(17,682)
Total Income before Income Taxes	$19,289	$26,591	$27,764	$63,104

(b)The three and six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.


	Three Months Ended June 30,		Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2023	2022	2023	2022
Southern Timber	$21,868	$14,657	$42,478	$32,716
Pacific Northwest Timber	9,242	11,316	19,892	26,232
New Zealand Timber	5,927	6,901	10,382	11,891

Real Estate	2,235	2,564	3,738	11,709


Corporate and Other	443	313	824	621
Total	$39,715	$35,751	$77,314	$83,169


	Three Months Ended June 30,		Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2023	2022	2023	2022




Real Estate	$9,395	$11,780	$13,603	$17,139


Total	$9,395	$11,780	$13,603	$17,139

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2023
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.

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 67	$ 74
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,268,443	147,282,631
Common shares, shares outstanding (in shares)	148,268,443	147,282,631

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		6 Months Ended
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) plan	Jun. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| plan			1
Weighted-average expected long-term rate of return on plan assets (as a percent)			5.00%
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	$ 7,600		$ 7,600
Service cost	0	$ 0	0	$ 0
Interest cost	844	609	1,689	1,217
Expected return on plan assets	(887)	(872)	(1,776)	(1,743)
Amortization of losses	1	184	3	369
Net periodic benefit (credit) cost	(42)	(79)	(84)	(157)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	1,300		1,300
Service cost	1	2	2	3
Interest cost	17	13	35	26
Expected return on plan assets	0	0	0	0
Amortization of losses	0	4	0	7
Net periodic benefit (credit) cost	$ 18	$ 19	$ 37	$ 36

EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income	$ 19,096		$ 25,287		$ 26,534	$ 56,286
Less: Net income attributable to noncontrolling interests in the operating partnership	(318)	$ (174)	(546)	$ (669)	(492)	(1,214)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245		(637)		1,281	(1,650)
Net Income	$ 19,023		$ 24,104		$ 27,323	$ 53,422
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,218,436		146,257,311		147,800,265	145,846,026
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.13		$ 0.16		$ 0.18	$ 0.37
Numerator:
Net Income	$ 19,096		$ 25,287		$ 26,534	$ 56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245		(637)		1,281	(1,650)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 19,341		$ 24,650		$ 27,815	$ 54,636
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,218,436		146,257,311		147,800,265	145,846,026
Add: Dilutive effect of:
Stock options (in shares/units)	0		8,100		943	7,664
Performance shares, restricted shares and restricted stock units (in shares/units)	269,994		666,653		441,204	730,773
Noncontrolling interests in operating partnership units (in shares)	2,476,761		3,312,315		2,785,928	3,313,543
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	150,965,191		150,244,379		151,028,340	149,898,006
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.13		$ 0.16		$ 0.18	$ 0.36
Rayonier Limited Partnership
Numerator:
Net Income	$ 19,096	7,437	$ 25,287	30,998	$ 26,534	$ 56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	245		(637)		1,281	(1,650)
Net Income	$ 19,341		$ 24,650		$ 27,815	$ 54,636
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,695,197		149,569,626		150,586,193	149,159,569
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13		$ 0.16		$ 0.18	$ 0.37
Numerator:
Net Income	$ 19,096	$ 7,437	$ 25,287	$ 30,998	$ 26,534	$ 56,286
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	$ 245		$ (637)		$ 1,281	$ (1,650)
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,695,197		149,569,626		150,586,193	149,159,569
Add: Dilutive effect of:
Stock options (in shares/units)	0		8,100		943	7,664
Performance shares, restricted shares and restricted stock units (in shares/units)	269,994		666,653		441,204	730,773
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	150,965,191		150,244,379		151,028,340	149,898,006
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13		$ 0.16		$ 0.18	$ 0.36

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

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.


	June 30, 2023			December 31, 2022
Asset (Liability) (a)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$88,404	$88,404	—	$114,255	$114,255	—


Restricted cash (b)	4,962	4,962	—	1,152	1,152	—



Long-term debt (c)	(1,512,197)	—	(1,429,173)	(1,514,721)	—	(1,438,736)

Interest rate swaps (d)	59,192	—	59,192	60,792	—	60,792

Forward-starting interest rate swaps (d)	13,441	—	13,441	11,939	—	11,939
Foreign currency exchange contracts (d)	(4,541)	—	(4,541)	(4,539)	—	(4,539)
Foreign currency option contracts (d)	(312)	—	(312)	569	—	569


Noncontrolling interests in the operating partnership (e)	77,532	—	77,532	105,763	—	105,763

(a)We did not have Level 3 assets or liabilities at June 30, 2023 and December 31, 2022.

(b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information.

(c)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.

(d)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

DEBT - Narrative (Details) $ in Thousands, $ in Millions	1 Months Ended	6 Months Ended
DEBT - Narrative (Details) $ in Thousands, $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 NZD ($)
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments		$ 0
Remaining borrowing capacity			$ 20.0
Maximum borrowing capacity			$ 20.0
Debt instrument, term (in years)	1 month
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at June 30, 2023
Debt Instrument [Line Items]
Borrowings, net of repayments		0
Remaining borrowing capacity	$ 296,200	296,200
Amount to secure outstanding letters of credit	$ 3,800	$ 3,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 28, 2023
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		148,268,558
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		2,469,173
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 74,395	$ 76,307
Fair value, derivative liability	(6,615)	(7,546)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	36	91
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	74,359	76,216
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(4,803)	(5,804)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,812)	(1,742)
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	21	25
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	544	1,303
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	(4,338)	(5,457)
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	(768)	(410)
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	15	66
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	1,182	2,131
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	(465)	(347)
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	(1,044)	(1,281)
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	59,192	60,843
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	(51)
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	$ 13,441	$ 11,939

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, net income tax	560	4,211	247	3,189
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,865,395
Other comprehensive income (loss) before reclassifications	(2,462)	$ 55,435
Amounts reclassified from accumulated other comprehensive income (loss)	(9,056)	(18)
Net other comprehensive income (loss)	(11,518)	55,417
Ending balance	1,825,420	1,865,395
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	35,813	(19,604)
Ending balance	24,295	35,813
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(18,067)	4,215
Other comprehensive income (loss) before reclassifications	(12,342)	(22,282)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net other comprehensive income (loss)	(12,342)	(22,282)
Ending balance	(30,409)	(18,067)
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 (loss)	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	67,204	(9,163)
Other comprehensive income (loss) before reclassifications	9,792	78,166
Amounts reclassified from accumulated other comprehensive income (loss)	(10,023)	(1,799)
Net other comprehensive income (loss)	(231)	76,367
Ending balance	66,973	67,204
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	8,000	75,000
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(10,209)	(11,836)
Other comprehensive income (loss) before reclassifications	0	874
Amounts reclassified from accumulated other comprehensive income (loss)	3	753
Net other comprehensive income (loss)	3	1,627
Ending balance	(10,206)	(10,209)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	40,249	(15,463)
Other comprehensive income (loss) before reclassifications	(2,550)	56,758
Amounts reclassified from accumulated other comprehensive income (loss)	(10,020)	(1,046)
Net other comprehensive income (loss)	(12,570)	55,712
Ending balance	27,679	40,249
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,436)	(4,141)
Other comprehensive income (loss) before reclassifications	88	(1,323)
Amounts reclassified from accumulated other comprehensive income (loss)	964	1,028
Net other comprehensive income (loss)	1,052	(295)
Ending balance	$ (3,384)	$ (4,436)

INCOME TAXES

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, Rayonier owns a 98.4% 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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Income tax expense	($193)	($1,304)	($1,230)	($6,818)

ANNUAL EFFECTIVE TAX RATE

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


	Six Months Ended June 30,
		2023		2022
Annualized effective tax rate after discrete items		3.9	%	9.2	%

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Credit Spread Option \| SOFR
Derivative [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%
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	2.10%
Bank Margin on Debt	1.70%
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	2.26%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.96%
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	1.50%
Bank Margin on Debt	1.75%
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	1.51%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.26%
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	0.67%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	2.32%
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest Rate Swap 6
Derivative [Line Items]
Term	5 years
Notional Amount	$ 100
Fixed Rate of Swap	3.72%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	5.42%

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ (193)	$ (1,304)	$ (1,230)	$ (6,818)

- Definition

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

+ References + Details

GUARANTEES (Tables)

6 Months Ended

Jun. 30, 2023

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of June 30, 2023, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit (b)

$3,779

Surety bonds (c)

21,687

Total financial commitments

$25,466

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Income tax expense	($193)	($1,304)	($1,230)	($6,818)

Schedule of Effective Income Tax Rate Reconciliation

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


	Six Months Ended June 30,
		2023		2022
Annualized effective tax rate after discrete items		3.9	%	9.2	%

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Patronage refunds received, netted with interest paid

$ 6,200

$ 6,000

Noncontrolling interests in consolidated affiliates redemption of shares

^[1]

27,860

Rayonier Limited Partnership

Patronage refunds received, netted with interest paid

6,200

6,000

Noncontrolling interests in consolidated affiliates redemption of shares

^[2]

$ 0

$ 27,860

[1]	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.
[2]	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.