0000052827-24-000014 | 10-K | XBRL Viewer

Noncontrolling interests in consolidated affiliates redemption of shares

$ 1,372,723,000

$ 1,523,103,000

^[1]

$ 0

27,860,000

$ 28,119,000

Working Capital Facility

Maximum borrowing capacity

$ 20,000,000

Variable interest rate index term (in days)

90 days

New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2025 | Matariki Forestry Group

Stated fixed interest rate (as a percent)

2.95%

Noncontrolling interests in consolidated affiliates redemption of shares

$ 21,817,000

21,931,000

$ 23,300,000

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

Stated fixed interest rate (as a percent)

3.64%

Noncontrolling interests in consolidated affiliates redemption of shares

$ 25,453,000

25,586,000

$ 28,100,000

New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Matariki Forestry Group

Stated fixed interest rate (as a percent)

6.48%

Noncontrolling interests in consolidated affiliates redemption of shares

$ 25,453,000

$ 25,586,000

$ 27,900,000

[1]

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 and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

NONCONTROLLING INTERESTS - Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 29, 2023	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Beginning noncontrolling interests in the operating partnership		$ 105,763	$ 133,823
Adjustment of noncontrolling interests in the operating partnership		2,421	(23,155)
Conversions of redeemable operating partnership units to common shares		(24,917)	(3,925)
Net income attributable to noncontrolling interests in the operating partnership		2,905	2,393
Other comprehensive (loss) income attributable to noncontrolling interests in the operating partnership		(1,069)	295
Distributions to noncontrolling interests in the operating partnership (a)		(3,452)	(3,668)
Total noncontrolling interests in the operating partnership		81,651	105,763
Rayonier Limited Partnership
Temporary Equity [Line Items]
Beginning noncontrolling interests in the operating partnership		105,763
Total noncontrolling interests in the operating partnership		$ 81,651	$ 105,763
Cash distributions declared (in dollars per share)	$ 0.20
Cash distribution payable	$ 500

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contracts with Customers

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


Year	2023	2022	Balance Sheet Location
Contract assets
Trade receivables, net (a)	$28,652	$27,837	Trade receivables
Contract liabilities
Deferred revenue, current (b)	19,012	22,762	Deferred revenue
Deferred revenue, non-current (c)	11,294	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 decrease in deferred revenue, current is primarily driven by the satisfaction of post-closing obligations on real estate sales and the timing of advance payments on stumpage contracts, partially offset by increased hunting license renewals and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023.

(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 years ended December 31, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:


	Year Ended December 31,
	2023	2022
Revenue recognized from contract liability balance at the beginning of the year (a)	$21,187	$16,148

(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 years ended December 31, 2023, 2022 and 2021:


Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
December 31, 2023
Pulpwood	$99,035	$8,410	$28,760	—	—	$3,961	—	$140,166
Sawtimber	123,312	109,446	182,355	—	—	37,894	—	453,007
Hardwood	4,279	—	—	—	—	—	—	4,279
Total Timber Sales	226,626	117,856	211,115	—	—	41,855	—	597,452
License Revenue, Primarily From Hunting	23,335	1,344	279	—	—	—	—	24,958
Other Non-Timber/Carbon Revenue	14,167	4,945	24,087	—	—	—	—	43,199
Agency Fee Income	—	—	—	—	—	1,361	—	1,361

Total Non-Timber Sales	37,502	6,289	24,366	—	—	1,361	—	69,518
Improved Development	—	—	—	—	30,707	—	—	30,707
Unimproved Development	—	—	—	—	114	—	—	114
Rural	—	—	—	—	99,665	—	—	99,665
Timberland & Non-Strategic	—	—	—	—	3,347	—	—	3,347

Deferred Revenue/Other (a)	—	—	—	—	12,516	—	—	12,516
Large Dispositions	—	—	—	—	242,200	—	—	242,200
Total Real Estate Sales	—	—	—	—	388,549	—	—	388,549
Revenue from Contracts with Customers	264,128	124,145	235,481	—	388,549	43,216	—	1,055,519
Lease Revenue	—	—	—	—	1,414	—	—	1,414
Intersegment	—	—	—	—	—	468	(468)	—
Total Revenue	$264,128	$124,145	$235,481	—	$389,963	$43,684	($468)	$1,056,933
December 31, 2022
Pulpwood	$126,884	$15,094	$34,027	—	—	$7,178	—	$183,183
Sawtimber	92,512	141,541	219,082	—	—	62,116	—	515,251
Hardwood	17,216	—	—	—	—	—	—	17,216
Total Timber Sales	236,612	156,635	253,109	—	—	69,294	—	715,650
License Revenue, Primarily from Hunting	21,287	1,076	341	—	—	—	—	22,704
Other Non-Timber/Carbon Revenue	6,302	4,526	20,626	—	—	—	—	31,454
Agency Fee Income	—	—	—	—	—	1,256	—	1,256

Total Non-Timber Sales	27,589	5,602	20,967	—	—	1,256	—	55,414
Improved Development	—	—	—	—	35,413	—	—	35,413

Rural	—	—	—	—	59,485	—	—	59,485
Timberland & Non-Strategic	—	—	—	—	11,400	—	—	11,400

Deferred Revenue/Other (a)	—	—	—	—	(38)	—	—	(38)
Large Dispositions	—	—	—	—	30,471	—	—	30,471
Total Real Estate Sales	—	—	—	—	136,731	—	—	136,731
Revenue from Contracts with Customers	264,201	162,237	274,076	—	136,731	70,550	—	907,795
Lease Revenue	—	—	—	—	1,277	—	—	1,277
Intersegment	—	—	—	—	—	402	(402)	—
Total Revenue	$264,201	$162,237	$274,076	—	$138,008	$70,952	($402)	$909,072

December 31, 2021
Pulpwood	$95,995	$9,336	$42,836	$792	—	$11,369	—	$160,328
Sawtimber	79,154	127,768	237,262	38,042	—	82,276	—	564,502
Hardwood	4,671	—	—	—	—	—	—	4,671
Total Timber Sales	179,820	137,104	280,098	38,834	—	93,645	—	729,501
License Revenue, Primarily from Hunting	18,116	990	385	40	—	—	—	19,531
Other Non-Timber/Carbon Revenue	6,505	4,927	675	439	—	—	—	12,546
Agency Fee Income	—	—	—	—	—	1,399	—	1,399
Fund II Timberland Dispositions	—	—	—	156,752	—	—	—	156,752
Total Non-Timber Sales	24,621	5,917	1,060	157,231	—	1,399	—	190,228
Improved Development	—	—	—	—	51,713	—	—	51,713
Unimproved Development	—	—	—	—	37,500	—	—	37,500
Rural	—	—	—	—	43,088	—	—	43,088
Timberland & Non-Strategic	—	—	—	—	44	—	—	44
Conservation Easements	—	—	—	—	3,855	—	—	3,855
Deferred Revenue/Other (a)	—	—	—	—	(3,532)	—	—	(3,532)
Large Dispositions	—	—	—	—	56,048	—	—	56,048
Total Real Estate Sales	—	—	—	—	188,716	—	—	188,716
Revenue from Contracts with Customers	204,441	143,021	281,158	196,065	188,716	95,044	—	1,108,445
Lease Revenue	—	—	—	—	1,152	—	—	1,152
Intersegment	—	—	—	3,337	—	320	(3,657)	—
Total Revenue	$204,441	$143,021	$281,158	$199,402	$189,868	$95,364	($3,657)	$1,109,597

(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 years ended December 31, 2023, 2022 and 2021:


Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
December 31, 2023
Stumpage Pay-as-Cut	$109,583	—	—	—	—	$109,583
Stumpage Lump Sum	387	2,654	—	—	—	3,041

Total Stumpage	109,970	2,654	—	—	—	112,624

Delivered Wood (Domestic)	108,354	102,533	52,535	—	523	263,945
Delivered Wood (Export)	8,302	12,669	158,580	—	41,332	220,883
Total Delivered	116,656	115,202	211,115	—	41,855	484,828

Total Timber Sales	$226,626	$117,856	$211,115	—	$41,855	$597,452

December 31, 2022
Stumpage Pay-as-Cut	$98,967	—	—	—	—	$98,967
Stumpage Lump Sum	1,022	7,770	—	—	—	8,792

Total Stumpage	99,989	7,770	—	—	—	107,759

Delivered Wood (Domestic)	125,136	137,421	62,068	—	2,310	326,935
Delivered Wood (Export)	11,487	11,444	191,041	—	66,984	280,956
Total Delivered	136,623	148,865	253,109	—	69,294	607,891

Total Timber Sales	$236,612	$156,635	$253,109	—	$69,294	$715,650

December 31, 2021
Stumpage Pay-as-Cut	$68,471	—	—	$768	—	$69,239
Stumpage Lump Sum	6,890	10,769	—	—	—	17,659

Total Stumpage	75,361	10,769	—	768	—	86,898

Delivered Wood (Domestic)	81,803	126,335	73,543	38,066	3,731	323,478
Delivered Wood (Export)	22,656	—	206,555	—	89,914	319,125
Total Delivered	104,459	126,335	280,098	38,066	93,645	642,603

Total Timber Sales	$179,820	$137,104	$280,098	$38,834	$93,645	$729,501

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	3,374	2,434	2,228
Expected return on plan assets	(3,439)	(3,486)	(3,746)
Amortization of losses	6	738	1,154
Settlement expense	2,036	0	0
Net periodic benefit cost (credit)	1,977	(314)	(364)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	7	8
Interest cost	70	51	45
Expected return on plan assets	0	0	0
Amortization of losses	0	15	20
Settlement expense	0	0	0
Net periodic benefit cost (credit)	$ 74	$ 73	$ 73

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 1,055,519	$ 907,795	$ 1,108,445
Southern Timber \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	264,128	264,201	204,441
Pacific Northwest Timber \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	124,145	162,237	143,021
New Zealand Timber \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	235,481	274,076	281,158
Timber Funds \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			196,065
Trading \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,216	70,550	95,044
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	112,624	107,759	86,898
Total Stumpage \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,970	99,989	75,361
Total Stumpage \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,654	7,770	10,769
Total Stumpage \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Stumpage \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	768
Total Stumpage \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,583	98,967	69,239
Stumpage Pay-as-Cut \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,583	98,967	68,471
Stumpage Pay-as-Cut \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	768
Stumpage Pay-as-Cut \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,041	8,792	17,659
Stumpage Lump Sum \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	387	1,022	6,890
Stumpage Lump Sum \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,654	7,770	10,769
Stumpage Lump Sum \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	484,828	607,891	642,603
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	263,945	326,935	323,478
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	220,883	280,956	319,125
Total Delivered \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	116,656	136,623	104,459
Total Delivered \| Southern Timber \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	108,354	125,136	81,803
Total Delivered \| Southern Timber \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,302	11,487	22,656
Total Delivered \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	115,202	148,865	126,335
Total Delivered \| Pacific Northwest Timber \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	102,533	137,421	126,335
Total Delivered \| Pacific Northwest Timber \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,669	11,444	0
Total Delivered \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	211,115	253,109	280,098
Total Delivered \| New Zealand Timber \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	52,535	62,068	73,543
Total Delivered \| New Zealand Timber \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	158,580	191,041	206,555
Total Delivered \| Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,066
Total Delivered \| Timber Funds \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,066
Total Delivered \| Timber Funds \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Delivered \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,855	69,294	93,645
Total Delivered \| Trading \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	523	2,310	3,731
Total Delivered \| Trading \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,332	66,984	89,914
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	597,452	715,650	729,501
Total Timber Sales \| Southern Timber \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	226,626	236,612	179,820
Total Timber Sales \| Pacific Northwest Timber \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	117,856	156,635	137,104
Total Timber Sales \| New Zealand Timber \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	211,115	253,109	280,098
Total Timber Sales \| Timber Funds \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,834
Total Timber Sales \| Trading \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 41,855	$ 69,294	$ 93,645

INCENTIVE STOCK PLANS - Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 2	$ 300	$ 916
Cash received from exercise of options	$ 75	$ 2,466	$ 5,922

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.

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Schedule of Accumulated Other Comprehensive Income

DEBT - Long Term Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	21,817
2026	225,453
2027	125,453
2028	350,000
Thereafter	650,000
Total debt	$ 1,372,723

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

The following table summarizes the changes in AOCI by component for the years ended December 31, 2023 and 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.


	Foreign currency translation gains/(losses)	Net investment hedges of New Zealand subsidiary	Cash flow hedges		Employee benefit plans		Total Rayonier, L.P.	Allocation of 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 (loss) income before reclassifications	(22,282)	—	78,166	(a)	874		56,758	(1,323)	55,435
Amounts reclassified from accumulated other comprehensive income	—	—	(1,799)		753	(b)	(1,046)	1,028	(18)
Net other comprehensive (loss) income	(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	(1,466)	—	10,537	(a)	(1,449)		7,622	(75)	7,547
Amounts reclassified from accumulated other comprehensive income	—	—	(21,895)		2,042	(b)	(19,853)	1,144	(18,709)
Net other comprehensive (loss) income	(1,466)	—	(11,358)		593		(12,231)	1,069	(11,162)
Balance as of December 31, 2023	($19,533)	$1,321	$55,846		($9,616)		$28,018	($3,367)	$24,651

(a)The years ended December 31, 2023 and December 31, 2022 include $10.3 million and $75.0 million, respectively, of other comprehensive income related to interest rate products. See Note 8 — 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. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 18 — 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 years ended December 31, 2023 and 2022:


Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the income statement
	2023	2022
Realized loss (gain) on foreign currency exchange contracts	$7,522	($7,682)	Other operating (expense) income, net
Realized loss on foreign currency option contracts	446	—	Other operating (expense) income, net
Noncontrolling interest	(1,833)	1,768	Comprehensive income attributable to noncontrolling interests
Realized (gain) loss on interest rate contracts	(26,311)	2,459	Interest expense
Income tax effect from net (loss) gain on foreign currency contracts	(1,719)	1,656	Income tax expense
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	($21,895)	($1,799)

INCENTIVE STOCK PLANS - Performance Share Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Number of Units
Beginning balance (in shares)	419,484
Granted (in shares)	207,006	130,213	129,290
Units Distributed (in shares)	(142,949)
Cancelled (in shares)	(2,616)
Ending balance (in shares)	480,925	419,484
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 32.12
Weighted average price of restricted shares granted (in dollars per share)	32.93	$ 41.81	$ 33.59
Units Distributed (in dollars per share)	31.16
Cancelled (in dollars per share)	35.28
Ending balance (in dollars per share)	$ 32.74	$ 32.12
Performance Shares
Number of Units
Beginning balance (in shares)	398,156
Granted (in shares)	163,350
Units Distributed (in shares)	(179,942)
Cancelled (in shares)	(530)
Ending balance (in shares)	381,034	398,156
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 35.78
Weighted average price of restricted shares granted (in dollars per share)	37.77	$ 45.68	$ 36.10
Units Distributed (in dollars per share)	29.57
Cancelled (in dollars per share)	40.78
Ending balance (in dollars per share)	$ 39.56	$ 35.78

EARNINGS PER SHARE AND PER UNIT

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND PER UNIT

Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units.

The following table provides details of the calculations of basic and diluted earnings per common share of the Company for the three years ended December 31:


	2023	2022	2021
Earnings per common share - basic
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income attributable to Rayonier Inc.	$173,493	$107,077	$152,550
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,046,673	146,209,847	140,812,882
Basic earnings per common share attributable to Rayonier Inc.:	$1.17	$0.73	$1.08
Earnings per common share - diluted
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,046,673	146,209,847	140,812,882
Add: Dilutive effect of:
Stock options	472	5,132	8,727
Performance shares, restricted shares and restricted stock units	401,351	669,501	416,527
Noncontrolling interests in operating partnership units	2,618,699	3,268,473	4,062,725


Denominator for diluted earnings per common share - adjusted weighted average shares	151,067,195	150,152,953	145,300,861


Diluted earnings per common share attributable to Rayonier Inc.:	$1.17	$0.73	$1.08


	2023	2022	2021
Anti-dilutive shares excluded from computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	164,865	103,514	149,705

Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units.

The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership for the three years ended December 31:


	2023	2022	2021
Earnings per unit - basic
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income available to unitholders	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per unit - weighted average units	150,665,372	149,478,320	144,875,607
Basic earnings per unit attributable to Rayonier, L.P.:	$1.17	$0.73	$1.08
Earnings per unit - diluted
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)

Net income available to unitholders	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per unit - weighted average units	150,665,372	149,478,320	144,875,607
Add: Dilutive effect of unit equivalents:
Stock options	472	5,132	8,727
Performance shares, restricted shares and restricted stock units	401,351	669,501	416,527


Denominator for diluted earnings per unit - adjusted weighted average units	151,067,195	150,152,953	145,300,861


Diluted earnings per unit attributable to Rayonier, L.P.	$1.17	$0.73	$1.08


	2023	2022	2021
Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	164,865	103,514	149,705

EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
2024	$ 63,142
2025	0
2026	0
2027	0
2028	0
2029-2033	0
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	52
2025	57
2026	63
2027	67
2028	70
2029-2033	$ 414

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

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [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 December 31, 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	(2,122)	(16,261)	(18,383)
Amortization of parcel real estate development investments	—	(12,628)	(12,628)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,732)	—	(1,732)
Capitalized real estate development investments (b)	—	30,913	30,913
Capital expenditures (silviculture)	136	—	136

Intersegment transfers	621	—	621


Total Balance at December 31, 2023	88,685	43,248	131,933
Less: Current portion (a)	(1,699)	(24,639)	(26,338)
Non-current portion at December 31, 2023	$86,986	$18,609	$105,595

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 15 — Inventory for additional information.

(b)Capitalized real estate development investments includes $1.0 million of capitalized interest and $7.8 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 one year.

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Schedule of Other Assets

The following table provides the composition of Other assets for the two years ended December 31:


	2023	2022
Long-term derivative contracts (a)	$55,336	$76,216
Patronage equity (b)	8,292	7,872
Goodwill (b)	7,822	7,863
New Zealand long-term secondary roads (b)	5,995	6,971
Equity investments (c)	5,947	—
Capitalized software costs (b)	5,427	5,795
Pacific Northwest long-term prepaid roads (b)	5,354	5,857
Rabbi trusts related to the Executive Severance Pay Plan (d)	1,962	1,869
Deferred financing costs related to revolving debt (b)	604	854
Carbon credits (e)	419	1,086
Long-term prepaid stumpage	260	713
Long-term deposits	135	212
Other	2	173
Total	$97,555	$115,481

(a)See Note 1 — Summary of Significant Accounting Policies and Note 8 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets.

(b)See Note 1 — Summary of Significant Accounting Policies for additional information.

(c)Represents the cost basis in four joint venture entities by our New Zealand subsidiary, reflecting investments made for the establishment and enhancement of timber assets which the joint ventures will monetize upon maturation of the timber.

(d)The Executive Severance Pay Plan provides benefits to eligible executives in the event of a change in control of the Company.

(e)See Note 1 — Summary of Significant Accounting Policies and Note 15 — Inventory for additional information on carbon credits.

Schedule of Changes in Goodwill

Changes in goodwill for the years ended December 31, 2023 and 2022 were:


	2023	2022
Balance, January 1 (net of $0 of accumulated impairment)	$7,863	$8,457
Changes to carrying amount


Foreign currency adjustment	(41)	(594)
Balance, December 31 (net of $0 of accumulated impairment)	$7,822	$7,863

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Schedule of Long-term Debt Instruments

DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2022	May 31, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Incremental term loan	$ 1,372,723	$ 1,523,103
Less: Unamortized discounts	(2,772)	(3,104)
Less: Deferred financing costs	(4,178)	(5,278)
Total long-term debt	$ 1,365,773	1,514,721
Senior Notes Due 2031
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%			2.75%
Incremental term loan	$ 450,000	450,000
Term Credit Agreement Due 2028
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.03%
Incremental term loan	$ 350,000	350,000
Incremental Term Loan Agreement Due 2029
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.98%
Incremental term loan	$ 200,000	200,000
Incremental Term Loan Agreement Borrowings Due 2026
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.08%
Incremental term loan	$ 200,000	200,000
Incremental Term Loan Agreement Due 2027
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.03%
Incremental term loan	$ 100,000	250,000
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Incremental term loan	$ 25,453	25,586
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%		6.48%
Incremental term loan	$ 25,453	25,586
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2025 \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%				2.95%
Incremental term loan	$ 21,817	$ 21,931

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Our debt consisted of the following at December 31, 2023 and 2022:


	2023	2022
Debt:
Senior Notes due 2031 at a fixed interest rate of 2.75%	$450,000	$450,000
2015 Term Loan Facility borrowings due 2028 at a variable interest rate of 7.03% at December 31, 2023	350,000	350,000
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 6.98% at December 31, 2023	200,000	200,000
2016 Incremental Term Loan Facility borrowings due 2026 at a variable interest rate of 7.08% at December 31, 2023	200,000	200,000

2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 7.03% at December 31, 2023	100,000	250,000

New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64%	25,453	25,586
New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48%	25,453	25,586
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95%	21,817	21,931






Total principal debt	1,372,723	1,523,103

Less: Unamortized discounts	(2,772)	(3,104)

Less: Deferred financing costs	(4,178)	(5,278)
Total long-term debt	$1,365,773	$1,514,721

Schedule of Maturities of Long-term Debt

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



2024			—
2025			21,817
2026			225,453
2027			125,453
2028			350,000
Thereafter			650,000
Total debt			$1,372,723

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of December 31, 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		11.5 to 1		9.0
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	43	%	22	%

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

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Schedule of Operating Lease Maturities

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Jacksonville, Florida
Rayonier Limited Partnership
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Jacksonville, Florida

LEASES - Narrative (Details) a in Thousands	12 Months Ended
LEASES - Narrative (Details) a in Thousands	Dec. 31, 2023 a lease
Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term (in years)	1 year
New Zealand \| Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	3
Leases under termination notice, gross acres	11
Leases under termination notice, net plantable acres	9
New Zealand \| Forestry Right
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice, gross acres	31
Leases under termination notice, net plantable acres	4
New Zealand \| Fixed-Term Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice, gross acres	3
Leases under termination notice, net plantable acres	2
Minimum \| Timberland Leases \| Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	35 years
Minimum \| Timberland Leases \| Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	35 years
Minimum \| United States \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	30 years
Minimum \| New Zealand \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	30 years
Maximum \| Timberland Leases \| Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	45 years
Maximum \| United States \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	65 years
Maximum \| New Zealand \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	99 years

INCOME TAXES - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
NOL Carryforwards
Tax credit carryforwards	$ 13,688	$ 13,688
State and Local Jurisdiction
NOL Carryforwards
Net operating loss carryforwards	4,112	3,347
Post \| Domestic Tax Authority
NOL Carryforwards
Net operating loss carryforwards	$ 25,948	$ 20,538

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

The following table details our undiscounted lease obligations as of December 31, 2023 by type of lease and year of expiration:


	Year of Expiration
Lease obligations	Total	2024	2025	2026	2027	2028	Thereafter
Operating lease liabilities	$195,999	$9,653	$8,725	$7,955	$7,761	$7,439	$154,466
Total Undiscounted Cash Flows	$195,999	$9,653	$8,725	$7,955	$7,761	$7,439	$154,466
Imputed interest	(100,219)
Balance at December 31, 2023	$95,780
Less: Current portion	(8,096)
Non-current portion at December 31, 2023	$87,684

Schedule of Lease Cost

The following table details components of our lease cost for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
Lease Cost Components	2023	2022	2021
Operating lease cost	$9,694	$9,332	$10,166
Variable lease cost (a)	535	757	196
Total lease cost (b)	$10,229	$10,089	$10,362

(a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.

(b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2023.

The following table details components of our lease cost for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
Supplemental Cash Flow Information Related to Leases:	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$2,841		$2,571		$2,389
Investing cash flows from operating leases	6,853		6,761		7,777
Total cash flows from operating leases	$9,694		$9,332		$10,166

Weighted-average remaining lease term in years - operating leases	30		30		29
Weighted-average discount rate - operating leases	6	%	5	%	5	%

Schedule of Lease, Practical Expedient

We apply the following practical expedients as allowed under ASC 842:


Practical Expedient						Description
Short-term leases						We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease components						We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

ASSETS HELD FOR SALE	12 Months Ended
ASSETS HELD FOR SALE	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Assets held for sale is composed of properties not included in inventory which are under contract and expected to be sold within the next 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of December 31, 2023 and December 31, 2022, the basis in properties meeting this classification was $9.9 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.

REVENUE - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 21,187	$ 16,148

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

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


	December 31, 2023			December 31, 2022
	Carrying Amount	Fair Value		Carrying Amount	Fair Value
Asset (Liability) (a)		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$207,696	$207,696	—	$114,255	$114,255	—


Restricted cash (b)	678	678	—	1,152	1,152	—


Long-term debt (c)	(1,365,773)	—	(1,299,951)	(1,514,721)	—	(1,438,736)

Interest rate swaps (d)	43,179	—	43,179	60,792	—	60,792
Forward-starting interest rate swaps (d)	12,782	—	12,782	11,939	—	11,939
Foreign currency exchange contracts (d)	2,916	—	2,916	(4,539)	—	(4,539)
Foreign currency option contracts (d)	1,572	—	1,572	569	—	569


Noncontrolling interests in the operating partnership (e)	81,651	—	81,651	105,763	—	105,763

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

(b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 21 — 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 7 — Debt for additional information.

(d)See Note 8 — 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 5 — Noncontrolling Interests for additional information.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

DEFINED 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. On July 20, 2023, the Rayonier Board of Directors approved the resolution to terminate the unfunded plan and will distribute all benefits in accordance with Section 409A of the Internal Revenue Code. The unfunded plan was terminated on July 31, 2023. In the fourth quarter of 2023, distributions were made to settle the obligation with participants in the Defined Benefit Plan electing the lump sum distribution option. The settlement resulted in the recognition of a $2.0 million loss. The loss was recognized in the “Interest and other miscellaneous income, net” line item of the Consolidated Statements of Income. We expect to recognize additional pre-tax non-cash pension settlement charges related to the actuarial losses in AOCI upon settlement of the remaining obligations of the Defined Benefit and Excess Benefit Plans. These charges are currently expected to occur in 2024, with the specific timing and final amounts dependent upon several factors. See Note 24 — Accumulated Other Comprehensive Income for additional information.

The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31:


	Pension		Postretirement
	2023	2022	2023	2022
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$70,062	$93,799	$1,421	$1,890
Service cost	—	—	4	7
Interest cost	3,374	2,434	70	51


Actuarial loss (gain)	4,356	(22,376)	10	(513)


Benefits paid	(3,924)	(3,609)	(14)	(14)
Expenses paid	(653)	(186)	—	—
Settlement	(10,073)	—	—	—
Projected benefit obligation at end of year	$63,142	$70,062	$1,491	$1,421


Change in Plan Assets
Fair value of plan assets at beginning of year	$62,843	$85,079	—	—
Actual return on plan assets	6,356	(18,527)	—	—
Employer contributions	201	86	14	14

Benefits paid	(3,924)	(3,609)	(14)	(14)
Other expense	(653)	(186)	—	—
Settlement	(10,073)	—	—	—
Fair value of plan assets at end of year	$54,750	$62,843	—	—


Funded Status at End of Year:
Net accrued benefit cost	($8,392)	($7,219)	($1,491)	($1,421)


Amounts Recognized in the Consolidated
Balance Sheets Consist of:

Current liabilities	($8,392)	($86)	($52)	($50)
Noncurrent liabilities	—	(7,133)	(1,439)	(1,371)
Net amount recognized	($8,392)	($7,219)	($1,491)	($1,421)

For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31:


	2023	2022
Projected benefit obligation	$63,142	$70,062
Accumulated benefit obligation	63,142	70,062
Accumulated postretirement benefit obligation	1,491	1,421
Fair value of plan assets	54,750	62,843

ACTUARIAL (GAIN) LOSS

PENSION

Key components of the actuarial gains and losses contributing to the period change in the benefit obligation are as follows:

•Changes in participant demographics resulted in an actuarial loss of approximately $0.4 million.

•Changes in the discount rate resulted in an actuarial gain of approximately $0.2 million.

•Changes in plan assets during the fiscal year ending December 31, 2023 resulted in an investment gain of $2.9 million, which is due to the difference between the 4.97% expected return compared to the actual return of 10.77%.

•Liability adjustment of 5% for in-pay participants and 20% for not-in-pay participants resulted in an actuarial loss of approximately $4.2 million.

POSTRETIREMENT

The actuarial gains and losses contributing to the period change in the benefit obligation were not material.

OTHER COMPREHENSIVE INCOME

Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows:


	Pension			Postretirement
	2023	2022	2021	2023	2022	2021
Net (losses) gains	($1,438)	$362	$11,262	($11)	$512	$40

Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:


	Pension			Postretirement
	2023	2022	2021	2023	2022	2021
Amortization of losses	$6	$738	$1,154	—	$15	$20
Net settlement loss	$2,036	—	—	—	—	—

ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (“AOCI”)

Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows:


	Pension		Postretirement
	2023	2022	2023	2022
Net (losses) income	($10,923)	($11,527)	$85	$96
Deferred income tax benefit	1,216	1,216	6	6
AOCI	($9,707)	($10,311)	$91	$102

NET PENSION AND POSTRETIREMENT BENEFIT COST (CREDIT)

The following tables set forth the components of net pension and postretirement benefit cost (credit) that have been recognized during the three years ended December 31:


	Pension			Postretirement
	2023	2022	2021	2023	2022	2021
Components of Net Periodic Benefit Cost (Credit)
Service cost	—	—	—	$4	$7	$8
Interest cost	3,374	2,434	2,228	70	51	45
Expected return on plan assets	(3,439)	(3,486)	(3,746)	—	—	—

Amortization of losses	6	738	1,154	—	15	20


Settlement expense	2,036	—	—	—	—	—
Net periodic benefit cost (credit)	$1,977	($314)	($364)	$74	$73	$73

The service cost component of our benefit expense is recorded within the operating expense line item “Selling and general expenses” within the Consolidated Statements of Income. All other components of the benefit costs expense are included within the “Interest and other miscellaneous income, net” line item of the Consolidated Statements of Income.

VALUATION ASSUMPTIONS

The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31:


	Pension						Postretirement
	2023		2022		2021		2023		2022		2021
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.99	%	4.96	%	2.65	%	4.81	%	5.01	%	2.75	%

Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.96	%	2.65	%	2.26	%	5.01	%	2.75	%	2.42	%
Expected long-term return on plan assets	4.97	%	4.97	%	5.72	%	—		—		—

DISCOUNT RATE

At December 31, 2023, the pension plan’s weighted average discount rate was 4.99%. The discount rate for the defined benefit pension plan is derived from the Financial Times Stock Exchange (FTSE) Above Median AA Yield Curve, which serves as a proxy for interest rates used by annuity providers. The discount rate for the unfunded plan was based on the single effective interest rate that produced the same present value as that produced by the Plan’s expected benefit payments when discounted using the Internal Revenue Code Section 417(e) segment rates applicable for lump sum payments in 2024.

EXPECTED LONG-TERM RETURN ON PLAN ASSETS

In 2023, the expected return on plan assets was 4.97%, which is based on historical returns on current asset allocations and expected returns using the Black-Litterman method.

INVESTMENT OF PLAN ASSETS

Our Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program, which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other.

In 2020, we transitioned to a liability-driven investment (“LDI”) strategy. An LDI strategy focuses on maintaining a close to fully-funded status over the long-term with minimal funded status risk. This is achieved by investing more of the plan assets in fixed income instruments to more closely match the duration of the plan liability. The investment allocation to fixed income instruments will increase as the plans' funded status increases. Investment target allocation percentages for equity securities can range up to 80 percent.

Our pension plans’ asset allocation (excluding short-term investments) at December 31, 2023 and 2022 are as follows:


	Percentage of Plan Assets
Asset Category	2023		2022
Domestic equity securities	15	%	28	%
International equity securities	9	%	20	%
Domestic fixed income securities	75	%	50	%

Real estate fund	1	%	2	%
Total	100	%	100	%

Investments within the equity categories may include large capitalization, small capitalization and emerging market securities. Pension assets did not include a direct investment in Rayonier common shares during the years ended December 31, 2023 and 2022.

NET ASSET VALUE MEASUREMENTS

Separate investment accounts are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets.

The following table sets forth the net asset value of the plan assets as of December 31, 2023 or 2022:


	December 31, 2023	December 31, 2022
Asset Category


Investments at Net Asset Value:
Separate Investment Accounts	$54,750	$62,843
Total Investments at Net Asset Value	$54,750	$62,843

CASH FLOWS

Our expected benefit payments to be made for the next 10 years are as follows:


	Pension Benefits (a)	Postretirement Benefits
2024	$63,142	$52
2025	—	57
2026	—	63
2027	—	67
2028	—	70
2029-2033	—	414

(a)Reflects the expected settlement of the Defined Benefit Plan and Excess Benefit Plan in 2024.

We expect to make cash contributions in 2024 of approximately $7.2 million in order to fund the Defined Benefit Plan on a plan termination basis. The Defined Benefit Plan will be settled upon completion of the purchase of annuity contracts. The settlement is expected to be completed by the end of June 30, 2024. The Excess Benefit Plan will be settled entirely with lump sum payments upon termination with expected cash contributions in 2024 of approximately $1.2 million. Projected cash contributions are an estimate, as actual amounts and timing are dependent upon several factors.

DEFINED CONTRIBUTION PLANS

We provide a defined contribution plan to all of our eligible employees. Company contributions charged to expense for these plans were $2.5 million, $2.5 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. The defined contribution plan includes Rayonier common shares with a fair market value of $8.1 million and $8.3 million at December 31, 2023 and 2022, respectively. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. Transfers out of the fund will continue to be permitted, but no new investments or transfers into the fund are allowed.

The entire disclosure for retirement benefits.

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Schedule of Segment Reporting Information

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

The following tables summarize the segment information for the three years ended December 31:


	Sales by Product Line
	2023	2022	2021
Southern Timber	$264,128	$264,201	$204,441
Pacific Northwest Timber	124,145	162,237	143,021
New Zealand Timber	235,481	274,076	281,158
Timber Funds (a)	—	—	199,402
Real Estate
Improved Development	30,707	35,413	51,713
Unimproved Development	114	—	37,500
Rural	99,665	59,485	43,088
Timberland & Non-Strategic	3,347	11,400	44
Conservation Easements	—	—	3,855
Deferred Revenue/Other	13,930	1,239	(2,380)
Large Dispositions	242,200	30,471	56,048
Total Real Estate	389,963	138,008	189,868
Trading	43,684	70,952	95,364
Intersegment eliminations (b)	(468)	(402)	(3,657)
Total Sales	$1,056,933	$909,072	$1,109,597

(a)The year ended December 31, 2021 includes $159.1 million of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier.

(b)The years ended December 31, 2023, 2022 and 2021 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The year ended December 31, 2021 includes the elimination of timberland investment management fees paid to us by the timber funds which were initially recognized as sales and cost of sales within the Timber Funds segment.


	Operating Income (Loss)
	2023	2022	2021
Southern Timber	$76,256	$96,616	$66,111
Pacific Northwest Timber (a)	(8,998)	15,192	6,827
New Zealand Timber (b)	26,045	30,621	51,513
Timber Funds (c)	—	—	63,219
Real Estate (d)	156,605	58,495	112,540
Trading	492	382	144
Corporate and other	(39,116)	(35,484)	(30,579)
Total Operating Income	211,284	165,822	269,775
Unallocated interest expense and other (e)	(27,667)	(33,642)	(44,627)
Total Income before Income Taxes	$183,617	$132,180	$225,148

(a)The year ended December 31, 2022 includes $0.7 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”

(b)The year ended December 31, 2023 includes $2.3 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”

(c)The year ended December 31, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds.

(d)The years ended December 31, 2023, 2022 and 2021 include $105.1 million, $16.6 million and $44.8 million, respectively, from Large Dispositions. The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests is recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.”

(e)The year ended December 31, 2023 includes $20.7 million of net recoveries associated with legal settlements, which is partially offset by a $2.0 million pension settlement charge.


	Gross Capital Expenditures
	2023	2022	2021
Capital Expenditures (a)
Southern Timber	$46,506	$39,301	$35,790
Pacific Northwest Timber	17,371	16,770	16,585
New Zealand Timber	16,663	18,455	20,128
Timber Funds (b)	—	—	3,271
Real Estate	302	285	191

Corporate and other	605	—	—
Total capital expenditures	$81,447	$74,811	$75,965

Timberland Acquisitions
Southern Timber	$10,471	$457,770	$168,188
Pacific Northwest Timber	3,591	26	—
New Zealand Timber	—	734	10,927



Total timberland acquisitions	$14,062	$458,530	$179,115

Total Gross Capital Expenditures	$95,509	$533,341	$255,080

(a)Excludes timberland acquisitions presented separately, in addition to real estate development investments of $23.1 million, $13.7 million and $12.5 million in the years ended December 31, 2023, 2022 and 2021, respectively.

(b)The year ended December 31, 2021 includes $2.8 million of capital expenditures attributable to noncontrolling interests in Timber Funds.


	Depreciation, Depletion and Amortization
	2023	2022	2021
Southern Timber	$79,974	$60,298	$54,116
Pacific Northwest Timber	36,924	48,024	50,487
New Zealand Timber	21,666	23,876	27,005
Timber Funds (a)	—	—	97,943
Real Estate (b)	109,085	22,216	17,746

Corporate and other	1,712	1,255	1,208
Total	$249,361	$155,669	$248,505

(a)The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier.

(b)The years ended December 31, 2023, 2022 and 2021 include $91.1 million, $8.3 million and $9.8 million, respectively, from Large Dispositions.


	Non-Cash Cost of Land and Improved Development
	2023	2022	2021



Timber Funds (a)	—	—	$20,239
Real Estate (b)	73,458	32,934	25,070


Total	$73,458	$32,934	$45,309

(a)The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier.

(b)The years ended December 31, 2023, 2022 and 2021 include $43.7 million, $4.6 million and $0.1 million, respectively, from Large Dispositions.

Schedule of Geographical Operating Information


	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2023	2022	2021	2023	2022	2021	2023	2022
United States	$787,906	$576,780	$732,995	$185,156	$135,900	$217,964	$3,098,555	$3,244,128
New Zealand	269,027	332,292	376,602	26,128	29,922	51,811	549,030	545,243
Total	$1,056,933	$909,072	$1,109,597	$211,284	$165,822	$269,775	$3,647,585	$3,789,371

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

Total

Common Shares

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests in Consolidated Affiliates

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

137,678,822

Beginning balance at Dec. 31, 2020

$ 1,862,645

$ 1,101,675

$ 446,267

$ (73,885)

$ 388,588

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

Net income attributable to noncontrolling interests in the operating partnership

210,487

157,066

53,421

(4,516)

Dividends

^[1]

(153,980)

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

6,357,972

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

233,033

$ 233,033

Issuance of shares under incentive stock plans, (in shares)

270,713

Issuance of shares under incentive stock plans

6,029

$ 6,029

Repurchase of common shares (in shares)

9,277

$ 9,277

(47,705)

Repurchase of common shares

(1,617)

$ (1,617)

Disposition of noncontrolling interests in consolidated affiliates

(3,807)

(255,486)

Measurement period adjustment of noncontrolling interests in consolidated affiliates

9,690

Adjustment of noncontrolling interests in the operating partnership

(42,530)

Conversion of units into common shares (in shares)

1,113,159

Conversion of units into common shares

40,676

$ 40,676

12,476

(22,096)

(18,487)

(3,609)

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

60,315

61,893

(1,578)

(1,601)

Distributions to noncontrolling interests in consolidated affiliates

(115,298)

Noncontrolling interests in consolidated affiliates redemption of shares

(28,119)

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

145,372,961

Ending 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

122,791

109,470

13,321

(2,393)

Dividends

^[1]

(165,902)

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

1,579,228

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

59,350

$ 59,350

Issuance of shares under incentive stock plans, (in shares)

321,337

Issuance of shares under incentive stock plans

2,466

$ 2,466

Repurchase of common shares (in shares)

12,356

$ 12,356

(97,809)

Repurchase of common shares

(4,225)

$ (4,225)

Adjustment of noncontrolling interests in the operating partnership

23,155

Conversion of units into common shares (in shares)

106,914

Conversion of units into common shares

3,925

$ 3,925

1,627

(23,093)

(22,282)

(811)

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

76,039

76,367

(328)

(295)

Distributions to noncontrolling interests in consolidated affiliates

(12,807)

Noncontrolling interests in consolidated affiliates redemption of shares

$ (27,860)

(27,860)

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

147,282,631

Ending 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

178,495

176,398

2,097

(2,905)

Dividends

^[1],[2]

(199,465)

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

(81)

$ (81)

Issuance of shares under incentive stock plans, (in shares)

380,080

Issuance of shares under incentive stock plans

$ 75

Repurchase of common shares (in shares)

14,002

$ 14,002

(128,923)

Repurchase of common shares

(4,217)

$ (4,217)

Adjustment of noncontrolling interests in the operating partnership

(2,421)

Conversion of units into common shares (in shares)

764,929

Conversion of units into common shares

24,917

$ 24,917

593

(1,516)

(1,466)

(50)

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

(9,957)

(11,358)

1,401

1,069

Distributions to noncontrolling interests in consolidated affiliates

$ (1,699)

(1,699)

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

148,299,117

Ending balance at Dec. 31, 2023

$ 1,877,602

$ 1,497,641

$ 338,244

$ 24,651

$ 17,066

[1]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.
[2]	Includes an additional cash dividend of $0.20 per common share. The dividend was payable January 12, 2024, to shareholders of record on December 29, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 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 December 31, 2023, foreign currency exchange contracts and foreign currency option contracts had maturity dates through November 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 in 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 December 31, 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%.

FORWARD-STARTING INTEREST RATE SWAPS

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

The following table contains information on the outstanding forward-starting interest rate swaps as of December 31, 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 table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021:


	Location on Statement of Income and Comprehensive Income	2023	2022	2021
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income	($69)	$5,093	($10,939)
	Other operating (expense) income, net	7,522	(7,682)	2,974
Foreign currency option contracts	Other comprehensive (loss) income	558	610	(2,733)
	Other operating (expense) income, net	446	—	1,177
Interest rate products	Other comprehensive (loss) income	10,265	75,006	52,478
	Interest expense, net	(26,311)	2,459	14,694

During the next 12 months, the amount of the AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $23.0 million. The following table contains details of the amounts expected to be reclassified into earnings:


			Amount expected to be reclassified into earnings in next 12 months

Derivatives designated as cash flow hedges:
Foreign currency exchange contracts			$368
Foreign currency option contracts			146
Interest rate products			22,454
Total estimated gain on derivatives contracts			$22,968

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022:


	Notional Amount
	2023	2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$122,700	$138,250
Foreign currency option contracts	98,000	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 December 31, 2023 and 2022. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:


		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2023	2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$1,175	$25
	Other assets	2,405	1,303
	Other current liabilities	(664)	(5,457)
	Other non-current liabilities	—	(410)
Foreign currency option contracts	Other current assets	342	66
	Other assets	2,158	2,131
	Other current liabilities	(139)	(347)
	Other non-current liabilities	(789)	(1,281)

Interest rate swaps	Other current assets	5,742	—
	Other assets	37,983	60,843
	Other non-current liabilities	(546)	(51)
Forward-starting interest rate swaps	Other assets	12,790	11,939
	Other non-current liabilities	(8)	—






Total derivative contracts:
Other current assets		$7,259	$91
Other assets		55,336	76,216
Total derivative assets		$62,595	$76,307

Other current liabilities		(803)	(5,804)
Other non-current liabilities		(1,343)	(1,742)
Total derivative liabilities		($2,146)	($7,546)

(a)See Note 9 — 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.

INCENTIVE STOCK PLANS - Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for performance shares granted during year (in shares)	285,863	193,333	191,203
Weighted average fair value of performance share units granted (in dollars per share)	$ 37.77	$ 45.68	$ 36.10
Intrinsic value of outstanding performance share units	$ 12,730	$ 13,123	$ 16,360
Fair value of performance shares vested	5,863	5,549	1,738
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 2,342	$ 2,454	$ 559

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.

Commitments and Contingencies Disclosure [Abstract]

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions		12 Months Ended
	Dec. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.20	$ 1.34	$ 1.125	$ 1.08
Offering issuance costs			$ 1.1	$ 2.5

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	2,368	555	2,667
Actuarial change and amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 28,652	$ 27,837
Deferred revenue, current	19,012	22,762
LONG-TERM DEFERRED REVENUE	$ 11,294	$ 6,895

INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Dec. 31, 2023	Dec. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
U.S. federal statutory income tax rate (as a percent)			21.00%	21.00%	21.00%
Percent valuation allowance against U.S. taxable REIT deferred tax assets (as a percent)			100.00%
Increase in valuation allowance			$ 9.6
Dividends (in dollars per share)		$ 0.20	$ 1.34	$ 1.125	$ 1.08
Rayonier Limited Partnership
Income Tax Contingency [Line Items]
Cash distributions declared (in dollars per share)		$ 0.20
Operating Partnership
Income Tax Contingency [Line Items]
Ownership interest (as a percent)	98.40%		98.40%

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Increase in liabilities		$ 1,421
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

COMMITMENTS

12 Months Ended

Dec. 31, 2023

COMMITMENTS

At December 31, 2023, the future minimum payments under non-cancellable commitments were as follows:


	Environmental Remediation (a)	Real Estate Projects (b)	Commitments (c)	Total
2024	$11,793	$33,364	$9,962	$55,119
2025	370	1,156	386	1,912
2026	835	1,156	42	2,033
2027	542	1,156	3	1,701
2028	317	1,156	—	1,473
Thereafter	2,721	6,966	—	9,687
	$16,578	$44,954	$10,393	$71,925

(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 12 — Environmental and Natural Resource Damage Liabilities for additional information.

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

(c)Commitments include $8.4 million related to pension plan termination, payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations. See Note 18 — Employee Benefit Plans for additional information on the pension plan termination.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

OPERATING ACTIVITIES

NET INCOME

$ 178,495

$ 122,791

$ 210,487

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

Depreciation, depletion and amortization

158,231

147,339

155,722

Non-cash cost of land and improved development

29,768

28,374

24,976

Stock-based incentive compensation expense

14,002

12,356

9,277

Deferred income taxes

278

(5,352)

8,509

Pension settlement charge

2,036

Amortization of losses from pension and postretirement plans

753

1,174

Timber write-offs resulting from casualty events

2,302

729

Changes in operating assets and liabilities:

(3,807)

Other

13,169

1,049

9,456

Receivables

4,404

(9,109)

17,239

Inventories

513

(4,335)

(503)

Accounts payable

1,505

1,144

(1,593)

All other operating activities

(1,256)

(9,943)

(5,846)

CASH PROVIDED BY OPERATING ACTIVITIES

298,375

269,190

325,110

Real estate development investments

Capital expenditures

(81,447)

(74,811)

(75,965)

(23,078)

(13,698)

(12,521)

Purchase of timberlands

(14,062)

(458,530)

(179,115)

Other

2,776

1,180

912

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES

124,087

(516,363)

(26,253)

FINANCING ACTIVITIES

Issuance of debt

656,842

446,378

Repayment of debt

(150,000)

(531,842)

(420,000)

Dividends paid on common stock

(169,990)

(165,707)

(153,515)

Distributions to noncontrolling interests in the operating partnership

(2,962)

(3,668)

(4,269)

Proceeds from the issuance of common shares under incentive stock plan

2,628

5,922

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

(81)

61,557

230,826

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

(4,217)

(4,225)

(1,617)

Debt issuance costs

(740)

(4,846)

Distributions to noncontrolling interests in consolidated affiliates

(1,699)

(19,434)

(108,956)

Make-whole fee on NWFCS debt prepayment

(6,234)

CASH USED FOR FINANCING ACTIVITIES

(328,874)

(4,589)

(16,311)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(621)

(1,970)

(889)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

92,967

(253,732)

281,657

Balance, beginning of year

115,407

369,139

87,482

Balance, end of year

208,374

115,407

369,139

Cash paid during the year:

Interest

^[1]

48,742

35,717

42,672

Income taxes

4,816

15,127

7,392

Non-cash investing activity:

Capital assets purchased on account

7,490

4,435

5,272

Non-cash financing activity:

Noncontrolling interests in consolidated affiliates redemption of shares

^[2]

27,860

28,119

Large Disposition Of Timberlands

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

Gain (loss) on sale of properties

(105,078)

(16,606)

(44,784)

Net proceeds from sale of productive assets

239,898

29,496

54,682

Fund II Timberland Dispositions

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

Gain (loss) on sale of properties

(51,522)

Net proceeds from sale of productive assets

154,740

Timber Funds III And IV

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

Gain (loss) on sale of properties

(3,675)

Net proceeds from sale of productive assets

$ 0

$ 31,014

[1]	Interest paid is presented net of patronage payments received of $6.2 million, $6.0 million and $6.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information on patronage payments, see Note 7 — Debt.
[2]	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 and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Sales	$ 1,056,933	$ 909,072	$ 1,109,597
Related Party \| Mattamy Jacksonville LLC
Related Party Transaction [Line Items]
Sales	$ 0	$ 916	2,656
Related Party \| Reimbursement Of Local Impact Fees \| Mattamy Jacksonville LLC
Related Party Transaction [Line Items]
Related party transaction, transaction amount			$ 300

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Other Income and Expenses [Abstract]

OTHER OPERATING (EXPENSE) INCOME, NET (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Other Operating Income (Expense), Net

The following table provides the composition of Other operating (expense) income, net for the three years ended December 31:


	2023	2022	2021
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($8,458)	($5,251)	$6,823
Gain on sale or disposal of property plant & equipment	37	40	75




Gain on investment in Timber Funds (a)	—	—	7,482
Log trading marketing fees	—	—	6




Equity income related to Bainbridge Landing LLC joint venture (b)	—	15,477	102
Miscellaneous income (expense), net	115	(562)	(404)
Total	($8,306)	$9,704	$14,084

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

(b)The year ended December 31, 2022 includes $16.0 million of equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See Note 5 — Noncontrolling Interests for additional information.

OTHER ASSETS - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Accumulated Impairment	$ 0	$ 0	$ 0
Goodwill [Roll Forward]
Balance, January 1 (net of $0 of accumulated impairment)	7,863	8,457
Changes to carrying amount
Foreign currency adjustment	(41)	(594)
Balance, December 31 (net of $0 of accumulated impairment)	$ 7,822	$ 7,863

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INCENTIVE STOCK PLANS - Assumptions used for Performance Shares (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.90%	38.10%	35.60%
Risk-free rate	3.70%	2.60%	0.40%
Award vesting period (in years)	3 years
Vice Presidents And Above
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	4.70%	4.20%	6.30%

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.

Increase (Decrease) in Partners' Capital [Roll Forward]

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Measurement period adjustment of noncontrolling interests in consolidated affiliates

$ 178,495

$ 122,791

$ 210,487

9,690

Disposition of noncontrolling interests in consolidated affiliates

(3,807)

(255,486)

(1,516)

(23,093)

(22,096)

Distributions to noncontrolling interests in consolidated affiliates

(9,957)

76,039

60,315

(1,699)

(12,807)

(115,298)

Noncontrolling interests in consolidated affiliates redemption of unit equivalents

(27,860)

(28,119)

Rayonier Limited Partnership

Increase (Decrease) in Partners' Capital [Roll Forward]

1,880,712

1,815,578

1,862,645

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

178,495

122,791

210,487

Distributions on units

(202,916)

^[1]

(169,570)

(158,249)

(81)

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

59,350

233,033

Issuance of units under incentive stock plans

2,466

6,029

Adjustment of Redeemable Operating Partnership Units

14,002

12,356

9,277

Repurchase of units

(4,217)

(4,225)

(1,617)

(806)

24,135

(44,378)

Conversion of units to common shares

24,917

3,925

40,676

Measurement period adjustment of noncontrolling interests in consolidated affiliates

9,690

Disposition of noncontrolling interests in consolidated affiliates

(3,807)

(255,486)

593

1,627

12,476

(1,516)

(23,093)

(22,096)

Distributions to noncontrolling interests in consolidated affiliates

(9,957)

76,039

60,315

(1,699)

(12,807)

(115,298)

Noncontrolling interests in consolidated affiliates redemption of unit equivalents

(27,860)

(28,119)

Rayonier Limited Partnership | Accumulated Other Comprehensive Income (Loss)

1,877,602

1,880,712

1,815,578

Increase (Decrease) in Partners' Capital [Roll Forward]

40,249

(15,463)

(71,345)

593

1,627

12,476

(1,466)

(22,282)

(18,487)

(11,358)

76,367

61,893

Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates

28,018

40,249

(15,463)

Increase (Decrease) in Partners' Capital [Roll Forward]

15,317

43,802

388,588

Measurement period adjustment of noncontrolling interests in consolidated affiliates

2,097

13,321

53,421

9,690

Disposition of noncontrolling interests in consolidated affiliates

(3,807)

(255,486)

(50)

(811)

(3,609)

Distributions to noncontrolling interests in consolidated affiliates

1,401

(328)

(1,578)

(1,699)

(12,807)

(115,298)

Noncontrolling interests in consolidated affiliates redemption of unit equivalents

(27,860)

(28,119)

Rayonier Limited Partnership | General Partners’ Capital | Units

17,066

15,317

43,802

Increase (Decrease) in Partners' Capital [Roll Forward]

18,251

17,872

15,454

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

1,764

1,095

1,571

Distributions on units

(2,029)

^[1]

(1,696)

(1,583)

(1)

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

593

2,330

Issuance of units under incentive stock plans

Adjustment of Redeemable Operating Partnership Units

140

124

Repurchase of units

(42)

(16)

(8)

241

(444)

Conversion of units to common shares

249

407

Rayonier Limited Partnership | Limited Partners’ Capital | Units

18,325

18,251

17,872

Increase (Decrease) in Partners' Capital [Roll Forward]

1,806,895

1,769,367

1,529,948

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

174,634

108,375

155,495

Distributions on units

(200,887)

^[1]

(167,874)

(156,666)

(80)

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

58,757

230,703

Issuance of units under incentive stock plans

2,441

5,969

Adjustment of Redeemable Operating Partnership Units

13,862

12,232

9,184

Repurchase of units

(4,175)

(4,183)

(1,601)

(798)

23,894

(43,934)

Conversion of units to common shares

24,668

3,886

40,269

Other Income and Expenses [Abstract]

$ 1,814,193

$ 1,806,895

$ 1,769,367

[1]	Includes an additional cash distribution of $0.20 per operating partnership unit. The cash distribution was payable January 12, 2024, to holders of record on December 29, 2023.

DEBT - Term Credit Agreement (Details) - Term Credit Agreement Due 2028 - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2023	Aug. 05, 2015
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 550
Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350
Debt instrument, term (in years)	9 years
Variable interest rate (as a percent)		3.00%
Term Loan Facility \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)		1.60%
Term Loan Facility \| SOFR \| Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)		0.10%

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES We 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.

SEGMENT AND GEOGRAPHICAL INFORMATION - Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 211,284	$ 165,822	$ 269,775
Unallocated interest expense and other	(27,667)	(33,642)	(44,627)
Total Income before Income Taxes	183,617	132,180	225,148
Gain from net recovery with legal settlement	20,700
Separate Investment Accounts
Segment Reporting Information [Line Items]
Settlement expense	2,036	0	0
Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties	0	0	51,522
Pacific Northwest Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events		700
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	2,300
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
OPERATING INCOME			45,600
Timber Funds, Portion Attributable To Noncontrolling Interests \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties			41,200
Timber Funds, Portion Attributable To Parent \| Large Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties			7,500
Timber Funds, Portion Attributable To Parent \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties			10,300
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
OPERATING INCOME	105,100	16,600	44,800
Real Estate \| Large Dispositions \| Multi-Family Apartment Complex Sale
Segment Reporting Information [Line Items]
Gain on sale of properties		11,500
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	76,256	96,616	66,111
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	(8,998)	15,192	6,827
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	26,045	30,621	51,513
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
OPERATING INCOME	0	0	63,219
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
OPERATING INCOME	156,605	58,495	112,540
Operating Segments \| Trading
Segment Reporting Information [Line Items]
OPERATING INCOME	492	382	144
Corporate and other
Segment Reporting Information [Line Items]
OPERATING INCOME	$ (39,116)	$ (35,484)	$ (30,579)

OTHER OPERATING (EXPENSE) INCOME, NET

12 Months Ended

Dec. 31, 2023

OTHER OPERATING (EXPENSE) INCOME, NET

The following table provides the composition of Other operating (expense) income, net for the three years ended December 31:


	2023	2022	2021
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($8,458)	($5,251)	$6,823
Gain on sale or disposal of property plant & equipment	37	40	75




Gain on investment in Timber Funds (a)	—	—	7,482
Log trading marketing fees	—	—	6




Equity income related to Bainbridge Landing LLC joint venture (b)	—	15,477	102
Miscellaneous income (expense), net	115	(562)	(404)
Total	($8,306)	$9,704	$14,084

SEGMENT AND GEOGRAPHICAL INFORMATION - Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	$ 73,458	$ 32,934	$ 45,309
Timber Funds
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	0	0	20,239
Timber Funds \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development			20,200
Real Estate
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	73,458	32,934	25,070
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	$ 43,700	$ 4,600	100
Timber Funds, Portion Attributable To Noncontrolling Interests \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development			16,200
Timber Funds, Portion Attributable To Parent \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development			$ 4,000

EMPLOYEE BENEFIT PLANS - Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits (a)
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.99%	4.96%	2.65%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.96%	2.65%	2.26%
Expected long-term return on plan assets	4.97%	4.97%	5.72%
Postretirement
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.81%	5.01%	2.75%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	5.01%	2.75%	2.42%
Expected long-term return on plan assets	0.00%	0.00%	0.00%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Designated as Hedging Instrument $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,968
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	368
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	146
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,454

ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Rollforward [Roll Forward]
Beginning balance	$ 1,865,395
Other comprehensive (loss) income before reclassifications	7,547	$ 55,435
Amounts reclassified from accumulated other comprehensive income	(18,709)	(18)
Net other comprehensive (loss) income	(11,162)	55,417
Ending balance	1,860,536	1,865,395
Separate Investment Accounts
AOCI Rollforward [Roll Forward]
Settlement expense	2,036	0	$ 0
Accumulated Other Comprehensive Income (Loss)
AOCI Rollforward [Roll Forward]
Beginning balance	35,813	(19,604)
Ending balance	24,651	35,813	(19,604)
Foreign currency translation gains/(losses)
AOCI Rollforward [Roll Forward]
Beginning balance	(18,067)	4,215
Other comprehensive (loss) income before reclassifications	(1,466)	(22,282)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	(1,466)	(22,282)
Ending balance	(19,533)	(18,067)	4,215
Net investment hedges of New Zealand subsidiary
AOCI Rollforward [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321	1,321
Cash flow hedges
AOCI Rollforward [Roll Forward]
Beginning balance	67,204	(9,163)
Other comprehensive (loss) income before reclassifications	10,537	78,166
Amounts reclassified from accumulated other comprehensive income	(21,895)	(1,799)
Net other comprehensive (loss) income	(11,358)	76,367
Ending balance	55,846	67,204	(9,163)
Cash flow hedges \| Interest rate swaps
AOCI Rollforward [Roll Forward]
Other comprehensive (loss) income before reclassifications	10,300	75,000
Employee benefit plans
AOCI Rollforward [Roll Forward]
Beginning balance	(10,209)	(11,836)
Other comprehensive (loss) income before reclassifications	(1,449)	874
Amounts reclassified from accumulated other comprehensive income	2,042	753
Net other comprehensive (loss) income	593	1,627
Ending balance	(9,616)	(10,209)	(11,836)
Total Rayonier, L.P.
AOCI Rollforward [Roll Forward]
Beginning balance	40,249	(15,463)
Other comprehensive (loss) income before reclassifications	7,622	56,758
Amounts reclassified from accumulated other comprehensive income	(19,853)	(1,046)
Net other comprehensive (loss) income	(12,231)	55,712
Ending balance	28,018	40,249	(15,463)
Allocation of Operating Partnership
AOCI Rollforward [Roll Forward]
Beginning balance	(4,436)	(4,141)
Other comprehensive (loss) income before reclassifications	(75)	(1,323)
Amounts reclassified from accumulated other comprehensive income	1,144	1,028
Net other comprehensive (loss) income	1,069	(295)
Ending balance	$ (3,367)	$ (4,436)	$ (4,141)

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	$ 678	$ 1,152
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	207,696	114,255
Total restricted cash shown in the Consolidated Balance Sheets	678	1,152
Long-term debt	(1,365,773)	(1,514,721)
Noncontrolling Interests in the operating partnership	81,651	105,763
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	43,179	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	12,782	11,939
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	2,916
Foreign currency contracts, liabilities		4,539
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	1,572	569
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	207,696	114,255
Total restricted cash shown in the Consolidated Balance Sheets	678	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, assets	0
Foreign currency contracts, liabilities		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, assets	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total restricted cash shown in the Consolidated Balance Sheets	0	0
Long-term debt	(1,299,951)	(1,438,736)
Noncontrolling Interests in the operating partnership	81,651	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	43,179	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	12,782	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, assets	2,916
Foreign currency contracts, liabilities		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, assets	$ 1,572	$ 569

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Patronage refunds received, netted with interest paid

$ 6,200

$ 6,000

$ 6,800

Noncontrolling interests in consolidated affiliates redemption of shares

^[1]

27,860

28,119

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

Noncontrolling interests in consolidated affiliates redemption of shares

27,900

28,100

Rayonier Limited Partnership

Patronage refunds received, netted with interest paid

6,200

6,000

6,800

Noncontrolling interests in consolidated affiliates redemption of shares

^[2]

$ 0

27,860

28,119

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

Noncontrolling interests in consolidated affiliates redemption of shares

$ 27,900

$ 28,100

[1]	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 and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.
[2]	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 and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 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.


	December 31, 2023			December 31, 2022
	Carrying Amount	Fair Value		Carrying Amount	Fair Value
Asset (Liability) (a)		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$207,696	$207,696	—	$114,255	$114,255	—


Restricted cash (b)	678	678	—	1,152	1,152	—


Long-term debt (c)	(1,365,773)	—	(1,299,951)	(1,514,721)	—	(1,438,736)

Interest rate swaps (d)	43,179	—	43,179	60,792	—	60,792
Forward-starting interest rate swaps (d)	12,782	—	12,782	11,939	—	11,939
Foreign currency exchange contracts (d)	2,916	—	2,916	(4,539)	—	(4,539)
Foreign currency option contracts (d)	1,572	—	1,572	569	—	569


Noncontrolling interests in the operating partnership (e)	81,651	—	81,651	105,763	—	105,763

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

(b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 21 — 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 7 — Debt for additional information.

(d)See Note 8 — 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.

Schedule of Components of Income Tax Expense (Benefit)

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

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Environmental NRD Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	(436)
Increase in liabilities	1,421
Ending balance	16,578
Ending balance, less: current portion	(11,793)
Ending balance, non-current portion	$ 4,785
Environmental Loss Contingency, Current, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities
Environmental Loss Contingency, Noncurrent, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities

TIMBERLAND ACQUISITIONS - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
TIMBERLAND ACQUISITIONS - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) a	Dec. 31, 2023 USD ($) a transaction	Dec. 31, 2022 USD ($) a transaction
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		5,036	141,015
2022 Acquisitions
Business Acquisition [Line Items]
Additional costs \| $		$ 0.9
Florida, Georgia, Texas and Washington
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		4,000
Number of acquisitions \| transaction		6
Aggregate value \| $		$ 13.2
New Zealand
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		1,156	1,409
New Zealand \| Manulife Investment Management \| Leased Land
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		1,000
New Zealand \| Timberland Acquired In New Zealand
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			1,000
Aggregate value \| $			$ 0.7
New Zealand \| Timberland Acquired In New Zealand \| Leased Land
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			400
Texas, Georgia, Alabama and Louisiana \| Manulife Investment Management
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)	138,000
Aggregate value \| $	$ 454.5
Alabama, Florida, Georgia And Washington
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			2,000
Number of acquisitions \| transaction			5
Aggregate value \| $			$ 3.3

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 2,841	$ 2,571	$ 2,389
Investing cash flows from operating leases	6,853	6,761	7,777
Total cash flows from operating leases	$ 9,694	$ 9,332	$ 10,166
Weighted-average remaining lease term in years - operating leases	30 years	30 years	29 years
Weighted-average discount rate - operating leases	6.00%	5.00%	5.00%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

The provision for income taxes for each of the three years ended December 31 follows:


	2023	2022	2021
Current
U.S. federal	—	($2,797)	($1,893)
State	(292)	(371)	(536)
Foreign	(4,441)	(2,694)	(11,425)
	(4,733)	(5,862)	(13,854)
Deferred
U.S. federal	8,386	2,302	(6,288)
State	1,187	1,693	(1,623)
Foreign	(388)	(3,583)	(2,007)
	9,185	412	(9,918)
Changes in valuation allowance	(9,574)	(3,939)	9,111
Total	($5,122)	($9,389)	($14,661)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows:


	2023			2022			2021
U.S. federal statutory income tax rate	($38,560)	(21.0)	%	($27,758)	(21.0)	%	($47,280)	(21.0)	%
U.S. and foreign REIT income	47,616	25.9		29,732	22.5		44,316	19.7
Matariki Group and Rayonier New Zealand Ltd	(3,681)	(2.0)		(5,038)	(3.8)		(12,927)	(5.7)

Change in valuation allowance	(9,574)	(5.2)		(3,939)	(3.0)		9,111	4.0
REIT Built-in Gain	—	—		(2,516)	(1.9)		(2,215)	(1.0)








Foreign income tax withholding	(1,148)	(0.6)		(1,239)	(0.9)		(505)	(0.2)
Sale of Timber Funds	—	—		—	—		(2,399)	(1.1)
State Income Tax, Net of Federal Benefit	1,322	0.7		1,424	1.1		—	—
Bainbridge Landing JV, NCI	—	—		2,496	1.8		—	—
Other	(1,097)	(0.6)		(2,551)	(1.9)		(2,762)	(1.2)
Income tax expense as reported for net income	($5,122)	(2.8)	%	($9,389)	(7.1)	%	($14,661)	(6.5)	%

Schedule of Deferred Tax Assets and Liabilities

The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows:


	2023	2022
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$565	$489
New Zealand subsidiary	19,717	20,753
Cellulosic Biofuel Producer Credit tax credit carry forwards	13,688	13,688
Capitalized real estate costs	4,564	2,457
U.S. TRS net operating loss	30,061	23,885

Other	5,073	4,808
Total gross deferred tax assets	73,668	66,080
Less: Valuation allowance	(50,418)	(40,844)
Total deferred tax assets after valuation allowance	$23,250	$25,236
Gross deferred tax liabilities:
Accelerated depreciation	—	(9)

New Zealand subsidiary	(89,899)	(88,414)


Other	(3,616)	(4,558)
Total gross deferred tax liabilities	(93,515)	(92,981)
Net deferred tax liability reported as noncurrent	($70,265)	($67,745)

Schedule of Operating Loss and Tax Credit Carryforwards

Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows:


	Tax Effected Balance	Expiration
2023


U.S. Federal NOL Carryforwards- Post TCJA (a)	$25,948	None
U.S State NOL Carryforwards (b)	4,112	Various
Cellulosic Biofuel Producer Credit	13,688	2024


2022


U.S. Federal NOL Carryforwards- Post TCJA (a)	$20,538	None
U.S State NOL Carryforwards (b)	3,347	Various
Cellulosic Biofuel Producer Credit	13,688	2024

(a)The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period.

(b)The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033.

Schedule of Income Tax Examinations

The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions:


Taxing Jurisdiction			Open Tax Years
U.S. Internal Revenue Service			2020 - 2022
New Zealand Inland Revenue			2018 - 2022

Schedule of Tax Characteristics of Dividend Distributions

The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows:


	2023		2022		2021
Total dividends/distributions paid per common share/unit (a)	$1.34		$1.125		$1.08
Tax characteristics:
Capital gain	100	%	100	%	100	%

(a)The year ended December 31, 2023 includes an additional cash dividend of $0.20 per common share. The dividend was payable January 12, 2024, to shareholders of record on December 29, 2023. This additional cash dividend will be considered a 2023 distribution for federal income tax purposes.

NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 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 421,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.

The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests:


	2023	2022	2021
Net income attributable to noncontrolling interests in the New Zealand subsidiary	$2,145	$2,966	$7,696

Ferncliff Investors

We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, for the development of a multi-family community containing apartments and townhouses on a five-acre parcel in Bainbridge Island, Washington. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property.

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

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP

Noncontrolling interests in the operating partnership relate to the third-party ownership of redeemable operating partnership units. Net income attributable to the noncontrolling interests in the operating partnership is computed by applying the weighted average redeemable operating partnership units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the operating partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.

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


	2023	2022
Beginning noncontrolling interests in the operating partnership	$105,763	$133,823

Adjustment of noncontrolling interests in the operating partnership	2,421	(23,155)
Conversions of redeemable operating partnership units to common shares	(24,917)	(3,925)
Net income attributable to noncontrolling interests in the operating partnership	2,905	2,393
Other comprehensive (loss) income attributable to noncontrolling interests in the operating partnership	(1,069)	295
Distributions to noncontrolling interests in the operating partnership (a)	(3,452)	(3,668)
Total noncontrolling interests in the operating partnership	$81,651	$105,763

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ (38,560)	$ (27,758)	$ (47,280)
U.S. and foreign REIT income	47,616	29,732	44,316
Matariki Group and Rayonier New Zealand Ltd	(3,681)	(5,038)	(12,927)
Change in valuation allowance	(9,574)	(3,939)	9,111
REIT Built-in Gain	0	(2,516)	(2,215)
Foreign income tax withholding	(1,148)	(1,239)	(505)
Sale of Timber Funds	0	0	(2,399)
State Income Tax, Net of Federal Benefit	1,322	1,424	0
Bainbridge Landing JV, NCI	0	2,496	0
Other	(1,097)	(2,551)	(2,762)
Income tax expense as reported for net income	$ (5,122)	$ (9,389)	$ (14,661)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	(21.00%)	(21.00%)	(21.00%)
U.S. and foreign REIT income	25.90%	22.50%	19.70%
Matariki Group and Rayonier New Zealand Ltd	(2.00%)	(3.80%)	(5.70%)
Change in valuation allowance	(5.20%)	(3.00%)	4.00%
REIT Built-in Gain	0.00%	(1.90%)	(1.00%)
Foreign income tax withholding	(0.60%)	(0.90%)	(0.20%)
Sale of Timber Funds	0.00%	0.00%	(1.10%)
State Income Tax, Net of Federal Benefit	0.70%	1.10%	0.00%
Bainbridge Landing JV, NCI	0.00%	1.80%	0.00%
Other	(0.60%)	(1.90%)	(1.20%)
Income tax expense as reported for net income	(2.80%)	(7.10%)	(6.50%)

SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales	$ 1,056,933	$ 909,072	$ 1,109,597
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Sales			159,100
Timber Funds, Portion Attributable To Noncontrolling Interests \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Sales			125,400
Timber Funds, Portion Attributable To Parent \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Sales			31,400
Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales	(468)	(402)	(3,657)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Sales	264,128	264,201	204,441
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Sales	124,145	162,237	143,021
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Sales	235,481	274,076	281,158
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
Sales	0	0	199,402
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Sales	389,963	138,008	189,868
Operating Segments \| Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Sales	242,200	30,471	56,048
Operating Segments \| Real Estate \| Improved Development
Segment Reporting Information [Line Items]
Sales	30,707	35,413	51,713
Operating Segments \| Real Estate \| Unimproved Development
Segment Reporting Information [Line Items]
Sales	114	0	37,500
Operating Segments \| Real Estate \| Rural
Segment Reporting Information [Line Items]
Sales	99,665	59,485	43,088
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Segment Reporting Information [Line Items]
Sales	3,347	11,400	44
Operating Segments \| Real Estate \| Conservation Easements
Segment Reporting Information [Line Items]
Sales	0	0	3,855
Operating Segments \| Real Estate \| Deferred Revenue/Other
Segment Reporting Information [Line Items]
Sales	13,930	1,239	(2,380)
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Sales	43,684	70,952	95,364
Intersegment Eliminations \| Timber Funds
Segment Reporting Information [Line Items]
Sales			3,337
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
Sales	468	402	320
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales	$ (468)	$ (402)	$ (3,657)

EMPLOYEE BENEFIT PLANS - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 63,142	$ 70,062
Accumulated benefit obligation	63,142	70,062
Accumulated postretirement benefit obligation	1,491	1,421
Fair value of plan assets	$ 54,750	$ 62,843

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Offering issuance costs		$ 1.1	$ 2.5
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 1.34	$ 1.125	$ 1.08
Offering issuance costs		$ 1.1	$ 2.5

EARNINGS PER SHARE AND PER UNIT - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 173,493	$ 107,077	$ 152,550
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,046,673	146,209,847	140,812,882
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 1.17	$ 0.73	$ 1.08
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 176,398	$ 109,470	$ 157,066
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,046,673	146,209,847	140,812,882
Add: Dilutive effect of:
Stock options (in shares)	472	5,132	8,727
Performance shares, restricted shares and restricted stock units (in shares/units)	401,351	669,501	416,527
Noncontrolling interests in Operating Partnership units (in shares)	2,618,699	3,268,473	4,062,725
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	151,067,195	150,152,953	145,300,861
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 1.17	$ 0.73	$ 1.08
Rayonier Limited Partnership
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 176,398	$ 109,470	$ 157,066
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,665,372	149,478,320	144,875,607
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 1.17	$ 0.73	$ 1.08
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ (2,097)	$ (13,321)	$ (53,421)
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,665,372	149,478,320	144,875,607
Add: Dilutive effect of:
Stock options (in shares)	472	5,132	8,727
Performance shares, restricted shares and restricted stock units (in shares/units)	401,351	669,501	416,527
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	151,067,195	150,152,953	145,300,861
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 1.17	$ 0.73	$ 1.08

OTHER ASSETS

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

OTHER ASSETS

The following table provides the composition of Other assets for the two years ended December 31:


	2023	2022
Long-term derivative contracts (a)	$55,336	$76,216
Patronage equity (b)	8,292	7,872
Goodwill (b)	7,822	7,863
New Zealand long-term secondary roads (b)	5,995	6,971
Equity investments (c)	5,947	—
Capitalized software costs (b)	5,427	5,795
Pacific Northwest long-term prepaid roads (b)	5,354	5,857
Rabbi trusts related to the Executive Severance Pay Plan (d)	1,962	1,869
Deferred financing costs related to revolving debt (b)	604	854
Carbon credits (e)	419	1,086
Long-term prepaid stumpage	260	713
Long-term deposits	135	212
Other	2	173
Total	$97,555	$115,481

(b)See Note 1 — Summary of Significant Accounting Policies for additional information.

(d)The Executive Severance Pay Plan provides benefits to eligible executives in the event of a change in control of the Company.

(e)See Note 1 — Summary of Significant Accounting Policies and Note 15 — Inventory for additional information on carbon credits.

Changes in goodwill for the years ended December 31, 2023 and 2022 were:


	2023	2022
Balance, January 1 (net of $0 of accumulated impairment)	$7,863	$8,457
Changes to carrying amount


Foreign currency adjustment	(41)	(594)
Balance, December 31 (net of $0 of accumulated impairment)	$7,822	$7,863

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 210	$ 74
Stockholders' Equity Attributable to Parent [Abstract]
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,299,117	147,282,631
Common shares, shares outstanding (in shares)	148,299,117	147,282,631

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 207,696	$ 114,255
Trade receivables, less allowance for doubtful accounts of $210 and $74	28,652	27,837
Other receivables	11,517	14,701
Inventory (Note 15)	31,017	23,729
Prepaid logging roads	15,425	14,893
Prepaid expenses	3,645	5,680
Assets held for sale (Note 22)	9,932	713
Other current assets	9,074	573
Total current assets	316,958	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,004,316	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	105,595	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,251	31,020
Machinery and equipment	6,523	6,568
Construction in progress	1,841	653
Total property, plant and equipment, gross	46,068	44,694
Less—accumulated depreciation	(19,059)	(17,505)
Total property, plant and equipment, net	27,009	27,189
RESTRICTED CASH (NOTE 21)	678	1,152
RIGHT-OF-USE ASSETS (NOTE 16)	95,474	97,167
OTHER ASSETS (NOTE 23)	97,555	115,481
TOTAL ASSETS	3,647,585	3,789,371
CURRENT LIABILITIES
Accounts payable	26,561	22,100
Accrued taxes	4,394	3,734
Accrued payroll and benefits	14,215	12,428
Accrued interest	7,094	5,920
Pension and other postretirement benefits (Note 18)	8,444	136
Dividend and distribution payable	30,148	0
Deferred revenue	19,012	22,762
Other current liabilities	30,409	28,247
Total current liabilities	140,277	95,327
LONG-TERM DEBT, NET (NOTE 7)	1,365,773	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	1,441	8,510
LONG-TERM LEASE LIABILITY (NOTE 16)	87,684	88,756
LONG-TERM DEFERRED REVENUE	11,294	6,895
OTHER NON-CURRENT LIABILITIES	81,863	88,687
COMMITMENTS AND CONTINGENCIES (NOTES 10 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)	81,651	105,763
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,299,117 and 147,282,631 shares issued and outstanding	1,497,641	1,462,945
Retained earnings	338,244	366,637
Accumulated other comprehensive income (Note 24)	24,651	35,813
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,860,536	1,865,395
Noncontrolling interests in consolidated affiliates (Note 5)	17,066	15,317
TOTAL SHAREHOLDERS’ EQUITY	1,877,602	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,647,585	$ 3,789,371

INCENTIVE STOCK PLANS - Stock Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 14,002	$ 12,356	$ 9,277
Tax benefit recognized related to stock-based compensation expense	677	603	487
Timber and Timberlands, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost, capitalized amount	306	363	206
Selling and general expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	12,710	10,767	8,255
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 986	$ 1,226	$ 816

EARNINGS PER SHARE AND PER UNIT (Tables)

12 Months Ended

Dec. 31, 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 for the three years ended December 31:


	2023	2022	2021
Earnings per common share - basic
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income attributable to Rayonier Inc.	$173,493	$107,077	$152,550
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,046,673	146,209,847	140,812,882
Basic earnings per common share attributable to Rayonier Inc.:	$1.17	$0.73	$1.08
Earnings per common share - diluted
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per common share - weighted average shares	148,046,673	146,209,847	140,812,882
Add: Dilutive effect of:
Stock options	472	5,132	8,727
Performance shares, restricted shares and restricted stock units	401,351	669,501	416,527
Noncontrolling interests in operating partnership units	2,618,699	3,268,473	4,062,725


Denominator for diluted earnings per common share - adjusted weighted average shares	151,067,195	150,152,953	145,300,861


Diluted earnings per common share attributable to Rayonier Inc.:	$1.17	$0.73	$1.08

The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership for the three years ended December 31:


	2023	2022	2021
Earnings per unit - basic
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income available to unitholders	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per unit - weighted average units	150,665,372	149,478,320	144,875,607
Basic earnings per unit attributable to Rayonier, L.P.:	$1.17	$0.73	$1.08
Earnings per unit - diluted
Numerator:
Net Income	$178,495	$122,791	$210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)

Net income available to unitholders	$176,398	$109,470	$157,066
Denominator:
Denominator for basic earnings per unit - weighted average units	150,665,372	149,478,320	144,875,607
Add: Dilutive effect of unit equivalents:
Stock options	472	5,132	8,727
Performance shares, restricted shares and restricted stock units	401,351	669,501	416,527


Denominator for diluted earnings per unit - adjusted weighted average units	151,067,195	150,152,953	145,300,861


Diluted earnings per unit attributable to Rayonier, L.P.	$1.17	$0.73	$1.08

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	2023	2022	2021
Anti-dilutive shares excluded from computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units	164,865	103,514	149,705


	2023	2022	2021
Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units	164,865	103,514	149,705

INCENTIVE STOCK PLANS - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Options outstanding, beginning balance (in shares) \| shares	54,091
Exercised (in shares) \| shares	(2,408)
Cancelled or expired (in shares) \| shares	(26,959)
Options outstanding, ending balance (in shares) \| shares	24,724
Options exercisable (in shares) \| shares	24,724
Weighted Average Exercise Price (per common share)
Options outstanding, beginning balance (in dollars per common share), Beginning Balance \| $ / shares	$ 35.15
Exercised (in dollars per share) \| $ / shares	31.28
Cancelled or expired (in dollars per share) \| $ / shares	38.53
Options outstanding, ending balance (in dollars per common share), Ending Balance \| $ / shares	31.83
Options exercisable (in dollars per common share), Options exercisable \| $ / shares	$ 31.83
Weighted Average Remaining Contractual Term (in years) and Options outstanding
Weighted Average Remaining Contractual term (in years), Options outstanding	1 month 6 days
Weighted Average Remaining Contractual term (in years), Options exercisable	1 month 6 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 44
Aggregate Intrinsic Value, Options exercisable \| $	$ 44

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
SALES (NOTE 3)	$ 1,056,933	$ 909,072	$ 1,109,597
Costs and Expenses
Cost of sales	(762,570)	(688,284)	(796,115)
Selling and general expenses	(74,773)	(64,670)	(57,791)
Other operating (expense) income, net (Note 17)	(8,306)	9,704	14,084
Costs and Expenses	(845,649)	(743,250)	(839,822)
OPERATING INCOME	211,284	165,822	269,775
Interest expense	(48,342)	(36,207)	(44,907)
Interest and other miscellaneous income, net	20,675	2,565	280
INCOME BEFORE INCOME TAXES	183,617	132,180	225,148
Income tax expense (Note 20)	(5,122)	(9,389)	(14,661)
NET INCOME	178,495	122,791	210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	173,493	107,077	152,550
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0	(1,516)	(23,093)	(22,096)
Cash flow hedges, net of income tax effect of $2,368, $555 and $2,667	(9,957)	76,039	60,315
Pension and postretirement benefit plans, net of income tax effect of $0, $0 and $0	593	1,627	12,476
Total other comprehensive (loss) income	(10,880)	54,573	50,695
COMPREHENSIVE INCOME	167,615	177,364	261,182
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(2,639)	(3,692)	(6,116)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(3,449)	(12,182)	(48,234)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 161,527	$ 161,490	$ 206,832
EARNINGS PER COMMON SHARE (NOTE 6)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 1.17	$ 0.73	$ 1.08
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 1.17	$ 0.73	$ 1.08

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 207,696	$ 114,255
Trade receivables, less allowance for doubtful accounts of $210 and $74	28,652	27,837
Other receivables	11,517	14,701
Inventory (Note 15)	31,017	23,729
Prepaid logging roads	15,425	14,893
Prepaid expenses	3,645	5,680
Assets held for sale (Note 22)	9,932	713
Other current assets	9,074	573
Total current assets	316,958	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,004,316	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	105,595	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,251	31,020
Machinery and equipment	6,523	6,568
Construction in progress	1,841	653
Total property, plant and equipment, gross	46,068	44,694
Less—accumulated depreciation	(19,059)	(17,505)
Total property, plant and equipment, net	27,009	27,189
RESTRICTED CASH (NOTE 21)	678	1,152
RIGHT-OF-USE ASSETS (NOTE 16)	95,474	97,167
OTHER ASSETS (NOTE 23)	97,555	115,481
TOTAL ASSETS	3,647,585	3,789,371
CURRENT LIABILITIES
Accounts payable	26,561	22,100
Accrued taxes	4,394	3,734
Accrued payroll and benefits	14,215	12,428
Accrued interest	7,094	5,920
Pension and other postretirement benefits (Note 18)	8,444	136
Deferred revenue	19,012	22,762
Other current liabilities	30,409	28,247
Total current liabilities	140,277	95,327
LONG-TERM DEBT, NET (NOTE 7)	1,365,773	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	1,441	8,510
LONG-TERM LEASE LIABILITY (NOTE 16)	87,684	88,756
LONG-TERM DEFERRED REVENUE	11,294	6,895
OTHER NON-CURRENT LIABILITIES	81,863	88,687
COMMITMENTS AND CONTINGENCIES (NOTES 10 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)	81,651	105,763
CAPITAL
Accumulated other comprehensive income (Note 24)	24,651	35,813
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,647,585	3,789,371
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	207,696	114,255
Trade receivables, less allowance for doubtful accounts of $210 and $74	28,652	27,837
Other receivables	11,517	14,701
Inventory (Note 15)	31,017	23,729
Prepaid logging roads	15,425	14,893
Prepaid expenses	3,645	5,680
Assets held for sale (Note 22)	9,932	713
Other current assets	9,074	573
Total current assets	316,958	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,004,316	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	105,595	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,251	31,020
Machinery and equipment	6,523	6,568
Construction in progress	1,841	653
Total property, plant and equipment, gross	46,068	44,694
Less—accumulated depreciation	(19,059)	(17,505)
Total property, plant and equipment, net	27,009	27,189
RESTRICTED CASH (NOTE 21)	678	1,152
RIGHT-OF-USE ASSETS (NOTE 16)	95,474	97,167
OTHER ASSETS (NOTE 23)	97,555	115,481
TOTAL ASSETS	3,647,585	3,789,371
CURRENT LIABILITIES
Accounts payable	26,561	22,100
Accrued taxes	4,394	3,734
Accrued payroll and benefits	14,215	12,428
Accrued interest	7,094	5,920
Pension and other postretirement benefits (Note 18)	8,444	136
Distribution payable	30,148	0
Deferred revenue	19,012	22,762
Other current liabilities	30,409	28,247
Total current liabilities	140,277	95,327
LONG-TERM DEBT, NET (NOTE 7)	1,365,773	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	1,441	8,510
LONG-TERM LEASE LIABILITY (NOTE 16)	87,684	88,756
LONG-TERM DEFERRED REVENUE	11,294	6,895
OTHER NON-CURRENT LIABILITIES	81,863	88,687
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)	81,651	105,763
CAPITAL
General partners’ capital	18,325	18,251
Limited partners’ capital	1,814,193	1,806,895
Accumulated other comprehensive income (Note 24)	28,018	40,249
TOTAL CONTROLLING INTEREST CAPITAL	1,860,536	1,865,395
Noncontrolling interests in consolidated affiliates	17,066	15,317
TOTAL CAPITAL	1,877,602	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,647,585	$ 3,789,371

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

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 December 31, 2023 and 2022:


Year	2023	2022	Balance Sheet Location
Contract assets
Trade receivables, net (a)	$28,652	$27,837	Trade receivables
Contract liabilities
Deferred revenue, current (b)	19,012	22,762	Deferred revenue
Deferred revenue, non-current (c)	11,294	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 years ended December 31, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:


	Year Ended December 31,
	2023	2022
Revenue recognized from contract liability balance at the beginning of the year (a)	$21,187	$16,148

(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 years ended December 31, 2023, 2022 and 2021:


Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
December 31, 2023
Pulpwood	$99,035	$8,410	$28,760	—	—	$3,961	—	$140,166
Sawtimber	123,312	109,446	182,355	—	—	37,894	—	453,007
Hardwood	4,279	—	—	—	—	—	—	4,279
Total Timber Sales	226,626	117,856	211,115	—	—	41,855	—	597,452
License Revenue, Primarily From Hunting	23,335	1,344	279	—	—	—	—	24,958
Other Non-Timber/Carbon Revenue	14,167	4,945	24,087	—	—	—	—	43,199
Agency Fee Income	—	—	—	—	—	1,361	—	1,361

Total Non-Timber Sales	37,502	6,289	24,366	—	—	1,361	—	69,518
Improved Development	—	—	—	—	30,707	—	—	30,707
Unimproved Development	—	—	—	—	114	—	—	114
Rural	—	—	—	—	99,665	—	—	99,665
Timberland & Non-Strategic	—	—	—	—	3,347	—	—	3,347

Deferred Revenue/Other (a)	—	—	—	—	12,516	—	—	12,516
Large Dispositions	—	—	—	—	242,200	—	—	242,200
Total Real Estate Sales	—	—	—	—	388,549	—	—	388,549
Revenue from Contracts with Customers	264,128	124,145	235,481	—	388,549	43,216	—	1,055,519
Lease Revenue	—	—	—	—	1,414	—	—	1,414
Intersegment	—	—	—	—	—	468	(468)	—
Total Revenue	$264,128	$124,145	$235,481	—	$389,963	$43,684	($468)	$1,056,933
December 31, 2022
Pulpwood	$126,884	$15,094	$34,027	—	—	$7,178	—	$183,183
Sawtimber	92,512	141,541	219,082	—	—	62,116	—	515,251
Hardwood	17,216	—	—	—	—	—	—	17,216
Total Timber Sales	236,612	156,635	253,109	—	—	69,294	—	715,650
License Revenue, Primarily from Hunting	21,287	1,076	341	—	—	—	—	22,704
Other Non-Timber/Carbon Revenue	6,302	4,526	20,626	—	—	—	—	31,454
Agency Fee Income	—	—	—	—	—	1,256	—	1,256

Total Non-Timber Sales	27,589	5,602	20,967	—	—	1,256	—	55,414
Improved Development	—	—	—	—	35,413	—	—	35,413

Rural	—	—	—	—	59,485	—	—	59,485
Timberland & Non-Strategic	—	—	—	—	11,400	—	—	11,400

Deferred Revenue/Other (a)	—	—	—	—	(38)	—	—	(38)
Large Dispositions	—	—	—	—	30,471	—	—	30,471
Total Real Estate Sales	—	—	—	—	136,731	—	—	136,731
Revenue from Contracts with Customers	264,201	162,237	274,076	—	136,731	70,550	—	907,795
Lease Revenue	—	—	—	—	1,277	—	—	1,277
Intersegment	—	—	—	—	—	402	(402)	—
Total Revenue	$264,201	$162,237	$274,076	—	$138,008	$70,952	($402)	$909,072

December 31, 2021
Pulpwood	$95,995	$9,336	$42,836	$792	—	$11,369	—	$160,328
Sawtimber	79,154	127,768	237,262	38,042	—	82,276	—	564,502
Hardwood	4,671	—	—	—	—	—	—	4,671
Total Timber Sales	179,820	137,104	280,098	38,834	—	93,645	—	729,501
License Revenue, Primarily from Hunting	18,116	990	385	40	—	—	—	19,531
Other Non-Timber/Carbon Revenue	6,505	4,927	675	439	—	—	—	12,546
Agency Fee Income	—	—	—	—	—	1,399	—	1,399
Fund II Timberland Dispositions	—	—	—	156,752	—	—	—	156,752
Total Non-Timber Sales	24,621	5,917	1,060	157,231	—	1,399	—	190,228
Improved Development	—	—	—	—	51,713	—	—	51,713
Unimproved Development	—	—	—	—	37,500	—	—	37,500
Rural	—	—	—	—	43,088	—	—	43,088
Timberland & Non-Strategic	—	—	—	—	44	—	—	44
Conservation Easements	—	—	—	—	3,855	—	—	3,855
Deferred Revenue/Other (a)	—	—	—	—	(3,532)	—	—	(3,532)
Large Dispositions	—	—	—	—	56,048	—	—	56,048
Total Real Estate Sales	—	—	—	—	188,716	—	—	188,716
Revenue from Contracts with Customers	204,441	143,021	281,158	196,065	188,716	95,044	—	1,108,445
Lease Revenue	—	—	—	—	1,152	—	—	1,152
Intersegment	—	—	—	3,337	—	320	(3,657)	—
Total Revenue	$204,441	$143,021	$281,158	$199,402	$189,868	$95,364	($3,657)	$1,109,597

(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 years ended December 31, 2023, 2022 and 2021:


Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
December 31, 2023
Stumpage Pay-as-Cut	$109,583	—	—	—	—	$109,583
Stumpage Lump Sum	387	2,654	—	—	—	3,041

Total Stumpage	109,970	2,654	—	—	—	112,624

Delivered Wood (Domestic)	108,354	102,533	52,535	—	523	263,945
Delivered Wood (Export)	8,302	12,669	158,580	—	41,332	220,883
Total Delivered	116,656	115,202	211,115	—	41,855	484,828

Total Timber Sales	$226,626	$117,856	$211,115	—	$41,855	$597,452

December 31, 2022
Stumpage Pay-as-Cut	$98,967	—	—	—	—	$98,967
Stumpage Lump Sum	1,022	7,770	—	—	—	8,792

Total Stumpage	99,989	7,770	—	—	—	107,759

Delivered Wood (Domestic)	125,136	137,421	62,068	—	2,310	326,935
Delivered Wood (Export)	11,487	11,444	191,041	—	66,984	280,956
Total Delivered	136,623	148,865	253,109	—	69,294	607,891

Total Timber Sales	$236,612	$156,635	$253,109	—	$69,294	$715,650

December 31, 2021
Stumpage Pay-as-Cut	$68,471	—	—	$768	—	$69,239
Stumpage Lump Sum	6,890	10,769	—	—	—	17,659

Total Stumpage	75,361	10,769	—	768	—	86,898

Delivered Wood (Domestic)	81,803	126,335	73,543	38,066	3,731	323,478
Delivered Wood (Export)	22,656	—	206,555	—	89,914	319,125
Total Delivered	104,459	126,335	280,098	38,066	93,645	642,603

Total Timber Sales	$179,820	$137,104	$280,098	$38,834	$93,645	$729,501

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement [Abstract]

INCENTIVE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of our stock-based compensation cost is presented below:


	2023	2022	2021
Selling and general expenses	$12,710	$10,767	$8,255
Cost of sales	986	1,226	816
Timber and Timberlands, net (a)	306	363	206
Total stock-based compensation	$14,002	$12,356	$9,277

Tax benefit recognized related to stock-based compensation expense (b)	$677	$603	$487

(a)Represents amounts capitalized as part of the overhead allocation of timber-related costs.

(b)A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of our restricted stock units is presented below:


	2023	2022	2021
Restricted stock units granted	207,006	130,213	129,290
Weighted average price of restricted stock units granted	$32.93	$41.81	$33.59
Intrinsic value of restricted stock units outstanding (a)	$16,068	$13,826	$15,095
Grant date fair value of restricted stock units vested	4,454	2,475	493
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested	1,665	1,063	189

(a)Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2023.


	2023
	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1,	419,484	$32.12
Granted	207,006	32.93
Vested	(142,949)	31.16
Cancelled	(2,616)	35.28
Non-vested Restricted Stock Units at December 31,	480,925	$32.74

A summary of our restricted stock is presented below:


	2023	2022	2021
Restricted shares granted	36,403	22,800	22,140
Weighted average price of restricted shares granted	$30.22	$38.60	$37.36
Intrinsic value of restricted stock outstanding (a)	$66	$620	$3,062
Grant date fair value of restricted stock vested	1,647	2,478	3,121
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	208	708	869

(a)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2023.


	2023
	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	18,808	$31.58
Granted	36,403	30.22
Vested	(53,238)	30.93
Non-vested Restricted Shares at December 31,	1,973	$24.01

Schedule of Nonvested Performance-based Units Activity

A summary of our performance share units is presented below:


	2023	2022	2021
Common shares reserved for performance shares granted during year	285,863	193,333	191,203
Weighted average fair value of performance share units granted	$37.77	$45.68	$36.10
Intrinsic value of outstanding performance share units (a)	$12,730	$13,123	$16,360
Fair value of performance shares vested	5,863	5,549	1,738
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested	2,342	2,454	559

(a)Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2023.


	2023
	Number of Units	Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	398,156	$35.78
Granted	163,350	37.77
Units Distributed	(179,942)	29.57
Other Cancellations/Adjustments	(530)	40.78
Outstanding Performance Share units at December 31,	381,034	$39.56

Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31:


	2023		2022		2021
Expected volatility	29.9	%	38.1	%	35.6	%
Risk-free rate	3.7	%	2.6	%	0.4	%
Liquidity discount applied to grants with a post-vesting holding restriction	4.7	%	4.2	%	6.3	%

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the status of our stock options as of and for the year ended December 31, 2023 is presented below:


	2023
	Number of Shares	Weighted Average Exercise Price (per common share)	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	54,091	$35.15

Exercised	(2,408)	31.28
Cancelled or expired	(26,959)	38.53
Options outstanding at December 31,	24,724	31.83	0.10	$44
Options exercisable at December 31,	24,724	$31.83	0.10	$44

A summary of additional information pertaining to our stock options is presented below:


	2023	2022	2021
Intrinsic value of options exercised (a)	$2	$300	$916

Cash received from exercise of options	75	2,466	5,922

(a)Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 9,694	$ 9,332	$ 10,166
Variable lease cost	535	757	196
Total lease cost	$ 10,229	$ 10,089	$ 10,362

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 62,595	$ 76,307
Derivative liabilities	(2,146)	(7,546)
Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	7,259	91
Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	55,336	76,216
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(803)	(5,804)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1,343)	(1,742)
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	1,175	25
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	2,405	1,303
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(664)	(5,457)
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	(410)
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	342	66
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	2,158	2,131
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(139)	(347)
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(789)	(1,281)
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	5,742	0
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	37,983	60,843
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(546)	(51)
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Forward-starting interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	12,790	11,939
Designated as Hedging Instrument \| Derivatives Designated as Cash Flow Hedges \| Forward-starting interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (8)	$ 0

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,620,553,842
Entity Common Stock, Shares Outstanding		148,639,783
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the 2024 annual meeting of the shareholders of the registrant scheduled to be held May 16, 2024, are incorporated by reference in Part III hereof.
Entity Central Index key	0000052827
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Rayonier Limited Partnership
Document Information [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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,102,607
Entity Central Index key	0001806931
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

DEBT - Debt Covenants (Details) $ in Millions	Dec. 31, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	11.5
Covenant EBITDA to consolidated interest expense, Favorable	9.0
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.43
Covenant debt to net worth plus covenant debt, favorable	0.22
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300

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.

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Restricted Cash and Investments [Abstract]

INCENTIVE STOCK PLANS - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	18,808
Granted (in shares)	36,403	22,800	22,140
Vested (in shares)	(53,238)
Ending balance (in shares)	1,973	18,808
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 31.58
Granted (in dollars per share)	30.22	$ 38.60	$ 37.36
Vested (in dollars per share)	30.93
Ending balance (in dollars per share)	$ 24.01	$ 31.58

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	2023	2022
Finished goods inventory
Real estate inventory (a)	$26,338	$17,909
Log inventory	4,490	5,347
Carbon unit inventory (b)	189	473
Total inventory	$31,017	$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 14 — 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. See Note 1 — Summary of Significant Accounting Policies and Note 23 — Other Assets for additional information on carbon credits.

RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2023

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 two years ended December 31:


	2023	2022
Restricted cash:
Restricted cash deposited with LKE intermediary	$2	$527
Restricted cash held in escrow	676	625
Total restricted cash shown in the Consolidated Balance Sheets	678	1,152

Cash and cash equivalents	207,696	114,255
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$208,374	$115,407

RELATED PARTY

12 Months Ended

Dec. 31, 2023

RELATED PARTY

In January 2020, we entered into an agreement to sell developed lots to Mattamy Jacksonville LLC, a wholly owned subsidiary of Mattamy Homes, for an aggregate base purchase price of $4.45 million (subject to multiple takedowns over a 2 year period), plus additional consideration as to each lot to the extent the ultimate sales price of each finished home exceeded agreed price thresholds (the “Mattamy Contract”). In May 2021, we entered into an amendment to the original agreement, which sold additional lots to Mattamy for an aggregate base purchase price of $1.0 million. The Mattamy contract also included marketing fee revenue based on a percentage of the sales price of each finished home.

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

The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31:


Related Party Transaction	Location on Statement of Income and Comprehensive Income	2023	2022	2021
Mattamy Contract	Sales (a)	—	$916	$2,656

(a)The year ended December 31, 2021 excludes approximately $0.3 million of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees.

All consideration due under this contract was received from Mattamy Homes as of December 31, 2022. There were no new agreements entered into with Mattamy Homes during the year ended December 31, 2023.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Environmental Remediation Obligations [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	$ 249,361	$ 155,669	$ 248,505
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization			78,900
Timber Funds, Portion Attributable To Noncontrolling Interests \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization			66,400
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	91,100	8,300	9,800
Timber Funds, Portion Attributable To Parent \| Large Dispositions \| Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization			16,600
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	79,974	60,298	54,116
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	36,924	48,024	50,487
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	21,666	23,876	27,005
Operating Segments \| Timber Funds
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	0	0	97,943
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	109,085	22,216	17,746
Corporate and other
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	$ 1,712	$ 1,255	$ 1,208

NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity loss related to Ferncliff Investors joint venture	$ 0	$ 15,477	$ 102
Equity income attributable to Rayonier		4,500
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned \| a	421,000
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Purchase price		65,500
Equity loss related to Ferncliff Investors joint venture		16,000
Equity income attributable to Rayonier		$ 4,500
Ferncliff Investors \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed (in acres) \| a	5
Rayonier \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77.00%
Rayonier New Zealand Subsidiary \| Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23.00%
Ferncliff Investors \| Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)	33.33%
Bainbridge Landing LLC \| Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)	50.00%

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

12 Months Ended

Dec. 31, 2023

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 the owner’s property, regardless of culpability for the release.

Changes in environmental and NRD liabilities from December 31, 2022 to December 31, 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			(436)
Increase in liabilities (a)			1,421

Total Balance at December 31, 2023			16,578
Less: Current portion			(11,793)
Non-current portion at December 31, 2023			$4,785

(a)The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the year ended December 31, 2023.

We periodically examine whether the contingent liabilities related to the environmental matters described above are probable and reasonably estimable based on experience and ongoing developments in those matters, including continued study and analysis of ongoing remediation obligations. During the year ended December 31, 2023, with the assistance of independent environmental consultants and taking into consideration inflation, investigation and remediation actions previously completed, new information available during the period and ongoing discussions with the Trustees, we completed a comprehensive long-term analysis and cost assessment related to our ongoing environmental remediation and NRD obligations. As a result of this analysis, we increased the accrual for environmental and NRD liabilities by $1.4 million, which are recorded on an undiscounted basis.

It is expected that the upland millsite cleanup and NRD restoration will occur over the next one to two years, while the monitoring of the 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.

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.

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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Restricted Cash and Investments [Abstract]

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	12 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| plan	1
Cost recognized	$ 2,500	$ 2,500	$ 2,200
Amount of employer and related party securities included in plan assets	8,100	8,300
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Settlement expense	2,036	0	$ 0
Actuarial gain (loss)	$ (4,356)	$ 22,376
Discount rate	4.99%	4.96%	2.65%
Expected long-term return on plan assets (as a percent)	4.97%	4.97%	5.72%
Percentage of Plan Assets	100.00%	100.00%
Pension contribution requirements in next fiscal year	$ 7,200
Pension Benefits (a) \| Maximum \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	80.00%
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Settlement expense	$ 0	$ 0	$ 0
Actuarial gain (loss)	$ (10)	$ 513
Discount rate	4.81%	5.01%	2.75%
Expected long-term return on plan assets (as a percent)	0.00%	0.00%	0.00%
Pension contribution requirements in next fiscal year	$ 1,200
Retirement Plan, Demographics \| Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	(400)
Retirement Plan, Discount Rate \| Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	200
Retirement Plan, Changes In Plan Assets \| Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ 2,900
Expected long-term return on plan assets (as a percent)	4.97%
Actual long-term return on plan assets (as a percent)	10.77%
Retirement Plan, Liability Adjustment \| Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ (4,200)
Retirement Plan, Liability Adjustment, In-Pay Participants \| Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Liability adjustment percentage	5.00%
Retirement Plan, Liability Adjustment, Not In-Pay Participants \| Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Liability adjustment percentage	20.00%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	$ 122,700	$ 138,250
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional amount	98,000	78,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	850,000	850,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	$ 200,000	$ 150,000

RESTRICTED CASH

12 Months Ended

Dec. 31, 2023

RESTRICTED CASH

Restricted cash 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 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.


	2023	2022
Restricted cash:
Restricted cash deposited with LKE intermediary	$2	$527
Restricted cash held in escrow	676	625
Total restricted cash shown in the Consolidated Balance Sheets	678	1,152

Cash and cash equivalents	207,696	114,255
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$208,374	$115,407

EMPLOYEE BENEFIT PLANS - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments at Net Asset Value:
Separate Investment Accounts	$ 54,750	$ 62,843
Pension Benefits (a)
Investments at Net Asset Value:
Separate Investment Accounts	$ 54,750	$ 62,843

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 173,493	$ 107,077	$ 152,550

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

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