0000052827-24-000150 | 10-Q | XBRL Viewer

INVENTORY

3 Months Ended

Mar. 31, 2024

As of March 31, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows:


	March 31, 2024	December 31, 2023
Finished goods inventory
Real estate inventory (a)	$38,957	$26,338
Log inventory	4,405	4,490
Carbon unit inventory (b)	179	189
Total inventory	$43,541	$31,017

(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

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

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 2,306	$ 7,437
Pension and postretirement benefit plans	9,562	1
Foreign currency translation adjustment	(16,951)	(3,733)
Cash flow hedges	2,966	(12,319)
Distributions to noncontrolling interests in consolidated affiliates	(1,713)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,877,602	1,880,712
Net income	2,306	7,437
Distributions on units	(43,374)	(43,033)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24		(10)
Stock-based compensation	3,218	2,499
Repurchase of units	(31)	(41)
Adjustment of Redeemable Operating Partnership Units	551	(579)
Conversion of units into common shares	11,511	23,881
Pension and postretirement benefit plans	9,562	1
Foreign currency translation adjustment	(16,951)	(3,733)
Cash flow hedges	2,966	(12,319)
Distributions to noncontrolling interests in consolidated affiliates	(1,713)
Ending balance	1,845,647	1,854,815
Rayonier Limited Partnership \| Units \| General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,325	18,251
Net income	14	85
Distributions on units	(434)	(431)
Stock-based compensation	32	25
Repurchase of units	(1)
Adjustment of Redeemable Operating Partnership Units	6	(6)
Conversion of units into common shares	115	239
Ending balance	18,057	18,163
Rayonier Limited Partnership \| Units \| Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,814,193	1,806,895
Net income	1,363	8,389
Distributions on units	(42,940)	(42,602)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24		(10)
Stock-based compensation	3,186	2,474
Repurchase of units	(30)	(41)
Adjustment of Redeemable Operating Partnership Units	545	(573)
Conversion of units into common shares	11,396	23,642
Ending balance	1,787,713	1,798,174
Rayonier Limited Partnership \| Accumulated Other Comprehensive Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	28,018	40,249
Pension and postretirement benefit plans	9,562	1
Foreign currency translation adjustment	(16,178)	(3,552)
Cash flow hedges	4,070	(12,504)
Ending balance	25,472	24,194
Rayonier Limited Partnership \| Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	17,066	15,317
Net income	929	(1,037)
Foreign currency translation adjustment	(773)	(181)
Cash flow hedges	(1,104)	185
Distributions to noncontrolling interests in consolidated affiliates	(1,713)
Ending balance	$ 14,405	$ 14,284

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to parent	$ 1,357	$ 8,300

- Definition

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

+ References

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+ Details

DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Incremental term loan	$ 1,368,685
Less: Unamortized discounts	(2,688)
Less: Deferred financing costs	(4,012)
Total long-term debt	$ 1,361,985	$ 1,365,773
SOFR \| Credit Spread Option
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%
Senior Notes Due 2031
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%
Incremental term loan	$ 450,000
2015 Term Loan Borrowings Due 2028
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.01%
Incremental term loan	$ 350,000
Variable interest rate (as a percent)	3.01%
2015 Term Loan Borrowings Due 2028 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.70%
2021 Incremental Term Loan Borrowings Due 2029
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.96%
Incremental term loan	$ 200,000
Variable interest rate (as a percent)	1.45%
2021 Incremental Term Loan Borrowings Due 2029 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.65%
2016 Incremental Term Loan Borrowings Due 2026
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.06%
Incremental term loan	$ 200,000
Variable interest rate (as a percent)	2.38%
2016 Incremental Term Loan Borrowings Due 2026 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.75%
2022 Incremental Term Loan Borrowings Due 2027
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.01%
Incremental term loan	$ 100,000
Variable interest rate (as a percent)	4.55%
2022 Incremental Term Loan Borrowings Due 2027 \| SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.70%
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	$ 24,040
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%
Incremental term loan	$ 24,040
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%
Incremental term loan	$ 20,605

DEBT - Long Term Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	20,605
2026	224,040
2027	124,040
2028	350,000
Thereafter	650,000
Total Debt	$ 1,368,685

REVENUE

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

PERFORMANCE OBLIGATIONS

We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of March 31, 2024 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $20.9 million is expected to be recognized within the next twelve months, with the remaining $15.3 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component.

CONTRACT BALANCES

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

The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:

March 31, 2024

December 31, 2023

Balance Sheet Location

Contract assets

Trade receivables, net (a)

$35,309

$28,652

Trade receivables

Contract liabilities

Deferred revenue, current (b)

20,900

19,012

Deferred revenue

Deferred revenue, non-current (c)

15,349

11,294

Long-term deferred revenue

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

(b)The increase in deferred revenue, current is driven by the current portion of a carbon capture and storage contract entered into in the first quarter of 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of renewals of hunting contracts.

(c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2024.

The following table summarizes revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended March 31,
		2024	2023
Revenue recognized from contract liability balance at the beginning of the year (a)		$10,235	$11,400

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

The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2024 and 2023:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
March 31, 2024
Pulpwood	$25,931	$1,551	$7,754	—	$1,138	—	$36,374
Sawtimber	33,740	22,677	34,405	—	10,195	—	101,017
Hardwood	1,195	—	—	—	—	—	1,195
Total Timber Sales	60,866	24,228	42,159	—	11,333	—	138,586
License Revenue, Primarily From Hunting	5,275	95	51	—	—	—	5,421
Land-Based Solutions (a)	1,710	—	—	—	—	—	1,710
Other Non-Timber/Carbon Credit Revenue	2,127	869	3,490	—	—	—	6,486
Agency Fee Income	—	—	—	—	330	—	330

Total Non-Timber Sales	9,112	964	3,541	—	330	—	13,947
Improved Development	—	—	—	1,825	—	—	1,825

Rural	—	—	—	8,728	—	—	8,728
Timberland & Non-Strategic	—	—	—	610	—	—	610

Deferred Revenue/Other (b)	—	—	—	4,112	—	—	4,112

Total Real Estate Sales	—	—	—	15,275	—	—	15,275

Revenue from Contracts with Customers	69,978	25,192	45,700	15,275	11,663	—	167,808
Lease Revenue	—	—	—	289	—	—	289
Intersegment	—	—	—	—	111	(111)	—
Total Revenue	$69,978	$25,192	$45,700	$15,564	$11,774	($111)	$168,097

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
March 31, 2023
Pulpwood	$26,783	$3,715	$6,081	—	$1,439	—	$38,018
Sawtimber	34,543	29,781	37,683	—	10,667	—	112,674
Hardwood	1,120	—	—	—	—	—	1,120
Total Timber Sales	62,446	33,496	43,764	—	12,106	—	151,812
License Revenue, Primarily from Hunting	5,222	136	55	—	—	—	5,413
Land-Based Solutions (a)	835	—	—	—	—	—	835
Other Non-Timber/Carbon Credit Revenue	3,339	787	286	—	—	—	4,412
Agency Fee Income	—	—	—	—	334	—	334

Total Non-Timber Sales	9,396	923	341	—	334	—	10,994
Improved Development	—	—	—	4,802	—	—	4,802

Rural	—	—	—	6,499	—	—	6,499
Timberland & Non-Strategic	—	—	—	1,637	—	—	1,637

Deferred Revenue/Other (b)	—	—	—	3,093	—	—	3,093

Total Real Estate Sales	—	—	—	16,031	—	—	16,031

Revenue from Contracts with Customers	71,842	34,419	44,105	16,031	12,440	—	178,837
Lease Revenue	—	—	—	245	—	—	245
Intersegment	—	—	—	—	129	(129)	—
Total Revenue	$71,842	$34,419	$44,105	$16,276	$12,569	($129)	$179,082

(a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts.

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

The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2024 and 2023:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
March 31, 2024
Stumpage Pay-as-Cut	$33,530	3	—	—	$33,533
Stumpage Lump Sum	—	1,981	—	—	1,981

Total Stumpage	33,530	1,984	—	—	35,514

Delivered Wood (Domestic)	25,113	19,559	10,828	758	56,258
Delivered Wood (Export)	2,223	2,685	31,331	10,575	46,814
Total Delivered	27,336	22,244	42,159	11,333	103,072

Total Timber Sales	$60,866	$24,228	$42,159	$11,333	$138,586

March 31, 2023
Stumpage Pay-as-Cut	$30,477	—	—	—	$30,477
Stumpage Lump Sum	105	624	—	—	729

Total Stumpage	30,582	624	—	—	31,206

Delivered Wood (Domestic)	29,413	29,168	11,595	403	70,579
Delivered Wood (Export)	2,451	3,704	32,169	11,703	50,027
Total Delivered	31,864	32,872	43,764	12,106	120,606

Total Timber Sales	$62,446	$33,496	$43,764	$12,106	$151,812

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.

Changes in higher and better use timberlands and real estate development investments from December 31, 2023 to March 31, 2024 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, 2023	$86,986	$18,609	$105,595
Plus: Current portion (a)	1,699	24,639	26,338
Total Balance at December 31, 2023	88,685	43,248	131,933
Non-cash cost of land and improved development	(213)	(1,571)	(1,784)
Amortization of parcel real estate development investments	—	(1,968)	(1,968)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(189)	—	(189)
Capitalized real estate development investments (b)	—	7,850	7,850
Capital expenditures (silviculture)	76	—	76

Intersegment transfers	9,442	—	9,442

Total Balance at March 31, 2024	97,801	47,559	145,360
Less: Current portion (a)	(14,068)	(24,889)	(38,957)
Non-current portion at March 31, 2024	$83,733	$22,670	$106,403

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

(b)Capitalized real estate development investments include $0.3 million of capitalized interest and $2.4 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.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:

March 31, 2024

December 31, 2023

Balance Sheet Location

Contract assets

Trade receivables, net (a)

$35,309

$28,652

Trade receivables

Contract liabilities

Deferred revenue, current (b)

20,900

19,012

Deferred revenue

Deferred revenue, non-current (c)

15,349

11,294

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 2024.

The following table summarizes revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:


	Three Months Ended March 31,
		2024	2023
Revenue recognized from contract liability balance at the beginning of the year (a)		$10,235	$11,400

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

Schedule of Disaggregation of Revenue by Product

The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2024 and 2023:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
March 31, 2024
Pulpwood	$25,931	$1,551	$7,754	—	$1,138	—	$36,374
Sawtimber	33,740	22,677	34,405	—	10,195	—	101,017
Hardwood	1,195	—	—	—	—	—	1,195
Total Timber Sales	60,866	24,228	42,159	—	11,333	—	138,586
License Revenue, Primarily From Hunting	5,275	95	51	—	—	—	5,421
Land-Based Solutions (a)	1,710	—	—	—	—	—	1,710
Other Non-Timber/Carbon Credit Revenue	2,127	869	3,490	—	—	—	6,486
Agency Fee Income	—	—	—	—	330	—	330

Total Non-Timber Sales	9,112	964	3,541	—	330	—	13,947
Improved Development	—	—	—	1,825	—	—	1,825

Rural	—	—	—	8,728	—	—	8,728
Timberland & Non-Strategic	—	—	—	610	—	—	610

Deferred Revenue/Other (b)	—	—	—	4,112	—	—	4,112

Total Real Estate Sales	—	—	—	15,275	—	—	15,275

Revenue from Contracts with Customers	69,978	25,192	45,700	15,275	11,663	—	167,808
Lease Revenue	—	—	—	289	—	—	289
Intersegment	—	—	—	—	111	(111)	—
Total Revenue	$69,978	$25,192	$45,700	$15,564	$11,774	($111)	$168,097

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
March 31, 2023
Pulpwood	$26,783	$3,715	$6,081	—	$1,439	—	$38,018
Sawtimber	34,543	29,781	37,683	—	10,667	—	112,674
Hardwood	1,120	—	—	—	—	—	1,120
Total Timber Sales	62,446	33,496	43,764	—	12,106	—	151,812
License Revenue, Primarily from Hunting	5,222	136	55	—	—	—	5,413
Land-Based Solutions (a)	835	—	—	—	—	—	835
Other Non-Timber/Carbon Credit Revenue	3,339	787	286	—	—	—	4,412
Agency Fee Income	—	—	—	—	334	—	334

Total Non-Timber Sales	9,396	923	341	—	334	—	10,994
Improved Development	—	—	—	4,802	—	—	4,802

Rural	—	—	—	6,499	—	—	6,499
Timberland & Non-Strategic	—	—	—	1,637	—	—	1,637

Deferred Revenue/Other (b)	—	—	—	3,093	—	—	3,093

Total Real Estate Sales	—	—	—	16,031	—	—	16,031

Revenue from Contracts with Customers	71,842	34,419	44,105	16,031	12,440	—	178,837
Lease Revenue	—	—	—	245	—	—	245
Intersegment	—	—	—	—	129	(129)	—
Total Revenue	$71,842	$34,419	$44,105	$16,276	$12,569	($129)	$179,082

(a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts.

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

The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2024 and 2023:


Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
March 31, 2024
Stumpage Pay-as-Cut	$33,530	3	—	—	$33,533
Stumpage Lump Sum	—	1,981	—	—	1,981

Total Stumpage	33,530	1,984	—	—	35,514

Delivered Wood (Domestic)	25,113	19,559	10,828	758	56,258
Delivered Wood (Export)	2,223	2,685	31,331	10,575	46,814
Total Delivered	27,336	22,244	42,159	11,333	103,072

Total Timber Sales	$60,866	$24,228	$42,159	$11,333	$138,586

March 31, 2023
Stumpage Pay-as-Cut	$30,477	—	—	—	$30,477
Stumpage Lump Sum	105	624	—	—	729

Total Stumpage	30,582	624	—	—	31,206

Delivered Wood (Domestic)	29,413	29,168	11,595	403	70,579
Delivered Wood (Export)	2,451	3,704	32,169	11,703	50,027
Total Delivered	31,864	32,872	43,764	12,106	120,606

Total Timber Sales	$62,446	$33,496	$43,764	$12,106	$151,812

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0
Cash flow hedges, tax expense	(1,866)	312
Pension and postretirement plans, tax expense	$ (1,222)	$ 0

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	March 31, 2024			December 31, 2023
Asset (Liability) (a)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$159,903	$159,903	—	$207,696	$207,696	—


Restricted cash (b)	677	677	—	678	678	—



Long-term debt (c)	(1,361,985)	—	(1,299,434)	(1,365,773)	—	(1,299,951)

Interest rate swaps (d)	46,586	—	46,586	43,179	—	43,179

Forward-starting interest rate swaps (d)	16,959	—	16,959	12,782	—	12,782
Foreign currency exchange contracts (d)	(2,116)	—	(2,116)	2,916	—	2,916
Foreign currency option contracts (d)	(59)	—	(59)	1,572	—	1,572


Noncontrolling interests in the operating partnership (e)	69,589	—	69,589	81,651	—	81,651

(a)We did not have Level 3 assets or liabilities at March 31, 2024 and December 31, 2023.

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

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

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

(e)Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information.

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

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

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

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

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

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

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

- Definition

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

+ References + Details

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 159,903	$ 207,696
Trade receivables, less allowance for doubtful accounts of $202 and $210	35,309	28,652
Other receivables	5,145	11,517
Inventory (Note 13)	43,541	31,017
Prepaid expenses	20,148	19,070
Assets held for sale (Note 19)	10,025	9,932
Other current assets	5,873	9,074
Total current assets	279,944	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,959,052	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	106,403	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,147	31,251
Machinery and equipment	6,633	6,523
Construction in progress	1,895	1,841
Total property, plant and equipment, gross	46,128	46,068
Less — accumulated depreciation	(19,638)	(19,059)
Total property, plant and equipment, net	26,490	27,009
RESTRICTED CASH (NOTE 18)	677	678
RIGHT-OF-USE ASSETS	90,319	95,474
OTHER ASSETS	106,872	97,555
TOTAL ASSETS	3,569,757	3,647,585
CURRENT LIABILITIES
Accounts payable	34,134	26,561
Accrued taxes	5,567	4,394
Accrued payroll and benefits	6,680	14,215
Accrued interest	9,913	7,094
Pension and other postretirement benefits (Note 15)	1,223	8,444
Deferred revenue	20,900	19,012
Other current liabilities	35,339	30,409
Total current liabilities	113,756	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,361,985	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,448	1,441
LONG-TERM LEASE LIABILITY	82,932	87,684
LONG-TERM DEFERRED REVENUE	15,349	11,294
OTHER NON-CURRENT LIABILITIES	79,051	81,863
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,093,522 and 2,443,898 Units outstanding, respectively	69,589	81,651
CAPITAL
Accumulated other comprehensive income (Note 17)	22,370	24,651
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,569,757	3,647,585
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	159,903	207,696
Trade receivables, less allowance for doubtful accounts of $202 and $210	35,309	28,652
Other receivables	5,145	11,517
Inventory (Note 13)	43,541	31,017
Prepaid expenses	20,148	19,070
Assets held for sale (Note 19)	10,025	9,932
Other current assets	5,873	9,074
Total current assets	279,944	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,959,052	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	106,403	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,147	31,251
Machinery and equipment	6,633	6,523
Construction in progress	1,895	1,841
Total property, plant and equipment, gross	46,128	46,068
Less — accumulated depreciation	(19,638)	(19,059)
Total property, plant and equipment, net	26,490	27,009
RESTRICTED CASH (NOTE 18)	677	678
RIGHT-OF-USE ASSETS	90,319	95,474
OTHER ASSETS	106,872	97,555
TOTAL ASSETS	3,569,757	3,647,585
CURRENT LIABILITIES
Accounts payable	34,134	26,561
Accrued taxes	5,567	4,394
Accrued payroll and benefits	6,680	14,215
Accrued interest	9,913	7,094
Pension and other postretirement benefits (Note 15)	1,223	8,444
Distribution Payable	0	30,148
Deferred revenue	20,900	19,012
Other current liabilities	35,339	30,409
Total current liabilities	113,756	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,361,985	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,448	1,441
LONG-TERM LEASE LIABILITY	82,932	87,684
LONG-TERM DEFERRED REVENUE	15,349	11,294
OTHER NON-CURRENT LIABILITIES	79,051	81,863
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,093,522 and 2,443,898 Units outstanding, respectively	69,589	81,651
CAPITAL
General partners’ capital	18,057	18,325
Limited partners’ capital	1,787,713	1,814,193
Accumulated other comprehensive income (Note 17)	25,472	28,018
TOTAL CONTROLLING INTEREST CAPITAL	1,831,242	1,860,536
Noncontrolling interests in consolidated affiliates (Note 4)	14,405	17,066
TOTAL CAPITAL	1,845,647	1,877,602
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,569,757	$ 3,647,585

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 167,808	$ 178,837
Lease Revenue	289	245
Total Revenue	168,097	179,082
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	138,586	151,812
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,374	38,018
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	101,017	112,674
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,195	1,120
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,947	10,994
License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,421	5,413
Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,710	835
Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,486	4,412
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	330	334
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,275	16,031
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,825	4,802
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,728	6,499
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	610	1,637
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,112	3,093
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(111)	(129)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,978	71,842
Total Revenue	69,978	71,842
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,866	62,446
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,931	26,783
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,740	34,543
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,195	1,120
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,112	9,396
Operating Segments \| Southern Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,275	5,222
Operating Segments \| Southern Timber \| Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,710	835
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,127	3,339
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,192	34,419
Total Revenue	25,192	34,419
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,228	33,496
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,551	3,715
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,677	29,781
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	964	923
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	95	136
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	869	787
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,700	44,105
Total Revenue	45,700	44,105
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,159	43,764
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,754	6,081
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,405	37,683
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,541	341
Operating Segments \| New Zealand Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51	55
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,490	286
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,275	16,031
Lease Revenue	289	245
Total Revenue	15,564	16,276
Operating Segments \| Real Estate \| Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,275	16,031
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,825	4,802
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,728	6,499
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	610	1,637
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,112	3,093
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,663	12,440
Total Revenue	11,774	12,569
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,333	12,106
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,138	1,439
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,195	10,667
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	330	334
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	330	334
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	111	129
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (111)	$ (129)

EARNINGS PER SHARE AND PER UNIT

3 Months Ended

Mar. 31, 2024

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. 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:


	Three Months Ended March 31,
		2024	2023
Earnings per common share - basic
Numerator:
Net Income		$2,306	$7,437
Less: Net income attributable to noncontrolling interests in the operating partnership		(20)	(174)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037
Net income attributable to Rayonier Inc.		$1,357	$8,300
Denominator:
Denominator for basic earnings per common share - weighted average shares		148,567,375	147,377,448
Basic earnings per common share attributable to Rayonier Inc.:		$0.01	$0.06
Earnings per common share - diluted
Numerator:
Net Income		$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership		$1,377	$8,474
Denominator:
Denominator for basic earnings per common share - weighted average shares		148,567,375	147,377,448
Add: Dilutive effect of:
Stock options		165	1,886
Performance shares, restricted shares and restricted stock units		630,270	612,412
Noncontrolling interests in operating partnership units		2,178,239	3,087,383
Denominator for diluted earnings per common share - adjusted weighted average shares		151,376,049	151,079,129
Diluted earnings per common share attributable to Rayonier Inc.:		$0.01	$0.06


	Three Months Ended March 31,
		2024	2023
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units		93,575	64,667

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. 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:


	Three Months Ended March 31,
		2024	2023
Earnings per unit - basic
Numerator:
Net Income		$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037
Net income available to unitholders		$1,377	$8,474
Denominator:
Denominator for basic earnings per unit - weighted average units		150,745,614	150,464,831
Basic earnings per unit attributable to Rayonier, L.P.:		$0.01	$0.06
Earnings per unit - diluted
Numerator:
Net Income		$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037
Net income available to unitholders		$1,377	$8,474
Denominator:
Denominator for basic earnings per unit - weighted average units		150,745,614	150,464,831
Add: Dilutive effect of unit equivalents:
Stock options		165	1,886
Performance shares, restricted shares and restricted stock units		630,270	612,412
Denominator for diluted earnings per unit - adjusted weighted average units		151,376,049	151,079,129
Diluted earnings per unit attributable to Rayonier, L.P.:		$0.01	$0.06


	Three Months Ended March 31,
		2024	2023
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units		93,575	64,667

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventory	$ 43,541	$ 31,017
Real Estate Inventory
Inventory [Line Items]
Total inventory	38,957	26,338
Log inventory
Inventory [Line Items]
Total inventory	4,405	4,490
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 179	$ 189

OTHER OPERATING INCOME (EXPENSE), NET

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

OTHER OPERATING INCOME (EXPENSE), NET

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


	Three Months Ended March 31,
		2024	2023
Gain (loss) on foreign currency remeasurement, net of cash flow hedges		$242	($2,484)
Gain on sale or disposal of property and equipment		10	2






Miscellaneous income (expense), net		19	(34)
Total		$271	($2,516)

BASIS OF PRESENTATION (Details) - Operating Partnership	Mar. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest (as a percent)	98.60%
Ownership interest owned by limited partners (as a percent)	1.40%

- Definition

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

+ References

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+ Details

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SALES (NOTE 3)	$ 168,097	$ 179,082
Costs and Expenses
Cost of sales	(133,180)	(149,166)
Selling and general expenses	(18,978)	(16,778)
Other operating income (expense), net (Note 14)	271	(2,516)
Costs and expenses	(151,887)	(168,460)
OPERATING INCOME	16,210	10,622
Interest expense, net	(9,744)	(11,700)
Interest and other miscellaneous (expense) income), net	(4,992)	9,554
INCOME BEFORE INCOME TAXES	1,474	8,476
Income tax benefit (expense) (Note 16)	832	(1,039)
NET INCOME	2,306	7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	1,357	8,300
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	(16,951)	(3,733)
Cash flow hedges, net of income tax effect of $1,866 and $312	2,966	(12,319)
Pension and postretirement benefit plans, net of income tax effect of $1,222 and $0	9,562	1
Total other comprehensive loss	(4,423)	(16,051)
COMPREHENSIVE LOSS	(2,117)	(8,614)
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates	947	1,032
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.	(1,153)	(7,426)
Rayonier Limited Partnership
SALES (NOTE 3)	168,097	179,082
Costs and Expenses
Cost of sales	(133,180)	(149,166)
Selling and general expenses	(18,978)	(16,778)
Other operating income (expense), net (Note 14)	271	(2,516)
Costs and expenses	(151,887)	(168,460)
OPERATING INCOME	16,210	10,622
Interest expense, net	(9,744)	(11,700)
Interest and other miscellaneous (expense) income), net	(4,992)	9,554
INCOME BEFORE INCOME TAXES	1,474	8,476
Income tax benefit (expense) (Note 16)	832	(1,039)
NET INCOME	2,306	7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	1,377	8,474
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	(16,951)	(3,733)
Cash flow hedges, net of income tax effect of $1,866 and $312	2,966	(12,319)
Pension and postretirement benefit plans, net of income tax effect of $1,222 and $0	9,562	1
Total other comprehensive loss	(4,423)	(16,051)
COMPREHENSIVE LOSS	(2,117)	(8,614)
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates	947	1,032
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.	$ (1,170)	$ (7,582)
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.06
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.06
Rayonier Limited Partnership \| Limited Partners
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,363	$ 8,389
Rayonier Limited Partnership \| General Partners
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 14	$ 85

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
	Dec. 29, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.20	$ 0.285	$ 0.285
Offering issuance costs			$ 24

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ 2,966	$ (12,319)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	(5,490)	3,813
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other operating income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	459	(2,429)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	(1,638)	(270)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other operating income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	8	0
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate products \| Other comprehensive (loss) income
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	15,041	(9,660)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate products \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	$ (7,278)	$ (3,463)

INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of March 31, 2024, Rayonier owns a 98.6% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return.

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

PROVISION FOR INCOME TAXES

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


	Three Months Ended March 31,
		2024	2023
Income tax benefit (expense) (a)		$832	($1,039)

(a)The three months ended March 31, 2024 includes a $1.2 million income tax benefit related to the pension settlement.

ANNUAL EFFECTIVE TAX RATE

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


	Three Months Ended March 31,
		2024		2023
Annualized effective tax rate after discrete items		9.8	%	7.9	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SEGMENT AND GEOGRAPHICAL INFORMATION - Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 2,953	$ 4,208
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 2,953	$ 4,208

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
SALES (NOTE 3)	$ 168,097	$ 179,082
Costs and Expenses
Cost of sales	(133,180)	(149,166)
Selling and general expenses	(18,978)	(16,778)
Other operating income (expense), net (Note 14)	271	(2,516)
Costs and expenses	(151,887)	(168,460)
OPERATING INCOME	16,210	10,622
Interest expense, net	(9,744)	(11,700)
Interest and other miscellaneous (expense) income, net	(4,992)	9,554
INCOME BEFORE INCOME TAXES	1,474	8,476
Income tax benefit (expense) (Note 16)	832	(1,039)
NET INCOME	2,306	7,437
Less: Net income attributable to noncontrolling interests in the operating partnership	(20)	(174)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	1,357	8,300
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	(16,951)	(3,733)
Cash flow hedges, net of income tax effect of $1,866 and $312	2,966	(12,319)
Pension and postretirement benefit plans, net of income tax effect of $1,222 and $0	9,562	1
Total other comprehensive loss	(4,423)	(16,051)
COMPREHENSIVE LOSS	(2,117)	(8,614)
Less: Comprehensive loss attributable to noncontrolling interests in the operating partnership	17	156
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates	947	1,032
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.	$ (1,153)	$ (7,426)
Earnings Per Share [Abstract]
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.01	$ 0.06
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.01	$ 0.06

NONCONTROLLING INTERESTS - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the operating partnership	$ 81,651	$ 105,763
Adjustment of noncontrolling interests in the operating partnership	291	2,376
Conversions of redeemable operating partnership units to common shares	(11,511)	(23,881)
Net income attributable to noncontrolling interests in the operating partnership	20	174
Other comprehensive loss attributable to noncontrolling interests in the operating partnership	(265)	(1,110)
Distributions to noncontrolling interests in the operating partnership	(597)	(861)
Ending noncontrolling interests in the operating partnership	$ 69,589	$ 82,461

- Definition

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

+ References + Details

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 159,903	$ 207,696
Trade receivables, less allowance for doubtful accounts of $202 and $210	35,309	28,652
Other receivables	5,145	11,517
Inventory (Note 13)	43,541	31,017
Prepaid expenses	20,148	19,070
Assets held for sale (Note 19)	10,025	9,932
Other current assets	5,873	9,074
Total current assets	279,944	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,959,052	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	106,403	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,147	31,251
Machinery and equipment	6,633	6,523
Construction in progress	1,895	1,841
Total property, plant and equipment, gross	46,128	46,068
Less — accumulated depreciation	(19,638)	(19,059)
Total property, plant and equipment, net	26,490	27,009
RESTRICTED CASH (NOTE 18)	677	678
RIGHT-OF-USE ASSETS	90,319	95,474
OTHER ASSETS	106,872	97,555
TOTAL ASSETS	3,569,757	3,647,585
CURRENT LIABILITIES
Accounts payable	34,134	26,561
Accrued taxes	5,567	4,394
Accrued payroll and benefits	6,680	14,215
Accrued interest	9,913	7,094
Pension and other postretirement benefits (Note 15)	1,223	8,444
Dividend and distribution payable	0	30,148
Deferred revenue	20,900	19,012
Other current liabilities	35,339	30,409
Total current liabilities	113,756	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,361,985	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,448	1,441
LONG-TERM LEASE LIABILITY	82,932	87,684
LONG-TERM DEFERRED REVENUE	15,349	11,294
OTHER NON-CURRENT LIABILITIES	79,051	81,863
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)	69,589	81,651
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,649,321 and 148,299,117 shares issued and outstanding	1,512,339	1,497,641
Retained earnings	296,533	338,244
Accumulated other comprehensive income (Note 17)	22,370	24,651
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,831,242	1,860,536
Noncontrolling interests in consolidated affiliates (Note 4)	14,405	17,066
TOTAL SHAREHOLDERS’ EQUITY	1,845,647	1,877,602
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,569,757	$ 3,647,585

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize (in months)	12 months
Assets held for sale	$ 10.0	$ 9.9
Asset impairment recognized	$ 0.0

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Net Benefit Costs

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


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Three Months Ended March 31,		Three Months Ended March 31,
		2024	2023	2024	2023
Service cost	Selling and general expenses	—	—	$1	$1
Interest cost	Interest and other miscellaneous (expense) income, net	513	844	18	17
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(542)	(887)	—	—
Amortization of losses	Interest and other miscellaneous (expense) income, net	—	1	—	—
Pension settlement loss	Interest and other miscellaneous (expense) income, net	5,673	—	—	—
Net periodic benefit (credit) cost		$5,644	($42)	$19	$18

(a)Prior to remeasurement of the Defined Benefit Plan due to the pension settlement, the weighted-average expected long-term rate of return on plan assets used in computing 2024 net periodic benefit cost for benefits was 5.0%. Following the pension settlement, the expected long-term rate of return on plan assets used in computing 2024 net periodic benefit cost for pension benefits is 3.1%.

SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization

(“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous (expense) income and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”

The following tables summarize the segment information for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
SALES		2024	2023
Southern Timber		$69,978	$71,842
Pacific Northwest Timber		25,192	34,419
New Zealand Timber		45,700	44,105

Real Estate		15,564	16,276
Trading		11,774	12,569

Intersegment Eliminations (a)		(111)	(129)
Total		$168,097	$179,082

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


	Three Months Ended March 31,
OPERATING INCOME (LOSS)		2024	2023
Southern Timber		$23,005	$22,223
Pacific Northwest Timber		(4,360)	(3,543)
New Zealand Timber (a)		7,430	(663)

Real Estate		(128)	883
Trading		41	341

Corporate and Other		(9,778)	(8,619)
Total Operating Income		16,210	10,622
Unallocated interest expense and other (b)		(14,736)	(2,146)
Total Income before Income Taxes		$1,474	$8,476

(a)The three months ended March 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 (Loss) under the caption “Cost of Sales.”

(b)The three months ended March 31, 2024 includes $5.7 million of pension settlement charges and $1.3 million of net costs associated with legal settlements. The three months ended March 31, 2023 includes $9.1 million of net recoveries associated with legal settlements.


	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION		2024	2023
Southern Timber		$21,795	$20,610
Pacific Northwest Timber		9,075	10,650
New Zealand Timber		4,020	4,455

Real Estate		1,749	1,503


Corporate and Other		444	381
Total		$37,083	$37,599


	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		2024	2023




Real Estate		$2,953	$4,208


Total		$2,953	$4,208

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,470
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(1,034)
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(121)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 23,625

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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


	Three Months Ended March 31,
		2024	2023
Income tax benefit (expense) (a)		$832	($1,039)

(a)The three months ended March 31, 2024 includes a $1.2 million income tax benefit related to the pension settlement.

Schedule of Effective Income Tax Rate Reconciliation

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


	Three Months Ended March 31,
		2024		2023
Annualized effective tax rate after discrete items		9.8	%	7.9	%

OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Gain (loss) on foreign currency remeasurement, net of cash flow hedges	$ 242	$ (2,484)
Gain on sale or disposal of property and equipment	10	2
Miscellaneous income (expense), net	19	(34)
Total	$ 271	$ (2,516)

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) $ in Millions	Jan. 12, 2024 USD ($)
Statement of Cash Flows [Abstract]
Additional cash dividends	$ 29.8
Additional cash distributions	$ 0.5

GUARANTEES

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

GUARANTEES

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

As of March 31, 2024, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit (b)

$6,996

Surety bonds (c)

9,985

Total financial commitments

$16,981

(a)We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement as the guarantees are dependent on our own performance.

(b)Approximately $6.3 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements. These letters of credit will expire at various dates during 2024 and will be renewed as required.

(c)Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2024, 2025, and 2026 and are expected to be renewed as required.

- Definition

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

+ References + Details

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC (the “2023 Form 10-K”). As of March 31, 2024, the Company owned a 98.6% interest in the Operating Partnership, with the remaining 1.4% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2023 Form 10-K. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS We have evaluated events occurring from March 31, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	9.80%	7.90%

RESTRICTED CASH - Narrative (Details)	3 Months Ended
RESTRICTED CASH - Narrative (Details)	Mar. 31, 2024
Restricted Cash and Investments [Abstract]
Period for proceeds to be returned	180 days

INCOME TAXES - Narrative (Details)		3 Months Ended
INCOME TAXES - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2024
Income Taxes
U.S. federal statutory income tax rate (as a percent)		21.00%
Operating Partnership
Income Taxes
Ownership interest (as a percent)	98.60%

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 35,309	$ 28,652
Deferred revenue, current	20,900	19,012
Deferred revenue, non-current	$ 15,349	$ 11,294

DEBT - Narrative (Details) - 3 months ended Mar. 31, 2024 $ in Thousands, $ in Thousands	USD ($)	NZD ($)	NZD ($)
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments		$ 0
Remaining borrowing capacity			$ 20,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings, net of repayments	$ 0
Remaining borrowing capacity	293,000
Amount to secure outstanding letters of credit	$ 7,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

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

+ References + Details

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Changes in Environmental and NRD Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 4,785
Beginning balance, plus: current portion	11,793
Beginning balance	16,578
Expenditures charged to liabilities	(171)
Increase to liabilities	2,667
Ending balance	19,074
Ending balance, less: current portion	(14,414)
Ending balance, non-current portion	$ 4,660
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

GUARANTEES (Tables)

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of March 31, 2024, the following financial guarantees were outstanding:

Financial Commitments (a)

Maximum Potential
Payment

Standby letters of credit (b)

$6,996

Surety bonds (c)

9,985

Total financial commitments

$16,981

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC (the “2023 Form 10-K”). As of March 31, 2024, the Company owned a 98.6% interest in the Operating Partnership, with the remaining 1.4% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.
REVENUE RECOGNITION	PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of March 31, 2024 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $20.9 million is expected to be recognized within the next twelve months, with the remaining $15.3 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED	ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated events occurring from March 31, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
SEGMENT REPORTING	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous (expense) income and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
EARNINGS PER COMMON SHARE	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. 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.
EARNINGS PER UNIT	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. 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
DERIVATIVE	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously 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.
FAIR VALUE OF FINANCIAL INSTRUMENTS	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. 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.

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2024

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

EMPLOYEE BENEFIT PLANS

We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. 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. In March 2024, the remaining Defined Benefit Plan liability was settled with the purchase of annuity contracts from a third-party insurance company. We made a cash contribution of $2.7 million during the settlement process in order to fund the Defined Benefit Plan on a plan termination basis. We recognized a pre-tax non-cash pension settlement charge of $5.7 million related to the actuarial losses in AOCI.

The unfunded plan will be settled entirely with lump sum cash payments estimated at $1.2 million. We expect to recognize additional pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the remaining obligations of the unfunded plan. These payments and charges are currently expected to occur in 2024, with the specific timing and final amounts dependent upon several factors. Projected cash contributions are an estimate, as actual amounts and timing are dependent upon several factors. See Note 17 - Accumulated Other Comprehensive Income for additional information.

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


Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Three Months Ended March 31,		Three Months Ended March 31,
		2024	2023	2024	2023
Service cost	Selling and general expenses	—	—	$1	$1
Interest cost	Interest and other miscellaneous (expense) income, net	513	844	18	17
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(542)	(887)	—	—
Amortization of losses	Interest and other miscellaneous (expense) income, net	—	1	—	—
Pension settlement loss	Interest and other miscellaneous (expense) income, net	5,673	—	—	—
Net periodic benefit (credit) cost		$5,644	($42)	$19	$18

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 677	$ 678	$ 4,962
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	159,903	207,696
Restricted cash	677	678
Long-term debt	(1,361,985)	(1,365,773)
Noncontrolling Interests in the operating partnership	69,589	81,651
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	46,586	43,179
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	16,959	12,782
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	(2,116)
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
Foreign currency contracts, liabilities	(59)
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	159,903	207,696
Restricted cash	677	678
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
Foreign currency contracts, liabilities	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term debt	(1,299,434)	(1,299,951)
Noncontrolling Interests in the operating partnership	69,589	81,651
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	46,586	43,179
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	16,959	12,782
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	(2,116)
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
Foreign currency contracts, liabilities	$ (59)

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 105,595
Plus: Current portion, beginning balance	26,338
Total balance, beginning balance	131,933
Non-cash cost of land and improved development	(1,784)
Amortization of parcel real estate development investments	(1,968)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(189)
Capitalized real estate development investments	7,850
Capital expenditures (silviculture)	76
Intersegment transfers	9,442
Total balance, ending balance	145,360
Less: Current portion, ending balance	(38,957)
Non-current portion, ending balance	106,403
Capitalized interest	300
Parcel real estate development investments	2,400
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	86,986
Plus: Current portion, beginning balance	1,699
Total balance, beginning balance	88,685
Non-cash cost of land and improved development	(213)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(189)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	76
Intersegment transfers	9,442
Total balance, ending balance	97,801
Less: Current portion, ending balance	(14,068)
Non-current portion, ending balance	83,733
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	18,609
Plus: Current portion, beginning balance	24,639
Total balance, beginning balance	43,248
Non-cash cost of land and improved development	(1,571)
Amortization of parcel real estate development investments	(1,968)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	7,850
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	47,559
Less: Current portion, ending balance	(24,889)
Non-current portion, ending balance	$ 22,670

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 31, 2024
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.

DEBT - Debt Covenants (Details)	Mar. 31, 2024
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, covenant requirement	2.5
Covenant EBITDA to consolidated interest expense, actual ratio	11.7
Covenant EBITDA to consolidated interest expense, favorable	9.2
Covenant debt to net worth plus covenant debt, covenant requirement (as a percent)	0.65
Covenant debt to net worth plus covenant debt, actual ratio (as a percent)	0.43
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.22

GUARANTEES (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 16,981
Standby Letters of Credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	6,996
Letter of credit for development project	6,300
Surety Bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 9,985

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Mar. 31, 2024 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned	422
Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77.00%
Rayonier New Zealand Subsidiary
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23.00%

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Environmental Remediation Obligations [Abstract]

Schedule of Environmental Loss Contingencies by Site

Changes in environmental and NRD liabilities from December 31, 2023 to March 31, 2024 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2023			$4,785
Plus: Current portion			11,793
Total Balance at December 31, 2023			16,578
Expenditures charged to liabilities			(171)
Increase to liabilities (a)			2,667
Total Balance at March 31, 2024			19,074
Less: Current portion			(14,414)
Non-current portion at March 31, 2024			$4,660

(a)The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the three months ended March 31, 2024.

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables summarize the segment information for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
SALES		2024	2023
Southern Timber		$69,978	$71,842
Pacific Northwest Timber		25,192	34,419
New Zealand Timber		45,700	44,105

Real Estate		15,564	16,276
Trading		11,774	12,569

Intersegment Eliminations (a)		(111)	(129)
Total		$168,097	$179,082

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


	Three Months Ended March 31,
OPERATING INCOME (LOSS)		2024	2023
Southern Timber		$23,005	$22,223
Pacific Northwest Timber		(4,360)	(3,543)
New Zealand Timber (a)		7,430	(663)

Real Estate		(128)	883
Trading		41	341

Corporate and Other		(9,778)	(8,619)
Total Operating Income		16,210	10,622
Unallocated interest expense and other (b)		(14,736)	(2,146)
Total Income before Income Taxes		$1,474	$8,476


	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION		2024	2023
Southern Timber		$21,795	$20,610
Pacific Northwest Timber		9,075	10,650
New Zealand Timber		4,020	4,455

Real Estate		1,749	1,503


Corporate and Other		444	381
Total		$37,083	$37,599


	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT		2024	2023




Real Estate		$2,953	$4,208


Total		$2,953	$4,208

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Income tax benefit (expense)	$ 832	$ (1,039)
Pension
Income Taxes
Tax on settlement charge	$ 1,200

- Definition

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

+ References + Details

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Offering issuance costs		$ 24
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.285	$ 0.285
Offering issuance costs		$ 24

RESTRICTED CASH

3 Months Ended

Mar. 31, 2024

Restricted Cash and Investments [Abstract]

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.

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 three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024	2023

Restricted cash:
Restricted cash deposited with LKE intermediary	—	$1,646
Restricted cash held in escrow	677	3,316
Total restricted cash	677	4,962


Cash and cash equivalents	159,903	98,774






Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$160,580	$103,736

SEGMENT AND GEOGRAPHICAL INFORMATION - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 37,083	$ 37,599
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	21,795	20,610
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	9,075	10,650
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,020	4,455
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	1,749	1,503
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 444	$ 381

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

Our debt consisted of the following at March 31, 2024:


			March 31, 2024
Debt


Senior Notes due 2031 at a fixed interest rate of 2.75%			$450,000
2015 Term Loan borrowings due 2028 at a variable interest rate of 7.01%			350,000


2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.96%			200,000

2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.06%			200,000
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.01%			100,000
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a)			24,040
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a)			24,040
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a)			20,605






Total principal debt			1,368,685

Less: Unamortized discounts			(2,688)

Less: Deferred financing costs			(4,012)

















Total long-term debt			$1,361,985

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

The following table contains information on the outstanding variable rate debt as of March 31, 2024:


Debt	Periodic Interest Rate (a)	Effective Fixed Interest Rate (b)
2015 Term Loan	Daily Simple SOFR + 1.70%	3.01	%
2022 Incremental Term Loan	Daily Simple SOFR + 1.70%	4.55	%
2016 Incremental Term Loan	Daily Simple SOFR + 1.75%	2.38	%
2021 Incremental Term Loan	Daily Simple SOFR + 1.65%	1.45	%

(a) Includes credit spread adjustment of 0.1%.

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

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


			Total
2024			—
2025			20,605
2026			224,040
2027			124,040
2028			350,000
Thereafter			650,000
Total Debt			$1,368,685

2024 DEBT ACTIVITY

U.S. Debt

During the three months ended March 31, 2024, we made no borrowings or repayments on our Revolving Credit Facility. At March 31, 2024, we had available borrowings of $293.0 million under the Revolving Credit Facility, net of $7.0 million to secure our outstanding letters of credit.

New Zealand Debt

During the three months ended March 31, 2024, the New Zealand subsidiary made no borrowings or repayments on its working capital facility (the “New Zealand Working Capital Facility”). At March 31, 2024, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility.

DEBT COVENANTS

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

The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2024, 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		11.7 to 1		9.2
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	43	%	22	%

In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At March 31, 2024, we were in compliance with all applicable covenants.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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

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

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

+ Details

NONCONTROLLING INTERESTS (Tables)

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries

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


	Three Months Ended March 31,
		2024	2023
Beginning noncontrolling interests in the operating partnership		$81,651	$105,763

Adjustment of noncontrolling interests in the operating partnership		291	2,376
Conversions of redeemable operating partnership units to common shares		(11,511)	(23,881)
Net income attributable to noncontrolling interests in the operating partnership		20	174
Other comprehensive loss attributable to noncontrolling interests in the operating partnership		(265)	(1,110)
Distributions to noncontrolling interests in the operating partnership		(597)	(861)
Total noncontrolling interests in the operating partnership		$69,589	$82,461

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options, performance shares, restricted shares and restricted stock units (in shares)	93,575	64,667
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options, performance shares, restricted shares and restricted stock units (in shares)	93,575	64,667

ASSETS HELD FOR SALE	3 Months Ended
ASSETS HELD FOR SALE	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties not included in inventory which are under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of March 31, 2024 and December 31, 2023, the basis in properties meeting this classification was $10.0 million and $9.9 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

OPERATING ACTIVITIES

Net income

$ 2,306

$ 7,437

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

Depreciation, depletion and amortization

37,083

37,599

Non-cash cost of land and improved development

2,953

4,208

Stock-based incentive compensation expense

3,218

2,499

Deferred income taxes

(1,004)

(1,155)

Pension settlement charge

5,673

Timber write-offs resulting from casualty events

2,302

Other

1,899

578

Changes in operating assets and liabilities:

Receivables

(7,493)

3,730

Inventories

565

(4,098)

Accounts payable

8,537

8,913

All other operating activities

(1,439)

1,938

CASH PROVIDED BY OPERATING ACTIVITIES

52,298

63,951

INVESTING ACTIVITIES

Capital expenditures

(18,868)

(18,746)

Real estate development investments

(5,483)

(7,753)

Purchase of timberlands

(8,729)

Other

302

3,029

CASH USED FOR INVESTING ACTIVITIES

(24,049)

(32,199)

FINANCING ACTIVITIES

Dividends paid on common shares

^[1]

(72,258)

(42,149)

Distributions to noncontrolling interests in the operating partnership

^[2]

(1,085)

(861)

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

(10)

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

(31)

(41)

Distributions to noncontrolling interests in consolidated affiliates

(1,713)

CASH USED FOR FINANCING ACTIVITIES

(75,087)

(43,061)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(956)

(362)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(47,794)

(11,671)

Balance, beginning of year

208,374

115,407

Balance, end of period

160,580

103,736

Cash paid during the period:

Interest

^[3]

800

3,802

Income taxes

1,845

2,203

Non-cash investing activity:

Capital assets purchased on account

$ 7,330

$ 5,689

[1]	The three months ended March 31, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.
[2]	The three months ended March 31, 2024 includes an additional cash distribution of $0.20 per operating partnership unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
[3]	Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	3 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) plan	Mar. 31, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of qualified defined benefit plans \| plan	1
Pension settlement charge	$ 5,673	$ 0
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	2,700
Pension settlement charge	5,700
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	$ 1,200

REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 10,235	$ 11,400

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 167,808	$ 178,837
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,514	31,206
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,533	30,477
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,981	729
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	103,072	120,606
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	56,258	70,579
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,814	50,027
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	138,586	151,812
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,530	30,582
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,530	30,477
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		105
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,336	31,864
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,113	29,413
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,223	2,451
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,984	624
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,981	624
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,244	32,872
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,559	29,168
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,685	3,704
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,159	43,764
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,828	11,595
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,331	32,169
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,333	12,106
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	758	403
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,575	11,703
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,978	71,842
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,866	62,446
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,192	34,419
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,228	33,496
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,700	44,105
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,159	43,764
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,663	12,440
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 11,333	$ 12,106

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 65,601	$ 62,595
Fair value, derivative liability	(4,231)	(2,146)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	4,088	7,259
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	61,513	55,336
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,092)	(803)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,139)	(1,343)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	366	1,175
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	274	2,405
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,803)	(664)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(953)	0
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	122	342
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,294	2,158
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(289)	(139)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,186)	(789)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	3,600	5,742
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	42,986	37,983
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(546)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-starting interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	16,959	12,790
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-starting interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (8)

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

As of March 31, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows:


	March 31, 2024	December 31, 2023
Finished goods inventory
Real estate inventory (a)	$38,957	$26,338
Log inventory	4,405	4,490
Carbon unit inventory (b)	179	189
Total inventory	$43,541	$31,017

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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Credit Spread Option \| SOFR
Derivative [Line Items]
Bank Margin on Debt	0.10%
Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed Rate of Swap	2.10%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.80%
Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed Rate of Swap	2.26%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.96%
Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.50%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.25%
Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.51%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.26%
Interest Rate Swap 5
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200
Fixed Rate of Swap	0.67%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	2.32%
Interest Rate Swap 6
Derivative [Line Items]
Term	5 years
Notional Amount	$ 100
Fixed Rate of Swap	3.72%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	5.42%
Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed Rate of Swap	0.78%
Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed Rate of Swap	0.64%
Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed Rate of Swap	3.29%

SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
SALES	$ 168,097	$ 179,082
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(111)	(129)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	69,978	71,842
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	25,192	34,419
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	45,700	44,105
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	15,564	16,276
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	11,774	12,569
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	111	129
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (111)	$ (129)

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

Total

Common Shares

Retained Earnings

Accumulated Other Comprehensive Income

Noncontrolling Interests in Consolidated Affiliates

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

147,282,631

Beginning balance at Dec. 31, 2022

$ 1,880,712

$ 1,462,945

$ 366,637

$ 35,813

$ 15,317

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

Net income (loss)

7,437

8,474

(1,037)

Net income attributable to noncontrolling interests in the operating partnership

(174)

Dividends

^[1]

(42,172)

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

400

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

(10)

$ (10)

Issuance of shares under incentive stock plans (in shares)

1,564

Stock-based compensation

2,499

$ 2,499

Repurchase of common shares (in shares)

(1,167)

Repurchase of common shares

(41)

$ (41)

Adjustment of noncontrolling interests in the operating partnership

(2,376)

Conversion of units into common shares (in shares)

729,551

Conversion of units into common shares

23,881

$ 23,881

Pension and postretirement benefit plans

Foreign currency translation adjustment

(3,733)

(3,552)

(181)

Cash flow hedges

(12,319)

(12,504)

185

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

1,110

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

148,012,979

Ending balance at Mar. 31, 2023

$ 1,854,815

$ 1,489,274

330,389

20,868

14,284

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

148,299,117

Beginning balance at Dec. 31, 2023

$ 1,877,602

$ 1,497,641

338,244

24,651

17,066

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

Net income (loss)

2,306

1,377

929

Net income attributable to noncontrolling interests in the operating partnership

(20)

Dividends

^[2]

(42,777)

Issuance of shares under incentive stock plans (in shares)

752

Stock-based compensation

3,218

$ 3,218

Repurchase of common shares (in shares)

(924)

Repurchase of common shares

(31)

$ (31)

Adjustment of noncontrolling interests in the operating partnership

(291)

Conversion of units into common shares (in shares)

350,376

Conversion of units into common shares

11,511

$ 11,511

Pension and postretirement benefit plans

9,562

Foreign currency translation adjustment

(16,951)

(16,178)

(773)

Cash flow hedges

2,966

4,070

(1,104)

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

265

Distributions to noncontrolling interests in consolidated affiliates

$ (1,713)

(1,713)

Ending balance (in shares) at Mar. 31, 2024

148,649,321

Ending balance at Mar. 31, 2024

$ 1,845,647

$ 1,512,339

$ 296,533

$ 22,370

$ 14,405

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

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

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

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

Changes in higher and better use timberlands and real estate development investments from December 31, 2023 to March 31, 2024 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, 2023	$86,986	$18,609	$105,595
Plus: Current portion (a)	1,699	24,639	26,338
Total Balance at December 31, 2023	88,685	43,248	131,933
Non-cash cost of land and improved development	(213)	(1,571)	(1,784)
Amortization of parcel real estate development investments	—	(1,968)	(1,968)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(189)	—	(189)
Capitalized real estate development investments (b)	—	7,850	7,850
Capital expenditures (silviculture)	76	—	76

Intersegment transfers	9,442	—	9,442

Total Balance at March 31, 2024	97,801	47,559	145,360
Less: Current portion (a)	(14,068)	(24,889)	(38,957)
Non-current portion at March 31, 2024	$83,733	$22,670	$106,403

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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2024

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 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 March 31, 2024, foreign currency exchange contracts and foreign currency option contracts had maturity dates through March 2027.

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 March 31, 2024:


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	2015 Term Loan	2.10	%	1.70	%	3.80	%
August 2015	9 years	180,000	2015 Term Loan	2.26	%	1.70	%	3.96	%
April 2016	10 years	100,000	2016 Incremental Term Loan	1.50	%	1.75	%	3.25	%
April 2016	10 years	100,000	2016 Incremental Term Loan	1.51	%	1.75	%	3.26	%
May 2021	7 years	200,000	2021 Incremental Term Loan	0.67	%	1.65	%	2.32	%
December 2022	5 years	100,000	2022 Incremental Term Loan	3.72	%	1.70	%	5.42	%

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

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

(c)Rate is before estimated patronage payments.

FORWARD-STARTING INTEREST RATE SWAPS

The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2024:

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

2015 Term Loan

August 2024

N/A

May 2020

4 years

50,000

0.64

2015 Term Loan

August 2024

N/A

May 2023

4 years

50,000

3.29

2015 Term Loan

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 (Loss) for the three months ended March 31, 2024 and 2023:


		Three Months Ended March 31,
	Income Statement Location	2024	2023
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income	($5,490)	$3,813
	Other operating income (expense), net	459	(2,429)
Foreign currency option contracts	Other comprehensive (loss) income	(1,638)	(270)
	Other operating income (expense), net	8	—
Interest rate products	Other comprehensive (loss) income	15,041	(9,660)
	Interest expense, net	(7,278)	(3,463)

During the next 12 months, the amount of the March 31, 2024 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $22.5 million. The following table contains details of the expected reclassified amounts into earnings:


			Amount expected to be reclassified into earnings in next 12 months

Derivatives designated as cash flow hedges:
Foreign currency exchange contracts			($1,034)
Foreign currency option contracts			(121)
Interest rate products (a)			23,625
Total estimated net gain on derivatives contracts			$22,470

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

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


	Notional Amount
	March 31, 2024	December 31, 2023
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$127,450	$122,700
Foreign currency option contracts	106,000	98,000
Interest rate swaps	850,000	850,000

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

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		March 31, 2024	December 31, 2023
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$366	$1,175
	Other assets	274	2,405
	Other current liabilities	(1,803)	(664)
	Other non-current liabilities	(953)	—
Foreign currency option contracts	Other current assets	122	342
	Other assets	1,294	2,158
	Other current liabilities	(289)	(139)
	Other non-current liabilities	(1,186)	(789)
Interest rate swaps	Other current assets	3,600	5,742
	Other assets	42,986	37,983
	Other non-current liabilities	—	(546)
Forward-starting interest rate swaps	Other assets	16,959	12,790
	Other non-current liabilities	—	(8)
















Total derivative contracts:
Other current assets		$4,088	$7,259
Other assets		61,513	55,336
Total derivative assets		$65,601	$62,595

Other current liabilities		(2,092)	(803)
Other non-current liabilities		(2,139)	(1,343)
Total derivative liabilities		($4,231)	($2,146)

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

OFFSETTING DERIVATIVES

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

SEGMENT AND GEOGRAPHICAL INFORMATION - Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Operating Income	$ 16,210	$ 10,622
Unallocated interest expense and other	(14,736)	(2,146)
Total Income before Income Taxes	1,474	8,476
Pension settlement charge	5,673	0
Gain (loss) from net recovery and costs with legal settlement	(1,300)	9,100
Pension
Segment Reporting Information [Line Items]
Pension settlement charge	5,700
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events		2,300
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	23,005	22,223
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(4,360)	(3,543)
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	7,430	(663)
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	(128)	883
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	41	341
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (9,778)	$ (8,619)

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Allowance for doubtful accounts	$ 202	$ 210
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,649,321	148,299,117
Common shares, shares outstanding (in shares)	148,649,321	148,299,117

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 127,450	$ 122,700
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	106,000	98,000
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	$ 200,000

EARNINGS PER SHARE AND PER UNIT (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended March 31,
		2024	2023
Earnings per common share - basic
Numerator:
Net Income		$2,306	$7,437
Less: Net income attributable to noncontrolling interests in the operating partnership		(20)	(174)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037
Net income attributable to Rayonier Inc.		$1,357	$8,300
Denominator:
Denominator for basic earnings per common share - weighted average shares		148,567,375	147,377,448
Basic earnings per common share attributable to Rayonier Inc.:		$0.01	$0.06
Earnings per common share - diluted
Numerator:
Net Income		$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037

Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership		$1,377	$8,474
Denominator:
Denominator for basic earnings per common share - weighted average shares		148,567,375	147,377,448
Add: Dilutive effect of:
Stock options		165	1,886
Performance shares, restricted shares and restricted stock units		630,270	612,412
Noncontrolling interests in operating partnership units		2,178,239	3,087,383
Denominator for diluted earnings per common share - adjusted weighted average shares		151,376,049	151,079,129
Diluted earnings per common share attributable to Rayonier Inc.:		$0.01	$0.06

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


	Three Months Ended March 31,
		2024	2023
Earnings per unit - basic
Numerator:
Net Income		$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037
Net income available to unitholders		$1,377	$8,474
Denominator:
Denominator for basic earnings per unit - weighted average units		150,745,614	150,464,831
Basic earnings per unit attributable to Rayonier, L.P.:		$0.01	$0.06
Earnings per unit - diluted
Numerator:
Net Income		$2,306	$7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates		(929)	1,037
Net income available to unitholders		$1,377	$8,474
Denominator:
Denominator for basic earnings per unit - weighted average units		150,745,614	150,464,831
Add: Dilutive effect of unit equivalents:
Stock options		165	1,886
Performance shares, restricted shares and restricted stock units		630,270	612,412
Denominator for diluted earnings per unit - adjusted weighted average units		151,376,049	151,079,129
Diluted earnings per unit attributable to Rayonier, L.P.:		$0.01	$0.06

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
		2024	2023
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units		93,575	64,667


	Three Months Ended March 31,
		2024	2023
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units		93,575	64,667

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign currency translation adjustment, tax expense	$ 0	$ 0
Cash flow hedges, tax expense	(1,866)	312
Pension and postretirement plans, tax expense	(1,222)	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0
Cash flow hedges, tax expense	(1,866)	312
Pension and postretirement plans, tax expense	$ (1,222)	$ 0

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

OPERATING ACTIVITIES

Net income

$ 2,306

$ 7,437

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

Depreciation, depletion and amortization

37,083

37,599

Non-cash cost of land and improved development

2,953

4,208

Stock-based incentive compensation expense

3,218

2,499

Deferred income taxes

(1,004)

(1,155)

Pension settlement charge

5,673

Timber write-offs resulting from casualty events

2,302

Other

1,899

578

Changes in operating assets and liabilities:

Receivables

(7,493)

3,730

Inventories

565

(4,098)

Accounts payable

8,537

8,913

All other operating activities

(1,439)

1,938

CASH PROVIDED BY OPERATING ACTIVITIES

52,298

63,951

INVESTING ACTIVITIES

Capital expenditures

(18,868)

(18,746)

Real estate development investments

(5,483)

(7,753)

Purchase of timberlands

(8,729)

Other

302

3,029

CASH USED FOR INVESTING ACTIVITIES

(24,049)

(32,199)

FINANCING ACTIVITIES

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

(10)

Distributions to noncontrolling interests in consolidated affiliates

(1,713)

CASH USED FOR FINANCING ACTIVITIES

(75,087)

(43,061)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(956)

(362)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(47,794)

(11,671)

Balance, beginning of year

208,374

115,407

Balance, end of period

160,580

103,736

Cash paid during the period:

Interest

^[1]

800

3,802

Income taxes

1,845

2,203

Non-cash investing activity:

Capital assets purchased on account

7,330

5,689

Rayonier Limited Partnership

OPERATING ACTIVITIES

Net income

2,306

7,437

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

Depreciation, depletion and amortization

37,083

37,599

Non-cash cost of land and improved development

2,953

4,208

Stock-based incentive compensation expense

3,218

2,499

Deferred income taxes

(1,004)

(1,155)

Pension settlement charge

5,673

Timber write-offs resulting from casualty events

2,302

Other

1,899

578

Changes in operating assets and liabilities:

Receivables

(7,493)

3,730

Inventories

565

(4,098)

Accounts payable

8,537

8,913

All other operating activities

(1,439)

1,938

CASH PROVIDED BY OPERATING ACTIVITIES

52,298

63,951

INVESTING ACTIVITIES

Capital expenditures

(18,868)

(18,746)

Real estate development investments

(5,483)

(7,753)

Purchase of timberlands

(8,729)

Other

302

3,029

CASH USED FOR INVESTING ACTIVITIES

(24,049)

(32,199)

FINANCING ACTIVITIES

Distributions on units

^[2]

(73,343)

(43,010)

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

(10)

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

(31)

(41)

Distributions to noncontrolling interests in consolidated affiliates

(1,713)

CASH USED FOR FINANCING ACTIVITIES

(75,087)

(43,061)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(956)

(362)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

(47,794)

(11,671)

Balance, beginning of year

208,374

115,407

Balance, end of period

160,580

103,736

Cash paid during the period:

Interest

^[3]

800

3,802

Income taxes

1,845

2,203

Non-cash investing activity:

Capital assets purchased on account

$ 7,330

$ 5,689

[1]	Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.
[2]	The three months ended March 31, 2024 includes an additional cash distribution of $.20 per operating partnership unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
[3]	Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of March 31, 2024:


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	2015 Term Loan	2.10	%	1.70	%	3.80	%
August 2015	9 years	180,000	2015 Term Loan	2.26	%	1.70	%	3.96	%
April 2016	10 years	100,000	2016 Incremental Term Loan	1.50	%	1.75	%	3.25	%
April 2016	10 years	100,000	2016 Incremental Term Loan	1.51	%	1.75	%	3.26	%
May 2021	7 years	200,000	2021 Incremental Term Loan	0.67	%	1.65	%	2.32	%
December 2022	5 years	100,000	2022 Incremental Term Loan	3.72	%	1.70	%	5.42	%

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

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

(c)Rate is before estimated patronage payments.

The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2024:

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

2015 Term Loan

August 2024

N/A

May 2020

4 years

50,000

0.64

2015 Term Loan

August 2024

N/A

May 2023

4 years

50,000

3.29

2015 Term Loan

August 2024

N/A

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

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


		Three Months Ended March 31,
	Income Statement Location	2024	2023
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income	($5,490)	$3,813
	Other operating income (expense), net	459	(2,429)
Foreign currency option contracts	Other comprehensive (loss) income	(1,638)	(270)
	Other operating income (expense), net	8	—
Interest rate products	Other comprehensive (loss) income	15,041	(9,660)
	Interest expense, net	(7,278)	(3,463)

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


			Amount expected to be reclassified into earnings in next 12 months

Derivatives designated as cash flow hedges:
Foreign currency exchange contracts			($1,034)
Foreign currency option contracts			(121)
Interest rate products (a)			23,625
Total estimated net gain on derivatives contracts			$22,470

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

Schedule of Notional Amounts of Outstanding Derivative Positions

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


	Notional Amount
	March 31, 2024	December 31, 2023
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$127,450	$122,700
Foreign currency option contracts	106,000	98,000
Interest rate swaps	850,000	850,000

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

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


	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		March 31, 2024	December 31, 2023
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	$366	$1,175
	Other assets	274	2,405
	Other current liabilities	(1,803)	(664)
	Other non-current liabilities	(953)	—
Foreign currency option contracts	Other current assets	122	342
	Other assets	1,294	2,158
	Other current liabilities	(289)	(139)
	Other non-current liabilities	(1,186)	(789)
Interest rate swaps	Other current assets	3,600	5,742
	Other assets	42,986	37,983
	Other non-current liabilities	—	(546)
Forward-starting interest rate swaps	Other assets	16,959	12,790
	Other non-current liabilities	—	(8)
















Total derivative contracts:
Other current assets		$4,088	$7,259
Other assets		61,513	55,336
Total derivative assets		$65,601	$62,595

Other current liabilities		(2,092)	(803)
Other non-current liabilities		(2,139)	(1,343)
Total derivative liabilities		($4,231)	($2,146)

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

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments


	March 31, 2024			December 31, 2023
Asset (Liability) (a)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$159,903	$159,903	—	$207,696	$207,696	—


Restricted cash (b)	677	677	—	678	678	—



Long-term debt (c)	(1,361,985)	—	(1,299,434)	(1,365,773)	—	(1,299,951)

Interest rate swaps (d)	46,586	—	46,586	43,179	—	43,179

Forward-starting interest rate swaps (d)	16,959	—	16,959	12,782	—	12,782
Foreign currency exchange contracts (d)	(2,116)	—	(2,116)	2,916	—	2,916
Foreign currency option contracts (d)	(59)	—	(59)	1,572	—	1,572


Noncontrolling interests in the operating partnership (e)	69,589	—	69,589	81,651	—	81,651

(a)We did not have Level 3 assets or liabilities at March 31, 2024 and December 31, 2023.

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

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

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

RESTRICTED CASH (Tables)

3 Months Ended

Mar. 31, 2024

Restricted Cash and Investments [Abstract]

Schedule of Restricted Cash


	Three Months Ended March 31,
	2024	2023

Restricted cash:
Restricted cash deposited with LKE intermediary	—	$1,646
Restricted cash held in escrow	677	3,316
Total restricted cash	677	4,962


Cash and cash equivalents	159,903	98,774






Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$160,580	$103,736

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

3 Months Ended

Mar. 31, 2024

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES

Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release.

Changes in environmental and NRD liabilities from December 31, 2023 to March 31, 2024 are shown below:


			Port Gamble, WA






Non-current portion at December 31, 2023			$4,785
Plus: Current portion			11,793
Total Balance at December 31, 2023			16,578
Expenditures charged to liabilities			(171)
Increase to liabilities (a)			2,667
Total Balance at March 31, 2024			19,074
Less: Current portion			(14,414)
Non-current portion at March 31, 2024			$4,660

(a)The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the three months ended March 31, 2024.

It is expected that the upland mill site cleanup and NRD restoration will occur over the next one to two years, while the monitoring of Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years. NRD costs are subject to change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
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-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481899/410-30-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481899/410-30-55-16

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//410-30/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-Section 50
-Paragraph 10
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 7: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-Section 50
-Paragraph 10
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-Section 50
-Paragraph 10
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 9: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(4)
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-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 10: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147481931/410-30-50-10

Reference 11: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147481931/410-30-50-14

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481931/410-30-50-17

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481899/410-30-55-17

+ Details

OTHER OPERATING INCOME (EXPENSE), NET (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating (Expense) Income, Net

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


	Three Months Ended March 31,
		2024	2023
Gain (loss) on foreign currency remeasurement, net of cash flow hedges		$242	($2,484)
Gain on sale or disposal of property and equipment		10	2






Miscellaneous income (expense), net		19	(34)
Total		$271	($2,516)

EMPLOYEE BENEFIT PLANS - Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	513	844
Expected return on plan assets	(542)	(887)
Amortization of losses	0	1
Pension settlement loss	5,673	0
Net periodic benefit (credit) cost	$ 5,644	(42)
Weighted-average expected long-term rate of return on plan assets (as a percent)	5.00%
Weighted-average expected long-term rate of return on plan assets after pension settlement (as a percent)	3.10%
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	1
Interest cost	18	17
Expected return on plan assets	0	0
Amortization of losses	0	0
Pension settlement loss	0	0
Net periodic benefit (credit) cost	$ 19	$ 18

NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [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 422,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP

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

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


	Three Months Ended March 31,
		2024	2023
Beginning noncontrolling interests in the operating partnership		$81,651	$105,763

Adjustment of noncontrolling interests in the operating partnership		291	2,376
Conversions of redeemable operating partnership units to common shares		(11,511)	(23,881)
Net income attributable to noncontrolling interests in the operating partnership		20	174
Other comprehensive loss attributable to noncontrolling interests in the operating partnership		(265)	(1,110)
Distributions to noncontrolling interests in the operating partnership		(597)	(861)
Total noncontrolling interests in the operating partnership		$69,589	$82,461

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income (expense), net	$ (271)	$ 2,516
Interest expense, net	(9,744)	(11,700)
Income tax benefit (expense)	832	(1,039)
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(2,306)	(7,437)
Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(7,020)	(4,808)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax benefit (expense)	(101)	525
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income \| Realized loss (gain) on foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income (expense), net	459	(2,429)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income \| Realized loss on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income (expense), net	8	0
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net	(7,278)	(3,463)
Cash Flow Hedges, Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive loss attributable to noncontrolling interests	$ (108)	$ 559

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt consisted of the following at March 31, 2024:


			March 31, 2024
Debt


Senior Notes due 2031 at a fixed interest rate of 2.75%			$450,000
2015 Term Loan borrowings due 2028 at a variable interest rate of 7.01%			350,000


2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.96%			200,000

2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.06%			200,000
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.01%			100,000
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a)			24,040
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a)			24,040
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a)			20,605






Total principal debt			1,368,685

Less: Unamortized discounts			(2,688)

Less: Deferred financing costs			(4,012)

















Total long-term debt			$1,361,985

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

The following table contains information on the outstanding variable rate debt as of March 31, 2024:


Debt	Periodic Interest Rate (a)	Effective Fixed Interest Rate (b)
2015 Term Loan	Daily Simple SOFR + 1.70%	3.01	%
2022 Incremental Term Loan	Daily Simple SOFR + 1.70%	4.55	%
2016 Incremental Term Loan	Daily Simple SOFR + 1.75%	2.38	%
2021 Incremental Term Loan	Daily Simple SOFR + 1.65%	1.45	%

(a) Includes credit spread adjustment of 0.1%.

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

Schedule of Maturities of Long-term Debt

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


			Total
2024			—
2025			20,605
2026			224,040
2027			124,040
2028			350,000
Thereafter			650,000
Total Debt			$1,368,685

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2024, 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		11.7 to 1		9.2
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	43	%	22	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

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+ Details

RESTRICTED CASH - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 677	$ 678	$ 4,962
Cash and cash equivalents	159,903	207,696	98,774
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	160,580	$ 208,374	103,736	$ 115,407
Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	0		1,646
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 677		$ 3,316

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions			3 Months Ended
	Jan. 12, 2024	Dec. 29, 2023	Mar. 31, 2024	Mar. 31, 2023
Distributions declared (in dollars per unit)		$ 0.20
Additional cash distributions	$ 0.5
Patronage refunds received, netted with interest paid			$ 8.1	$ 6.1
Rayonier Limited Partnership
Distributions declared (in dollars per unit)		$ 0.20
Additional cash distributions	$ 30.2
Patronage refunds received, netted with interest paid			$ 8.1	$ 6.1

ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table summarizes the changes in AOCI by component for the three months ended March 31, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.


	Foreign currency translation (losses) gains	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, 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
Other comprehensive (loss) income before reclassifications	(16,178)	—	11,090	(a)	5,110		22	—	22
Amounts reclassified from accumulated other comprehensive income	—	—	(7,020)		4,452	(b)	(2,568)	265	(2,303)
Net other comprehensive (loss) income	(16,178)	—	4,070		9,562		(2,546)	265	(2,281)
Balance as of March 31, 2024	($35,711)	$1,321	$59,916		($54)		$25,472	($3,102)	$22,370

(a)The three months ended March 31, 2024 includes $15.0 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 million of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information.

(b)This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. The three months ended March 31, 2024 includes a pension settlement charge of $4.5 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 15 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2024 and March 31, 2023:


Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the Income Statement
	March 31, 2024	March 31, 2023
Realized loss (gain) on foreign currency exchange contracts	$459	($2,429)	Other operating income (expense), net
Realized loss on foreign currency option contracts	8	—	Other operating income (expense), net
Noncontrolling interests	(108)	559	Comprehensive loss attributable to noncontrolling interests
Realized gain on interest rate contracts	(7,278)	(3,463)	Interest expense, net
Income tax effect from net (loss) gain on foreign currency contracts	(101)	525	Income tax benefit (expense)


Net gain on cash flow hedges reclassified from accumulated other comprehensive income	($7,020)	($4,808)

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Allowance for doubtful accounts	$ 202	$ 210
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 202	$ 210
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	2,093,522	2,443,898

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 26, 2024
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		148,877,048
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		2,091,364
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income


	Foreign currency translation (losses) gains	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, 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
Other comprehensive (loss) income before reclassifications	(16,178)	—	11,090	(a)	5,110		22	—	22
Amounts reclassified from accumulated other comprehensive income	—	—	(7,020)		4,452	(b)	(2,568)	265	(2,303)
Net other comprehensive (loss) income	(16,178)	—	4,070		9,562		(2,546)	265	(2,281)
Balance as of March 31, 2024	($35,711)	$1,321	$59,916		($54)		$25,472	($3,102)	$22,370

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 three months ended March 31, 2024 and March 31, 2023:


Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the Income Statement
	March 31, 2024	March 31, 2023
Realized loss (gain) on foreign currency exchange contracts	$459	($2,429)	Other operating income (expense), net
Realized loss on foreign currency option contracts	8	—	Other operating income (expense), net
Noncontrolling interests	(108)	559	Comprehensive loss attributable to noncontrolling interests
Realized gain on interest rate contracts	(7,278)	(3,463)	Interest expense, net
Income tax effect from net (loss) gain on foreign currency contracts	(101)	525	Income tax benefit (expense)


Net gain on cash flow hedges reclassified from accumulated other comprehensive income	($7,020)	($4,808)

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
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

REVENUE - Performance Obligations Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 20.9
Remaining performance obligation, expected to satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 15.3
Remaining performance obligation, expected to satisfaction, period	1 year

ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,860,536
Other comprehensive (loss) income before reclassifications	22	$ 7,547
Amounts reclassified from accumulated other comprehensive income	(2,303)	(18,709)
Net other comprehensive (loss) income	(2,281)	(11,162)
Ending balance	1,831,242	1,860,536
Pension
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Pre-tax non-cash pension settlement charge	4,500
Tax on settlement charge	1,200
Settlement charge		2,000
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	24,651	35,813
Ending balance	22,370	24,651
Foreign currency translation (losses) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(19,533)	(18,067)
Other comprehensive (loss) income before reclassifications	(16,178)	(1,466)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	(16,178)	(1,466)
Ending balance	(35,711)	(19,533)
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [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
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	55,846	67,204
Other comprehensive (loss) income before reclassifications	11,090	10,537
Amounts reclassified from accumulated other comprehensive income	(7,020)	(21,895)
Net other comprehensive (loss) income	4,070	(11,358)
Ending balance	59,916	55,846
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss) income before reclassifications	15,000	10,300
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,616)	(10,209)
Other comprehensive (loss) income before reclassifications	5,110	(1,449)
Amounts reclassified from accumulated other comprehensive income	4,452	2,042
Net other comprehensive (loss) income	9,562	593
Ending balance	(54)	(9,616)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	28,018	40,249
Other comprehensive (loss) income before reclassifications	22	7,622
Amounts reclassified from accumulated other comprehensive income	(2,568)	(19,853)
Net other comprehensive (loss) income	(2,546)	(12,231)
Ending balance	25,472	28,018
Allocation of Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,367)	(4,436)
Other comprehensive (loss) income before reclassifications	0	(75)
Amounts reclassified from accumulated other comprehensive income	265	1,144
Net other comprehensive (loss) income	265	1,069
Ending balance	$ (3,102)	$ (3,367)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - New Zealand JV	3 Months Ended
	Mar. 31, 2024
Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50.00%
Minimum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum \| Forecasted Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Minimum \| Forecasted Sales and Purchases, term 4
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Minimum \| Forecasted Sales and Purchases, term 5
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 months
Maximum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90.00%
Maximum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months (as a percent)	75.00%
Maximum \| Forecasted Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Percent of forecast sales and purchases hedged for 18 to 24 months (as a percent)	50.00%
Maximum \| Forecasted Sales and Purchases, term 4
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 months
Percent of forecast sales and purchases hedged for 24 to 36 months (as a percent)	50.00%
Maximum \| Forecasted Sales and Purchases, term 5
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent)	25.00%

EARNINGS PER SHARE AND PER UNIT - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income	$ 2,306	$ 7,437
Less: Net income attributable to noncontrolling interests in the operating partnership	(20)	(174)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,357	$ 8,300
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,567,375	147,377,448
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.01	$ 0.06
Numerator:
Net Income	$ 2,306	$ 7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 1,377	$ 8,474
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,567,375	147,377,448
Add: Dilutive effect of:
Stock options (in shares)	165	1,886
Performance shares, restricted shares and restricted stock units (in shares/units)	630,270	612,412
Noncontrolling interests in operating partnership units (in shares)	2,178,239	3,087,383
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	151,376,049	151,079,129
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.01	$ 0.06
Rayonier Limited Partnership
Numerator:
Net Income	$ 2,306	$ 7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(929)	1,037
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,377	$ 8,474
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,745,614	150,464,831
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.06
Numerator:
Net Income	$ 2,306	$ 7,437
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	$ (929)	$ 1,037
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,745,614	150,464,831
Add: Dilutive effect of:
Stock options (in shares)	165	1,886
Performance shares, restricted shares and restricted stock units (in shares/units)	630,270	612,412
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	151,376,049	151,079,129
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.06