SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

    As a result of the merger with Pope Resources, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 6 - Noncontrolling Interests, the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation.

We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading.

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

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

Segment information for each of the three years ended December 31 follows:

	Sales by Product Line
	2020	2019	2018
Southern Timber	$191,831	$194,111	$169,995
Pacific Northwest Timber	120,809	85,414	109,832
New Zealand Timber	202,315	241,861	249,014
Timber Funds (a)	29,557	—	—
Real Estate
Improved Development	14,498	5,882	8,336
Unimproved Development	8,426	19,476	8,621
Rural (b)	67,152	47,647	46,280
Timberland & Non-Strategic (b)	19,255	1,338	75,281
Conservation Easement	3,099	—	—
Deferred Revenue/Other	888	544	57
Large Dispositions	116,027	—	—
Total Real Estate	229,345	74,887	138,575
Trading	88,973	115,438	148,814
Intersegment eliminations (c)	(3,676)	(155)	(92)
Total Sales	$859,154	$711,556	$816,138

(a)The year ended December 31, 2020 includes $22.7 million of sales attributable to noncontrolling interest in Timber Funds.

(b)The years ended December 31, 2019 and 2018 reflect the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales.

(c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.

	Operating Income (Loss)
	2020	2019	2018
Southern Timber (a)	$41,247	$57,804	$44,245
Pacific Northwest Timber	(9,979)	(12,427)	8,137
New Zealand Timber	29,984	48,035	62,754
Timber Funds (b)	(13,195)	—	—
Real Estate (c)	71,951	38,665	76,240
Trading	(462)	8	953
Corporate and other (d)	(45,158)	(25,058)	(22,261)
Total Operating Income	74,388	107,027	170,068
Unallocated interest expense and other	(37,595)	(26,409)	(27,502)
Total Income before Income Taxes	$36,793	$80,618	$142,566

(a)The year ended December 31, 2020 includes $6.0 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”

(b)The year ended December 31, 2020 includes $11.6 million of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the year ended December 31, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The year ended December 31, 2020 also includes $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”

(c)The year ended December 31, 2020 includes $28.7 million from a Large Disposition.

(d)The year ended December 31, 2020 includes $17.2 million of integration and restructuring costs related to the merger with Pope Resources. See Note 21 — Charges for Integration and Restructuring for additional details.

	Gross Capital Expenditures
	2020	2019	2018
Capital Expenditures (a)
Southern Timber	$35,505	$34,574	$35,388
Pacific Northwest Timber	11,367	11,220	9,311
New Zealand Timber	16,595	17,357	17,318
Timber Funds (b)	2,606	—	—
Real Estate	428	204	284
Corporate and other	—	641	24
Total capital expenditures	$66,500	$63,996	$62,325
Timberland Acquisitions (c)
Southern Timber	$24,241	$98,927	$45,943
Pacific Northwest Timber	—	7,340	—
New Zealand Timber	454	36,020	11,665
Total timberland acquisitions	$24,695	$142,287	$57,608
Total Gross Capital Expenditures	$91,195	$206,283	$119,933

(a)Excludes timberland acquisitions presented separately in addition to real estate development investments of $6.5 million, $6.8 million and $9.5 million in the years 2020, 2019 and 2018, respectively.

(b)The year ended December 31, 2020 includes $2.3 million of capital expenditures attributable to noncontrolling interest in Timber Funds.

(c)Excludes timberland acquired in the Pope Resources merger. For additional information, see Note 2 - Merger with Pope Resources.

	Depreciation, Depletion and Amortization
	2020	2019	2018
Southern Timber	$61,827	$61,923	$58,609
Pacific Northwest Timber	47,107	29,165	32,779
New Zealand Timber	25,030	27,761	28,007
Timber Funds (a)	11,884	—	—
Real Estate (b)	53,093	8,229	23,566
Corporate and other	1,427	1,157	1,160
Total	$200,368	$128,235	$144,121

(a)The year ended December 31, 2020 includes $10.3 million of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds.

(b)The year ended December 31, 2020 includes $35.4 million from a Large Disposition.

	Non-Cash Cost of Land and Improved Development
	2020	2019	2018
Real Estate (a)	$82,008	$12,565	$23,553

(a) The ended December 31, 2020 includes $51.6 million from a Large Disposition.

	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2020	2019	2018	2020	2019	2018	2020	2019
United States	$567,998	$354,395	$390,396	$44,877	$58,945	$83,357	$3,104,916	$2,288,642
New Zealand	291,156	357,161	425,742	29,511	48,082	86,711	623,817	572,354
Total	$859,154	$711,556	$816,138	$74,388	$107,027	$170,068	$3,728,733	$2,860,996