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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
SALES $ 291,431 $ 195,630 $ 482,878 $ 454,760
Costs and Expenses        
Cost of sales (194,250) (154,891) (345,628) (364,390)
Selling and general expenses (14,693) (12,570) (28,725) (22,538)
Other operating income (expense), net 1,956 (16,483) 4,404 (17,594)
Costs and expenses (206,987) (183,944) (369,949) (404,522)
OPERATING INCOME 84,444 11,686 112,929 50,238
Interest expense (13,000) (9,820) (23,027) (18,036)
Interest and other miscellaneous (expense) income, net (1,144) 1,579 (1,148) 1,370
INCOME BEFORE INCOME TAXES 70,300 3,445 88,754 33,572
Income tax expense (6,880) (2,990) (10,302) (6,696)
NET INCOME 63,420 455 78,452 26,876
Less: Net income attributable to noncontrolling interests in the Operating Partnership (1,753) (219) (2,094) (219)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. UNITHOLDERS 57,206 1,735 68,054 27,588
OTHER COMPREHENSIVE (LOSS) INCOME        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0 1,239 23,258 (13,048) (20,765)
Cash flow hedges, net of income tax effect of $315, $1,741, $1,374 and $116 (10,019) (7,276) 50,982 (90,751)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 294 217 587 434
Total other comprehensive (loss) income (8,486) 16,199 38,521 (111,082)
COMPREHENSIVE INCOME (LOSS) 54,934 16,654 116,973 (84,206)
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership (1,499) (676) (3,371) (676)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates (4,490) (4,917) (5,070) 5,743
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS $ 48,945 $ 11,061 $ 108,532 $ (79,139)
EARNINGS PER COMMON SHARE        
Basic earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.41 $ 0.01 $ 0.49 $ 0.21
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.41 $ 0.01 $ 0.49 $ 0.21
Rayonier Limited Partnership        
SALES $ 291,431 $ 195,630 $ 482,878 $ 454,760
Costs and Expenses        
Cost of sales (194,250) (154,891) (345,628) (364,390)
Selling and general expenses (14,693) (12,570) (28,725) (22,538)
Other operating income (expense), net 1,956 (16,483) 4,404 (17,594)
Costs and expenses (206,987) (183,944) (369,949) (404,522)
OPERATING INCOME 84,444 11,686 112,929 50,238
Interest expense (13,000) (9,820) (23,027) (18,036)
Interest and other miscellaneous (expense) income, net (1,144) 1,579 (1,148) 1,370
INCOME BEFORE INCOME TAXES 70,300 3,445 88,754 33,572
Income tax expense (6,880) (2,990) (10,302) (6,696)
NET INCOME 63,420 455 78,452 26,876
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. UNITHOLDERS 58,959 1,954 70,148 27,807
OTHER COMPREHENSIVE (LOSS) INCOME        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0 1,239 23,258 (13,048) (20,765)
Cash flow hedges, net of income tax effect of $315, $1,741, $1,374 and $116 (10,019) (7,276) 50,982 (90,751)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 294 217 587 434
Total other comprehensive (loss) income (8,486) 16,199 38,521 (111,082)
COMPREHENSIVE INCOME (LOSS) 54,934 16,654 116,973 (84,206)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates (4,490) (4,917) (5,070) 5,743
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS $ 50,444 $ 11,737 $ 111,903 $ (78,463)
EARNINGS PER UNIT        
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.41 $ 0.01 $ 0.49 $ 0.21
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.41 $ 0.01 $ 0.49 $ 0.21