SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates 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
	2021	2020	2019
Southern Timber	$204,441	$191,831	$194,111
Pacific Northwest Timber	143,021	120,809	85,414
New Zealand Timber	281,158	202,315	241,861
Timber Funds (a)	199,402	29,557	—
Real Estate
Improved Development	51,713	14,498	5,882
Unimproved Development	37,500	8,426	19,476
Rural	43,088	67,152	47,647
Timberland & Non-Strategic	44	19,255	1,338
Conservation Easements	3,855	3,099	—
Deferred Revenue/Other	(2,380)	888	544
Large Dispositions	56,048	116,027	—
Total Real Estate	189,868	229,345	74,887
Trading	95,364	88,973	115,438
Intersegment eliminations (b)	(3,657)	(3,676)	(155)
Total Sales	$1,109,597	$859,154	$711,556

(a)The years ended December 31, 2021 and December 31, 2020 include $159.1 million and $22.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier.

(b)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 Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.

	Operating Income (Loss)
	2021	2020	2019
Southern Timber (a)	$66,111	$41,247	$57,804
Pacific Northwest Timber	6,827	(9,979)	(12,427)
New Zealand Timber	51,513	29,984	48,035
Timber Funds (b)	63,219	(13,195)	—
Real Estate (c)	112,540	71,951	38,665
Trading	144	(462)	8
Corporate and other (d)	(30,579)	(45,158)	(25,058)
Total Operating Income	269,775	74,388	107,027
Unallocated interest expense and other	(44,627)	(37,595)	(26,409)
Total Income before Income Taxes	$225,148	$36,793	$80,618

(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, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds. The year ended December 31, 2020 includes $11.6 million of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2020 is $7.3 million related to timber write-offs resulting from casualty events. 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 years ended December 31, 2021 and December 31, 2020 include $44.8 million and $28.7 million, respectively, from Large Dispositions.

(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 27 — Charges for Integration and Restructuring for additional details.

	Gross Capital Expenditures
	2021	2020	2019
Capital Expenditures (a)
Southern Timber	$35,790	$35,505	$34,574
Pacific Northwest Timber	16,585	11,367	11,220
New Zealand Timber	20,128	16,595	17,357
Timber Funds (b)	3,271	2,606	—
Real Estate	191	428	204
Corporate and other	—	—	641
Total capital expenditures	$75,965	$66,500	$63,996
Timberland Acquisitions (c)
Southern Timber	$168,188	$24,241	$98,927
Pacific Northwest Timber	—	—	7,340
New Zealand Timber	10,927	454	36,020
Total timberland acquisitions	$179,115	$24,695	$142,287
Total Gross Capital Expenditures	$255,080	$91,195	$206,283

(a)Excludes timberland acquisitions presented separately in addition to real estate development investments of $12.5 million, $6.5 million and $6.8 million in the years ended December 31, 2021, 2020 and 2019, respectively.

(b)The years ended December 31, 2021 and December 31, 2020 include $2.8 million and $2.3 million, respectively, of capital expenditures attributable to noncontrolling interests 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
	2021	2020	2019
Southern Timber	$54,116	$61,827	$61,923
Pacific Northwest Timber	50,487	47,107	29,165
New Zealand Timber	27,005	25,030	27,761
Timber Funds (a)	97,943	11,884	—
Real Estate (b)	17,746	53,093	8,229
Corporate and other	1,208	1,427	1,157
Total	$248,505	$200,368	$128,235

(a)The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier. The year ended December 31, 2020 includes $10.3 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds.

(b)The years ended December 31, 2021 and December 31, 2020 include $9.8 million and $35.4 million, respectively, from Large Dispositions.

	Non-Cash Cost of Land and Improved Development
	2021	2020	2019
Timber Funds (a)	$20,239	—	—
Real Estate (b)	25,070	82,008	12,565
Total	$45,309	$82,008	$12,565

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

(b)The years ended December 31, 2021 and December 31, 2020 include $0.1 million and $51.6 million, respectively, from Large Dispositions.

	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2021	2020	2019	2021	2020	2019	2021	2020
United States	$732,995	$567,998	$354,395	$217,964	$44,877	$58,945	$3,046,707	$3,104,916
New Zealand	376,602	291,156	357,161	51,811	29,511	48,082	589,649	623,817
Total	$1,109,597	$859,154	$711,556	$269,775	$74,388	$107,027	$3,636,356	$3,728,733