XML 16 R2.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
SALES $ 246,346 $ 291,431 $ 468,387 $ 482,878
Costs and Expenses        
Cost of sales (194,323) (194,250) (355,303) (345,628)
Selling and general expenses (17,356) (14,693) (32,116) (28,725)
Other operating (expense) income, net 801 1,956 (182) 4,404
Costs and expenses (210,878) (206,987) (387,601) (369,949)
OPERATING INCOME 35,468 84,444 80,786 112,929
Interest expense (9,083) (13,000) (17,420) (23,027)
Interest and other miscellaneous income (expense), net 206 (1,144) (262) (1,148)
INCOME BEFORE INCOME TAXES 26,591 70,300 63,104 88,754
Income tax expense (1,304) (6,880) (6,818) (10,302)
NET INCOME 25,287 63,420 56,286 78,452
Less: Net income attributable to noncontrolling interests in the operating partnership (546) (1,753) (1,214) (2,094)
Less: Net income attributable to noncontrolling interests in consolidated affiliates (637) (4,461) (1,650) (8,304)
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 24,104 57,206 53,422 68,054
OTHER COMPREHENSIVE (LOSS) INCOME        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 (36,285) 1,239 (29,827) (13,048)
Cash flow hedges, net of income tax effect of $4,211, $315, $3,189 and $1,374 5,755 (10,019) 46,182 50,982
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 188 294 376 587
Total other comprehensive (loss) income (30,342) (8,486) 16,731 38,521
COMPREHENSIVE (LOSS) INCOME (5,055) 54,934 73,017 116,973
Less: Comprehensive loss (income) attributable to noncontrolling interests in the operating partnership 29 (1,499) (1,657) (3,371)
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates 3,767 (4,490) 1,358 (5,070)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS $ (1,259) $ 48,945 $ 72,718 $ 108,532
EARNINGS PER COMMON SHARE        
Basic earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.16 $ 0.41 $ 0.37 $ 0.49
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.16 $ 0.41 $ 0.36 $ 0.49
Rayonier Limited Partnership        
SALES $ 246,346 $ 291,431 $ 468,387 $ 482,878
Costs and Expenses        
Cost of sales (194,323) (194,250) (355,303) (345,628)
Selling and general expenses (17,356) (14,693) (32,116) (28,725)
Other operating (expense) income, net 801 1,956 (182) 4,404
Costs and expenses (210,878) (206,987) (387,601) (369,949)
OPERATING INCOME 35,468 84,444 80,786 112,929
Interest expense (9,083) (13,000) (17,420) (23,027)
Interest and other miscellaneous income (expense), net 206 (1,144) (262) (1,148)
INCOME BEFORE INCOME TAXES 26,591 70,300 63,104 88,754
Income tax expense (1,304) (6,880) (6,818) (10,302)
NET INCOME 25,287 63,420 56,286 78,452
Less: Net income attributable to noncontrolling interests in consolidated affiliates (637) (4,461) (1,650) (8,304)
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 24,650 58,959 54,636 70,148
OTHER COMPREHENSIVE (LOSS) INCOME        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 (36,285) 1,239 (29,827) (13,048)
Cash flow hedges, net of income tax effect of $4,211, $315, $3,189 and $1,374 5,755 (10,019) 46,182 50,982
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 188 294 376 587
Total other comprehensive (loss) income (30,342) (8,486) 16,731 38,521
COMPREHENSIVE (LOSS) INCOME (5,055) 54,934 73,017 116,973
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates 3,767 (4,490) 1,358 (5,070)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS $ (1,288) $ 50,444 $ 74,375 $ 111,903
EARNINGS PER UNIT        
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.16 $ 0.41 $ 0.37 $ 0.49
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.16 $ 0.41 $ 0.36 $ 0.49