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RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
SALES $ 179,082 $ 222,041
Costs and Expenses    
Cost of sales (149,166) (160,979)
Selling and general expenses (16,778) (14,760)
Other operating expense, net (Note 14) (2,516) (984)
Costs and expenses (168,460) (176,723)
OPERATING INCOME 10,622 45,318
Interest expense (11,700) (8,337)
Interest and other miscellaneous income (expense), net 9,554 (468)
INCOME BEFORE INCOME TAXES 8,476 36,513
Income tax expense (Note 16) (1,039) (5,515)
NET INCOME 7,437 30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012)
Net income available to unitholders 8,300 29,317
OTHER COMPREHENSIVE (LOSS) INCOME    
Foreign currency translation adjustment, net of income tax effect of $0 and $0 (3,733) 6,458
Cash flow hedges, net of income tax effect of $312 and $1,022 (12,319) 40,427
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 1 188
Total other comprehensive (loss) income (16,051) 47,073
COMPREHENSIVE (LOSS) INCOME (8,614) 78,071
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates 1,032 (2,408)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS (7,426) 73,977
Rayonier Limited Partnership    
SALES 179,082 222,041
Costs and Expenses    
Cost of sales (149,166) (160,979)
Selling and general expenses (16,778) (14,760)
Other operating expense, net (Note 14) (2,516) (984)
Costs and expenses (168,460) (176,723)
OPERATING INCOME 10,622 45,318
Interest expense (11,700) (8,337)
Interest and other miscellaneous income (expense), net 9,554 (468)
INCOME BEFORE INCOME TAXES 8,476 36,513
Income tax expense (Note 16) (1,039) (5,515)
NET INCOME 7,437 30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012)
Net income available to unitholders 8,474 29,986
OTHER COMPREHENSIVE (LOSS) INCOME    
Foreign currency translation adjustment, net of income tax effect of $0 and $0 (3,733) 6,458
Cash flow hedges, net of income tax effect of $312 and $1,022 (12,319) 40,427
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 1 188
Total other comprehensive (loss) income (16,051) 47,073
COMPREHENSIVE (LOSS) INCOME (8,614) 78,071
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates 1,032 (2,408)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS $ (7,582) $ 75,663
EARNINGS PER UNIT    
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.06 $ 0.20
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.06 $ 0.20
Rayonier Limited Partnership | Limited Partners’ Capital    
Costs and Expenses    
Net income available to unitholders $ 8,389 $ 29,686
Rayonier Limited Partnership | General Partners’ Capital    
Costs and Expenses    
Net income available to unitholders $ 85 $ 300