ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2023 and the year ended December 31, 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.


	Foreign currency translation (loss) gains	Net investment hedges of New Zealand subsidiary	Cash flow hedges		Employee benefit plans		Total Rayonier, L.P.	Allocation to Operating Partnership	Total Rayonier Inc.
Balance as of December 31, 2021	$4,215	$1,321	($9,163)		($11,836)		($15,463)	($4,141)	($19,604)
Other comprehensive income (loss) before reclassifications	(22,282)	—	78,166	(a)	874		56,758	(1,323)	55,435
Amounts reclassified from accumulated other comprehensive income (loss)	—	—	(1,799)		753	(b)	(1,046)	1,028	(18)
Net other comprehensive income (loss)	(22,282)	—	76,367		1,627		55,712	(295)	55,417
Balance as of December 31, 2022	($18,067)	$1,321	$67,204		($10,209)		$40,249	($4,436)	$35,813
Other comprehensive income (loss) before reclassifications	(16,522)	—	23,131	(a)	—		6,609	(62)	6,547
Amounts reclassified from accumulated other comprehensive income	—	—	(15,938)		4	(b)	(15,934)	1,078	(14,856)
Net other comprehensive income (loss)	(16,522)	—	7,193		4		(9,325)	1,016	(8,309)
Balance as of September 30, 2023	($34,589)	$1,321	$74,397		($10,205)		$30,924	($3,420)	$27,504

(a)The nine months ended September 30, 2023 includes $20.4 million of other comprehensive income related to interest rate products. The year ended December 31, 2022 included $75.0 million of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information.

(b)This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2023 and September 30, 2022:


Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)		Affected line item in the Income Statement
	September 30, 2023	September 30, 2022
Realized gain on foreign currency exchange contracts	($5,801)	($2,598)	Other operating expense (income), net
Realized gain on foreign currency option contracts	(244)	—	Other operating expense (income), net
Noncontrolling interests	1,391	598	Comprehensive income attributable to noncontrolling interests
Realized (gain) loss on interest rate contracts	(12,587)	4,555	Interest expense, net
Income tax effect from net gain on foreign currency contracts	1,303	560	Income tax expense


Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	($15,938)	$3,115