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RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SALES (NOTE 3) $ 1,056,933 $ 909,072 $ 1,109,597
Costs and Expenses      
Cost of sales (762,570) (688,284) (796,115)
Selling and general expenses (74,773) (64,670) (57,791)
Other operating (expense) income, net (Note 17) (8,306) 9,704 14,084
Costs and Expenses (845,649) (743,250) (839,822)
OPERATING INCOME 211,284 165,822 269,775
Interest expense (48,342) (36,207) (44,907)
Interest and other miscellaneous income, net 20,675 2,565 280
INCOME BEFORE INCOME TAXES 183,617 132,180 225,148
Income tax expense (Note 20) (5,122) (9,389) (14,661)
NET INCOME 178,495 122,791 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 173,493 107,077 152,550
OTHER COMPREHENSIVE (LOSS) INCOME      
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 (1,516) (23,093) (22,096)
Cash flow hedges, net of income tax effect of $2,368, $555 and $2,667 (9,957) 76,039 60,315
Pension and postretirement benefit plans, net of income tax effect of $0, $0 and $0 593 1,627 12,476
Total other comprehensive (loss) income (10,880) 54,573 50,695
COMPREHENSIVE INCOME 167,615 177,364 261,182
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates (3,449) (12,182) (48,234)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 161,527 161,490 206,832
Rayonier Limited Partnership      
SALES (NOTE 3) 1,056,933 909,072 1,109,597
Costs and Expenses      
Cost of sales (762,570) (688,284) (796,115)
Selling and general expenses (74,773) (64,670) (57,791)
Other operating (expense) income, net (Note 17) (8,306) 9,704 14,084
Costs and Expenses (845,649) (743,250) (839,822)
OPERATING INCOME 211,284 165,822 269,775
Interest expense (48,342) (36,207) (44,907)
Interest and other miscellaneous income, net 20,675 2,565 280
INCOME BEFORE INCOME TAXES 183,617 132,180 225,148
Income tax expense (Note 20) (5,122) (9,389) (14,661)
NET INCOME 178,495 122,791 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 176,398 109,470 157,066
OTHER COMPREHENSIVE (LOSS) INCOME      
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 (1,516) (23,093) (22,096)
Cash flow hedges, net of income tax effect of $2,368, $555 and $2,667 (9,957) 76,039 60,315
Pension and postretirement benefit plans, net of income tax effect of $0, $0 and $0 593 1,627 12,476
Total other comprehensive (loss) income (10,880) 54,573 50,695
COMPREHENSIVE INCOME 167,615 177,364 261,182
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates (3,449) (12,182) (48,234)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $ 164,166 $ 165,182 $ 212,948
EARNINGS PER COMMON SHARE (NOTE 6)      
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 1.17 $ 0.73 $ 1.08
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 1.17 $ 0.73 $ 1.08
Rayonier Limited Partnership | Limited Partners’ Capital      
Costs and Expenses      
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $ 174,634 $ 108,375 $ 155,495
Rayonier Limited Partnership | General Partners’ Capital      
Costs and Expenses      
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $ 1,764 $ 1,095 $ 1,571