QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Exchange | ||||||
☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | Emerging Growth Company |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | ☒ | Smaller Reporting Company | Emerging Growth Company |
Item | Page | ||||||||||
PART I - FINANCIAL INFORMATION | |||||||||||
1. | |||||||||||
2. | |||||||||||
3. | |||||||||||
4. | |||||||||||
PART II - OTHER INFORMATION | |||||||||||
1. | |||||||||||
2. | |||||||||||
5. | |||||||||||
6. | |||||||||||
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
$ | $ | |||||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | ( | ( | ||||||||||||
Selling and general expenses | ( | ( | ||||||||||||
( | ||||||||||||||
( | ( | |||||||||||||
OPERATING INCOME | ||||||||||||||
Interest expense, net | ( | ( | ||||||||||||
Interest and other miscellaneous (expense) income, net | ( | |||||||||||||
INCOME BEFORE INCOME TAXES | ||||||||||||||
( | ||||||||||||||
NET INCOME | ||||||||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | ( | ( | ||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | |||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $ | ( | ( | ||||||||||||
Cash flow hedges, net of income tax effect of $ | ( | |||||||||||||
Pension and postretirement benefit plans, net of income tax effect of $ | ||||||||||||||
Total other comprehensive loss | ( | ( | ||||||||||||
COMPREHENSIVE LOSS | ( | ( | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests in the operating partnership | ||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates | ||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC. | ($ | ($ | ||||||||||||
Basic earnings per share attributable to Rayonier Inc. | $ | $ | ||||||||||||
Diluted earnings per share attributable to Rayonier Inc. | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, less allowance for doubtful accounts of $ | |||||||||||
Other receivables | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | |||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Land | |||||||||||
Buildings | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Total property, plant and equipment, gross | |||||||||||
Less — accumulated depreciation | ( | ( | |||||||||
Total property, plant and equipment, net | |||||||||||
RIGHT-OF-USE ASSETS | |||||||||||
OTHER ASSETS | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued taxes | |||||||||||
Accrued payroll and benefits | |||||||||||
Accrued interest | |||||||||||
Dividend and distribution payable | |||||||||||
Deferred revenue | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
LONG-TERM LEASE LIABILITY | |||||||||||
LONG-TERM DEFERRED REVENUE | |||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common Shares, | |||||||||||
Retained earnings | |||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | |||||||||||
TOTAL SHAREHOLDERS’ EQUITY | |||||||||||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $ | $ |
Common Shares | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the operating partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Conversion of units into common shares | — | — | — | ||||||||||||||||||||||||||||||||
Pension and postretirement benefit plans | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Cash flow hedges | — | — | — | ( | |||||||||||||||||||||||||||||||
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Common Shares | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the operating partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $ | ( | — | — | — | ( | ||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Conversion of units into common shares | — | — | — | ||||||||||||||||||||||||||||||||
Pension and postretirement benefit plans | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Cash flow hedges | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Non-cash cost of land and improved development | |||||||||||
Stock-based incentive compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Pension settlement charge | |||||||||||
Timber write-offs resulting from casualty events | |||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable | |||||||||||
All other operating activities | ( | ||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Real estate development investments | ( | ( | |||||||||
Purchase of timberlands | ( | ||||||||||
Other | |||||||||||
CASH USED FOR INVESTING ACTIVITIES | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Dividends paid on common shares (a) | ( | ( | |||||||||
Distributions to noncontrolling interests in the operating partnership (b) | ( | ( | |||||||||
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | ( | ||||||||||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | ( | ( | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | ( | ||||||||||
CASH USED FOR FINANCING ACTIVITIES | ( | ( | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ( | ( | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Change in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Balance, beginning of year | |||||||||||
Balance, end of period | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid during the period: | |||||||||||
Interest (a) | $ | $ | |||||||||
Income taxes | |||||||||||
Non-cash investing activity: | |||||||||||
Capital assets purchased on account | |||||||||||
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
$ | $ | |||||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | ( | ( | ||||||||||||
Selling and general expenses | ( | ( | ||||||||||||
( | ||||||||||||||
( | ( | |||||||||||||
OPERATING INCOME | ||||||||||||||
Interest expense, net | ( | ( | ||||||||||||
Interest and other miscellaneous (expense) income), net | ( | |||||||||||||
INCOME BEFORE INCOME TAXES | ||||||||||||||
( | ||||||||||||||
NET INCOME | ||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | |||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | ||||||||||||||
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | ||||||||||||||
Limited Partners | ||||||||||||||
General Partners | ||||||||||||||
Net income attributable to unitholders | ||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $ | ( | ( | ||||||||||||
Cash flow hedges, net of income tax effect of $ | ( | |||||||||||||
Pension and postretirement benefit plans, net of income tax expense of $ | ||||||||||||||
Total other comprehensive loss | ( | ( | ||||||||||||
COMPREHENSIVE LOSS | ( | ( | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates | ||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | ($ | ($ | ||||||||||||
Basic earnings per unit attributable to Rayonier, L.P. | $ | $ | ||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P. | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, less allowance for doubtful accounts of $ | |||||||||||
Other receivables | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | |||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Land | |||||||||||
Buildings | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Total property, plant and equipment, gross | |||||||||||
Less — accumulated depreciation | ( | ( | |||||||||
Total property, plant and equipment, net | |||||||||||
RIGHT-OF-USE ASSETS | |||||||||||
OTHER ASSETS | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued taxes | |||||||||||
Accrued payroll and benefits | |||||||||||
Accrued interest | |||||||||||
Distribution payable | |||||||||||
Deferred revenue | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
LONG-TERM LEASE LIABILITY | |||||||||||
LONG-TERM DEFERRED REVENUE | |||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) | |||||||||||
CAPITAL | |||||||||||
General partners’ capital | |||||||||||
Limited partners’ capital | |||||||||||
TOTAL CONTROLLING INTEREST CAPITAL | |||||||||||
TOTAL CAPITAL | |||||||||||
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | $ | $ |
Units | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Total Capital | |||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||
Distributions on units ($ | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Stock-based compensation | — | — | ||||||||||||||||||||||||||||||
Repurchase of units | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | — | — | ||||||||||||||||||||||||||||||
Conversion of units into common shares | — | — | ||||||||||||||||||||||||||||||
Pension and postretirement benefit plans | — | — | — | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | ( | ( | ( | |||||||||||||||||||||||||||
Cash flow hedges | — | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Units | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Total Capital | |||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||
Balance, January 1, 2023 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Net income (loss) | — | ( | ||||||||||||||||||||||||||||||
Distributions on units ($ | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $ | — | ( | — | — | ( | |||||||||||||||||||||||||||
Stock-based compensation | — | — | ||||||||||||||||||||||||||||||
Repurchase of units | — | ( | — | — | ( | |||||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Conversion of units into common shares | — | — | ||||||||||||||||||||||||||||||
Pension and postretirement benefit plans | — | — | — | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | ( | ( | ( | |||||||||||||||||||||||||||
Cash flow hedges | — | — | ( | ( | ||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Non-cash cost of land and improved development | |||||||||||
Stock-based incentive compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Pension settlement charge | |||||||||||
Timber write-offs resulting from casualty events | |||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable | |||||||||||
All other operating activities | ( | ||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Real estate development investments | ( | ( | |||||||||
Purchase of timberlands | ( | ||||||||||
Other | |||||||||||
CASH USED FOR INVESTING ACTIVITIES | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Distributions on units (a) | ( | ( | |||||||||
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | ( | ||||||||||
Repurchase of units to pay withholding taxes on vested incentive stock awards | ( | ( | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | ( | ||||||||||
CASH USED FOR FINANCING ACTIVITIES | ( | ( | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ( | ( | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Change in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Balance, beginning of year | |||||||||||
Balance, end of period | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid during the period: | |||||||||||
Interest (a) | $ | $ | |||||||||
Income taxes | |||||||||||
Non-cash investing activity: | |||||||||||
Capital assets purchased on account | |||||||||||
Three Months Ended March 31, | |||||||||||
SALES | 2024 | 2023 | |||||||||
Southern Timber | $ | $ | |||||||||
Pacific Northwest Timber | |||||||||||
New Zealand Timber | |||||||||||
Real Estate | |||||||||||
Trading | |||||||||||
Intersegment Eliminations (a) | ( | ( | |||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
OPERATING INCOME (LOSS) | 2024 | 2023 | |||||||||
Southern Timber | $ | $ | |||||||||
Pacific Northwest Timber | ( | ( | |||||||||
New Zealand Timber (a) | ( | ||||||||||
Real Estate | ( | ||||||||||
Trading | |||||||||||
Corporate and Other | ( | ( | |||||||||
Total Operating Income | |||||||||||
Unallocated interest expense and other (b) | ( | ( | |||||||||
Total Income before Income Taxes | $ | $ |
Three Months Ended March 31, | |||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2024 | 2023 | |||||||||
Southern Timber | $ | $ | |||||||||
Pacific Northwest Timber | |||||||||||
New Zealand Timber | |||||||||||
Real Estate | |||||||||||
Corporate and Other | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2024 | 2023 | |||||||||
Real Estate | $ | $ | |||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | Balance Sheet Location | ||||||||||||
Contract assets | ||||||||||||||
Trade receivables, net (a) | $ | $ | Trade receivables | |||||||||||
Contract liabilities | ||||||||||||||
Deferred revenue, current (b) | Deferred revenue | |||||||||||||
Deferred revenue, non-current (c) | Long-term deferred revenue |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue recognized from contract liability balance at the beginning of the year (a) | $ | $ |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Real Estate | Trading | Elim. | Total | ||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Pulpwood | $ | $ | $ | — | $ | — | $ | ||||||||||||||||||||||||||||||||||
Sawtimber | — | — | |||||||||||||||||||||||||||||||||||||||
Hardwood | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily From Hunting | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land-Based Solutions (a) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Credit Revenue | — | — | — | ||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (b) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | — | ||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | $ | ($ | $ | ||||||||||||||||||||||||||||||||||
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Real Estate | Trading | Elim. | Total | ||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Pulpwood | $ | $ | $ | — | $ | — | $ | ||||||||||||||||||||||||||||||||||
Sawtimber | — | — | |||||||||||||||||||||||||||||||||||||||
Hardwood | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land-Based Solutions (a) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Credit Revenue | — | — | — | ||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (b) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | — | ||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | $ | ($ | $ |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Trading | Total | ||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $ | — | — | $ | |||||||||||||||||||||||||
Stumpage Lump Sum | — | — | — | ||||||||||||||||||||||||||
Total Stumpage | — | — | |||||||||||||||||||||||||||
Delivered Wood (Domestic) | |||||||||||||||||||||||||||||
Delivered Wood (Export) | |||||||||||||||||||||||||||||
Total Delivered | |||||||||||||||||||||||||||||
Total Timber Sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $ | — | — | — | $ | ||||||||||||||||||||||||
Stumpage Lump Sum | — | — | |||||||||||||||||||||||||||
Total Stumpage | — | — | |||||||||||||||||||||||||||
Delivered Wood (Domestic) | |||||||||||||||||||||||||||||
Delivered Wood (Export) | |||||||||||||||||||||||||||||
Total Delivered | |||||||||||||||||||||||||||||
Total Timber Sales | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Beginning noncontrolling interests in the operating partnership | $ | $ | |||||||||
Adjustment of noncontrolling interests in the operating partnership | |||||||||||
Conversions of redeemable operating partnership units to common shares | ( | ( | |||||||||
Net income attributable to noncontrolling interests in the operating partnership | |||||||||||
Other comprehensive loss attributable to noncontrolling interests in the operating partnership | ( | ( | |||||||||
Distributions to noncontrolling interests in the operating partnership | ( | ( | |||||||||
Total noncontrolling interests in the operating partnership | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Earnings per common share - basic | |||||||||||
Numerator: | |||||||||||
Net Income | $ | $ | |||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | ( | ( | |||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ||||||||||
Net income attributable to Rayonier Inc. | $ | $ | |||||||||
Denominator: | |||||||||||
Denominator for basic earnings per common share - weighted average shares | |||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | $ | $ | |||||||||
Earnings per common share - diluted | |||||||||||
Numerator: | |||||||||||
Net Income | $ | $ | |||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ||||||||||
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | $ | $ | |||||||||
Denominator: | |||||||||||
Denominator for basic earnings per common share - weighted average shares | |||||||||||
Add: Dilutive effect of: | |||||||||||
Stock options | |||||||||||
Performance shares, restricted shares and restricted stock units | |||||||||||
Noncontrolling interests in operating partnership units | |||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares | |||||||||||
Diluted earnings per common share attributable to Rayonier Inc.: | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per common share: | |||||||||||
Stock options, performance shares, restricted shares and restricted stock units | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Earnings per unit - basic | |||||||||||
Numerator: | |||||||||||
Net Income | $ | $ | |||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ||||||||||
Net income available to unitholders | $ | $ | |||||||||
Denominator: | |||||||||||
Denominator for basic earnings per unit - weighted average units | |||||||||||
Basic earnings per unit attributable to Rayonier, L.P.: | $ | $ | |||||||||
Earnings per unit - diluted | |||||||||||
Numerator: | |||||||||||
Net Income | $ | $ | |||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ||||||||||
Net income available to unitholders | $ | $ | |||||||||
Denominator: | |||||||||||
Denominator for basic earnings per unit - weighted average units | |||||||||||
Add: Dilutive effect of unit equivalents: | |||||||||||
Stock options | |||||||||||
Performance shares, restricted shares and restricted stock units | |||||||||||
Denominator for diluted earnings per unit - adjusted weighted average units | |||||||||||
Diluted earnings per unit attributable to Rayonier, L.P.: | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: | |||||||||||
Stock options, performance shares, restricted shares and restricted stock units | |||||||||||
March 31, 2024 | |||||
Debt | |||||
Senior Notes due 2031 at a fixed interest rate of | $ | ||||
2015 Term Loan borrowings due 2028 at a variable interest rate of | |||||
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of | |||||
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of | |||||
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of | |||||
Total principal debt | |||||
Less: Unamortized discounts | ( | ||||
Less: Deferred financing costs | ( | ||||
Total long-term debt | $ |
Debt | Periodic Interest Rate (a) | Effective Fixed Interest Rate (b) | ||||||
2015 Term Loan | Daily Simple SOFR + | % | ||||||
2022 Incremental Term Loan | Daily Simple SOFR + | % | ||||||
2016 Incremental Term Loan | Daily Simple SOFR + | % | ||||||
2021 Incremental Term Loan | Daily Simple SOFR + | % |
Total | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total Debt | $ |
Covenant Requirement | Actual Ratio | Favorable | |||||||||||||||
Covenant EBITDA to consolidated interest expense should not be less than | |||||||||||||||||
Covenant debt to covenant net worth plus covenant debt shall not exceed | % | % | % |
Outstanding Interest Rate Swaps (a) | ||||||||||||||||||||
Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt (b) | Total Effective Interest Rate (c) | ||||||||||||||
August 2015 | $ | 2015 Term Loan | % | % | % | |||||||||||||||
August 2015 | 2015 Term Loan | % | % | % | ||||||||||||||||
April 2016 | 2016 Incremental Term Loan | % | % | % | ||||||||||||||||
April 2016 | 2016 Incremental Term Loan | % | % | % | ||||||||||||||||
May 2021 | 2021 Incremental Term Loan | % | % | % | ||||||||||||||||
December 2022 | 2022 Incremental Term Loan | % | % | % |
Outstanding Forward-Starting Interest Rate Swaps (a) | ||||||||||||||||||||
Date Entered Into | Term | Notional Amount | Fixed Rate of Swap | Related Debt Facility | Forward Date | Maximum Period Ending for Forecasted Issuance Date | ||||||||||||||
April 2020 | $ | % | 2015 Term Loan | August 2024 | N/A | |||||||||||||||
May 2020 | % | 2015 Term Loan | August 2024 | N/A | ||||||||||||||||
May 2023 | % | 2015 Term Loan | August 2024 | N/A | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
Income Statement Location | 2024 | 2023 | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign currency exchange contracts | Other comprehensive (loss) income | ($ | $ | ||||||||||||||
Other operating income (expense), net | ( | ||||||||||||||||
Foreign currency option contracts | Other comprehensive (loss) income | ( | ( | ||||||||||||||
Other operating income (expense), net | |||||||||||||||||
Interest rate products | Other comprehensive (loss) income | ( | |||||||||||||||
Interest expense, net | ( | ( | |||||||||||||||
Amount expected to be reclassified into earnings in next 12 months | |||||
Derivatives designated as cash flow hedges: | |||||
Foreign currency exchange contracts | ($ | ||||
Foreign currency option contracts | ( | ||||
Interest rate products (a) | |||||
Total estimated net gain on derivatives contracts | $ |
Notional Amount | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Foreign currency exchange contracts | $ | $ | |||||||||
Foreign currency option contracts | |||||||||||
Interest rate swaps | |||||||||||
Forward-starting interest rate swaps | |||||||||||
Location on Balance Sheet | Fair Value Assets / (Liabilities) (a) | ||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | $ | ||||||||||||||
Other assets | |||||||||||||||||
Other current liabilities | ( | ( | |||||||||||||||
Other non-current liabilities | ( | ||||||||||||||||
Foreign currency option contracts | Other current assets | ||||||||||||||||
Other assets | |||||||||||||||||
Other current liabilities | ( | ( | |||||||||||||||
Other non-current liabilities | ( | ( | |||||||||||||||
Interest rate swaps | Other current assets | ||||||||||||||||
Other assets | |||||||||||||||||
Other non-current liabilities | ( | ||||||||||||||||
Forward-starting interest rate swaps | Other assets | ||||||||||||||||
Other non-current liabilities | ( | ||||||||||||||||
Total derivative contracts: | |||||||||||||||||
Other current assets | $ | $ | |||||||||||||||
Other assets | |||||||||||||||||
Total derivative assets | $ | $ | |||||||||||||||
Other current liabilities | ( | ( | |||||||||||||||
Other non-current liabilities | ( | ( | |||||||||||||||
Total derivative liabilities | ($ | ($ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
Asset (Liability) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Restricted cash (b) | ||||||||||||||||||||||||||||||||||||||
Long-term debt (c) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Interest rate swaps (d) | ||||||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps (d) | ||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts (d) | ( | ( | ||||||||||||||||||||||||||||||||||||
Foreign currency option contracts (d) | ( | ( | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests in the operating partnership (e) |
Port Gamble, WA | |||||
Non-current portion at December 31, 2023 | $ | ||||
Plus: Current portion | |||||
Total Balance at December 31, 2023 | |||||
Expenditures charged to liabilities | ( | ||||
Increase to liabilities (a) | |||||
Total Balance at March 31, 2024 | |||||
Less: Current portion | ( | ||||
Non-current portion at March 31, 2024 | $ |
Financial Commitments (a) | Maximum Potential Payment | |||||||
Standby letters of credit (b) | $ | |||||||
Surety bonds (c) | ||||||||
Total financial commitments | $ |
Higher and Better Use Timberlands and Real Estate Development Investments | |||||||||||||||||
Land and Timber | Development Investments | Total | |||||||||||||||
Non-current portion at December 31, 2023 | $ | $ | $ | ||||||||||||||
Plus: Current portion (a) | |||||||||||||||||
Total Balance at December 31, 2023 | |||||||||||||||||
Non-cash cost of land and improved development | ( | ( | ( | ||||||||||||||
Amortization of parcel real estate development investments | ( | ( | |||||||||||||||
Timber depletion from harvesting activities and basis of timber sold in real estate sales | ( | ( | |||||||||||||||
Capitalized real estate development investments (b) | |||||||||||||||||
Capital expenditures (silviculture) | |||||||||||||||||
Intersegment transfers | |||||||||||||||||
Total Balance at March 31, 2024 | |||||||||||||||||
Less: Current portion (a) | ( | ( | ( | ||||||||||||||
Non-current portion at March 31, 2024 | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Finished goods inventory | |||||||||||
Real estate inventory (a) | $ | $ | |||||||||
Log inventory | |||||||||||
Carbon unit inventory (b) | |||||||||||
Total inventory | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Gain (loss) on foreign currency remeasurement, net of cash flow hedges | $ | ($ | |||||||||
Gain on sale or disposal of property and equipment | |||||||||||
Miscellaneous income (expense), net | ( | ||||||||||
Total | $ | ($ |
Components of Net Periodic Benefit (Credit) Cost | Income Statement Location | Pension | Postretirement | ||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Service cost | Selling and general expenses | $ | $ | ||||||||||||||||||||||||||
Interest cost | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Expected return on plan assets (a) | Interest and other miscellaneous (expense) income, net | ( | ( | ||||||||||||||||||||||||||
Amortization of losses | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Pension settlement loss | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | ($ | $ | $ | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Income tax benefit (expense) (a) | $ | ($ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Annualized effective tax rate after discrete items | % | % |
Foreign currency translation (losses) gains | Net investment hedges of New Zealand subsidiary | Cash flow hedges | Employee benefit plans | Total Rayonier, L.P. | Allocation of Operating Partnership | Total Rayonier Inc. | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | ($ | $ | $ | ($ | $ | ($ | $ | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | (a) | ( | ( | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | (b) | ( | ( | |||||||||||||||||||||||||||||||||||||
Net other comprehensive (loss) Income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | ($ | $ | $ | ($ | $ | ($ | $ | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | (a) | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | (b) | ( | ( | |||||||||||||||||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | ($ | $ | $ | ($ | $ | ($ | $ |
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the Income Statement | ||||||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||||||||
Realized loss (gain) on foreign currency exchange contracts | $ | ($ | Other operating income (expense), net | |||||||||||||||||
Realized loss on foreign currency option contracts | Other operating income (expense), net | |||||||||||||||||||
Noncontrolling interests | ( | Comprehensive loss attributable to noncontrolling interests | ||||||||||||||||||
Realized gain on interest rate contracts | ( | ( | Interest expense, net | |||||||||||||||||
Income tax effect from net (loss) gain on foreign currency contracts | ( | Income tax benefit (expense) | ||||||||||||||||||
Net gain on cash flow hedges reclassified from accumulated other comprehensive income | ($ | ($ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Restricted cash: | |||||||||||
Restricted cash deposited with LKE intermediary | $ | ||||||||||
Restricted cash held in escrow | |||||||||||
Total restricted cash | |||||||||||
Cash and cash equivalents | |||||||||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ | $ |
(acres in 000s) | As of March 31, 2024 | As of December 31, 2023 | |||||||||||||||||||||||||||||||||
Owned | Leased | Total | Owned | Leased | Total | ||||||||||||||||||||||||||||||
Southern | |||||||||||||||||||||||||||||||||||
Alabama | 250 | 5 | 255 | 250 | 5 | 255 | |||||||||||||||||||||||||||||
Arkansas | — | 2 | 2 | — | 2 | 2 | |||||||||||||||||||||||||||||
Florida | 361 | 36 | 397 | 361 | 36 | 397 | |||||||||||||||||||||||||||||
Georgia | 612 | 50 | 662 | 612 | 50 | 662 | |||||||||||||||||||||||||||||
Louisiana | 146 | — | 146 | 147 | — | 147 | |||||||||||||||||||||||||||||
Oklahoma | 91 | — | 91 | 91 | — | 91 | |||||||||||||||||||||||||||||
South Carolina | 15 | — | 15 | 16 | — | 16 | |||||||||||||||||||||||||||||
Texas | 281 | — | 281 | 282 | — | 282 | |||||||||||||||||||||||||||||
1,756 | 93 | 1,849 | 1,759 | 93 | 1,852 | ||||||||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||||||||
Oregon | 6 | — | 6 | 6 | — | 6 | |||||||||||||||||||||||||||||
Washington | 408 | 4 | 412 | 408 | 4 | 412 | |||||||||||||||||||||||||||||
414 | 4 | 418 | 414 | 4 | 418 | ||||||||||||||||||||||||||||||
New Zealand (a) | 188 | 234 | 422 | 188 | 233 | 421 | |||||||||||||||||||||||||||||
Total | 2,358 | 331 | 2,689 | 2,361 | 330 | 2,691 |
(acres in 000s) | Acres Owned | ||||||||||||||||||||||||||||
December 31, 2023 | Acquisitions | Sales | Other | March 31, 2024 | |||||||||||||||||||||||||
Southern | |||||||||||||||||||||||||||||
Alabama | 250 | — | — | — | 250 | ||||||||||||||||||||||||
Florida | 361 | — | — | — | 361 | ||||||||||||||||||||||||
Georgia | 612 | — | — | — | 612 | ||||||||||||||||||||||||
Louisiana | 147 | — | (1) | — | 146 | ||||||||||||||||||||||||
Oklahoma | 91 | — | — | — | 91 | ||||||||||||||||||||||||
South Carolina | 16 | — | (1) | — | 15 | ||||||||||||||||||||||||
Texas | 282 | — | (1) | — | 281 | ||||||||||||||||||||||||
1,759 | — | (3) | — | 1,756 | |||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||
Oregon | 6 | — | — | — | 6 | ||||||||||||||||||||||||
Washington | 408 | — | — | — | 408 | ||||||||||||||||||||||||
414 | — | — | — | 414 | |||||||||||||||||||||||||
New Zealand (a) | 188 | — | — | — | 188 | ||||||||||||||||||||||||
Total | 2,361 | — | (3) | — | 2,358 |
(acres in 000s) | Acres Leased | ||||||||||||||||||||||||||||
December 31, 2023 | New Leases | Sold/Expired Leases | Other (a) | March 31, 2024 | |||||||||||||||||||||||||
Southern | |||||||||||||||||||||||||||||
Alabama | 5 | — | — | — | 5 | ||||||||||||||||||||||||
Arkansas | 2 | — | — | — | 2 | ||||||||||||||||||||||||
Florida | 36 | — | — | — | 36 | ||||||||||||||||||||||||
Georgia | 50 | — | — | — | 50 | ||||||||||||||||||||||||
93 | — | — | — | 93 | |||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||
Washington (b) | 4 | — | — | — | 4 | ||||||||||||||||||||||||
New Zealand (c) | 233 | — | — | 1 | 234 | ||||||||||||||||||||||||
Total | 330 | — | — | 1 | 331 |
Three Months Ended March 31, | |||||||||||
Financial Information (in millions) | 2024 | 2023 | |||||||||
Sales | |||||||||||
Southern Timber | $70.0 | $71.8 | |||||||||
Pacific Northwest Timber | 25.2 | 34.4 | |||||||||
New Zealand Timber | 45.7 | 44.1 | |||||||||
Real Estate | |||||||||||
Improved Development | 1.8 | 4.8 | |||||||||
Rural | 8.7 | 6.5 | |||||||||
Timberland & Non-Strategic | 0.6 | 1.6 | |||||||||
Deferred Revenue/Other (a) | 4.4 | 3.3 | |||||||||
Total Real Estate | 15.6 | 16.3 | |||||||||
Trading | 11.8 | 12.6 | |||||||||
Intersegment Eliminations | (0.1) | (0.1) | |||||||||
Total Sales | $168.1 | $179.1 | |||||||||
Operating Income (Loss) | |||||||||||
Southern Timber | $23.0 | $22.2 | |||||||||
Pacific Northwest Timber | (4.4) | (3.5) | |||||||||
New Zealand Timber (b) | 7.4 | (0.7) | |||||||||
Real Estate | (0.1) | 0.9 | |||||||||
Trading | — | 0.3 | |||||||||
Corporate and Other | (9.8) | (8.6) | |||||||||
Operating Income | 16.2 | 10.6 | |||||||||
Interest expense, net | (9.7) | (11.7) | |||||||||
Interest and other miscellaneous (expense) income, net (c) | (5.0) | 9.6 | |||||||||
Income tax benefit (expense) (d) | 0.8 | (1.1) | |||||||||
Net Income | 2.3 | 7.4 | |||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (0.9) | 1.1 | |||||||||
Net Income Attributable to Rayonier, L.P. | $1.4 | $8.5 | |||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | — | (0.2) | |||||||||
Net Income Attributable to Rayonier Inc. | $1.4 | $8.3 | |||||||||
Adjusted EBITDA (e) | |||||||||||
Southern Timber | $44.8 | $42.8 | |||||||||
Pacific Northwest Timber | 4.7 | 7.1 | |||||||||
New Zealand Timber | 11.4 | 6.1 | |||||||||
Real Estate | 4.6 | 6.6 | |||||||||
Trading | — | 0.3 | |||||||||
Corporate and Other | (9.3) | (8.2) | |||||||||
Total Adjusted EBITDA | $56.2 | $54.7 | |||||||||
Three Months Ended March 31, | |||||||||||
Southern Timber Overview | 2024 | 2023 | |||||||||
Sales Volume (in thousands of tons) | |||||||||||
Pine Pulpwood | 1,016 | 979 | |||||||||
Pine Sawtimber | 922 | 886 | |||||||||
Total Pine Volume | 1,938 | 1,865 | |||||||||
Hardwood | 69 | 28 | |||||||||
Total Volume | 2,007 | 1,893 | |||||||||
% Delivered Volume (vs. Total Volume) | 30 | % | 36 | % | |||||||
% Pine Sawtimber Volume (vs. Total Pine Volume) | 48 | % | 48 | % | |||||||
% Export Volume (vs. Total Volume) (a) | 1 | % | 2 | % | |||||||
Net Stumpage Pricing (dollars per ton) | |||||||||||
Pine Pulpwood | $16.89 | $17.32 | |||||||||
Pine Sawtimber | 30.62 | 31.57 | |||||||||
Weighted Average Pine | $23.42 | $24.09 | |||||||||
Hardwood | 13.35 | 20.07 | |||||||||
Weighted Average Total | $23.07 | $24.03 | |||||||||
Summary Financial Data (in millions of dollars) | |||||||||||
Timber Sales | $60.9 | $62.4 | |||||||||
Less: Cut and Haul | (13.4) | (15.7) | |||||||||
Less: Port and Freight | (1.2) | (1.5) | |||||||||
Net Stumpage Sales | $46.3 | $45.3 | |||||||||
Land-Based Solutions (b) | 1.7 | 0.8 | |||||||||
Other Non-Timber Sales | 7.4 | 8.6 | |||||||||
Total Sales | $70.0 | $71.8 | |||||||||
Operating Income | $23.0 | $22.2 | |||||||||
(+) Depreciation, depletion and amortization | 21.8 | 20.6 | |||||||||
Adjusted EBITDA (c) | $44.8 | $42.8 | |||||||||
Other Data | |||||||||||
Period-End Acres (in thousands) | 1,849 | 1,910 |
Three Months Ended March 31, | |||||||||||
Pacific Northwest Timber Overview | 2024 | 2023 | |||||||||
Sales Volume (in thousands of tons) | |||||||||||
Pulpwood | 53 | 77 | |||||||||
Domestic Sawtimber (a) | 245 | 284 | |||||||||
Export Sawtimber | 19 | 23 | |||||||||
Total Volume | 317 | 384 | |||||||||
% Delivered Volume (vs. Total Volume) | 88 | % | 97 | % | |||||||
% Sawtimber Volume (vs. Total Volume) | 83 | % | 80 | % | |||||||
% Export Volume (vs. Total Volume) (b) | 8 | % | 13 | % | |||||||
Delivered Log Pricing (in dollars per ton) | |||||||||||
Pulpwood | $29.31 | $48.23 | |||||||||
Domestic Sawtimber | 84.31 | 93.12 | |||||||||
Export Sawtimber (c) | 137.76 | 163.16 | |||||||||
Weighted Average Log Price | $78.54 | $88.17 | |||||||||
Summary Financial Data (in millions of dollars) | |||||||||||
Timber Sales | $24.2 | $33.5 | |||||||||
Less: Cut and Haul | (10.8) | (17.2) | |||||||||
Less: Port and Freight | (1.2) | (1.4) | |||||||||
Net Stumpage Sales | $12.2 | $14.9 | |||||||||
Non-Timber Sales | 1.0 | 0.9 | |||||||||
Total Sales | $25.2 | $34.4 | |||||||||
Operating Loss | ($4.4) | ($3.5) | |||||||||
(+) Depreciation, depletion and amortization | 9.1 | 10.6 | |||||||||
Adjusted EBITDA (d) | $4.7 | $7.1 | |||||||||
Other Data | |||||||||||
Period-End Acres (in thousands) | 418 | 474 | |||||||||
Sawtimber (in dollars per MBF) (e) | $650 | $730 | |||||||||
Three Months Ended March 31, | |||||||||||
New Zealand Timber Overview | 2024 | 2023 | |||||||||
Sales Volume (in thousands of tons) | |||||||||||
Domestic Pulpwood (Delivered) | 50 | 55 | |||||||||
Domestic Sawtimber (Delivered) | 135 | 137 | |||||||||
Export Pulpwood (Delivered) | 63 | 42 | |||||||||
Export Sawtimber (Delivered) | 232 | 247 | |||||||||
Total Volume | 480 | 481 | |||||||||
% Delivered Volume (vs. Total Volume) | 100 | % | 100 | % | |||||||
% Sawtimber Volume (vs. Total Volume) | 76 | % | 80 | % | |||||||
% Export Volume (vs. Total Volume) (a) | 61 | % | 60 | % | |||||||
Delivered Log Pricing (in dollars per ton) | |||||||||||
Domestic Pulpwood | $33.00 | $33.37 | |||||||||
Domestic Sawtimber | 68.13 | 71.58 | |||||||||
Export Sawtimber | 108.72 | 112.97 | |||||||||
Weighted Average Log Price | $87.87 | $90.99 | |||||||||
Summary Financial Data (in millions of dollars) | |||||||||||
Timber Sales | $42.2 | $43.8 | |||||||||
Less: Cut and Haul (b) | (16.6) | (17.2) | |||||||||
Less: Port and Freight (b) | (12.1) | (11.8) | |||||||||
Net Stumpage Sales | $13.5 | $14.8 | |||||||||
Carbon Credit Sales | 3.4 | — | |||||||||
Other Non-Timber Sales | 0.1 | 0.3 | |||||||||
Total Sales | $45.7 | $44.1 | |||||||||
Operating Income (Loss) | $7.4 | ($0.7) | |||||||||
(+) Timber write-offs resulting from casualty events (c) | — | 2.3 | |||||||||
(+) Depreciation, depletion and amortization | 4.0 | 4.5 | |||||||||
Adjusted EBITDA (d) | $11.4 | $6.1 | |||||||||
Other Data | |||||||||||
New Zealand Dollar to U.S. Dollar Exchange Rate (e) | 0.6165 | 0.6300 | |||||||||
Net Plantable Period-End Acres (in thousands) | 297 | 297 | |||||||||
Export Sawtimber (in dollars per JAS m3) | $126.41 | $131.35 | |||||||||
Domestic Sawtimber (in $NZD per tonne) | $121.56 | $124.98 |
Three Months Ended March 31, | |||||||||||
Real Estate Overview | 2024 | 2023 | |||||||||
Sales (in millions of dollars) | |||||||||||
Improved Development (a) | $1.8 | $4.8 | |||||||||
Rural | 8.7 | 6.5 | |||||||||
Timberland & Non-Strategic | 0.6 | 1.6 | |||||||||
Deferred Revenue/Other (b) | 4.4 | 3.3 | |||||||||
Total Sales | $15.6 | $16.3 | |||||||||
Acres Sold | |||||||||||
Improved Development (a) | 6.0 | 27.9 | |||||||||
Rural | 1,498 | 1,531 | |||||||||
Timberland & Non-Strategic | 430 | 528 | |||||||||
Total Acres Sold | 1,933 | 2,087 | |||||||||
Gross Price per Acre (dollars per acre) | |||||||||||
Improved Development (a) | $303,156 | $172,420 | |||||||||
Rural | 5,828 | 4,245 | |||||||||
Timberland & Non-Strategic | 1,421 | 3,100 | |||||||||
Weighted Average (Total) | $5,774 | $6,200 | |||||||||
Weighted Average (Adjusted) (c) | $4,845 | $3,952 | |||||||||
Operating (Loss) Income | ($0.1) | $0.9 | |||||||||
(+) Depreciation, depletion and amortization | 1.7 | 1.5 | |||||||||
(+) Non-cash cost of land and improved development | 3.0 | 4.2 | |||||||||
Adjusted EBITDA (d) | $4.6 | $6.6 |
Three Months Ended March 31, | |||||||||||
Trading Overview | 2024 | 2023 | |||||||||
Sales Volume (in thousands of tons) | |||||||||||
U.S. | 23 | 13 | |||||||||
NZ | 83 | 92 | |||||||||
Total Volume | 105 | 105 | |||||||||
Summary Financial Data (in millions of dollars) | |||||||||||
Trading Sales | $11.3 | $12.1 | |||||||||
Non-Timber Sales | 0.4 | 0.5 | |||||||||
Total Sales | $11.8 | $12.6 | |||||||||
Operating Income | — | $0.3 | |||||||||
Adjusted EBITDA (a) | — | $0.3 |
Three Months Ended March 31, | |||||||||||
Capital Expenditures By Segment (in millions of dollars) | 2024 | 2023 | |||||||||
Timber Capital Expenditures | |||||||||||
Southern Timber | |||||||||||
Reforestation, silviculture and other capital expenditures | $7.0 | $6.9 | |||||||||
Property taxes | 2.0 | 2.0 | |||||||||
Lease payments | 0.4 | 0.5 | |||||||||
Allocated overhead | 1.6 | 1.5 | |||||||||
Subtotal Southern Timber | $11.0 | $10.8 | |||||||||
Pacific Northwest Timber | |||||||||||
Reforestation, silviculture and other capital expenditures | 2.7 | 3.0 | |||||||||
Property taxes | 0.2 | 0.3 | |||||||||
Allocated overhead | 1.3 | 1.3 | |||||||||
Subtotal Pacific Northwest Timber | $4.1 | $4.5 | |||||||||
New Zealand Timber | |||||||||||
Reforestation, silviculture and other capital expenditures | 1.7 | 2.0 | |||||||||
Property taxes | 0.2 | 0.2 | |||||||||
Lease payments | 1.0 | 0.4 | |||||||||
Allocated overhead | 0.7 | 0.7 | |||||||||
Subtotal New Zealand Timber | $3.6 | $3.3 | |||||||||
Total Timber Segments Capital Expenditures | $18.7 | $18.7 | |||||||||
Real Estate | 0.1 | 0.1 | |||||||||
Corporate | 0.1 | — | |||||||||
Total Capital Expenditures | $18.9 | $18.7 | |||||||||
Timberland Acquisitions | |||||||||||
Southern Timber | — | $5.1 | |||||||||
Pacific Northwest Timber | — | 3.6 | |||||||||
Timberland Acquisitions | — | $8.7 | |||||||||
Real Estate Development Investments (a) | $5.5 | $7.8 | |||||||||
Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Real Estate | Trading | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $71.8 | $34.4 | $44.1 | $16.3 | $12.6 | ($0.1) | $179.1 | |||||||||||||||||||||||||||||||||||||
Volume | 2.7 | (2.6) | (0.1) | (0.9) | 0.1 | — | (0.8) | |||||||||||||||||||||||||||||||||||||
Price | (1.9) | (0.4) | (1.7) | (1.0) | (0.9) | — | (5.9) | |||||||||||||||||||||||||||||||||||||
Non-timber sales | (0.3) | — | 3.2 | — | — | — | 2.9 | |||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | — | — | (0.3) | — | — | — | (0.3) | |||||||||||||||||||||||||||||||||||||
Other | (2.3) | (b) | (6.2) | (b) | 0.5 | (c) | 1.2 | (d) | — | — | (6.9) | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | $70.0 | $25.2 | $45.7 | $15.6 | $11.8 | ($0.1) | $168.1 | |||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Real Estate | Trading | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $22.2 | ($3.5) | ($0.7) | $0.9 | $0.3 | ($8.6) | $10.6 | |||||||||||||||||||||||||||||||||||||
Volume | 1.5 | (0.2) | — | (0.5) | — | — | 0.8 | |||||||||||||||||||||||||||||||||||||
Price (a) | (1.9) | (0.4) | (1.7) | (1.0) | — | — | (5.0) | |||||||||||||||||||||||||||||||||||||
Cost | 1.7 | — | 0.5 | (0.4) | (0.3) | (1.1) | 0.4 | |||||||||||||||||||||||||||||||||||||
Non-timber income (b) | (0.5) | — | 3.3 | — | — | — | 2.8 | |||||||||||||||||||||||||||||||||||||
Foreign exchange (c) | — | — | 3.4 | — | — | — | 3.4 | |||||||||||||||||||||||||||||||||||||
Depreciation, depletion & amortization | — | (0.3) | 0.3 | (0.3) | — | (0.1) | (0.4) | |||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | 0.8 | — | — | 0.8 | |||||||||||||||||||||||||||||||||||||
Other (d) | — | — | 2.3 | 0.4 | — | — | 2.8 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | $23.0 | ($4.4) | $7.4 | ($0.1) | — | ($9.8) | $16.2 | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Real Estate | Trading | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $42.8 | $7.1 | $6.1 | $6.6 | $0.3 | ($8.2) | $54.7 | |||||||||||||||||||||||||||||||||||||
Volume | 2.7 | (2.0) | (0.1) | (0.9) | — | — | (0.3) | |||||||||||||||||||||||||||||||||||||
Price (b) | (1.9) | (0.4) | (1.7) | (1.0) | — | — | (5.0) | |||||||||||||||||||||||||||||||||||||
Cost | 1.7 | — | 0.5 | (0.4) | (0.3) | (1.1) | 0.4 | |||||||||||||||||||||||||||||||||||||
Non-timber income (c) | (0.5) | — | 3.3 | — | — | — | 2.8 | |||||||||||||||||||||||||||||||||||||
Foreign exchange (d) | — | — | 3.3 | — | — | — | 3.3 | |||||||||||||||||||||||||||||||||||||
Other (e) | — | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | $44.8 | $4.7 | $11.4 | $4.6 | — | ($9.3) | $56.2 | |||||||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||
(millions of dollars) | 2024 | 2023 | |||||||||
Cash and cash equivalents | $159.9 | $207.7 | |||||||||
Total debt (a) | 1,368.7 | 1,372.7 | |||||||||
Noncontrolling interests in the operating partnership | 69.6 | 81.7 | |||||||||
Shareholders’ equity | 1,845.6 | 1,877.6 | |||||||||
Total capitalization (total debt plus permanent and temporary equity) | 3,283.9 | 3,332.0 | |||||||||
Debt to capital ratio | 42 | % | 41 | % | |||||||
Net debt to enterprise value (b)(c) | 19 | % | 19 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Common shares issued under the ATM program | — | 400 | |||||||||
Average price of common shares issued under the ATM program | — | $34.03 | |||||||||
Gross proceeds from common shares issued under the ATM program | — | — | |||||||||
Commissions | — | — |
(millions of dollars) | 2024 | 2023 | |||||||||
Cash provided by (used for): | |||||||||||
Operating activities | $52.3 | $64.0 | |||||||||
Investing activities | (24.0) | (32.2) | |||||||||
Financing activities | (75.1) | (43.1) |
Future uses of cash (in millions) | Total | Payments Due by Period | |||||||||||||||||||||||||||
2024 | 2025-2026 | 2027-2028 | Thereafter | ||||||||||||||||||||||||||
Long-term debt (a) | $1,368.7 | — | $244.7 | $474.0 | $650.0 | ||||||||||||||||||||||||
Interest payments on long-term debt (b) | 326.9 | 59.7 | 140.1 | 90.4 | 36.7 | ||||||||||||||||||||||||
Operating leases — timberland (c) | 186.8 | 7.2 | 15.7 | 14.5 | 149.4 | ||||||||||||||||||||||||
Operating leases — PP&E, offices (c) | 5.5 | 1.0 | 1.4 | 0.8 | 2.3 | ||||||||||||||||||||||||
Commitments — real estate projects | 45.3 | 33.7 | 2.3 | 2.3 | 7.0 | ||||||||||||||||||||||||
Commitments — derivatives (d) | 2.8 | 1.7 | 1.0 | 0.1 | — | ||||||||||||||||||||||||
Commitments — environmental remediation (e) | 19.1 | 14.3 | 1.3 | 0.8 | 2.7 | ||||||||||||||||||||||||
Commitments — other (f) | 2.6 | 2.0 | 0.6 | — | — | ||||||||||||||||||||||||
Total | $1,957.7 | $119.6 | $407.1 | $582.9 | $848.1 |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Current assets | $151.3 | $197.5 | |||||||||
Non-current assets | 108.3 | 98.8 | |||||||||
Current liabilities | 22.8 | 60.0 | |||||||||
Non-current liabilities | 2,277.0 | 2,181.6 | |||||||||
Due to non-guarantors | 957.2 | 861.5 | |||||||||
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Cost and expenses | ($8.2) | ($32.3) | |||||||||
Operating loss | (8.2) | (32.3) | |||||||||
Net loss | (18.9) | (70.5) | |||||||||
Revenue from non-guarantors | 168.1 | 1,108.9 | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net Income to Adjusted EBITDA Reconciliation | |||||||||||
Net Income | $2.3 | $7.4 | |||||||||
Interest, net and miscellaneous income | 7.7 | 11.2 | |||||||||
Income tax (benefit) expense (a) | (0.8) | 1.1 | |||||||||
Depreciation, depletion and amortization | 37.1 | 37.6 | |||||||||
Non-cash cost of land and improved development | 3.0 | 4.2 | |||||||||
Timber write-offs resulting from casualty events (b) | — | 2.3 | |||||||||
Non-operating expense (income) (c) | 7.0 | (9.1) | |||||||||
Adjusted EBITDA | $56.2 | $54.7 |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $23.0 | ($4.4) | $7.4 | ($0.1) | — | ($9.8) | $16.2 | ||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 21.8 | 9.1 | 4.0 | 1.7 | — | 0.4 | 37.1 | ||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | 3.0 | — | — | 3.0 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $44.8 | $4.7 | $11.4 | $4.6 | — | ($9.3) | $56.2 | ||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $22.2 | ($3.5) | ($0.7) | $0.9 | $0.3 | ($8.6) | $10.6 | ||||||||||||||||||||||||||||||||||
Timber write-offs resulting from casualty events (a) | — | — | 2.3 | — | — | — | 2.3 | ||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 20.6 | 10.6 | 4.5 | 1.5 | — | 0.4 | 37.6 | ||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | 4.2 | — | — | 4.2 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $42.8 | $7.1 | $6.1 | $6.6 | $0.3 | ($8.2) | $54.7 | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash provided by operating activities | $52.3 | $64.0 | |||||||||
Capital expenditures (a) | (18.9) | (18.7) | |||||||||
Net cost (recovery) on legal settlements (b) | 1.3 | (9.1) | |||||||||
Working capital and other balance sheet changes | 2.1 | (5.8) | |||||||||
CAD | $36.8 | $30.4 | |||||||||
Mandatory debt repayments | — | — | |||||||||
CAD after mandatory debt repayments | $36.8 | $30.4 |
Cash used for investing activities | ($24.0) | ($32.2) | |||||||||
Cash used for financing activities | ($75.1) | ($43.1) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Purchase of timberlands | — | ($8.7) | |||||||||
Real Estate Development Investments | (5.5) | (7.8) | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (1.7) | — | |||||||||
(Dollars in thousands) | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||
Variable rate debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | — | — | $200,000 | $100,000 | $350,000 | $200,000 | $850,000 | $850,000 | |||||||||||||||||||||||||||||||||||||||
Average interest rate (a)(b) | — | — | 7.06 | % | 7.01 | % | 7.01 | % | 6.96 | % | 7.01 | % | |||||||||||||||||||||||||||||||||||
Fixed rate debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | — | $20,605 | $24,040 | $24,040 | — | $450,000 | $518,685 | $449,434 | |||||||||||||||||||||||||||||||||||||||
Average interest rate (b) | — | 2.95 | % | 3.64 | % | 6.48 | % | — | 2.75 | % | 2.97 | % | |||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $350,000 | — | $200,000 | $100,000 | — | $200,000 | $850,000 | $46,586 | |||||||||||||||||||||||||||||||||||||||
Average pay rate (b) | 2.18 | % | — | 1.50 | % | 3.72 | % | — | 0.67 | % | 1.85 | % | |||||||||||||||||||||||||||||||||||
Average receive rate (c) | 5.31 | % | — | 5.31 | % | 5.31 | % | — | 5.31 | % | 5.31 | % | |||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | — | — | — | — | $200,000 | — | $200,000 | $16,959 | |||||||||||||||||||||||||||||||||||||||
Average pay rate (b) | — | — | — | — | 1.37 | % | — | 1.37 | % | ||||||||||||||||||||||||||||||||||||||
Average receive rate (c) | — | — | — | — | 5.31 | % | — | 5.31 | % |
(Dollars in thousands) | 0-1 months | 1-2 months | 2-3 months | 3-6 months | 6-12 months | 12-18 months | 18-24 months | 24-36 months | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts to sell U.S. dollar for New Zealand dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $8,750 | $9,200 | $6,000 | $16,000 | $18,500 | $22,000 | $17,000 | $30,000 | $127,450 | ($2,116) | |||||||||||||||||||||||||||||||||||||||||||||||||
Average contract rate | 1.5982 | 1.6148 | 1.6087 | 1.6135 | 1.6740 | 1.6533 | 1.6352 | 1.6681 | 1.6437 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency option contracts to sell U.S. dollar for New Zealand dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | — | — | — | $8,000 | $24,000 | $28,000 | $10,000 | $36,000 | $106,000 | ($59) | |||||||||||||||||||||||||||||||||||||||||||||||||
Average strike price | — | — | — | 1.6383 | 1.6446 | 1.7105 | 1.6880 | 1.6693 | 1.6740 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c) | |||||||||||||||||||||||||
January 1 to January 31 | 625 | $32.07 | — | 2,895,328 | |||||||||||||||||||||||||
February 1 to February 29 | — | — | — | 2,548,023 | |||||||||||||||||||||||||
March 1 to March 31 | 299 | 34.50 | — | 2,639,243 | |||||||||||||||||||||||||
Total | 924 | — |
22.1 | Incorporated by reference to Exhibit 22.1 to the Registrant’s June 30, 2022 Form 10-Q | |||||||
31.1 | Filed herewith | |||||||
31.2 | Filed herewith | |||||||
31.3 | Filed herewith | |||||||
31.4 | Filed herewith | |||||||
32.1 | Furnished herewith | |||||||
32.2 | Furnished herewith | |||||||
101 | The following financial information from Rayonier Inc. and Rayonier, L.P.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (“iXBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 of Rayonier Inc.; (ii) the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 of Rayonier Inc.; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023 of Rayonier Inc.; (iv) the Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 of Rayonier Inc.; (v) the Consolidated Statements of Income and Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 of Rayonier, L.P.; (vi) the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 of Rayonier, L.P.; (vii) the Consolidated Statements of Changes in Capital for the Three Months Ended March 31, 2024 and 2023 of Rayonier, L.P.; (viii) the Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 of Rayonier, L.P.; and (ix) the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P. | Filed herewith | ||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q from the quarter ended March 31, 2024, formatted in Inline XBRL (included as Exhibit 101). | Filed herewith |
RAYONIER INC. | ||||||||
By: | /s/ APRIL TICE | |||||||
April Tice Senior Vice President and Chief Financial Officer (Duly Authorized Officer, Principal Accounting Officer) |
RAYONIER, L.P. | ||||||||
By: RAYONIER INC., its sole general partner | ||||||||
By: | /s/ APRIL TICE | |||||||
April Tice Senior Vice President and Chief Financial Officer (Duly Authorized Officer, Principal Accounting Officer) |
/S/ MARK MCHUGH | |||||
Mark McHugh President and Chief Executive Officer, Rayonier Inc. |
/s/ APRIL TICE | |||||
April Tice Senior Vice President and Chief Financial Officer, Rayonier Inc. |
/S/ MARK MCHUGH | |||||
Mark McHugh President and Chief Executive Officer of Rayonier Inc., General Partner |
/s/ APRIL TICE | |||||
April Tice Senior Vice President and Chief Financial Officer of Rayonier Inc., General Partner |
/s/ MARK MCHUGH | /s/ APRIL TICE | |||||||
Mark McHugh | April Tice | |||||||
President and Chief Executive Officer, Rayonier Inc. | Senior Vice President and Chief Financial Officer, Rayonier Inc. |
A signed original of this written statement required by Section 906 has been provided to Rayonier, Inc. and will be retained by Rayonier, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. |
/s/ MARK MCHUGH | /s/ APRIL TICE | |||||||
Mark McHugh | April Tice | |||||||
President and Chief Executive Officer of Rayonier Inc., General Partner | Senior Vice President and Chief Financial Officer of Rayonier Inc., General Partner |
A signed original of this written statement required by Section 906 has been provided to Rayonier, L.P. and will be retained by Rayonier, L.P. and furnished to the Securities and Exchange Commission or its staff upon request. |
RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax expense | $ 0 | $ 0 |
Cash flow hedges, tax expense | (1,866) | 312 |
Pension and postretirement plans, tax expense | $ (1,222) | $ 0 |
RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 202 | $ 210 |
SHAREHOLDERS’ EQUITY | ||
Common shares, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common shares, shares issued (in shares) | 148,649,321 | 148,299,117 |
Common shares, shares outstanding (in shares) | 148,649,321 | 148,299,117 |
RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Dec. 29, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends (in dollars per share) | $ 0.20 | $ 0.285 | $ 0.285 |
Offering issuance costs | $ 24 |
RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ 2,306 | $ 7,437 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 37,083 | 37,599 | ||||||
Non-cash cost of land and improved development | 2,953 | 4,208 | ||||||
Stock-based incentive compensation expense | 3,218 | 2,499 | ||||||
Deferred income taxes | (1,004) | (1,155) | ||||||
Pension settlement charge | 5,673 | 0 | ||||||
Timber write-offs resulting from casualty events | 0 | 2,302 | ||||||
Other | 1,899 | 578 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | (7,493) | 3,730 | ||||||
Inventories | 565 | (4,098) | ||||||
Accounts payable | 8,537 | 8,913 | ||||||
All other operating activities | (1,439) | 1,938 | ||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 52,298 | 63,951 | ||||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | (18,868) | (18,746) | ||||||
Real estate development investments | (5,483) | (7,753) | ||||||
Purchase of timberlands | 0 | (8,729) | ||||||
Other | 302 | 3,029 | ||||||
CASH USED FOR INVESTING ACTIVITIES | (24,049) | (32,199) | ||||||
FINANCING ACTIVITIES | ||||||||
Dividends paid on common shares | [1] | (72,258) | (42,149) | |||||
Distributions to noncontrolling interests in the operating partnership | [2] | (1,085) | (861) | |||||
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 0 | (10) | ||||||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (31) | (41) | ||||||
Distributions to noncontrolling interests in consolidated affiliates | (1,713) | 0 | ||||||
CASH USED FOR FINANCING ACTIVITIES | (75,087) | (43,061) | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (956) | (362) | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||
Change in cash, cash equivalents and restricted cash | (47,794) | (11,671) | ||||||
Balance, beginning of year | 208,374 | 115,407 | ||||||
Balance, end of period | 160,580 | 103,736 | ||||||
Cash paid during the period: | ||||||||
Interest | [3] | 800 | 3,802 | |||||
Income taxes | 1,845 | 2,203 | ||||||
Non-cash investing activity: | ||||||||
Capital assets purchased on account | $ 7,330 | $ 5,689 | ||||||
|
RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) $ in Millions |
Jan. 12, 2024
USD ($)
|
---|---|
Statement of Cash Flows [Abstract] | |
Additional cash dividends | $ 29.8 |
Additional cash distributions | $ 0.5 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
SALES (NOTE 3) | $ 168,097 | $ 179,082 |
Costs and Expenses | ||
Cost of sales | (133,180) | (149,166) |
Selling and general expenses | (18,978) | (16,778) |
Other operating income (expense), net (Note 14) | 271 | (2,516) |
Costs and expenses | (151,887) | (168,460) |
OPERATING INCOME | 16,210 | 10,622 |
Interest expense, net | (9,744) | (11,700) |
Interest and other miscellaneous (expense) income), net | (4,992) | 9,554 |
INCOME BEFORE INCOME TAXES | 1,474 | 8,476 |
Income tax benefit (expense) (Note 16) | 832 | (1,039) |
NET INCOME | 2,306 | 7,437 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (929) | 1,037 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 1,357 | 8,300 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||
Foreign currency translation adjustment, net of income tax effect of $0 and $0 | (16,951) | (3,733) |
Cash flow hedges, net of income tax effect of $1,866 and $312 | 2,966 | (12,319) |
Pension and postretirement benefit plans, net of income tax effect of $1,222 and $0 | 9,562 | 1 |
Total other comprehensive loss | (4,423) | (16,051) |
COMPREHENSIVE LOSS | (2,117) | (8,614) |
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates | 947 | 1,032 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC. | (1,153) | (7,426) |
Rayonier Limited Partnership | ||
SALES (NOTE 3) | 168,097 | 179,082 |
Costs and Expenses | ||
Cost of sales | (133,180) | (149,166) |
Selling and general expenses | (18,978) | (16,778) |
Other operating income (expense), net (Note 14) | 271 | (2,516) |
Costs and expenses | (151,887) | (168,460) |
OPERATING INCOME | 16,210 | 10,622 |
Interest expense, net | (9,744) | (11,700) |
Interest and other miscellaneous (expense) income), net | (4,992) | 9,554 |
INCOME BEFORE INCOME TAXES | 1,474 | 8,476 |
Income tax benefit (expense) (Note 16) | 832 | (1,039) |
NET INCOME | 2,306 | 7,437 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (929) | 1,037 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 1,377 | 8,474 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||
Foreign currency translation adjustment, net of income tax effect of $0 and $0 | (16,951) | (3,733) |
Cash flow hedges, net of income tax effect of $1,866 and $312 | 2,966 | (12,319) |
Pension and postretirement benefit plans, net of income tax effect of $1,222 and $0 | 9,562 | 1 |
Total other comprehensive loss | (4,423) | (16,051) |
COMPREHENSIVE LOSS | (2,117) | (8,614) |
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates | 947 | 1,032 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC. | $ (1,170) | $ (7,582) |
EARNINGS PER UNIT (NOTE 5) | ||
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.01 | $ 0.06 |
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.01 | $ 0.06 |
Rayonier Limited Partnership | Limited Partners | ||
Costs and Expenses | ||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 1,363 | $ 8,389 |
Rayonier Limited Partnership | General Partners | ||
Costs and Expenses | ||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 14 | $ 85 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Foreign currency translation adjustment, tax expense | $ 0 | $ 0 |
Cash flow hedges, tax expense | (1,866) | 312 |
Pension and postretirement plans, tax expense | (1,222) | 0 |
Rayonier Limited Partnership | ||
Foreign currency translation adjustment, tax expense | 0 | 0 |
Cash flow hedges, tax expense | (1,866) | 312 |
Pension and postretirement plans, tax expense | $ (1,222) | $ 0 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
CURRENT ASSETS | ||
Cash and cash equivalents | $ 159,903 | $ 207,696 |
Trade receivables, less allowance for doubtful accounts of $202 and $210 | 35,309 | 28,652 |
Other receivables | 5,145 | 11,517 |
Inventory (Note 13) | 43,541 | 31,017 |
Prepaid expenses | 20,148 | 19,070 |
Assets held for sale (Note 19) | 10,025 | 9,932 |
Other current assets | 5,873 | 9,074 |
Total current assets | 279,944 | 316,958 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,959,052 | 3,004,316 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12) | 106,403 | 105,595 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,453 | 6,453 |
Buildings | 31,147 | 31,251 |
Machinery and equipment | 6,633 | 6,523 |
Construction in progress | 1,895 | 1,841 |
Total property, plant and equipment, gross | 46,128 | 46,068 |
Less — accumulated depreciation | (19,638) | (19,059) |
Total property, plant and equipment, net | 26,490 | 27,009 |
RESTRICTED CASH (NOTE 18) | 677 | 678 |
RIGHT-OF-USE ASSETS | 90,319 | 95,474 |
OTHER ASSETS | 106,872 | 97,555 |
TOTAL ASSETS | 3,569,757 | 3,647,585 |
CURRENT LIABILITIES | ||
Accounts payable | 34,134 | 26,561 |
Accrued taxes | 5,567 | 4,394 |
Accrued payroll and benefits | 6,680 | 14,215 |
Accrued interest | 9,913 | 7,094 |
Pension and other postretirement benefits (Note 15) | 1,223 | 8,444 |
Deferred revenue | 20,900 | 19,012 |
Other current liabilities | 35,339 | 30,409 |
Total current liabilities | 113,756 | 140,277 |
LONG-TERM DEBT, NET (NOTE 6) | 1,361,985 | 1,365,773 |
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15) | 1,448 | 1,441 |
LONG-TERM LEASE LIABILITY | 82,932 | 87,684 |
LONG-TERM DEFERRED REVENUE | 15,349 | 11,294 |
OTHER NON-CURRENT LIABILITIES | 79,051 | 81,863 |
CONTINGENCIES (NOTE 9) | ||
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,093,522 and 2,443,898 Units outstanding, respectively | 69,589 | 81,651 |
CAPITAL | ||
Accumulated other comprehensive income (Note 17) | 22,370 | 24,651 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,569,757 | 3,647,585 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 159,903 | 207,696 |
Trade receivables, less allowance for doubtful accounts of $202 and $210 | 35,309 | 28,652 |
Other receivables | 5,145 | 11,517 |
Inventory (Note 13) | 43,541 | 31,017 |
Prepaid expenses | 20,148 | 19,070 |
Assets held for sale (Note 19) | 10,025 | 9,932 |
Other current assets | 5,873 | 9,074 |
Total current assets | 279,944 | 316,958 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,959,052 | 3,004,316 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12) | 106,403 | 105,595 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,453 | 6,453 |
Buildings | 31,147 | 31,251 |
Machinery and equipment | 6,633 | 6,523 |
Construction in progress | 1,895 | 1,841 |
Total property, plant and equipment, gross | 46,128 | 46,068 |
Less — accumulated depreciation | (19,638) | (19,059) |
Total property, plant and equipment, net | 26,490 | 27,009 |
RESTRICTED CASH (NOTE 18) | 677 | 678 |
RIGHT-OF-USE ASSETS | 90,319 | 95,474 |
OTHER ASSETS | 106,872 | 97,555 |
TOTAL ASSETS | 3,569,757 | 3,647,585 |
CURRENT LIABILITIES | ||
Accounts payable | 34,134 | 26,561 |
Accrued taxes | 5,567 | 4,394 |
Accrued payroll and benefits | 6,680 | 14,215 |
Accrued interest | 9,913 | 7,094 |
Pension and other postretirement benefits (Note 15) | 1,223 | 8,444 |
Distribution Payable | 0 | 30,148 |
Deferred revenue | 20,900 | 19,012 |
Other current liabilities | 35,339 | 30,409 |
Total current liabilities | 113,756 | 140,277 |
LONG-TERM DEBT, NET (NOTE 6) | 1,361,985 | 1,365,773 |
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15) | 1,448 | 1,441 |
LONG-TERM LEASE LIABILITY | 82,932 | 87,684 |
LONG-TERM DEFERRED REVENUE | 15,349 | 11,294 |
OTHER NON-CURRENT LIABILITIES | 79,051 | 81,863 |
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,093,522 and 2,443,898 Units outstanding, respectively | 69,589 | 81,651 |
CAPITAL | ||
General partners’ capital | 18,057 | 18,325 |
Limited partners’ capital | 1,787,713 | 1,814,193 |
Accumulated other comprehensive income (Note 17) | 25,472 | 28,018 |
TOTAL CONTROLLING INTEREST CAPITAL | 1,831,242 | 1,860,536 |
Noncontrolling interests in consolidated affiliates (Note 4) | 14,405 | 17,066 |
TOTAL CAPITAL | 1,845,647 | 1,877,602 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $ 3,569,757 | $ 3,647,585 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 202 | $ 210 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 202 | $ 210 |
SHAREHOLDERS’ EQUITY | ||
Common units outstanding (in shares) | 2,093,522 | 2,443,898 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Net income | $ 2,306 | $ 7,437 |
Pension and postretirement benefit plans | 9,562 | 1 |
Foreign currency translation adjustment | (16,951) | (3,733) |
Cash flow hedges | 2,966 | (12,319) |
Distributions to noncontrolling interests in consolidated affiliates | (1,713) | |
Rayonier Limited Partnership | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 1,877,602 | 1,880,712 |
Net income | 2,306 | 7,437 |
Distributions on units | (43,374) | (43,033) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24 | (10) | |
Stock-based compensation | 3,218 | 2,499 |
Repurchase of units | (31) | (41) |
Adjustment of Redeemable Operating Partnership Units | 551 | (579) |
Conversion of units into common shares | 11,511 | 23,881 |
Pension and postretirement benefit plans | 9,562 | 1 |
Foreign currency translation adjustment | (16,951) | (3,733) |
Cash flow hedges | 2,966 | (12,319) |
Distributions to noncontrolling interests in consolidated affiliates | (1,713) | |
Ending balance | 1,845,647 | 1,854,815 |
Rayonier Limited Partnership | Units | General Partners’ Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 18,325 | 18,251 |
Net income | 14 | 85 |
Distributions on units | (434) | (431) |
Stock-based compensation | 32 | 25 |
Repurchase of units | (1) | |
Adjustment of Redeemable Operating Partnership Units | 6 | (6) |
Conversion of units into common shares | 115 | 239 |
Ending balance | 18,057 | 18,163 |
Rayonier Limited Partnership | Units | Limited Partners’ Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 1,814,193 | 1,806,895 |
Net income | 1,363 | 8,389 |
Distributions on units | (42,940) | (42,602) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24 | (10) | |
Stock-based compensation | 3,186 | 2,474 |
Repurchase of units | (30) | (41) |
Adjustment of Redeemable Operating Partnership Units | 545 | (573) |
Conversion of units into common shares | 11,396 | 23,642 |
Ending balance | 1,787,713 | 1,798,174 |
Rayonier Limited Partnership | Accumulated Other Comprehensive Income | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 28,018 | 40,249 |
Pension and postretirement benefit plans | 9,562 | 1 |
Foreign currency translation adjustment | (16,178) | (3,552) |
Cash flow hedges | 4,070 | (12,504) |
Ending balance | 25,472 | 24,194 |
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 17,066 | 15,317 |
Net income | 929 | (1,037) |
Foreign currency translation adjustment | (773) | (181) |
Cash flow hedges | (1,104) | 185 |
Distributions to noncontrolling interests in consolidated affiliates | (1,713) | |
Ending balance | $ 14,405 | $ 14,284 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Offering issuance costs | $ 24 | |
Rayonier Limited Partnership | ||
Distributions declared (in dollars per unit) | $ 0.285 | $ 0.285 |
Offering issuance costs | $ 24 |
RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ 2,306 | $ 7,437 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 37,083 | 37,599 | ||||||
Non-cash cost of land and improved development | 2,953 | 4,208 | ||||||
Stock-based incentive compensation expense | 3,218 | 2,499 | ||||||
Deferred income taxes | (1,004) | (1,155) | ||||||
Pension settlement charge | 5,673 | 0 | ||||||
Timber write-offs resulting from casualty events | 0 | 2,302 | ||||||
Other | 1,899 | 578 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | (7,493) | 3,730 | ||||||
Inventories | 565 | (4,098) | ||||||
Accounts payable | 8,537 | 8,913 | ||||||
All other operating activities | (1,439) | 1,938 | ||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 52,298 | 63,951 | ||||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | (18,868) | (18,746) | ||||||
Real estate development investments | (5,483) | (7,753) | ||||||
Purchase of timberlands | 0 | (8,729) | ||||||
Other | 302 | 3,029 | ||||||
CASH USED FOR INVESTING ACTIVITIES | (24,049) | (32,199) | ||||||
FINANCING ACTIVITIES | ||||||||
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 0 | (10) | ||||||
Distributions to noncontrolling interests in consolidated affiliates | (1,713) | 0 | ||||||
CASH USED FOR FINANCING ACTIVITIES | (75,087) | (43,061) | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (956) | (362) | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||
Change in cash, cash equivalents and restricted cash | (47,794) | (11,671) | ||||||
Balance, beginning of year | 208,374 | 115,407 | ||||||
Balance, end of period | 160,580 | 103,736 | ||||||
Cash paid during the period: | ||||||||
Interest | [1] | 800 | 3,802 | |||||
Income taxes | 1,845 | 2,203 | ||||||
Non-cash investing activity: | ||||||||
Capital assets purchased on account | 7,330 | 5,689 | ||||||
Rayonier Limited Partnership | ||||||||
OPERATING ACTIVITIES | ||||||||
Net income | 2,306 | 7,437 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 37,083 | 37,599 | ||||||
Non-cash cost of land and improved development | 2,953 | 4,208 | ||||||
Stock-based incentive compensation expense | 3,218 | 2,499 | ||||||
Deferred income taxes | (1,004) | (1,155) | ||||||
Pension settlement charge | 5,673 | 0 | ||||||
Timber write-offs resulting from casualty events | 0 | 2,302 | ||||||
Other | 1,899 | 578 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | (7,493) | 3,730 | ||||||
Inventories | 565 | (4,098) | ||||||
Accounts payable | 8,537 | 8,913 | ||||||
All other operating activities | (1,439) | 1,938 | ||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 52,298 | 63,951 | ||||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | (18,868) | (18,746) | ||||||
Real estate development investments | (5,483) | (7,753) | ||||||
Purchase of timberlands | 0 | (8,729) | ||||||
Other | 302 | 3,029 | ||||||
CASH USED FOR INVESTING ACTIVITIES | (24,049) | (32,199) | ||||||
FINANCING ACTIVITIES | ||||||||
Distributions on units | [2] | (73,343) | (43,010) | |||||
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 0 | (10) | ||||||
Repurchase of units to pay withholding taxes on vested incentive stock awards | (31) | (41) | ||||||
Distributions to noncontrolling interests in consolidated affiliates | (1,713) | 0 | ||||||
CASH USED FOR FINANCING ACTIVITIES | (75,087) | (43,061) | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (956) | (362) | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||
Change in cash, cash equivalents and restricted cash | (47,794) | (11,671) | ||||||
Balance, beginning of year | 208,374 | 115,407 | ||||||
Balance, end of period | 160,580 | 103,736 | ||||||
Cash paid during the period: | ||||||||
Interest | [3] | 800 | 3,802 | |||||
Income taxes | 1,845 | 2,203 | ||||||
Non-cash investing activity: | ||||||||
Capital assets purchased on account | $ 7,330 | $ 5,689 | ||||||
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RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |||
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Jan. 12, 2024 |
Dec. 29, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
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Distributions declared (in dollars per unit) | $ 0.20 | |||
Additional cash distributions | $ 0.5 | |||
Patronage refunds received, netted with interest paid | $ 8.1 | $ 6.1 | ||
Rayonier Limited Partnership | ||||
Distributions declared (in dollars per unit) | $ 0.20 | |||
Additional cash distributions | $ 30.2 | |||
Patronage refunds received, netted with interest paid | $ 8.1 | $ 6.1 |
BASIS OF PRESENTATION |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC (the “2023 Form 10-K”). As of March 31, 2024, the Company owned a 98.6% interest in the Operating Partnership, with the remaining 1.4% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2023 Form 10-K. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS We have evaluated events occurring from March 31, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
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SEGMENT AND GEOGRAPHICAL INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION 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 and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous (expense) income and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three months ended March 31, 2024 and 2023:
(a)Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
(a)The three months ended March 31, 2023 includes $2.3 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 (Loss) under the caption “Cost of Sales.” (b)The three months ended March 31, 2024 includes $5.7 million of pension settlement charges and $1.3 million of net costs associated with legal settlements. The three months ended March 31, 2023 includes $9.1 million of net recoveries associated with legal settlements.
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REVENUE |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of March 31, 2024 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $20.9 million is expected to be recognized within the next twelve months, with the remaining $15.3 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:
(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b)The increase in deferred revenue, current is driven by the current portion of a carbon capture and storage contract entered into in the first quarter of 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of renewals of hunting contracts. (c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2024. The following table summarizes revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:
(a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2024 and 2023:
(a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2024 and 2023:
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NONCONTROLLING INTERESTS |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES Matariki Forestry Group We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 422,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP Noncontrolling interests in the operating partnership relate to the third-party ownership of redeemable operating partnership units. Net income attributable to the noncontrolling interests in the operating partnership is computed by applying the weighted average redeemable operating partnership units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the operating partnership will be reduced and the Company’s share in the operating partnership will be increased by the fair value of each security at the time of redemption. The following table sets forth the Company’s noncontrolling interests in the operating partnership:
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EARNINGS PER SHARE AND PER UNIT |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE AND PER UNIT | EARNINGS PER SHARE AND PER UNIT Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units. The following table provides details of the calculations of basic and diluted earnings per common share of the Company:
Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership:
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Our debt consisted of the following at March 31, 2024:
(a) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. The following table contains information on the outstanding variable rate debt as of March 31, 2024:
(a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage. Principal payments due during the next five years and thereafter are as follows:
2024 DEBT ACTIVITY U.S. Debt During the three months ended March 31, 2024, we made no borrowings or repayments on our Revolving Credit Facility. At March 31, 2024, we had available borrowings of $293.0 million under the Revolving Credit Facility, net of $7.0 million to secure our outstanding letters of credit. New Zealand Debt During the three months ended March 31, 2024, the New Zealand subsidiary made no borrowings or repayments on its working capital facility (the “New Zealand Working Capital Facility”). At March 31, 2024, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. DEBT COVENANTS In connection with our 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2024, are calculated on a trailing 12-month basis:
In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At March 31, 2024, we were in compliance with all applicable covenants.
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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS Our New Zealand subsidiary’s domestic sales and operating expenses are predominately denominated in New Zealand dollars, while its export sales, shareholder distributions and ocean freight payments are predominately denominated in U.S. dollars. To the extent New Zealand dollar costs exceed New Zealand dollar revenues (the “foreign exchange exposure”), the New Zealand subsidiary manages the foreign exchange exposure through the use of derivative financial instruments. It typically hedges a portion of export sales receipts to cover 50% to 90% of the projected foreign exchange exposure for the following 12 months, up to 75% for the forward 12 to 18 months and up to 50% for the forward 18 to 24 months. Additionally, it will occasionally hedge export sales receipts to cover up to 50% of the foreign exchange exposure for the forward 24 to 36 months and up to 25% of the foreign exchange exposure for the forward 36 to 48 months when the the New Zealand dollar is at a cyclical low versus the U.S. dollar. The New Zealand subsidiary’s trading operations typically hedge a portion of export sales receipts to cover the projected foreign exchange exposure for the following three months. As of March 31, 2024, foreign currency exchange contracts and foreign currency option contracts had maturity dates through March 2027. Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously in AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS The following table contains information on the outstanding interest rate swaps as of March 31, 2024:
(a)All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b)Includes the SOFR Credit Spread Adjustment component of 0.1%. (c)Rate is before estimated patronage payments. FORWARD-STARTING INTEREST RATE SWAPS The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2024:
(a)All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023:
During the next 12 months, the amount of the March 31, 2024 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $22.5 million. The following table contains details of the expected reclassified amounts into earnings:
(a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows. The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:
(a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP:
(a)We did not have Level 3 assets or liabilities at March 31, 2024 and December 31, 2023. (b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information. (c)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (d)See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e)Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.
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CONTINGENCIES |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.
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ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release. Changes in environmental and NRD liabilities from December 31, 2023 to March 31, 2024 are shown below:
(a)The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the three months ended March 31, 2024. It is expected that the upland mill site cleanup and NRD restoration will occur over the next to two years, while the monitoring of Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years. NRD costs are subject to change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. We do not currently anticipate any material loss in excess of the amounts accrued; however, we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.
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GUARANTEES |
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Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTEES | GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2024, the following financial guarantees were outstanding:
(a)We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement as the guarantees are dependent on our own performance. (b)Approximately $6.3 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements. These letters of credit will expire at various dates during 2024 and will be renewed as required. (c)Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2024, 2025, and 2026 and are expected to be renewed as required.
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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2023 to March 31, 2024 are shown below:
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information. (b)Capitalized real estate development investments include $0.3 million of capitalized interest and $2.4 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.
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INVENTORY |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY | INVENTORY As of March 31, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows:
(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. (b)Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.
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OTHER OPERATING INCOME (EXPENSE), NET |
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OTHER OPERATING INCOME (EXPENSE), NET | OTHER OPERATING INCOME (EXPENSE), NET Other operating income (expense), net consisted of the following:
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EMPLOYEE BENEFIT PLANS |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. On July 20, 2023, the Rayonier Board of Directors approved the resolution to terminate the unfunded plan and will distribute all benefits in accordance with Section 409A of the Internal Revenue Code. The unfunded plan was terminated on July 31, 2023. In the fourth quarter of 2023, distributions were made to settle the obligation with participants in the Defined Benefit Plan electing the lump sum distribution option. In March 2024, the remaining Defined Benefit Plan liability was settled with the purchase of annuity contracts from a third-party insurance company. We made a cash contribution of $2.7 million during the settlement process in order to fund the Defined Benefit Plan on a plan termination basis. We recognized a pre-tax non-cash pension settlement charge of $5.7 million related to the actuarial losses in AOCI. The unfunded plan will be settled entirely with lump sum cash payments estimated at $1.2 million. We expect to recognize additional pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the remaining obligations of the unfunded plan. These payments and charges are currently expected to occur in 2024, with the specific timing and final amounts dependent upon several factors. Projected cash contributions are an estimate, as actual amounts and timing are dependent upon several factors. See Note 17 - Accumulated Other Comprehensive Income for additional information. The net pension and postretirement benefit (credit) costs that have been recorded are shown in the following table:
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of March 31, 2024, Rayonier owns a 98.6% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes. PROVISION FOR INCOME TAXES The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income (Loss):
(a)The three months ended March 31, 2024 includes a $1.2 million income tax benefit related to the pension settlement. ANNUAL EFFECTIVE TAX RATE The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items:
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ACCUMULATED OTHER COMPREHENSIVE INCOME |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in AOCI by component for the three months ended March 31, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
(a)The three months ended March 31, 2024 includes $15.0 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 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. The three months ended March 31, 2024 includes a pension settlement charge of $4.5 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. 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 three months ended March 31, 2024 and March 31, 2023:
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RESTRICTED CASH |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRICTED CASH | RESTRICTED CASH Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023:
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ASSETS HELD FOR SALE |
3 Months Ended |
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Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALEAssets held for sale is composed of properties not included in inventory which are under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of March 31, 2024 and December 31, 2023, the basis in properties meeting this classification was $10.0 million and $9.9 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income (loss) attributable to parent | $ 1,357 | $ 8,300 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC (the “2023 Form 10-K”). As of March 31, 2024, the Company owned a 98.6% interest in the Operating Partnership, with the remaining 1.4% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.
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REVENUE RECOGNITION | PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of March 31, 2024 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $20.9 million is expected to be recognized within the next twelve months, with the remaining $15.3 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
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ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED | ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
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SUBSEQUENT EVENTS | SUBSEQUENT EVENTS We have evaluated events occurring from March 31, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
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SEGMENT REPORTING | 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 and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous (expense) income and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
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EARNINGS PER COMMON SHARE | Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units.
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EARNINGS PER UNIT | Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units
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DERIVATIVE | Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously in AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.
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FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.
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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables summarize the segment information for the three months ended March 31, 2024 and 2023:
(a)Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
(a)The three months ended March 31, 2023 includes $2.3 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 (Loss) under the caption “Cost of Sales.” (b)The three months ended March 31, 2024 includes $5.7 million of pension settlement charges and $1.3 million of net costs associated with legal settlements. The three months ended March 31, 2023 includes $9.1 million of net recoveries associated with legal settlements.
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REVENUE (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:
(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b)The increase in deferred revenue, current is driven by the current portion of a carbon capture and storage contract entered into in the first quarter of 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of renewals of hunting contracts. (c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2024. The following table summarizes revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:
(a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate sales.
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Schedule of Disaggregation of Revenue by Product | The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2024 and 2023:
(a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2024 and 2023:
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NONCONTROLLING INTERESTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries | The following table sets forth the Company’s noncontrolling interests in the operating partnership:
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EARNINGS PER SHARE AND PER UNIT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides details of the calculations of basic and diluted earnings per common share of the Company:
The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
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DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Our debt consisted of the following at March 31, 2024:
(a) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. The following table contains information on the outstanding variable rate debt as of March 31, 2024:
(a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage.
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Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows:
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Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2024, are calculated on a trailing 12-month basis:
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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The following table contains information on the outstanding interest rate swaps as of March 31, 2024:
(a)All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b)Includes the SOFR Credit Spread Adjustment component of 0.1%. (c)Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2024:
(a)All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023:
(a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.
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Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:
(a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP:
(a)We did not have Level 3 assets or liabilities at March 31, 2024 and December 31, 2023. (b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information. (c)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (d)See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e)Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information.
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ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Environmental Loss Contingencies by Site | Changes in environmental and NRD liabilities from December 31, 2023 to March 31, 2024 are shown below:
(a)The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the three months ended March 31, 2024.
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GUARANTEES (Tables) |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations | As of March 31, 2024, the following financial guarantees were outstanding:
(a)We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement as the guarantees are dependent on our own performance. (b)Approximately $6.3 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements. These letters of credit will expire at various dates during 2024 and will be renewed as required. (c)Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2024, 2025, and 2026 and are expected to be renewed as required.
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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments | Changes in higher and better use timberlands and real estate development investments from December 31, 2023 to March 31, 2024 are shown below:
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information. (b)Capitalized real estate development investments include $0.3 million of capitalized interest and $2.4 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.
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INVENTORY (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | As of March 31, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows:
(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. (b)Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.
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OTHER OPERATING INCOME (EXPENSE), NET (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating (Expense) Income, Net | Other operating income (expense), net consisted of the following:
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EMPLOYEE BENEFIT PLANS (Tables) |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The net pension and postretirement benefit (credit) costs that have been recorded are shown in the following table:
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INCOME TAXES (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense | The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income (Loss):
(a)The three months ended March 31, 2024 includes a $1.2 million income tax benefit related to the pension settlement.
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Schedule of Effective Income Tax Rate Reconciliation | The following table contains the Company’s annualized effective tax rate after discrete items:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following table summarizes the changes in AOCI by component for the three months ended March 31, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
(a)The three months ended March 31, 2024 includes $15.0 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 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. The three months ended March 31, 2024 includes a pension settlement charge of $4.5 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 15 — Employee Benefit Plans for additional information.
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Schedule of Reclassification Out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2024 and March 31, 2023:
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RESTRICTED CASH (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023:
|
BASIS OF PRESENTATION (Details) - Operating Partnership |
Mar. 31, 2024 |
---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Ownership interest (as a percent) | 98.60% |
Ownership interest owned by limited partners (as a percent) | 1.40% |
SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
SALES | $ 168,097 | $ 179,082 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
SALES | (111) | (129) |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 69,978 | 71,842 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 25,192 | 34,419 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 45,700 | 44,105 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
SALES | 15,564 | 16,276 |
Operating Segments | Trading | ||
Segment Reporting Information [Line Items] | ||
SALES | 11,774 | 12,569 |
Intersegment Eliminations | Trading | ||
Segment Reporting Information [Line Items] | ||
SALES | 111 | 129 |
Intersegment Eliminations | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
SALES | $ (111) | $ (129) |
SEGMENT AND GEOGRAPHICAL INFORMATION - Operating Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
Total Operating Income | $ 16,210 | $ 10,622 |
Unallocated interest expense and other | (14,736) | (2,146) |
Total Income before Income Taxes | 1,474 | 8,476 |
Pension settlement charge | 5,673 | 0 |
Gain (loss) from net recovery and costs with legal settlement | (1,300) | 9,100 |
Pension | ||
Segment Reporting Information [Line Items] | ||
Pension settlement charge | 5,700 | |
New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
Timber write-offs from casualty events | 2,300 | |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 23,005 | 22,223 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | (4,360) | (3,543) |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 7,430 | (663) |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | (128) | 883 |
Operating Segments | Trading | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 41 | 341 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | $ (9,778) | $ (8,619) |
SEGMENT AND GEOGRAPHICAL INFORMATION - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 37,083 | $ 37,599 |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 21,795 | 20,610 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 9,075 | 10,650 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 4,020 | 4,455 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 1,749 | 1,503 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 444 | $ 381 |
SEGMENT AND GEOGRAPHICAL INFORMATION - Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 2,953 | $ 4,208 |
Real Estate | ||
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 2,953 | $ 4,208 |
REVENUE - Performance Obligations Narrative (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected to satisfaction, amount | $ 20.9 |
Remaining performance obligation, expected to satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected to satisfaction, amount | $ 15.3 |
Remaining performance obligation, expected to satisfaction, period | 1 year |
REVENUE - Contract Balances (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Trade receivables, net | $ 35,309 | $ 28,652 |
Deferred revenue, current | 20,900 | 19,012 |
Deferred revenue, non-current | $ 15,349 | $ 11,294 |
REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized from contract liability balance at the beginning of the year | $ 10,235 | $ 11,400 |
REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 167,808 | $ 178,837 |
Lease Revenue | 289 | 245 |
Total Revenue | 168,097 | 179,082 |
Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 138,586 | 151,812 |
Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 36,374 | 38,018 |
Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 101,017 | 112,674 |
Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,195 | 1,120 |
Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,947 | 10,994 |
License Revenue, Primarily From Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,421 | 5,413 |
Land-Based Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,710 | 835 |
Other Non-Timber/Carbon Credit Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 6,486 | 4,412 |
Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 330 | 334 |
Total Real Estate Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 15,275 | 16,031 |
Improved Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,825 | 4,802 |
Rural | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 8,728 | 6,499 |
Timberland & Non-Strategic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 610 | 1,637 |
Deferred Revenue/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,112 | 3,093 |
Elim. | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | (111) | (129) |
Operating Segments | Southern Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 69,978 | 71,842 |
Total Revenue | 69,978 | 71,842 |
Operating Segments | Southern Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 60,866 | 62,446 |
Operating Segments | Southern Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 25,931 | 26,783 |
Operating Segments | Southern Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,740 | 34,543 |
Operating Segments | Southern Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,195 | 1,120 |
Operating Segments | Southern Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 9,112 | 9,396 |
Operating Segments | Southern Timber | License Revenue, Primarily From Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,275 | 5,222 |
Operating Segments | Southern Timber | Land-Based Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,710 | 835 |
Operating Segments | Southern Timber | Other Non-Timber/Carbon Credit Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,127 | 3,339 |
Operating Segments | Pacific Northwest Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 25,192 | 34,419 |
Total Revenue | 25,192 | 34,419 |
Operating Segments | Pacific Northwest Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 24,228 | 33,496 |
Operating Segments | Pacific Northwest Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,551 | 3,715 |
Operating Segments | Pacific Northwest Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 22,677 | 29,781 |
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 964 | 923 |
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily From Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 95 | 136 |
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Credit Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 869 | 787 |
Operating Segments | New Zealand Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 45,700 | 44,105 |
Total Revenue | 45,700 | 44,105 |
Operating Segments | New Zealand Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 42,159 | 43,764 |
Operating Segments | New Zealand Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 7,754 | 6,081 |
Operating Segments | New Zealand Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 34,405 | 37,683 |
Operating Segments | New Zealand Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3,541 | 341 |
Operating Segments | New Zealand Timber | License Revenue, Primarily From Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 51 | 55 |
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Credit Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3,490 | 286 |
Operating Segments | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 15,275 | 16,031 |
Lease Revenue | 289 | 245 |
Total Revenue | 15,564 | 16,276 |
Operating Segments | Real Estate | Total Real Estate Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 15,275 | 16,031 |
Operating Segments | Real Estate | Improved Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,825 | 4,802 |
Operating Segments | Real Estate | Rural | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 8,728 | 6,499 |
Operating Segments | Real Estate | Timberland & Non-Strategic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 610 | 1,637 |
Operating Segments | Real Estate | Deferred Revenue/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,112 | 3,093 |
Operating Segments | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,663 | 12,440 |
Total Revenue | 11,774 | 12,569 |
Operating Segments | Trading | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,333 | 12,106 |
Operating Segments | Trading | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,138 | 1,439 |
Operating Segments | Trading | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 10,195 | 10,667 |
Operating Segments | Trading | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 330 | 334 |
Operating Segments | Trading | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 330 | 334 |
Intersegment | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 111 | 129 |
Intersegment | Elim. | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ (111) | $ (129) |
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 167,808 | $ 178,837 |
Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 35,514 | 31,206 |
Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,533 | 30,477 |
Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,981 | 729 |
Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 103,072 | 120,606 |
Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 56,258 | 70,579 |
Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 46,814 | 50,027 |
Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 138,586 | 151,812 |
Southern Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,530 | 30,582 |
Southern Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,530 | 30,477 |
Southern Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 105 | |
Southern Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 27,336 | 31,864 |
Southern Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 25,113 | 29,413 |
Southern Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,223 | 2,451 |
Pacific Northwest Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,984 | 624 |
Pacific Northwest Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3 | |
Pacific Northwest Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,981 | 624 |
Pacific Northwest Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 22,244 | 32,872 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 19,559 | 29,168 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,685 | 3,704 |
New Zealand Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 42,159 | 43,764 |
New Zealand Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 10,828 | 11,595 |
New Zealand Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 31,331 | 32,169 |
Trading | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,333 | 12,106 |
Trading | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 758 | 403 |
Trading | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 10,575 | 11,703 |
Operating Segments | Southern Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 69,978 | 71,842 |
Operating Segments | Southern Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 60,866 | 62,446 |
Operating Segments | Pacific Northwest Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 25,192 | 34,419 |
Operating Segments | Pacific Northwest Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 24,228 | 33,496 |
Operating Segments | New Zealand Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 45,700 | 44,105 |
Operating Segments | New Zealand Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 42,159 | 43,764 |
Operating Segments | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,663 | 12,440 |
Operating Segments | Trading | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 11,333 | $ 12,106 |
NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands |
Mar. 31, 2024
a
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Acres of timberland owned | 422 |
Rayonier | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage by parent (as a percent) | 77.00% |
Rayonier New Zealand Subsidiary | |
Schedule of Equity Method Investments [Line Items] | |
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent) | 23.00% |
NONCONTROLLING INTERESTS - Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Beginning noncontrolling interests in the operating partnership | $ 81,651 | $ 105,763 |
Adjustment of noncontrolling interests in the operating partnership | 291 | 2,376 |
Conversions of redeemable operating partnership units to common shares | (11,511) | (23,881) |
Net income attributable to noncontrolling interests in the operating partnership | 20 | 174 |
Other comprehensive loss attributable to noncontrolling interests in the operating partnership | (265) | (1,110) |
Distributions to noncontrolling interests in the operating partnership | (597) | (861) |
Ending noncontrolling interests in the operating partnership | $ 69,589 | $ 82,461 |
EARNINGS PER SHARE AND PER UNIT - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Numerator: | ||
Net Income | $ 2,306 | $ 7,437 |
Less: Net income attributable to noncontrolling interests in the operating partnership | (20) | (174) |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (929) | 1,037 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 1,357 | $ 8,300 |
Denominator: | ||
Denominator for basic earnings per common share - weighted average shares (in shares) | 148,567,375 | 147,377,448 |
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.01 | $ 0.06 |
Numerator: | ||
Net Income | $ 2,306 | $ 7,437 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (929) | 1,037 |
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | $ 1,377 | $ 8,474 |
Denominator: | ||
Denominator for basic earnings per common share - weighted average shares (in shares) | 148,567,375 | 147,377,448 |
Add: Dilutive effect of: | ||
Stock options (in shares) | 165 | 1,886 |
Performance shares, restricted shares and restricted stock units (in shares/units) | 630,270 | 612,412 |
Noncontrolling interests in operating partnership units (in shares) | 2,178,239 | 3,087,383 |
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units) | 151,376,049 | 151,079,129 |
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.01 | $ 0.06 |
Rayonier Limited Partnership | ||
Numerator: | ||
Net Income | $ 2,306 | $ 7,437 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (929) | 1,037 |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 1,377 | $ 8,474 |
Denominator: | ||
Denominator for basic earnings per unit - weighted average units (in units) | 150,745,614 | 150,464,831 |
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.01 | $ 0.06 |
Numerator: | ||
Net Income | $ 2,306 | $ 7,437 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | $ (929) | $ 1,037 |
Denominator: | ||
Denominator for basic earnings per unit - weighted average units (in units) | 150,745,614 | 150,464,831 |
Add: Dilutive effect of: | ||
Stock options (in shares) | 165 | 1,886 |
Performance shares, restricted shares and restricted stock units (in shares/units) | 630,270 | 612,412 |
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units) | 151,376,049 | 151,079,129 |
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.01 | $ 0.06 |
EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, performance shares, restricted shares and restricted stock units (in shares) | 93,575 | 64,667 |
Rayonier Limited Partnership | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, performance shares, restricted shares and restricted stock units (in shares) | 93,575 | 64,667 |
DEBT - Long Term Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Incremental term loan | $ 1,368,685 | |
Less: Unamortized discounts | (2,688) | |
Less: Deferred financing costs | (4,012) | |
Total long-term debt | $ 1,361,985 | $ 1,365,773 |
SOFR | Credit Spread Option | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate (as a percent) | 0.10% | |
Senior Notes Due 2031 | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 2.75% | |
Incremental term loan | $ 450,000 | |
2015 Term Loan Borrowings Due 2028 | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 7.01% | |
Incremental term loan | $ 350,000 | |
Variable interest rate (as a percent) | 3.01% | |
2015 Term Loan Borrowings Due 2028 | SOFR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate (as a percent) | 1.70% | |
2021 Incremental Term Loan Borrowings Due 2029 | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 6.96% | |
Incremental term loan | $ 200,000 | |
Variable interest rate (as a percent) | 1.45% | |
2021 Incremental Term Loan Borrowings Due 2029 | SOFR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate (as a percent) | 1.65% | |
2016 Incremental Term Loan Borrowings Due 2026 | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 7.06% | |
Incremental term loan | $ 200,000 | |
Variable interest rate (as a percent) | 2.38% | |
2016 Incremental Term Loan Borrowings Due 2026 | SOFR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate (as a percent) | 1.75% | |
2022 Incremental Term Loan Borrowings Due 2027 | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 7.01% | |
Incremental term loan | $ 100,000 | |
Variable interest rate (as a percent) | 4.55% | |
2022 Incremental Term Loan Borrowings Due 2027 | SOFR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate (as a percent) | 1.70% | |
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 3.64% | |
Incremental term loan | $ 24,040 | |
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 6.48% | |
Incremental term loan | $ 24,040 | |
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2025 | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate (as a percent) | 2.95% | |
Incremental term loan | $ 20,605 |
DEBT - Long Term Maturities (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2024 | $ 0 |
2025 | 20,605 |
2026 | 224,040 |
2027 | 124,040 |
2028 | 350,000 |
Thereafter | 650,000 |
Total Debt | $ 1,368,685 |
DEBT - Narrative (Details) - 3 months ended Mar. 31, 2024 $ in Thousands, $ in Thousands |
USD ($) |
NZD ($) |
NZD ($) |
---|---|---|---|
Working Capital Facility | |||
Debt Instrument [Line Items] | |||
Borrowings, net of repayments | $ 0 | ||
Remaining borrowing capacity | $ 20,000 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Borrowings, net of repayments | $ 0 | ||
Remaining borrowing capacity | 293,000 | ||
Amount to secure outstanding letters of credit | $ 7,000 |
DEBT - Debt Covenants (Details) |
Mar. 31, 2024 |
---|---|
Debt Disclosure [Abstract] | |
Covenant EBITDA to consolidated interest expense, covenant requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, actual ratio | 11.7 |
Covenant EBITDA to consolidated interest expense, favorable | 9.2 |
Covenant debt to net worth plus covenant debt, covenant requirement (as a percent) | 0.65 |
Covenant debt to net worth plus covenant debt, actual ratio (as a percent) | 0.43 |
Covenant debt to net worth plus covenant debt, favorable (as a percent) | 0.22 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - New Zealand JV |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Forecasted Sales and Purchases, term 1 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 12 months |
Minimum | Forecasted Sales and Purchases, term 1 | |
Derivative [Line Items] | |
Percent of forecast sales and purchases hedged for 12 months (as a percent) | 50.00% |
Minimum | Forecasted Sales and Purchases, term 2 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 12 months |
Minimum | Forecasted Sales and Purchases, term 3 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 18 months |
Minimum | Forecasted Sales and Purchases, term 4 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 24 months |
Minimum | Forecasted Sales and Purchases, term 5 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 36 months |
Maximum | Forecasted Sales and Purchases, term 1 | |
Derivative [Line Items] | |
Percent of forecast sales and purchases hedged for 12 months (as a percent) | 90.00% |
Maximum | Forecasted Sales and Purchases, term 2 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 18 months |
Percent of forecast sales and purchases hedged for 12 to 18 months (as a percent) | 75.00% |
Maximum | Forecasted Sales and Purchases, term 3 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 24 months |
Percent of forecast sales and purchases hedged for 18 to 24 months (as a percent) | 50.00% |
Maximum | Forecasted Sales and Purchases, term 4 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 36 months |
Percent of forecast sales and purchases hedged for 24 to 36 months (as a percent) | 50.00% |
Maximum | Forecasted Sales and Purchases, term 5 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 48 months |
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent) | 25.00% |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Credit Spread Option | SOFR | |
Derivative [Line Items] | |
Bank Margin on Debt | 0.10% |
Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 170 |
Fixed Rate of Swap | 2.10% |
Bank Margin on Debt | 1.70% |
Total Effective Interest Rate | 3.80% |
Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 180 |
Fixed Rate of Swap | 2.26% |
Bank Margin on Debt | 1.70% |
Total Effective Interest Rate | 3.96% |
Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100 |
Fixed Rate of Swap | 1.50% |
Bank Margin on Debt | 1.75% |
Total Effective Interest Rate | 3.25% |
Interest Rate Swap 4 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100 |
Fixed Rate of Swap | 1.51% |
Bank Margin on Debt | 1.75% |
Total Effective Interest Rate | 3.26% |
Interest Rate Swap 5 | |
Derivative [Line Items] | |
Term | 7 years |
Notional Amount | $ 200 |
Fixed Rate of Swap | 0.67% |
Bank Margin on Debt | 1.65% |
Total Effective Interest Rate | 2.32% |
Interest Rate Swap 6 | |
Derivative [Line Items] | |
Term | 5 years |
Notional Amount | $ 100 |
Fixed Rate of Swap | 3.72% |
Bank Margin on Debt | 1.70% |
Total Effective Interest Rate | 5.42% |
Forward-Starting Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 0.78% |
Forward-Starting Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 50,000 |
Fixed Rate of Swap | 0.64% |
Forward-Starting Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 50,000 |
Fixed Rate of Swap | 3.29% |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges | $ 2,966 | $ (12,319) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other comprehensive (loss) income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as cash flow hedges | (5,490) | 3,813 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other operating income (expense), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges | 459 | (2,429) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other comprehensive (loss) income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as cash flow hedges | (1,638) | (270) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other operating income (expense), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges | 8 | 0 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate products | Other comprehensive (loss) income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as cash flow hedges | 15,041 | (9,660) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate products | Interest expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as cash flow hedges | $ (7,278) | $ (3,463) |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 22,470 |
Foreign currency exchange contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | (1,034) |
Foreign currency option contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | (121) |
Interest rate products | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 23,625 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 127,450 | $ 122,700 |
Foreign currency option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 106,000 | 98,000 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 850,000 | 850,000 |
Forward-starting interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 200,000 | $ 200,000 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | $ 65,601 | $ 62,595 |
Fair value, derivative liability | (4,231) | (2,146) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 4,088 | 7,259 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 61,513 | 55,336 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (2,092) | (803) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (2,139) | (1,343) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 366 | 1,175 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 274 | 2,405 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (1,803) | (664) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (953) | 0 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 122 | 342 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 1,294 | 2,158 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (289) | (139) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (1,186) | (789) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 3,600 | 5,742 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 42,986 | 37,983 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 0 | (546) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Forward-starting interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 16,959 | 12,790 |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Forward-starting interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | $ 0 | $ (8) |
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash | $ 677 | $ 678 | $ 4,962 |
Carrying Amount | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 159,903 | 207,696 | |
Restricted cash | 677 | 678 | |
Long-term debt | (1,361,985) | (1,365,773) | |
Noncontrolling Interests in the operating partnership | 69,589 | 81,651 | |
Carrying Amount | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 46,586 | 43,179 | |
Carrying Amount | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 16,959 | 12,782 | |
Carrying Amount | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 2,916 | ||
Foreign currency contracts, liabilities | (2,116) | ||
Carrying Amount | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 1,572 | ||
Foreign currency contracts, liabilities | (59) | ||
Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 159,903 | 207,696 | |
Restricted cash | 677 | 678 | |
Long-term debt | 0 | 0 | |
Noncontrolling Interests in the operating partnership | 0 | 0 | |
Fair Value | Level 1 | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 0 | 0 | |
Fair Value | Level 1 | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 0 | 0 | |
Fair Value | Level 1 | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 0 | ||
Foreign currency contracts, liabilities | 0 | ||
Fair Value | Level 1 | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 0 | ||
Foreign currency contracts, liabilities | 0 | ||
Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Long-term debt | (1,299,434) | (1,299,951) | |
Noncontrolling Interests in the operating partnership | 69,589 | 81,651 | |
Fair Value | Level 2 | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 46,586 | 43,179 | |
Fair Value | Level 2 | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 16,959 | 12,782 | |
Fair Value | Level 2 | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 2,916 | ||
Foreign currency contracts, liabilities | (2,116) | ||
Fair Value | Level 2 | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | $ 1,572 | ||
Foreign currency contracts, liabilities | $ (59) |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Changes in Environmental and NRD Liabilities (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Beginning balance, non-current portion | $ 4,785 |
Beginning balance, plus: current portion | 11,793 |
Beginning balance | 16,578 |
Expenditures charged to liabilities | (171) |
Increase to liabilities | 2,667 |
Ending balance | 19,074 |
Ending balance, less: current portion | (14,414) |
Ending balance, non-current portion | $ 4,660 |
Environmental Loss Contingency, Current, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | environmental and NRD liabilities |
Environmental Loss Contingency, Noncurrent, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | environmental and NRD liabilities |
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | environmental and NRD liabilities |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Minimum | Millsite Cleanup and Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term (in years) | 1 year |
Minimum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term (in years) | 15 years |
Maximum | Millsite Cleanup and Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term (in years) | 2 years |
Maximum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term (in years) | 20 years |
GUARANTEES (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 16,981 |
Standby Letters of Credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 6,996 |
Letter of credit for development project | 6,300 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 9,985 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | $ 105,595 |
Plus: Current portion, beginning balance | 26,338 |
Total balance, beginning balance | 131,933 |
Non-cash cost of land and improved development | (1,784) |
Amortization of parcel real estate development investments | (1,968) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (189) |
Capitalized real estate development investments | 7,850 |
Capital expenditures (silviculture) | 76 |
Intersegment transfers | 9,442 |
Total balance, ending balance | 145,360 |
Less: Current portion, ending balance | (38,957) |
Non-current portion, ending balance | 106,403 |
Capitalized interest | 300 |
Parcel real estate development investments | 2,400 |
Land and Timber | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 86,986 |
Plus: Current portion, beginning balance | 1,699 |
Total balance, beginning balance | 88,685 |
Non-cash cost of land and improved development | (213) |
Amortization of parcel real estate development investments | 0 |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (189) |
Capitalized real estate development investments | 0 |
Capital expenditures (silviculture) | 76 |
Intersegment transfers | 9,442 |
Total balance, ending balance | 97,801 |
Less: Current portion, ending balance | (14,068) |
Non-current portion, ending balance | 83,733 |
Development Investments | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 18,609 |
Plus: Current portion, beginning balance | 24,639 |
Total balance, beginning balance | 43,248 |
Non-cash cost of land and improved development | (1,571) |
Amortization of parcel real estate development investments | (1,968) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 |
Capitalized real estate development investments | 7,850 |
Capital expenditures (silviculture) | 0 |
Intersegment transfers | 0 |
Total balance, ending balance | 47,559 |
Less: Current portion, ending balance | (24,889) |
Non-current portion, ending balance | $ 22,670 |
INVENTORY (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Inventory [Line Items] | ||
Total inventory | $ 43,541 | $ 31,017 |
Real Estate Inventory | ||
Inventory [Line Items] | ||
Total inventory | 38,957 | 26,338 |
Log inventory | ||
Inventory [Line Items] | ||
Total inventory | 4,405 | 4,490 |
Carbon Unit Inventory | ||
Inventory [Line Items] | ||
Total inventory | $ 179 | $ 189 |
OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Other Income and Expenses [Abstract] | ||
Gain (loss) on foreign currency remeasurement, net of cash flow hedges | $ 242 | $ (2,484) |
Gain on sale or disposal of property and equipment | 10 | 2 |
Miscellaneous income (expense), net | 19 | (34) |
Total | $ 271 | $ (2,516) |
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024
USD ($)
plan
|
Mar. 31, 2023
USD ($)
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of qualified defined benefit plans | plan | 1 | |
Pension settlement charge | $ 5,673 | $ 0 |
Pension | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, expected future employer contributions, next fiscal year | 2,700 | |
Pension settlement charge | 5,700 | |
Postretirement | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, expected future employer contributions, next fiscal year | $ 1,200 |
EMPLOYEE BENEFIT PLANS - Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 513 | 844 |
Expected return on plan assets | (542) | (887) |
Amortization of losses | 0 | 1 |
Pension settlement loss | 5,673 | 0 |
Net periodic benefit (credit) cost | $ 5,644 | (42) |
Weighted-average expected long-term rate of return on plan assets (as a percent) | 5.00% | |
Weighted-average expected long-term rate of return on plan assets after pension settlement (as a percent) | 3.10% | |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1 | 1 |
Interest cost | 18 | 17 |
Expected return on plan assets | 0 | 0 |
Amortization of losses | 0 | 0 |
Pension settlement loss | 0 | 0 |
Net periodic benefit (credit) cost | $ 19 | $ 18 |
INCOME TAXES - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2024 |
|
Income Taxes | ||
U.S. federal statutory income tax rate (as a percent) | 21.00% | |
Operating Partnership | ||
Income Taxes | ||
Ownership interest (as a percent) | 98.60% |
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Taxes | ||
Income tax benefit (expense) | $ 832 | $ (1,039) |
Pension | ||
Income Taxes | ||
Tax on settlement charge | $ 1,200 |
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Annualized effective tax rate after discrete items | 9.80% | 7.90% |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 1,860,536 | |
Other comprehensive (loss) income before reclassifications | 22 | $ 7,547 |
Amounts reclassified from accumulated other comprehensive income | (2,303) | (18,709) |
Net other comprehensive (loss) income | (2,281) | (11,162) |
Ending balance | 1,831,242 | 1,860,536 |
Pension | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Pre-tax non-cash pension settlement charge | 4,500 | |
Tax on settlement charge | 1,200 | |
Settlement charge | 2,000 | |
Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 24,651 | 35,813 |
Ending balance | 22,370 | 24,651 |
Foreign currency translation (losses) gains | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (19,533) | (18,067) |
Other comprehensive (loss) income before reclassifications | (16,178) | (1,466) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net other comprehensive (loss) income | (16,178) | (1,466) |
Ending balance | (35,711) | (19,533) |
Net investment hedges of New Zealand subsidiary | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 1,321 | 1,321 |
Other comprehensive (loss) income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net other comprehensive (loss) income | 0 | 0 |
Ending balance | 1,321 | 1,321 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 55,846 | 67,204 |
Other comprehensive (loss) income before reclassifications | 11,090 | 10,537 |
Amounts reclassified from accumulated other comprehensive income | (7,020) | (21,895) |
Net other comprehensive (loss) income | 4,070 | (11,358) |
Ending balance | 59,916 | 55,846 |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive (loss) income before reclassifications | 15,000 | 10,300 |
Employee benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (9,616) | (10,209) |
Other comprehensive (loss) income before reclassifications | 5,110 | (1,449) |
Amounts reclassified from accumulated other comprehensive income | 4,452 | 2,042 |
Net other comprehensive (loss) income | 9,562 | 593 |
Ending balance | (54) | (9,616) |
Total Rayonier, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 28,018 | 40,249 |
Other comprehensive (loss) income before reclassifications | 22 | 7,622 |
Amounts reclassified from accumulated other comprehensive income | (2,568) | (19,853) |
Net other comprehensive (loss) income | (2,546) | (12,231) |
Ending balance | 25,472 | 28,018 |
Allocation of Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (3,367) | (4,436) |
Other comprehensive (loss) income before reclassifications | 0 | (75) |
Amounts reclassified from accumulated other comprehensive income | 265 | 1,144 |
Net other comprehensive (loss) income | 265 | 1,069 |
Ending balance | $ (3,102) | $ (3,367) |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassified AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating income (expense), net | $ (271) | $ 2,516 |
Interest expense, net | (9,744) | (11,700) |
Income tax benefit (expense) | 832 | (1,039) |
Net gain on cash flow hedges reclassified from accumulated other comprehensive income | (2,306) | (7,437) |
Amount reclassified from accumulated other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net gain on cash flow hedges reclassified from accumulated other comprehensive income | (7,020) | (4,808) |
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax benefit (expense) | (101) | 525 |
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income | Realized loss (gain) on foreign currency exchange contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating income (expense), net | 459 | (2,429) |
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income | Realized loss on foreign currency option contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating income (expense), net | 8 | 0 |
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense, net | (7,278) | (3,463) |
Cash Flow Hedges, Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Comprehensive loss attributable to noncontrolling interests | $ (108) | $ 559 |
RESTRICTED CASH - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Restricted Cash and Investments [Abstract] | |
Period for proceeds to be returned | 180 days |
RESTRICTED CASH - Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Total restricted cash | $ 677 | $ 678 | $ 4,962 | |
Cash and cash equivalents | 159,903 | 207,696 | 98,774 | |
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | 160,580 | $ 208,374 | 103,736 | $ 115,407 |
Restricted cash deposited with LKE intermediary | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Total restricted cash | 0 | 1,646 | ||
Restricted cash held in escrow | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Total restricted cash | $ 677 | $ 3,316 |
ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Period expected for sales to finalize (in months) | 12 months | |
Assets held for sale | $ 10.0 | $ 9.9 |
Asset impairment recognized | $ 0.0 |
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