Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Addresses [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | RAYONIER INC. | |
Entity Incorporation, State or Country Code | NC | |
Entity File Number | 1-6780 | |
Entity Tax Identification Number | 13-2607329 | |
Entity Address, Address Line One | 1 RAYONIER WAY | |
Entity Address, City or Town | WILDLIGHT | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32097 | |
City Area Code | 904 | |
Local Phone Number | 357-9100 | |
Title of 12(b) Security | Common Shares, no par value, of Rayonier Inc. | |
Trading Symbol | RYN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares/Units Outstanding | 139,029,941 | |
Entity Central Index key | 0000052827 | |
Current Fiscal year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Rayonier Limited Partnership | ||
Entity Addresses [Line Items] | ||
Entity Registrant Name | Rayonier, L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 333-237246 | |
Entity Tax Identification Number | 91-1313292 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares/Units Outstanding | 4,278,766 | |
Entity Central Index key | 0001806931 | |
Current Fiscal year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
SALES | $ 191,447 | $ 259,130 |
Costs and Expenses | ||
Cost of sales | (151,378) | (209,499) |
Selling and general expenses | (14,032) | (9,968) |
Other operating income (expense), net | 2,448 | (1,111) |
Costs and expenses | (162,962) | (220,578) |
OPERATING INCOME | 28,485 | 38,552 |
Interest expense | (10,028) | (8,216) |
Interest and other miscellaneous expense, net | (4) | (209) |
INCOME BEFORE INCOME TAXES | 18,453 | 30,127 |
Income tax expense | (3,421) | (3,706) |
NET INCOME | 15,032 | 26,421 |
Less: Net income attributable to noncontrolling interests in the Operating Partnership | (341) | 0 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (3,843) | (567) |
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. UNITHOLDERS | 10,848 | 25,854 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustment, net of income tax effect of $0, and $0 | (14,288) | (44,023) |
Cash flow hedges, net of income tax effect of $1,059 and $1,857 | 61,001 | (83,475) |
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 | 294 | 217 |
Total other comprehensive income (loss) | 47,007 | (127,281) |
COMPREHENSIVE INCOME (LOSS) | 62,039 | (100,860) |
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (1,872) | 0 |
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates | (580) | 10,661 |
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS | $ 59,587 | $ (90,199) |
EARNINGS PER COMMON SHARE | ||
Basic earnings per share attributable to Rayonier Inc. (in dollars per share) | $ 0.08 | $ 0.20 |
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share) | $ 0.08 | $ 0.20 |
Rayonier Limited Partnership | ||
SALES | $ 191,447 | $ 259,130 |
Costs and Expenses | ||
Cost of sales | (151,378) | (209,499) |
Selling and general expenses | (14,032) | (9,968) |
Other operating income (expense), net | 2,448 | (1,111) |
Costs and expenses | (162,962) | (220,578) |
OPERATING INCOME | 28,485 | 38,552 |
Interest expense | (10,028) | (8,216) |
Interest and other miscellaneous expense, net | (4) | (209) |
INCOME BEFORE INCOME TAXES | 18,453 | 30,127 |
Income tax expense | (3,421) | (3,706) |
NET INCOME | 15,032 | 26,421 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (3,843) | (567) |
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. UNITHOLDERS | 11,189 | 25,854 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustment, net of income tax effect of $0, and $0 | (14,288) | (44,023) |
Cash flow hedges, net of income tax effect of $1,059 and $1,857 | 61,001 | (83,475) |
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 | 294 | 217 |
Total other comprehensive income (loss) | 47,007 | (127,281) |
COMPREHENSIVE INCOME (LOSS) | 62,039 | (100,860) |
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates | (580) | 10,661 |
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS | $ 61,459 | $ (90,199) |
EARNINGS PER UNIT | ||
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.08 | $ 0.20 |
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.08 | $ 0.20 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign currency translation adjustment, tax expense | $ 0 | $ 0 |
Cash flow hedges, tax expense | 1,059 | 1,857 |
Amortization of pension and postretirement plans, tax expense | 0 | 0 |
Rayonier Limited Partnership | ||
Foreign currency translation adjustment, tax expense | 0 | 0 |
Cash flow hedges, tax expense | 1,059 | 1,857 |
Amortization of pension and postretirement plans, tax expense | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Total cash and cash equivalents | $ 82,620 | $ 84,507 |
Accounts receivable, less allowance for doubtful accounts of $45 and $25 | 51,902 | 49,082 |
Inventory | 24,993 | 10,594 |
Prepaid expenses | 18,280 | 16,168 |
Assets held for sale | 7,930 | 3,449 |
Other current assets | 4,355 | 6,765 |
Total current assets | 190,080 | 170,565 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 3,245,122 | 3,262,126 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 111,315 | 108,518 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,569 | 6,548 |
Buildings | 30,979 | 31,024 |
Machinery and equipment | 4,395 | 4,615 |
Construction in progress | 471 | 452 |
Total property, plant and equipment, gross | 42,414 | 42,639 |
Less — accumulated depreciation | (12,700) | (12,238) |
Total property, plant and equipment, net | 29,714 | 30,401 |
RESTRICTED CASH | 475 | 2,975 |
RIGHT-OF-USE ASSETS | 105,146 | 108,992 |
OTHER ASSETS | 67,732 | 45,156 |
TOTAL ASSETS | 3,749,584 | 3,728,733 |
CURRENT LIABILITIES | ||
Accounts payable | 35,083 | 24,790 |
Accrued taxes | 8,317 | 7,347 |
Accrued payroll and benefits | 6,094 | 12,327 |
Accrued interest | 9,627 | 6,325 |
Deferred revenue | 8,137 | 11,112 |
Other current liabilities | 33,587 | 29,234 |
Total current liabilities | 100,845 | 91,135 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,359,400 | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 22,958 | 23,344 |
LONG-TERM LEASE LIABILITY | 96,872 | 100,251 |
OTHER NON-CURRENT LIABILITIES | 121,598 | 160,722 |
COMMITMENTS AND CONTINGENCIES | ||
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 4,428,900 and 4,428,900 Common Units outstanding, respectively | 137,990 | 130,121 |
SHAREHOLDERS’ EQUITY | ||
Common stock | 1,146,265 | 1,101,675 |
Retained earnings | 407,716 | 446,267 |
Accumulated other comprehensive loss | (25,146) | (73,885) |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,528,835 | 1,474,057 |
Noncontrolling interests in consolidated affiliates | 381,086 | 388,588 |
TOTAL SHAREHOLDERS’ EQUITY | 1,909,921 | 1,862,645 |
CAPITAL | ||
Accumulated other comprehensive loss | (25,146) | (73,885) |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,749,584 | 3,728,733 |
Excluding Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 77,946 | 80,454 |
CURRENT LIABILITIES | ||
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,299,433 | 1,300,336 |
Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 4,674 | 4,053 |
CURRENT LIABILITIES | ||
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 59,967 | 60,179 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 82,620 | 84,507 |
Accounts receivable, less allowance for doubtful accounts of $45 and $25 | 51,902 | 49,082 |
Inventory | 24,993 | 10,594 |
Prepaid expenses | 18,280 | 16,168 |
Assets held for sale | 7,930 | 3,449 |
Other current assets | 4,355 | 6,765 |
Total current assets | 190,080 | 170,565 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 3,245,122 | 3,262,126 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 111,315 | 108,518 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,569 | 6,548 |
Buildings | 30,979 | 31,024 |
Machinery and equipment | 4,395 | 4,615 |
Construction in progress | 471 | 452 |
Total property, plant and equipment, gross | 42,414 | 42,639 |
Less — accumulated depreciation | (12,700) | (12,238) |
Total property, plant and equipment, net | 29,714 | 30,401 |
RESTRICTED CASH | 475 | 2,975 |
RIGHT-OF-USE ASSETS | 105,146 | 108,992 |
OTHER ASSETS | 67,732 | 45,156 |
TOTAL ASSETS | 3,749,584 | 3,728,733 |
CURRENT LIABILITIES | ||
Accounts payable | 35,083 | 24,790 |
Accrued taxes | 8,317 | 7,347 |
Accrued payroll and benefits | 6,094 | 12,327 |
Accrued interest | 9,627 | 6,325 |
Deferred revenue | 8,137 | 11,112 |
Other current liabilities | 33,587 | 29,234 |
Total current liabilities | 100,845 | 91,135 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 22,958 | 23,344 |
LONG-TERM LEASE LIABILITY | 96,872 | 100,251 |
OTHER NON-CURRENT LIABILITIES | 121,598 | 160,722 |
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 4,428,900 and 4,428,900 Common Units outstanding, respectively | 137,990 | 130,121 |
SHAREHOLDERS’ EQUITY | ||
Accumulated other comprehensive loss | (21,075) | (71,345) |
CAPITAL | ||
General partners’ capital | 15,499 | 15,454 |
Limited partners’ capital | 1,534,411 | 1,529,948 |
Accumulated other comprehensive loss | (21,075) | (71,345) |
TOTAL CONTROLLING INTEREST CAPITAL | 1,528,835 | 1,474,057 |
Noncontrolling interests in consolidated affiliates | 381,086 | 388,588 |
TOTAL CAPITAL | 1,909,921 | 1,862,645 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,749,584 | 3,728,733 |
Rayonier Limited Partnership | Excluding Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 77,946 | 80,454 |
CURRENT LIABILITIES | ||
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,299,433 | 1,300,336 |
Rayonier Limited Partnership | Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 4,674 | 4,053 |
CURRENT LIABILITIES | ||
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | $ 59,967 | $ 60,179 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 45 | $ 25 |
SHAREHOLDERS’ EQUITY | ||
Common shares, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common shares, shares issued (in shares) | 138,970,890 | 137,678,822 |
Common shares, shares outstanding (in shares) | 138,970,890 | 137,678,822 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 45 | $ 25 |
SHAREHOLDERS’ EQUITY | ||
Common units outstanding (in shares) | 4,278,766 | 4,428,900 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | |
Beginning balance (in shares) at Dec. 31, 2019 | 129,331,069 | |||||
Beginning balance at Dec. 31, 2019 | $ 1,537,642 | $ 888,177 | $ 583,006 | $ (31,202) | $ 97,661 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 26,421 | 25,854 | 567 | |||
Net income attributable to noncontrolling interest in the Operating Partnership | 0 | |||||
Dividends ($0.27 per share) | (34,813) | (34,813) | ||||
Issuance of shares under incentive stock plans (in shares) | 2,407 | |||||
Issuance of shares under incentive stock plans | 66 | $ 66 | ||||
Stock-based compensation | 1,510 | $ 1,510 | ||||
Repurchase of common shares (in shares) | (152,237) | |||||
Repurchase of common shares | (3,152) | (3,152) | ||||
Amortization of pension and postretirement plan liabilities | 217 | 217 | ||||
Foreign currency translation adjustment | (44,023) | (33,894) | (10,129) | |||
Cash flow hedges | (83,475) | (82,376) | (1,099) | |||
Distributions to noncontrolling interests in consolidated affiliates | (725) | (725) | ||||
Ending balance (in shares) at Mar. 31, 2020 | 129,181,239 | |||||
Ending balance at Mar. 31, 2020 | 1,399,668 | $ 889,753 | 570,895 | (147,255) | 86,275 | |
Beginning balance (in shares) at Dec. 31, 2020 | 137,678,822 | |||||
Beginning balance at Dec. 31, 2020 | 1,862,645 | $ 1,101,675 | 446,267 | (73,885) | 388,588 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 15,032 | 11,189 | 3,843 | |||
Net income attributable to noncontrolling interest in the Operating Partnership | (341) | (341) | ||||
Dividends ($0.27 per share) | [1] | (37,532) | (37,532) | |||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $381 (in shares) | 1,107,814 | |||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 36,708 | $ 36,708 | ||||
Issuance of shares under incentive stock plans (in shares) | 39,140 | |||||
Issuance of shares under incentive stock plans | 1,166 | $ 1,166 | ||||
Stock-based compensation | 2,156 | $ 2,156 | ||||
Repurchase of common shares (in shares) | (5,020) | |||||
Repurchase of common shares | (155) | $ (155) | ||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | 655 | ||||
Adjustment of noncontrolling interest in the Operating Partnership | (11,867) | (11,867) | ||||
Conversion of common units to common shares (in shares) | 150,134 | |||||
Conversion of units into common shares | 4,715 | $ 4,715 | ||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | ||||
Foreign currency translation adjustment | (14,288) | (11,652) | (2,636) | |||
Cash flow hedges | 61,001 | 61,628 | (627) | |||
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | (1,531) | (1,531) | ||||
Distributions to noncontrolling interests in consolidated affiliates | (8,737) | (8,737) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 138,970,890 | |||||
Ending balance at Mar. 31, 2021 | $ 1,909,921 | $ 1,146,265 | $ 407,716 | $ (25,146) | $ 381,086 | |
[1] | For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 6 — Noncontrolling Interests |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 0.27 | [1] | $ 0.27 |
Offering issuance costs | $ 197 | ||
[1] | For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 6 — Noncontrolling Interests |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Net income | $ 15,032 | $ 26,421 |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | |
Amortization of pension and postretirement plan liabilities | 294 | 217 |
Foreign currency translation adjustment | (14,288) | (44,023) |
Cash flow hedges | 61,001 | (83,475) |
Rayonier Limited Partnership | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 1,862,645 | 1,537,642 |
Net income | 15,032 | 26,421 |
Distributions on units ($0.27 per unit) | (38,687) | (34,813) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 36,708 | |
Issuance of units under incentive stock plans | 1,166 | 66 |
Stock-based compensation | 2,156 | 1,510 |
Repurchase of units | (155) | (3,152) |
Adjustment of Redeemable Operating Partnership Units | (12,584) | |
Conversion of units into common shares | 4,715 | |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | |
Amortization of pension and postretirement plan liabilities | 294 | 217 |
Foreign currency translation adjustment | (14,288) | (44,023) |
Cash flow hedges | 61,001 | (83,475) |
Distributions to noncontrolling interests in consolidated affiliates | (8,737) | (725) |
Ending balance | 1,909,921 | 1,399,668 |
Rayonier Limited Partnership | Units | General Partners’ Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 15,454 | 14,712 |
Net income | 112 | 259 |
Distributions on units ($0.27 per unit) | (387) | (349) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 367 | |
Issuance of units under incentive stock plans | 12 | 1 |
Stock-based compensation | 22 | 15 |
Repurchase of units | (2) | (32) |
Adjustment of Redeemable Operating Partnership Units | (126) | |
Conversion of units into common shares | 47 | |
Ending balance | 15,499 | 14,606 |
Rayonier Limited Partnership | Units | Limited Partners’ Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 1,529,948 | 1,456,471 |
Net income | 11,077 | 25,595 |
Distributions on units ($0.27 per unit) | (38,300) | (34,464) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 36,341 | |
Issuance of units under incentive stock plans | 1,154 | 65 |
Stock-based compensation | 2,134 | 1,495 |
Repurchase of units | (153) | (3,120) |
Adjustment of Redeemable Operating Partnership Units | (12,458) | |
Conversion of units into common shares | 4,668 | |
Ending balance | 1,534,411 | 1,446,042 |
Rayonier Limited Partnership | Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | (71,345) | (31,202) |
Amortization of pension and postretirement plan liabilities | 294 | 217 |
Foreign currency translation adjustment | (11,652) | (33,894) |
Cash flow hedges | 61,628 | (82,376) |
Ending balance | (21,075) | (147,255) |
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 388,588 | 97,661 |
Net income | 3,843 | 567 |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | |
Foreign currency translation adjustment | (2,636) | (10,129) |
Cash flow hedges | (627) | (1,099) |
Distributions to noncontrolling interests in consolidated affiliates | (8,737) | (725) |
Ending balance | $ 381,086 | $ 86,275 |
CONSOLIDATED STATEMENTS OF CH_4
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Offering issuance costs | $ 197 | |
Rayonier Limited Partnership | ||
Distributions declared (in dollars per unit) | $ 0.27 | $ 0.27 |
Offering issuance costs | $ 197 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
OPERATING ACTIVITIES | |||
Net (loss) income | $ 15,032 | $ 26,421 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 45,213 | 34,329 | |
Non-cash cost of land and improved development | 1,813 | 412 | |
Stock-based incentive compensation expense | 2,156 | 1,510 | |
Deferred income taxes | (1,128) | 3,361 | |
Amortization of losses from pension and postretirement plans | 294 | 217 | |
Gain on sale of large disposition of timberlands | 0 | (28,655) | |
Other | (3,681) | 568 | |
Changes in operating assets and liabilities: | |||
Receivables | (3,697) | (5,316) | |
Inventories | (3,512) | (3,618) | |
Accounts payable | 6,684 | 3,353 | |
All other operating activities | (5,306) | (3,403) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 53,868 | 29,179 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (15,831) | (17,176) | |
Real estate development investments | (3,011) | (1,727) | |
Purchase of timberlands | (29,938) | (24,122) | |
Net proceeds from large disposition of timberlands | 0 | 115,666 | |
Other | 4,356 | 2,070 | |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | (44,424) | 74,711 | |
FINANCING ACTIVITIES | |||
Issuance of debt | 0 | 20,000 | |
Repayment of debt | 0 | (20,000) | |
Dividends paid on common stock | (37,490) | (34,907) | |
Distributions to noncontrolling interests in the Operating Partnership | (1,155) | 0 | |
Proceeds from the issuance of common shares under incentive stock plan | 1,166 | 66 | |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 32,545 | 0 | |
Repurchase of common shares | (155) | 0 | |
Repurchase of common shares made under repurchase program | 0 | (3,152) | |
Distributions to noncontrolling interests in consolidated affiliates | (8,737) | (725) | |
CASH USED FOR FINANCING ACTIVITIES | (13,826) | (38,718) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (5) | (2,303) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Change in cash, cash equivalents and restricted cash | (4,387) | 62,869 | |
Balance, beginning of year | 87,482 | 69,968 | |
Balance, end of period | 83,095 | 132,837 | |
Cash paid during the period: | |||
Interest | [1] | 2,945 | 2,595 |
Income taxes | 4,838 | 185 | |
Non-cash investing activity: | |||
Capital assets purchased on account | 4,814 | 4,215 | |
Rayonier Limited Partnership | |||
OPERATING ACTIVITIES | |||
Net (loss) income | 15,032 | 26,421 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 45,213 | 34,329 | |
Non-cash cost of land and improved development | 1,813 | 412 | |
Stock-based incentive compensation expense | 2,156 | 1,510 | |
Deferred income taxes | (1,128) | 3,361 | |
Amortization of losses from pension and postretirement plans | 294 | 217 | |
Gain on sale of large disposition of timberlands | 0 | (28,655) | |
Other | (3,681) | 568 | |
Changes in operating assets and liabilities: | |||
Receivables | (3,697) | (5,316) | |
Inventories | (3,512) | (3,618) | |
Accounts payable | 6,684 | 3,353 | |
All other operating activities | (5,306) | (3,403) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 53,868 | 29,179 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (15,831) | (17,176) | |
Real estate development investments | (3,011) | (1,727) | |
Purchase of timberlands | (29,938) | (24,122) | |
Net proceeds from large disposition of timberlands | 0 | 115,666 | |
Other | 4,356 | 2,070 | |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | (44,424) | 74,711 | |
FINANCING ACTIVITIES | |||
Issuance of debt | 0 | 20,000 | |
Repayment of debt | 0 | (20,000) | |
Distributions on units | (38,645) | (34,907) | |
Proceeds from the issuance of units under incentive stock plan | 1,166 | 66 | |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 32,545 | 0 | |
Repurchase of units | (155) | 0 | |
Repurchase of common shares made under repurchase program | 0 | (3,152) | |
Distributions to noncontrolling interests in consolidated affiliates | (8,737) | (725) | |
CASH USED FOR FINANCING ACTIVITIES | (13,826) | (38,718) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (5) | (2,303) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Change in cash, cash equivalents and restricted cash | (4,387) | 62,869 | |
Balance, beginning of year | 87,482 | 69,968 | |
Balance, end of period | 83,095 | 132,837 | |
Cash paid during the period: | |||
Interest | [2] | 2,945 | 2,595 |
Income taxes | 4,838 | 185 | |
Non-cash investing activity: | |||
Capital assets purchased on account | $ 4,814 | $ 4,215 | |
[1] | Interest paid is presented net of patronage paymen ts received of $6.2 million a n d $4.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K. | ||
[2] | Interest paid is presented net of patronage paymen ts received of $6.2 million an d $4.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Patronage refunds received, netted with interest paid | $ 6.2 | $ 4.3 |
Rayonier Limited Partnership | ||
Patronage refunds received, netted with interest paid | $ 6.2 | $ 4.3 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, as filed with the SEC (the “2020 Form 10-K”). On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, Rayonier, L.P. expressly assumed all the obligations of Rayonier Inc. with respect to the outstanding 2022 Notes and Rayonier Inc. agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. under the Indenture, including the 2022 Notes. On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of March 31, 2021, the Company owned a 97.0% interest in the Operating Partnership, with the remaining 3.0% 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. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger. Pursuant to ASC 250, the Contribution was accounted for as a change in reporting entity between entities under common control and applied retrospectively for all periods as if the Contribution had been in effect since inception of common control. As a result, t he effect of the change in reporting entity on Rayonier L.P.’s operating income, net income attributable to Rayonier, L.P. and per unit amounts for the three months ended March 31, 2020, assuming the change in reporting entity occurred on January 1, 2020 are presented below (in thousands, except per unit amounts): Three Months Ended 2020 Operating income — Net income attributable to Rayonier, L.P. (a) ($3,596) Basic earnings per unit attributable to Rayonier, L.P. ($0.03) Diluted earnings per unit attributable to Rayonier, L.P. ($0.03) (a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes. 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 2020 Form 10-K. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements. SUBSEQUENT EVENTS |
MERGER WITH POPE RESOURCES
MERGER WITH POPE RESOURCES | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
MERGER WITH POPE RESOURCES | MERGER WITH POPE RESOURCES On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. For additional information about the merger, see Note 2 - Merger with Pope Resources in the 2020 Form 10-K. The total purchase price was as follows (in millions): Cash consideration $247,318 Equity consideration 172,640 Redeemable Operating Partnership Unit consideration 106,752 Fair value of Pope Resources units held by us (a) 11,211 Total purchase price $537,921 (a) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020. We recognized approximately $2.5 million of merger-related costs that were expensed during first quarter of 2020. See Note 24 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs. The acquisition of Pope Resources has been accounted for as a business combination under ASC 805, Business Combinations , (“ASC 805”). Under ASC 805, assets acquired and liabilities assumed in a business combination must be recorded at their fair value as of the acquisition date. Recorded fair valuation of assets acquired and liabilities assumed related to the acquisition of Pope Resources is preliminary and will be completed as soon as practicable, but no later than one year after the consummation of the transaction. Pursuant to ASC 805, the financial statements will not be retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, we will recognize any provisional amount adjustments during the reporting period in which the adjustments are determined. We will also be required to record, in the same period's financial statements, the effect on earnings of changes in depletion, depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. As a result of refinements to the preliminary purchase price allocation, higher and better use timberlands increased by approximately $8.2 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. The preliminary estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as we obtain additional information related to those estimates during the applicable measurement periods (up to one year from the acquisition date). The most significant open items necessary to complete are related to timberlands, property, plant and equipment, higher and better use timberlands and real estate development investments, long-term debt instruments, environmental liabilities, intangible assets and tax related matters. The preliminary fair value estimates were generally based on significant inputs that are not observable in the market and thus represent Level 3 measurements as defined in ASC 820, Fair Value Measurement , (“ASC 820”) with the exception of certain long-term debt instruments assumed in the merger that can be valued using observable market inputs and are therefore Level 2 measurements. See Note 11 — Fair Value Measurements for further information on the fair value hierarchy. The following summarizes the fair value methodology utilized in our preliminary fair value estimates for significant assets and liabilities: Income Approach — Estimates fair value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flows are discounted at rates of return that reflect the relative risk of achieving the cash flows and the time value of money. This approach was primarily used to value acquired timber in both our Pacific Northwest and Timber Funds segment. Cost Approach — Estimates value by determining the current cost of replacing an asset with another of equivalent economic utility. This approach was primarily used for property and equipment. Market Approach — Estimates fair value for an asset based on values of recent comparable transactions. This approach was primarily used to value timberlands, higher and better use timberlands and real estate developments investments, certain land and building assets and long-term debt instruments. The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of May 8, 2020, and is as follows (in thousands): Core Timberlands Timber Funds Total Timberland and Real Estate Business Cash $7,380 $8,870 $16,250 Accounts receivable 2,459 1,787 4,246 Other current assets 703 260 963 Timber and Timberlands 507,526 432,500 940,026 Higher and Better Use Timberlands and Real Estate Development Investments 34,748 — 34,748 Property, plant and equipment 11,616 — 11,616 Other assets 3,736 269 4,005 Total identifiable assets acquired $568,168 $443,686 $1,011,854 Accounts payable 274 293 567 Current maturities of long-term debt — 25,084 25,084 Accrued interest 244 275 519 Other current liabilities 9,038 2,080 11,118 Long-term debt 53,502 35,759 89,261 Long-term environmental liabilities 10,748 — 10,748 Other non-current liabilities (a) 2,616 — 2,616 Total liabilities assumed $76,422 $63,491 $139,913 Net identifiable assets $491,746 $380,195 $871,941 Less: noncontrolling interests (3,816) (330,204) (334,020) Total net assets acquired $487,930 $49,991 $537,921 (a) Other non-current liabilities includes a $2.6 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities. These estimated fair values are preliminary in nature and subject to adjustments, which could be material. We have not identified any material unrecorded pre-merger contingencies where the related asset, liability or impairment is probable and the amount can be reasonably estimated. Our valuations will be finalized when certain information arranged to be obtained has been received and our review of that information has been completed. Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that such events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation. Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three months ended March 31, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts): Three Months Ended March 31, 2020 Sales $283,500 Net income attributable to Rayonier Inc. $18,398 Basic earnings per share attributable to Rayonier Inc. $0.13 Diluted earnings per share attributable to Rayonier Inc. $0.13 Net income attributable to Rayonier, L.P. $18,998 Basic earnings per unit attributable to Rayonier, L.P. $0.13 Diluted earnings per unit attributable to Rayonier, L.P. $0.13 The unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2020, including the following: • additional depletion expense that would have been recognized relating to the basis increase in the acquired Timber and Timberlands; • adjustment to interest expense to reflect the removal of Pope Resources debt and the additional borrowings we incurred in conjunction with the acquisition; and • a reduction in expenses for the three months ended March 31, 2020 of $7.7 million for acquisition-related transaction costs. Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. |
SEGMENT AND GEOGRAPHICAL INFORM
SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
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 (loss) 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 is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax 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, 2021 and 2020: Three Months Ended March 31, SALES 2021 2020 Southern Timber $51,677 $52,982 Pacific Northwest Timber 41,522 31,075 New Zealand Timber 57,579 37,538 Timber Funds (a) 14,939 — Real Estate (b) 10,504 118,564 Trading 16,665 18,984 Intersegment Eliminations (c) (1,439) (13) Total $191,447 $259,130 (a) The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds. (b) The three months ended March 31, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME (LOSS) 2021 2020 Southern Timber $17,347 $15,070 Pacific Northwest Timber 1,350 (948) New Zealand Timber 13,944 5,448 Timber Funds (a) 1,501 — Real Estate (b) 1,687 26,774 Trading 244 (19) Corporate and Other (7,588) (7,773) Total Operating Income 28,485 38,552 Unallocated interest expense and other (10,032) (8,425) Total Income before Income Taxes $18,453 $30,127 (a) The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds. (b) The three months ended March 31, 2020 includes $28.7 million from a Large Disposition. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2021 2020 Southern Timber $14,359 $18,182 Pacific Northwest Timber 16,284 10,702 New Zealand Timber 7,250 4,774 Timber Funds (a) 5,500 — Real Estate (b) 1,557 35,745 Corporate and Other 263 297 Total $45,213 $69,700 (a) The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The three months ended March 31, 2020 includes $35.4 million from a Large Disposition. Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2021 2020 Real Estate (a) $1,813 $52,051 Total $1,813 $52,051 (a) The three months ended March 31, 2020 includes $51.6 million from a Large Disposition. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2021 | |
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”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2021 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. 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 accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable 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 summarizes revenue recognized during the three months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2021 2020 Revenue recognized from contract liability balance at the beginning of the year (a) $5,920 $6,425 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2021 Pulpwood $21,856 $2,495 $9,542 $260 — $1,835 — $35,988 Sawtimber 21,963 37,758 47,792 13,308 — 14,389 — 135,210 Hardwood 405 — — — — — — 405 Total Timber Sales 44,224 40,253 57,334 13,568 — 16,224 — 171,603 License Revenue, Primarily From Hunting 4,417 91 58 3 — — — 4,569 Other Non-Timber/Carbon Revenue 3,036 1,178 187 14 — — — 4,415 Agency Fee Income — — — — — 356 — 356 Total Non-Timber Sales 7,453 1,269 245 17 — 356 — 9,340 Improved Development — — — — 252 — — 252 Rural — — — — 9,765 — — 9,765 Deferred Revenue/Other (a) — — — — 255 — — 255 Total Real Estate Sales — — — — 10,272 — — 10,272 Revenue from Contracts with Customers 51,677 41,522 57,579 13,585 10,272 16,580 — 191,215 Lease Revenue — — — — 232 — — 232 Intersegment — — — 1,354 — 85 (1,439) — Total Revenue $51,677 $41,522 $57,579 $14,939 $10,504 $16,665 ($1,439) $191,447 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2020 Pulpwood $27,493 $3,127 $4,847 — — $2,530 — $37,997 Sawtimber 19,509 27,445 30,788 — — 16,112 — 93,854 Hardwood 481 — — — — — — 481 Total Timber Sales 47,483 30,572 35,635 — — 18,642 — 132,332 License Revenue, Primarily from Hunting 4,589 97 57 — — — — 4,743 Other Non-Timber/Carbon Revenue 910 406 1,846 — — — — 3,162 Agency Fee Income — — — — — 329 — 329 Total Non-Timber Sales 5,499 503 1,903 — — 329 — 8,234 Rural — — — — 2,397 — — 2,397 Deferred Revenue/Other (a) — — — — 140 — — 140 Large Dispositions — — — 116,027 — 116,027 Total Real Estate Sales — — — — 118,564 — — 118,564 Revenue from Contracts with Customers 52,982 31,075 37,538 — 118,564 18,971 — 259,130 Intersegment — — — — — 13 (13) — Total Revenue $52,982 $31,075 $37,538 — $118,564 $18,984 ($13) $259,130 (a) 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, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total March 31, 2021 Stumpage Pay-as-Cut $21,257 — — — — $21,257 Stumpage Lump Sum 3 6,131 — — — 6,134 Total Stumpage 21,260 6,131 — — — 27,391 Delivered Wood (Domestic) 18,059 34,122 17,106 13,568 1,091 83,946 Delivered Wood (Export) 4,905 — 40,228 — 15,133 60,266 Total Delivered 22,964 34,122 57,334 13,568 16,224 144,212 Total Timber Sales $44,224 $40,253 $57,334 $13,568 $16,224 $171,603 March 31, 2020 Stumpage Pay-as-Cut $25,407 — — — — $25,407 Stumpage Lump Sum 388 5,131 — — — 5,519 Total Stumpage 25,795 5,131 — — — 30,926 Delivered Wood (Domestic) 21,060 25,441 13,691 — 472 60,664 Delivered Wood (Export) 628 — 21,944 — 18,170 40,742 Total Delivered 21,688 25,441 35,635 — 18,642 101,406 Total Timber Sales $47,483 $30,572 $35,635 — $18,642 $132,332 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES We lease commercial and residential properties primarily located in Port Gamble, Washington. Our leases are operating leases and mostly range between one The following table details our lease income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, Lease Income Components 2021 2020 Operating lease income $232 — Total lease income $232 — |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [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 417,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interests are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income 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. The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: Three Months Ended 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,638 $567 ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. Income attributed to third-party investors is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” The following table sets forth the income attributable to the Funds’ noncontrolling interests: Three Months Ended 2021 2020 Net income attributable to noncontrolling interests in the Funds $1,076 — Prior to the merger with Pope Resources, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a specified term from the end of its respective investment period: 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II is scheduled to terminate in March 2023, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in January 2035. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, which is developing a five-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. The obligations of Ferncliff Investors do not have any recourse to the Company or the Operating Partnership. Bainbridge Landing LLC is considered a voting interests entity. Ferncliff Investors accounts for its interest in the joint venture entity under the equity method because neither it nor the other member can exercise control over Bainbridge Landing LLC. The Ferncliff Investors joint venture agreement provides for liquidation rights and distribution priorities that are disproportionate to member’s ownership interest. Due to the complex nature of cash distributions to members, net income of the joint venture is allocated to members, including us, using the Hypothetical Liquidation at Book Value (HLBV) method. Under the HLBV method, Ferncliff Investors income or loss is allocated to the members based on the period change in each member’s claim on the book value of net assets, excluding capital contributions and distributions made during the period. The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended 2021 2020 Net income attributable to noncontrolling interests in Ferncliff Investors $129 — 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: Three Months Ended Beginning noncontrolling interests in the Operating Partnership $130,121 Adjustment of noncontrolling interests in the Operating Partnership 11,867 Conversions of Redeemable Operating Partnership Units to Common Shares (4,715) Net Income attributable to noncontrolling interests in the Operating Partnership 341 Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership 1,531 Distributions to noncontrolling interests in the Operating Partnership (1,155) Total noncontrolling interests in the Operating Partnership $137,990 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 6 — Noncontrolling Interests . The assets, liabilities and equity of the Funds as of March 31, 2021, were as follows: Timber Funds March 31, 2021 Assets: Cash and cash equivalents $4,674 Accounts receivable 3,099 Prepaid expenses 9 Other current assets 237 Total current assets 8,019 Timber and timberlands, net of depletion and amortization 408,338 Other assets 74 Total assets $416,431 Liabilities and Equity: Accounts payable $2,064 Intercompany payable (a) 698 Accrued taxes 174 Accrued interest 505 Deferred revenue 323 Other current liabilities 514 Total current liabilities 4,278 Long-term debt, net of deferred financing costs 59,967 Funds’ equity 352,186 Total liabilities and equity $416,431 (a) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests . The assets, liabilities and equity of Ferncliff Investors as of March 31, 2021, were as follows: Ferncliff Investors March 31, 2021 Assets: Cash and cash equivalents $139 Intercompany receivable 61 Total current assets 200 Advances to real estate joint venture entity 1,000 Total assets $1,200 Liabilities and equity: Total liabilities $1,892 Ferncliff Investors’ equity (692) Total liabilities and equity $1,200 |
EARNINGS PER SHARE AND PER UNIT
EARNINGS PER SHARE AND PER UNIT | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND PER UNIT | EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2021 2020 Earnings per common share - basic Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in the Operating Partnership (341) — Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income attributable to Rayonier Inc. $10,848 $25,854 Denominator: Denominator for basic earnings per common share - weighted average shares 137,870,821 129,137,494 Basic earnings per common share attributable to Rayonier Inc.: $0.08 $0.20 Earnings per common share - diluted Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $11,189 $25,854 Denominator: Denominator for basic earnings per common share - weighted average shares 137,870,821 129,137,494 Add: Dilutive effect of: Stock options 4,051 1,075 Performance shares, restricted shares and restricted stock units 353,131 209,481 Noncontrolling interests in Operating Partnership units 4,330,794 — Denominator for diluted earnings per common share - adjusted weighted average shares 142,558,797 129,348,050 Diluted earnings per common share attributable to Rayonier Inc.: $0.08 $0.20 Three Months Ended March 31, 2021 2020 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 194,256 406,326 Total 194,256 406,326 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2021 2020 Earnings per unit - basic Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income available to unitholders $11,189 $25,854 Denominator: Denominator for basic earnings per unit - weighted average units 142,201,615 129,137,494 Basic earnings per unit attributable to Rayonier, L.P.: $0.08 $0.20 Earnings per unit - diluted Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income available to unitholders $11,189 $25,854 Denominator: Denominator for basic earnings per unit - weighted average units 142,201,615 129,137,494 Add: Dilutive effect of unit equivalents: Stock options 4,051 1,075 Performance shares, restricted shares and restricted stock units 353,131 209,481 Denominator for diluted earnings per unit - adjusted weighted average units 142,558,797 129,348,050 Diluted earnings per unit attributable to Rayonier, L.P.: $0.08 $0.20 Three Months Ended March 31, 2021 2020 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 194,256 406,326 Total 194,256 406,326 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Our debt consisted of the following at March 31, 2021: March 31, 2021 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at March 31, 2021 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.0% at March 31, 2021 (b) 300,000 2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 (c) 250,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% 24,074 Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches Due 2025 at a fixed interest rate of 6.1% 11,512 Due 2028 at a fixed interest rate of 4.1% 11,984 Due 2033 at a fixed interest rate of 5.3% 19,363 Due 2036 at a fixed interest rate of 5.4% 9,838 Total debt, excluding Timber Funds 1,301,771 Less: Deferred financing costs, excluding Timber Funds (2,338) Long-term debt, net of deferred financing costs, excluding Timber Funds 1,299,433 Debt, Timber Funds: Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest Due 2022 at a variable interest rate of 2.0% at March 31, 2021 11,000 Due 2022 at a variable interest rate of 2.0% at March 31, 2021 14,000 Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest Due 2023 at a fixed interest rate of 5.1% 19,431 Due 2024 at a fixed interest rate of 4.5% 15,544 Total debt, Timber Funds 59,975 Less: Deferred financing costs, Timber Funds (8) Long-term debt, net of deferred financing costs, Timber Funds 59,967 Long-term debt, net of deferred financing costs $1,359,400 (a) As of March 31, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.2% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.900%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds. (c) As of March 31, 2021, the periodic interest rate on the 2020 incremental term loan (the “2020 Incremental Term Loan Facility”) was LIBOR plus 1.850%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.3% after consideration of interest rate swaps and estimated patronage refunds. (d) As of March 31, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (e) As of March 31, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds. Principal payments due during the next five years and thereafter are as follows: Excluding Timber Funds Timber Funds Total 2021 — — — 2022 325,000 25,000 350,000 2023 — 17,980 17,980 2024 — 14,400 14,400 2025 284,074 — 284,074 Thereafter 685,000 — 685,000 Total Debt $1,294,074 $57,380 $1,351,454 2021 DEBT ACTIVITY U.S. Debt — Excluding Timber Funds During the three months ended March 31, 2021, we made no borrowings or repayments on our Revolving Credit Facility . At March 31, 2021, we had available borrowings of $299.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit. U.S. Debt — Timber Funds On January 1, 2021, both Fund II Mortgages Payable transitioned from a fixed interest rate of 2.0% to a variable rate of 3-month LIBOR plus 1.700%. New Zealand During the three months ended March 31, 2021, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At March 31, 2021, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. As of March 31, 2021, the outstanding balance on the shareholder loan is $24.1 million. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loan since its inception. See Note 6 — Noncontrolling Interests for more information regarding the New Zealand subsidiary. DEBT COVENANTS — EXCLUDING TIMBER FUNDS In connection with our $350 million Term Credit Agreement, $300 million Incremental Term Loan Agreement, $250 million 2020 Incremental Term Loan Agreement and $300 million 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, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 6.7 to 1 4.2 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 47 % 18 % In connection with our $45 million NWFCS Credit Facility, customary covenants must be met, the most significant of which include interest coverage and debt-to-capitalization ratios. The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant loan-to-appraised value shall not exceed 50% 12% 38 % Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 6.7 to 1 4.2 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 47 % 18 % In addition to these financial covenants listed above, the 2022 Notes, Term Credit Agreement, Incremental Term Loan Agreement, 2020 Incremental Term Loan Facility, Revolving Credit Facility, and NWFCS Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At March 31, 2021, we were in compliance with all applicable covenants. DEBT COVENANTS — TIMBER FUNDS The Fund II Mortgages Payable to MetLife contain a requirement to maintain a loan-to-value ratio of less than 50%, with the denominator defined as fair market value of the timberland pledged as collateral. The Fund III Mortgages Payable to NWFCS contain a requirement to maintain a minimum interest coverage ratio of 1.5:1, minimum working capital of $500,000, and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2021 | |
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 loss (“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 The functional currency of Rayonier New Zealand Limited, and the New Zealand subsidiary is the New Zealand dollar. The New Zealand subsidiary is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases, less distributions, and up to 75% of the forward 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of March 31, 2021, foreign currency exchange contracts and foreign currency option contracts had maturity dates through September 2022 and August 2021, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments 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 accumulated in other comprehensive loss for de-designated hedges remains in accumulated other comprehensive loss until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE SWAPS We are exposed to cash flow interest rate risk on our variable-rate Term Credit Agreement, Incremental Term Loan Agreement and 2020 Incremental Term Loan Facility and use variable-to-fixed interest rate swaps 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. The following table contains information on the outstanding interest rate swaps as of March 31, 2021: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap (b) Bank Margin on Debt Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % June 2020 10 years 250,000 2020 Incremental Term Loan 1.10 % 1.85 % 2.95 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The interest rate swap entered in June 2020, was an off-market derivative, meaning it contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap. (c) Rate is before estimated patronage payments. TREASURY LOCKS During the first quarter of 2020, we entered into three treasury lock agreements, which were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and settled the treasury locks by converting them into interest rate swap lock agreements (discussed below). 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 accumulated other comprehensive loss and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. As of March 31, 2021, there was $18.8 million recorded in accumulated other comprehensive loss in connection with the settled treasury locks which will be reclassified to earnings through interest expense over the life of the anticipated issued debt. For additional information regarding the expired treasury lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K. INTEREST RATE SWAP LOCKS Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements, which were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into interest rate swap agreements. 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 accumulated other comprehensive loss and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. As of March 31, 2021, there was $1.3 million recorded in accumulated other comprehensive loss in connection with settled interest rate swap locks which will be reclassified to earnings through interest expense over the life of the anticipated issued debt. For additional information regarding the expired interest rate swap lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K. FORWARD-STARTING INTEREST RATE SWAPS We are exposed to cash flow interest rate risk on anticipated debt issuances and use forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the anticipated issuance date. 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. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2021: 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 February 2020 10 years $325,000 1.40 % Anticipated refinancing of Senior Notes due 2022 April 2022 April 2022 March 2020 4 years 100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets at certain prices. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous expense, net” as the contracts do not qualify for hedge accounting treatment. As of March 31, 2021, all existing carbon option contracts have expired. The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2021 and 2020: Three Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($2,852) ($5,480) Foreign currency option contracts Other comprehensive income (loss) (929) (1,149) Interest rate swaps Other comprehensive income (loss) 28,512 (39,450) Interest expense 3,438 452 Treasury locks Other comprehensive income (loss) — (20,846) Interest expense 521 — Interest rate swap locks Other comprehensive income (loss) — 854 Interest expense 35 — Forward-starting interest rate swaps Other comprehensive income (loss) 31,219 (19,710) Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income, net — 549 During the next 12 months, the amount of the March 31, 2021 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of our derivative instruments is a gain of approximately $2.6 million. The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $64,000 $49,000 Foreign currency option contracts 16,000 28,000 Interest rate swaps 900,000 900,000 Forward-starting interest rate swaps 475,000 475,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $3,477 $4,968 Other assets 160 1,050 Other current liabilities (454) — Other non-current liabilities (17) — Foreign currency option contracts Other current assets 592 1,526 Other current liabilities (7) (11) Interest rate swaps Other assets 9,945 — Other non-current liabilities (29,301) (51,580) Forward-starting interest rate swaps Other assets 18,690 513 Other non-current liabilities — (13,042) Total derivative contracts: Other current assets $4,069 $6,494 Other assets 28,795 1,563 Total derivative assets $32,864 $8,057 Other current liabilities (461) (11) Other non-current liabilities (29,318) (64,622) Total derivative liabilities ($29,779) ($64,633) (a) See Note 11 — 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. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2021 December 31, 2020 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $77,946 $77,946 — $80,454 $80,454 — Cash and cash equivalents, Timber Funds 4,674 4,674 — 4,053 4,053 — Restricted cash (b) 475 475 — 2,975 2,975 — Long-term debt, excluding Timber Funds (c) (1,299,433) — (1,304,371) (1,300,336) — (1,313,631) Long-term debt, Timber Funds (c) (59,967) — (60,207) (60,179) — (60,474) Interest rate swaps (d) (19,356) — (19,356) (51,580) — (51,580) Forward-starting interest rate swaps (d) 18,690 — 18,690 (12,529) — (12,529) Foreign currency exchange contracts (d) 3,166 — 3,166 6,018 — 6,018 Foreign currency option contracts (d) 585 — 585 1,515 — 1,515 Noncontrolling Interests in the Operating Partnership (e) 137,990 137,990 — 130,121 130,121 — (a) We did not have Level 3 assets or liabilities at March 31, 2021 and December 31, 2020. (b) Restricted cash represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 9 — Debt for additional information. (d) See Note 10 — 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 or 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. 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. |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS At March 31, 2021, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2021 $814 $17,440 $11,445 $29,699 2022 2,097 3,182 17,901 23,180 2023 1,853 267 18,512 20,632 2024 1,853 267 15,671 17,791 2025 2,338 267 10,625 13,230 Thereafter 2,575 3,899 29,987 36,461 $11,530 $25,322 $104,141 $140,993 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIESWe 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. |
ENVIRONMENTAL AND NATURAL RESOU
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | 3 Months Ended |
Mar. 31, 2021 | |
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. For additional information, see Note 13 - Environmental and Natural Resource Damage Liabilities in the 2020 Form 10-K. Changes in environmental and NRD liabilities from December 31, 2020 to March 31, 2021 are shown below: Port Gamble, WA Non-current portion at December 31, 2020 $10,615 Plus: Current portion 1,026 Total Balance at December 31, 2020 11,641 Expenditures (111) Total Balance at March 31, 2021 11,530 Less: Current portion (930) Non-current portion at March 31, 2021 $10,600 These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. See Note 2 - Merger with Pope Resources for information regarding our preliminary estimates of fair value. It is expected that the upland mill site cleanup and NRD restoration will occur over the next two Note 12 - Commitments . |
GUARANTEES
GUARANTEES | 3 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2021, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 9,340 Total financial commitments $10,225 (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) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2021, 2022, 2023 and 2024 and are expected to be renewed as required. |
HIGHER AND BETTER USE TIMBERLAN
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We continuously 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, 2020 to March 31, 2021 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2020 $79,901 $28,617 $108,518 Plus: Current portion (a) 212 6,544 6,756 Total Balance at December 31, 2020 80,113 35,161 115,274 Non-cash cost of land and improved development (549) (232) (781) Amortization of parcel real estate development investments — (139) (139) Timber depletion from harvesting activities and basis of timber sold in real estate sales (243) — (243) Capitalized real estate development investments (b) — 5,291 5,291 Capital expenditures (silviculture) 96 — 96 Intersegment transfers 1,082 — 1,082 Purchase price allocation adjustment (c) 8,238 — 8,238 Total Balance at March 31, 2021 88,737 40,081 128,818 Less: Current portion (a) (811) (16,692) (17,503) Non-current portion at March 31, 2021 $87,926 $23,389 $111,315 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information. (b) Capitalized real estate development investments include $0.1 million of capitalized interest and $2.3 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 a year. (c) Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The estimated fair value of HBU properties acquired in the merger is approximately $34.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. See Note 2 - Merger with Pope Resources |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY As of March 31, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows: March 31, 2021 December 31, 2020 Finished goods inventory Real estate inventory (a) $17,503 $6,756 Log inventory 7,490 3,838 Total inventory $24,993 $10,594 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. |
OTHER OPERATING INCOME (EXPENSE
OTHER OPERATING INCOME (EXPENSE), NET | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING INCOME (EXPENSE), NET | OTHER OPERATING INCOME (EXPENSE), NET Other operating income (expense), net consisted of the following: Three Months Ended March 31, 2021 2020 Gain on foreign currency remeasurement, net of cash flow hedges $2,429 $1,433 Gain on sale or disposal of property and equipment 90 3 Log trading marketing fees 6 47 Costs related to the merger with Pope Resources (a) — (2,487) Equity income related to Bainbridge Landing LLC joint venture (b) 19 — Miscellaneous expense, net (96) (107) Total $2,448 ($1,111) (a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for additional information. (b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2021 | |
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 plan. Both plans are closed to new participants. 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. 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. We are not required to make mandatory 2021 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three months ended March 31, 2021. The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous expense, net 557 677 11 13 Expected return on plan assets (a) Interest and other miscellaneous expense, net (936) (876) — — Amortization of losses Interest and other miscellaneous expense, net 288 215 5 2 Net periodic benefit (credit) cost ($91) $16 $18 $17 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefit s i s 5.7%. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, Rayonier owns a 97.0% 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: Three Months Ended 2021 2020 Income tax expense ($3,421) ($3,706) 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: Three Months Ended 2021 2020 Annualized effective tax rate after discrete items 11.6 % 12.1 % |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in AOCI by component for the three months ended March 31, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2019 ($226) $1,321 ($8,910) ($23,387) ($31,202) — ($31,202) Other comprehensive income (loss) before reclassifications 22,928 — (71,644) (1,794) (50,510) — (50,510) Amounts reclassified from accumulated other comprehensive loss — — 9,498 869 (b) 10,367 (2,540) 7,827 Net other comprehensive income (loss) 22,928 — (62,146) (925) (40,143) (2,540) (42,683) Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) ($2,540) ($73,885) Other comprehensive (loss) income before reclassifications (11,652) — 56,637 (a) — 44,985 — 44,985 Amounts reclassified from accumulated other comprehensive loss — — 4,991 294 (b) 5,285 (1,531) 3,754 Net other comprehensive (loss) income (11,652) — 61,628 294 50,270 (1,531) 48,739 Balance as of $11,050 $1,321 ($9,428) ($24,018) ($21,075) ($4,071) ($25,146) (a) Includes $59.7 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 10 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 19 — 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, 2021 and March 31, 2020: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement March 31, 2021 March 31, 2020 Realized loss on foreign currency exchange contracts $1,205 $18 Other operating expense, net Realized loss on foreign currency option contracts 594 9 Other operating expense, net Noncontrolling interests (414) (6) Comprehensive (loss) income attributable to noncontrolling interests Realized loss (gain) on interest rate contracts 3,994 (452) Interest expense Income tax expense from net gain on foreign currency contracts (388) (6) Income tax expense Net loss (gain) from accumulated other comprehensive income $4,991 ($437) |
RESTRICTED CASH
RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2021 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Richmond Hill development project as well as cash held in escrow for real estate sales. As of March 31, 2021 and December 31, 2020, we had $0.5 million and $3.0 million, respectively, of restricted cash held in escrow. In addition, in order to qualify for like-kind exchange (“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 us after 180 days and reclassified as available cash. As of March 31, 2021 and December 31, 2020, we had no proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary. The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the three months ended March 31, 2021: March 31, 2021 Restricted cash held in escrow $475 Total restricted cash shown in the Consolidated Balance Sheets 475 Cash and cash equivalents 82,620 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $83,095 |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALEAssets held for sale is composed of properties 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, 2021 and December 31, 2020, the basis in properties meeting this classification was $7.9 million and $3.4 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. |
CHARGES FOR INTEGRATION AND RES
CHARGES FOR INTEGRATION AND RESTRUCTURING | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
CHARGES FOR INTEGRATION AND RESTRUCTURING | CHARGES FOR INTEGRATION AND RESTRUCTURING During 2020, we incurred and accrued for termination benefits (primarily severance) and accelerated share-based payment costs based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made concurrent with and subsequent to the merger with Pope Resources. We also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to the merger with Pope Resources. A summary of the charges for integration and restructuring related to the merger with Pope Resources is presented below: Three Months Ended 2021 2020 Professional services — $2,347 Other integration and restructuring costs — 140 Total integration and restructuring charges related to the merger with Pope Resources — $2,487 Changes in accrued severance related to restructuring during the three months ended March 31, 2021 were as follows: Three Months Ended March 31, 2021 Accrued severance as of December 31, 2020 $112 Payments (53) Accrued severance as of March 31, 2021 $59 Accrued severance is recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. The majority of the accrued severance balance as of March 31, 2021 is expected to be paid within one year. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, as filed with the SEC (the “2020 Form 10-K”). On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, Rayonier, L.P. expressly assumed all the obligations of Rayonier Inc. with respect to the outstanding 2022 Notes and Rayonier Inc. agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. under the Indenture, including the 2022 Notes. On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of March 31, 2021, the Company owned a 97.0% interest in the Operating Partnership, with the remaining 3.0% 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. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger. |
New Accounting Standards | NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements. |
Subsequent Events | SUBSEQUENT EVENTSWe have evaluated events occurring from March 31, 2021 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. |
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”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2021 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. 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 accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable 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. |
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 (loss) 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 is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” |
Derivatives | Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging |
Fair Value of Financial Instruments | Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments 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 accumulated in other comprehensive loss for de-designated hedges remains in accumulated other comprehensive loss until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. 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. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Operating Income and Net Income Attributable to Rayonier. L.P | Three Months Ended 2020 Operating income — Net income attributable to Rayonier, L.P. (a) ($3,596) Basic earnings per unit attributable to Rayonier, L.P. ($0.03) Diluted earnings per unit attributable to Rayonier, L.P. ($0.03) (a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes. |
MERGER WITH POPE RESOURCES (Tab
MERGER WITH POPE RESOURCES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Total Consideration Transferred by Rayonier in the Merger | The total purchase price was as follows (in millions): Cash consideration $247,318 Equity consideration 172,640 Redeemable Operating Partnership Unit consideration 106,752 Fair value of Pope Resources units held by us (a) 11,211 Total purchase price $537,921 (a) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020. |
Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed | The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of May 8, 2020, and is as follows (in thousands): Core Timberlands Timber Funds Total Timberland and Real Estate Business Cash $7,380 $8,870 $16,250 Accounts receivable 2,459 1,787 4,246 Other current assets 703 260 963 Timber and Timberlands 507,526 432,500 940,026 Higher and Better Use Timberlands and Real Estate Development Investments 34,748 — 34,748 Property, plant and equipment 11,616 — 11,616 Other assets 3,736 269 4,005 Total identifiable assets acquired $568,168 $443,686 $1,011,854 Accounts payable 274 293 567 Current maturities of long-term debt — 25,084 25,084 Accrued interest 244 275 519 Other current liabilities 9,038 2,080 11,118 Long-term debt 53,502 35,759 89,261 Long-term environmental liabilities 10,748 — 10,748 Other non-current liabilities (a) 2,616 — 2,616 Total liabilities assumed $76,422 $63,491 $139,913 Net identifiable assets $491,746 $380,195 $871,941 Less: noncontrolling interests (3,816) (330,204) (334,020) Total net assets acquired $487,930 $49,991 $537,921 (a) Other non-current liabilities includes a $2.6 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities. |
Schedule of Unaudited Pro Forma Information | Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three months ended March 31, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts): Three Months Ended March 31, 2020 Sales $283,500 Net income attributable to Rayonier Inc. $18,398 Basic earnings per share attributable to Rayonier Inc. $0.13 Diluted earnings per share attributable to Rayonier Inc. $0.13 Net income attributable to Rayonier, L.P. $18,998 Basic earnings per unit attributable to Rayonier, L.P. $0.13 Diluted earnings per unit attributable to Rayonier, L.P. $0.13 |
SEGMENT AND GEOGRAPHICAL INFO_2
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the segment information for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, SALES 2021 2020 Southern Timber $51,677 $52,982 Pacific Northwest Timber 41,522 31,075 New Zealand Timber 57,579 37,538 Timber Funds (a) 14,939 — Real Estate (b) 10,504 118,564 Trading 16,665 18,984 Intersegment Eliminations (c) (1,439) (13) Total $191,447 $259,130 (a) The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds. (b) The three months ended March 31, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME (LOSS) 2021 2020 Southern Timber $17,347 $15,070 Pacific Northwest Timber 1,350 (948) New Zealand Timber 13,944 5,448 Timber Funds (a) 1,501 — Real Estate (b) 1,687 26,774 Trading 244 (19) Corporate and Other (7,588) (7,773) Total Operating Income 28,485 38,552 Unallocated interest expense and other (10,032) (8,425) Total Income before Income Taxes $18,453 $30,127 (a) The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds. (b) The three months ended March 31, 2020 includes $28.7 million from a Large Disposition. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2021 2020 Southern Timber $14,359 $18,182 Pacific Northwest Timber 16,284 10,702 New Zealand Timber 7,250 4,774 Timber Funds (a) 5,500 — Real Estate (b) 1,557 35,745 Corporate and Other 263 297 Total $45,213 $69,700 (a) The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The three months ended March 31, 2020 includes $35.4 million from a Large Disposition. Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2021 2020 Real Estate (a) $1,813 $52,051 Total $1,813 $52,051 (a) The three months ended March 31, 2020 includes $51.6 million from a Large Disposition. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract with Customer, Liabilities | The following table summarizes revenue recognized during the three months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2021 2020 Revenue recognized from contract liability balance at the beginning of the year (a) $5,920 $6,425 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. |
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, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2021 Pulpwood $21,856 $2,495 $9,542 $260 — $1,835 — $35,988 Sawtimber 21,963 37,758 47,792 13,308 — 14,389 — 135,210 Hardwood 405 — — — — — — 405 Total Timber Sales 44,224 40,253 57,334 13,568 — 16,224 — 171,603 License Revenue, Primarily From Hunting 4,417 91 58 3 — — — 4,569 Other Non-Timber/Carbon Revenue 3,036 1,178 187 14 — — — 4,415 Agency Fee Income — — — — — 356 — 356 Total Non-Timber Sales 7,453 1,269 245 17 — 356 — 9,340 Improved Development — — — — 252 — — 252 Rural — — — — 9,765 — — 9,765 Deferred Revenue/Other (a) — — — — 255 — — 255 Total Real Estate Sales — — — — 10,272 — — 10,272 Revenue from Contracts with Customers 51,677 41,522 57,579 13,585 10,272 16,580 — 191,215 Lease Revenue — — — — 232 — — 232 Intersegment — — — 1,354 — 85 (1,439) — Total Revenue $51,677 $41,522 $57,579 $14,939 $10,504 $16,665 ($1,439) $191,447 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2020 Pulpwood $27,493 $3,127 $4,847 — — $2,530 — $37,997 Sawtimber 19,509 27,445 30,788 — — 16,112 — 93,854 Hardwood 481 — — — — — — 481 Total Timber Sales 47,483 30,572 35,635 — — 18,642 — 132,332 License Revenue, Primarily from Hunting 4,589 97 57 — — — — 4,743 Other Non-Timber/Carbon Revenue 910 406 1,846 — — — — 3,162 Agency Fee Income — — — — — 329 — 329 Total Non-Timber Sales 5,499 503 1,903 — — 329 — 8,234 Rural — — — — 2,397 — — 2,397 Deferred Revenue/Other (a) — — — — 140 — — 140 Large Dispositions — — — 116,027 — 116,027 Total Real Estate Sales — — — — 118,564 — — 118,564 Revenue from Contracts with Customers 52,982 31,075 37,538 — 118,564 18,971 — 259,130 Intersegment — — — — — 13 (13) — Total Revenue $52,982 $31,075 $37,538 — $118,564 $18,984 ($13) $259,130 (a) 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, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total March 31, 2021 Stumpage Pay-as-Cut $21,257 — — — — $21,257 Stumpage Lump Sum 3 6,131 — — — 6,134 Total Stumpage 21,260 6,131 — — — 27,391 Delivered Wood (Domestic) 18,059 34,122 17,106 13,568 1,091 83,946 Delivered Wood (Export) 4,905 — 40,228 — 15,133 60,266 Total Delivered 22,964 34,122 57,334 13,568 16,224 144,212 Total Timber Sales $44,224 $40,253 $57,334 $13,568 $16,224 $171,603 March 31, 2020 Stumpage Pay-as-Cut $25,407 — — — — $25,407 Stumpage Lump Sum 388 5,131 — — — 5,519 Total Stumpage 25,795 5,131 — — — 30,926 Delivered Wood (Domestic) 21,060 25,441 13,691 — 472 60,664 Delivered Wood (Export) 628 — 21,944 — 18,170 40,742 Total Delivered 21,688 25,441 35,635 — 18,642 101,406 Total Timber Sales $47,483 $30,572 $35,635 — $18,642 $132,332 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table details our lease income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, Lease Income Components 2021 2020 Operating lease income $232 — Total lease income $232 — |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries | The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: Three Months Ended 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,638 $567 The following table sets forth the income attributable to the Funds’ noncontrolling interests: Three Months Ended 2021 2020 Net income attributable to noncontrolling interests in the Funds $1,076 — The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended 2021 2020 Net income attributable to noncontrolling interests in Ferncliff Investors $129 — The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended Beginning noncontrolling interests in the Operating Partnership $130,121 Adjustment of noncontrolling interests in the Operating Partnership 11,867 Conversions of Redeemable Operating Partnership Units to Common Shares (4,715) Net Income attributable to noncontrolling interests in the Operating Partnership 341 Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership 1,531 Distributions to noncontrolling interests in the Operating Partnership (1,155) Total noncontrolling interests in the Operating Partnership $137,990 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The assets, liabilities and equity of the Funds as of March 31, 2021, were as follows: Timber Funds March 31, 2021 Assets: Cash and cash equivalents $4,674 Accounts receivable 3,099 Prepaid expenses 9 Other current assets 237 Total current assets 8,019 Timber and timberlands, net of depletion and amortization 408,338 Other assets 74 Total assets $416,431 Liabilities and Equity: Accounts payable $2,064 Intercompany payable (a) 698 Accrued taxes 174 Accrued interest 505 Deferred revenue 323 Other current liabilities 514 Total current liabilities 4,278 Long-term debt, net of deferred financing costs 59,967 Funds’ equity 352,186 Total liabilities and equity $416,431 (a) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. The assets, liabilities and equity of Ferncliff Investors as of March 31, 2021, were as follows: Ferncliff Investors March 31, 2021 Assets: Cash and cash equivalents $139 Intercompany receivable 61 Total current assets 200 Advances to real estate joint venture entity 1,000 Total assets $1,200 Liabilities and equity: Total liabilities $1,892 Ferncliff Investors’ equity (692) Total liabilities and equity $1,200 |
EARNINGS PER SHARE AND PER UN_2
EARNINGS PER SHARE AND PER UNIT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share and Per Unit, Basic and Diluted | The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2021 2020 Earnings per common share - basic Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in the Operating Partnership (341) — Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income attributable to Rayonier Inc. $10,848 $25,854 Denominator: Denominator for basic earnings per common share - weighted average shares 137,870,821 129,137,494 Basic earnings per common share attributable to Rayonier Inc.: $0.08 $0.20 Earnings per common share - diluted Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $11,189 $25,854 Denominator: Denominator for basic earnings per common share - weighted average shares 137,870,821 129,137,494 Add: Dilutive effect of: Stock options 4,051 1,075 Performance shares, restricted shares and restricted stock units 353,131 209,481 Noncontrolling interests in Operating Partnership units 4,330,794 — Denominator for diluted earnings per common share - adjusted weighted average shares 142,558,797 129,348,050 Diluted earnings per common share attributable to Rayonier Inc.: $0.08 $0.20 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2021 2020 Earnings per unit - basic Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income available to unitholders $11,189 $25,854 Denominator: Denominator for basic earnings per unit - weighted average units 142,201,615 129,137,494 Basic earnings per unit attributable to Rayonier, L.P.: $0.08 $0.20 Earnings per unit - diluted Numerator: Net Income $15,032 $26,421 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,843) (567) Net income available to unitholders $11,189 $25,854 Denominator: Denominator for basic earnings per unit - weighted average units 142,201,615 129,137,494 Add: Dilutive effect of unit equivalents: Stock options 4,051 1,075 Performance shares, restricted shares and restricted stock units 353,131 209,481 Denominator for diluted earnings per unit - adjusted weighted average units 142,558,797 129,348,050 Diluted earnings per unit attributable to Rayonier, L.P.: $0.08 $0.20 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit | Three Months Ended March 31, 2021 2020 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 194,256 406,326 Total 194,256 406,326 Three Months Ended March 31, 2021 2020 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 194,256 406,326 Total 194,256 406,326 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | Our debt consisted of the following at March 31, 2021: March 31, 2021 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at March 31, 2021 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.0% at March 31, 2021 (b) 300,000 2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 (c) 250,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% 24,074 Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches Due 2025 at a fixed interest rate of 6.1% 11,512 Due 2028 at a fixed interest rate of 4.1% 11,984 Due 2033 at a fixed interest rate of 5.3% 19,363 Due 2036 at a fixed interest rate of 5.4% 9,838 Total debt, excluding Timber Funds 1,301,771 Less: Deferred financing costs, excluding Timber Funds (2,338) Long-term debt, net of deferred financing costs, excluding Timber Funds 1,299,433 Debt, Timber Funds: Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest Due 2022 at a variable interest rate of 2.0% at March 31, 2021 11,000 Due 2022 at a variable interest rate of 2.0% at March 31, 2021 14,000 Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest Due 2023 at a fixed interest rate of 5.1% 19,431 Due 2024 at a fixed interest rate of 4.5% 15,544 Total debt, Timber Funds 59,975 Less: Deferred financing costs, Timber Funds (8) Long-term debt, net of deferred financing costs, Timber Funds 59,967 Long-term debt, net of deferred financing costs $1,359,400 (a) As of March 31, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.2% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.900%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds. (c) As of March 31, 2021, the periodic interest rate on the 2020 incremental term loan (the “2020 Incremental Term Loan Facility”) was LIBOR plus 1.850%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.3% after consideration of interest rate swaps and estimated patronage refunds. (d) As of March 31, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (e) As of March 31, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds. |
Schedule of Maturities of Long-Term Debt | Principal payments due during the next five years and thereafter are as follows: Excluding Timber Funds Timber Funds Total 2021 — — — 2022 325,000 25,000 350,000 2023 — 17,980 17,980 2024 — 14,400 14,400 2025 284,074 — 284,074 Thereafter 685,000 — 685,000 Total Debt $1,294,074 $57,380 $1,351,454 |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 6.7 to 1 4.2 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 47 % 18 % The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant loan-to-appraised value shall not exceed 50% 12% 38 % Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 6.7 to 1 4.2 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 47 % 18 % |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap (b) Bank Margin on Debt Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % June 2020 10 years 250,000 2020 Incremental Term Loan 1.10 % 1.85 % 2.95 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The interest rate swap entered in June 2020, was an off-market derivative, meaning it contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap. (c) Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2021: 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 February 2020 10 years $325,000 1.40 % Anticipated refinancing of Senior Notes due 2022 April 2022 April 2022 March 2020 4 years 100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2021 and 2020: Three Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($2,852) ($5,480) Foreign currency option contracts Other comprehensive income (loss) (929) (1,149) Interest rate swaps Other comprehensive income (loss) 28,512 (39,450) Interest expense 3,438 452 Treasury locks Other comprehensive income (loss) — (20,846) Interest expense 521 — Interest rate swap locks Other comprehensive income (loss) — 854 Interest expense 35 — Forward-starting interest rate swaps Other comprehensive income (loss) 31,219 (19,710) Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income, net — 549 |
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: Notional Amount March 31, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $64,000 $49,000 Foreign currency option contracts 16,000 28,000 Interest rate swaps 900,000 900,000 Forward-starting interest rate swaps 475,000 475,000 |
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: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $3,477 $4,968 Other assets 160 1,050 Other current liabilities (454) — Other non-current liabilities (17) — Foreign currency option contracts Other current assets 592 1,526 Other current liabilities (7) (11) Interest rate swaps Other assets 9,945 — Other non-current liabilities (29,301) (51,580) Forward-starting interest rate swaps Other assets 18,690 513 Other non-current liabilities — (13,042) Total derivative contracts: Other current assets $4,069 $6,494 Other assets 28,795 1,563 Total derivative assets $32,864 $8,057 Other current liabilities (461) (11) Other non-current liabilities (29,318) (64,622) Total derivative liabilities ($29,779) ($64,633) (a) See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2021 December 31, 2020 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $77,946 $77,946 — $80,454 $80,454 — Cash and cash equivalents, Timber Funds 4,674 4,674 — 4,053 4,053 — Restricted cash (b) 475 475 — 2,975 2,975 — Long-term debt, excluding Timber Funds (c) (1,299,433) — (1,304,371) (1,300,336) — (1,313,631) Long-term debt, Timber Funds (c) (59,967) — (60,207) (60,179) — (60,474) Interest rate swaps (d) (19,356) — (19,356) (51,580) — (51,580) Forward-starting interest rate swaps (d) 18,690 — 18,690 (12,529) — (12,529) Foreign currency exchange contracts (d) 3,166 — 3,166 6,018 — 6,018 Foreign currency option contracts (d) 585 — 585 1,515 — 1,515 Noncontrolling Interests in the Operating Partnership (e) 137,990 137,990 — 130,121 130,121 — (a) We did not have Level 3 assets or liabilities at March 31, 2021 and December 31, 2020. (b) Restricted cash represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 9 — Debt for additional information. (d) See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | At March 31, 2021, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2021 $814 $17,440 $11,445 $29,699 2022 2,097 3,182 17,901 23,180 2023 1,853 267 18,512 20,632 2024 1,853 267 15,671 17,791 2025 2,338 267 10,625 13,230 Thereafter 2,575 3,899 29,987 36,461 $11,530 $25,322 $104,141 $140,993 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects. |
ENVIRONMENTAL AND NATURAL RES_2
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | Changes in environmental and NRD liabilities from December 31, 2020 to March 31, 2021 are shown below: Port Gamble, WA Non-current portion at December 31, 2020 $10,615 Plus: Current portion 1,026 Total Balance at December 31, 2020 11,641 Expenditures (111) Total Balance at March 31, 2021 11,530 Less: Current portion (930) Non-current portion at March 31, 2021 $10,600 |
GUARANTEES (Tables)
GUARANTEES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | As of March 31, 2021, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 9,340 Total financial commitments $10,225 (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) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2021, 2022, 2023 and 2024 and are expected to be renewed as required. |
HIGHER AND BETTER USE TIMBERL_2
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Costs for Land, Timber and Real Estate Development | Changes in higher and better use timberlands and real estate development investments from December 31, 2020 to March 31, 2021 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2020 $79,901 $28,617 $108,518 Plus: Current portion (a) 212 6,544 6,756 Total Balance at December 31, 2020 80,113 35,161 115,274 Non-cash cost of land and improved development (549) (232) (781) Amortization of parcel real estate development investments — (139) (139) Timber depletion from harvesting activities and basis of timber sold in real estate sales (243) — (243) Capitalized real estate development investments (b) — 5,291 5,291 Capital expenditures (silviculture) 96 — 96 Intersegment transfers 1,082 — 1,082 Purchase price allocation adjustment (c) 8,238 — 8,238 Total Balance at March 31, 2021 88,737 40,081 128,818 Less: Current portion (a) (811) (16,692) (17,503) Non-current portion at March 31, 2021 $87,926 $23,389 $111,315 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information. (b) Capitalized real estate development investments include $0.1 million of capitalized interest and $2.3 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 a year. (c) Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The estimated fair value of HBU properties acquired in the merger is approximately $34.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. See Note 2 - Merger with Pope Resources for additional information. |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of March 31, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows: March 31, 2021 December 31, 2020 Finished goods inventory Real estate inventory (a) $17,503 $6,756 Log inventory 7,490 3,838 Total inventory $24,993 $10,594 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. |
OTHER OPERATING INCOME (EXPEN_2
OTHER OPERATING INCOME (EXPENSE), NET (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Operating (Expense) Income | Other operating income (expense), net consisted of the following: Three Months Ended March 31, 2021 2020 Gain on foreign currency remeasurement, net of cash flow hedges $2,429 $1,433 Gain on sale or disposal of property and equipment 90 3 Log trading marketing fees 6 47 Costs related to the merger with Pope Resources (a) — (2,487) Equity income related to Bainbridge Landing LLC joint venture (b) 19 — Miscellaneous expense, net (96) (107) Total $2,448 ($1,111) (a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for additional information. (b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors. |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Components of Net Periodic Benefit (Credit) Cost | The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous expense, net 557 677 11 13 Expected return on plan assets (a) Interest and other miscellaneous expense, net (936) (876) — — Amortization of losses Interest and other miscellaneous expense, net 288 215 5 2 Net periodic benefit (credit) cost ($91) $16 $18 $17 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefit s i s 5.7%. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: Three Months Ended 2021 2020 Income tax expense ($3,421) ($3,706) |
Schedule of Effective Income Tax Rate Reconciliation | The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2021 2020 Annualized effective tax rate after discrete items 11.6 % 12.1 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the three months ended March 31, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2019 ($226) $1,321 ($8,910) ($23,387) ($31,202) — ($31,202) Other comprehensive income (loss) before reclassifications 22,928 — (71,644) (1,794) (50,510) — (50,510) Amounts reclassified from accumulated other comprehensive loss — — 9,498 869 (b) 10,367 (2,540) 7,827 Net other comprehensive income (loss) 22,928 — (62,146) (925) (40,143) (2,540) (42,683) Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) ($2,540) ($73,885) Other comprehensive (loss) income before reclassifications (11,652) — 56,637 (a) — 44,985 — 44,985 Amounts reclassified from accumulated other comprehensive loss — — 4,991 294 (b) 5,285 (1,531) 3,754 Net other comprehensive (loss) income (11,652) — 61,628 294 50,270 (1,531) 48,739 Balance as of $11,050 $1,321 ($9,428) ($24,018) ($21,075) ($4,071) ($25,146) (a) Includes $59.7 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 10 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 19 — Employee Benefit Plans |
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, 2021 and March 31, 2020: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement March 31, 2021 March 31, 2020 Realized loss on foreign currency exchange contracts $1,205 $18 Other operating expense, net Realized loss on foreign currency option contracts 594 9 Other operating expense, net Noncontrolling interests (414) (6) Comprehensive (loss) income attributable to noncontrolling interests Realized loss (gain) on interest rate contracts 3,994 (452) Interest expense Income tax expense from net gain on foreign currency contracts (388) (6) Income tax expense Net loss (gain) from accumulated other comprehensive income $4,991 ($437) |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restricted Cash and Investments [Abstract] | |
Schedule of Restricted Cash | The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the three months ended March 31, 2021: March 31, 2021 Restricted cash held in escrow $475 Total restricted cash shown in the Consolidated Balance Sheets 475 Cash and cash equivalents 82,620 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $83,095 |
Schedule of Cash and Cash Equivalents | The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the three months ended March 31, 2021: March 31, 2021 Restricted cash held in escrow $475 Total restricted cash shown in the Consolidated Balance Sheets 475 Cash and cash equivalents 82,620 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $83,095 |
CHARGES FOR INTEGRATION AND R_2
CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Integration and Restructuring Related Cost | A summary of the charges for integration and restructuring related to the merger with Pope Resources is presented below: Three Months Ended 2021 2020 Professional services — $2,347 Other integration and restructuring costs — 140 Total integration and restructuring charges related to the merger with Pope Resources — $2,487 |
Schedule of Changes in Accrued Severance Related to Restructuring | Changes in accrued severance related to restructuring during the three months ended March 31, 2021 were as follows: Three Months Ended March 31, 2021 Accrued severance as of December 31, 2020 $112 Payments (53) Accrued severance as of March 31, 2021 $59 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) - Operating Partnership | Mar. 31, 2021 | May 08, 2020 | May 07, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Ownership interest | 97.00% | 100.00% | |
Ownership interest owned by limited partners | 3.00% |
BASIS OF PRESENTATION - Summary
BASIS OF PRESENTATION - Summary of Change in Reporting Entity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating income | $ 28,485 | $ 38,552 |
Net income (loss) attributable to parent | 10,848 | 25,854 |
Rayonier Limited Partnership | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating income | 28,485 | 38,552 |
Net income (loss) attributable to parent | $ 11,189 | $ 25,854 |
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit) | $ 0.08 | $ 0.20 |
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.08 | $ 0.20 |
Rayonier Limited Partnership | Revision of Prior Period, Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating income | $ 0 | |
Net income (loss) attributable to parent | $ (3,596) | |
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit) | $ (0.03) | |
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ (0.03) |
MERGER WITH POPE RESOURCES - Na
MERGER WITH POPE RESOURCES - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | May 08, 2020fund | |
Business Acquisition [Line Items] | |||
Costs related to the merger with Pope Resources | $ 0 | $ 2,487 | |
Net (loss) income | 15,032 | 26,421 | |
Merger with Pope Resources | |||
Business Acquisition [Line Items] | |||
Number of timber funds acquired | fund | 3 | ||
Costs related to the merger with Pope Resources | 2,500 | ||
Increase in higher and better use timberlands from purchase price allocation | $ 8,200 | ||
Merger with Pope Resources | Acquisition-related Transaction Costs | |||
Business Acquisition [Line Items] | |||
Net (loss) income | $ 7,700 |
MERGER WITH POPE RESOURCES - Su
MERGER WITH POPE RESOURCES - Summary of Consideration Transferred (Details) - Merger with Pope Resources - USD ($) $ in Thousands | May 08, 2020 | May 07, 2020 |
Business Acquisition [Line Items] | ||
Cash consideration | $ 247,318 | |
Equity consideration | 172,640 | |
Redeemable Operating Partnership Unit consideration | 106,752 | |
Fair value of Pope Resources units held by us | $ 11,211 | |
Total purchase price | $ 537,921 |
MERGER WITH POPE RESOURCES - Fa
MERGER WITH POPE RESOURCES - Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) $ in Thousands | May 08, 2020USD ($) |
Merger with Pope Resources | |
Restructuring Cost and Reserve [Line Items] | |
Cash | $ 16,250 |
Accounts receivable | 4,246 |
Other current assets | 963 |
Timber and Timberlands | 940,026 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |
Property, plant and equipment | 11,616 |
Other assets | 4,005 |
Total identifiable assets acquired | 1,011,854 |
Accounts payable | 567 |
Current maturities of long-term debt | 25,084 |
Accrued interest | 519 |
Other current liabilities | 11,118 |
Long-term debt | 89,261 |
Long-term environmental liabilities | 10,748 |
Other non-current liabilities | 2,616 |
Total liabilities assumed | 139,913 |
Net identifiable assets | 871,941 |
Less: noncontrolling interests | (334,020) |
Total net assets acquired | 537,921 |
Deferred income tax liability | 2,600 |
Core Timberlands | |
Restructuring Cost and Reserve [Line Items] | |
Cash | 7,380 |
Accounts receivable | 2,459 |
Other current assets | 703 |
Timber and Timberlands | 507,526 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |
Property, plant and equipment | 11,616 |
Other assets | 3,736 |
Total identifiable assets acquired | 568,168 |
Accounts payable | 274 |
Current maturities of long-term debt | 0 |
Accrued interest | 244 |
Other current liabilities | 9,038 |
Long-term debt | 53,502 |
Long-term environmental liabilities | 10,748 |
Other non-current liabilities | 2,616 |
Total liabilities assumed | 76,422 |
Net identifiable assets | 491,746 |
Less: noncontrolling interests | (3,816) |
Total net assets acquired | 487,930 |
Timber Funds | |
Restructuring Cost and Reserve [Line Items] | |
Cash | 8,870 |
Accounts receivable | 1,787 |
Other current assets | 260 |
Timber and Timberlands | 432,500 |
Higher and Better Use Timberlands and Real Estate Development Investments | 0 |
Property, plant and equipment | 0 |
Other assets | 269 |
Total identifiable assets acquired | 443,686 |
Accounts payable | 293 |
Current maturities of long-term debt | 25,084 |
Accrued interest | 275 |
Other current liabilities | 2,080 |
Long-term debt | 35,759 |
Long-term environmental liabilities | 0 |
Other non-current liabilities | 0 |
Total liabilities assumed | 63,491 |
Net identifiable assets | 380,195 |
Less: noncontrolling interests | (330,204) |
Total net assets acquired | $ 49,991 |
MERGER WITH POPE RESOURCES - Sc
MERGER WITH POPE RESOURCES - Schedule of Unaudited Pro Forma Information (Details) - Merger with Pope Resources $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Sales | $ | $ 283,500 |
Net income attributable to Rayonier Inc. | $ | $ 18,398 |
Basic earnings per share/unit (in dollars per share/unit) | $ 0.13 |
Diluted earnings per share/unit (in dollars per share/unit) | $ 0.13 |
Rayonier Limited Partnership | |
Business Acquisition [Line Items] | |
Net income attributable to Rayonier Inc. | $ | $ 18,998 |
Basic earnings per share/unit (in dollars per share/unit) | $ 0.13 |
Diluted earnings per share/unit (in dollars per share/unit) | $ 0.13 |
SEGMENT AND GEOGRAPHICAL INFO_3
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
SALES | $ 191,447 | $ 259,130 |
Threshold to be considered a large disposition transaction | 20,000 | |
Large Dispositions | ||
Segment Reporting Information [Line Items] | ||
SALES | 116,000 | |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||
Segment Reporting Information [Line Items] | ||
SALES | 11,900 | |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
SALES | (1,439) | (13) |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 51,677 | 52,982 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 41,522 | 31,075 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 57,579 | 37,538 |
Operating Segments | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
SALES | 14,939 | 0 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
SALES | 10,504 | 118,564 |
Operating Segments | Trading | ||
Segment Reporting Information [Line Items] | ||
SALES | 16,665 | 18,984 |
Intersegment Eliminations | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
SALES | 1,354 | |
Intersegment Eliminations | Trading | ||
Segment Reporting Information [Line Items] | ||
SALES | 85 | 13 |
Intersegment Eliminations | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
SALES | $ (1,439) | $ (13) |
SEGMENT AND GEOGRAPHICAL INFO_4
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total Operating Income | $ 28,485 | $ 38,552 |
Unallocated interest expense and other | (10,032) | (8,425) |
Total Income before Income Taxes | 18,453 | 30,127 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | (1,100) | |
Real Estate | Large Dispositions | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 28,700 | |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 17,347 | 15,070 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 1,350 | (948) |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 13,944 | 5,448 |
Operating Segments | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 1,501 | 0 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 1,687 | 26,774 |
Operating Segments | Trading | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 244 | (19) |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | $ (7,588) | $ (7,773) |
SEGMENT AND GEOGRAPHICAL INFO_5
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 45,213 | $ 69,700 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 4,900 | |
Real Estate | Large Dispositions | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 35,400 | |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 14,359 | 18,182 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 16,284 | 10,702 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 7,250 | 4,774 |
Operating Segments | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 5,500 | 0 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 1,557 | 35,745 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 263 | $ 297 |
SEGMENT AND GEOGRAPHICAL INFO_6
SEGMENT AND GEOGRAPHICAL INFORMATION Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 1,813 | $ 52,051 |
Real Estate | ||
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 1,813 | 52,051 |
Real Estate | Large Dispositions | ||
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 51,600 |
REVENUE REMAINING PERFORMANCE O
REVENUE REMAINING PERFORMANCE OBLIGATION - Narrative (Details) | Mar. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected to Satisfaction, period | 12 months |
REVENUE - Contract Liability (D
REVENUE - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized from contract liability balance at the beginning of the year | $ 5,920 | $ 6,425 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 191,215 | $ 259,130 |
Lease Revenue | 232 | 0 |
Total Revenue | 191,447 | 259,130 |
Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 35,988 | 37,997 |
Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 135,210 | 93,854 |
Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 405 | 481 |
Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 171,603 | 132,332 |
License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,569 | 4,743 |
Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,415 | 3,162 |
Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 356 | 329 |
Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 9,340 | 8,234 |
Improved Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 252 | |
Rural | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 9,765 | 2,397 |
Deferred Revenue/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 255 | 140 |
Large Dispositions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 116,027 | |
Total Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 10,272 | 118,564 |
Elim. | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | (1,439) | (13) |
Operating Segments | Southern Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 51,677 | 52,982 |
Total Revenue | 51,677 | 52,982 |
Operating Segments | Southern Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 21,856 | 27,493 |
Operating Segments | Southern Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 21,963 | 19,509 |
Operating Segments | Southern Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 405 | 481 |
Operating Segments | Southern Timber | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 44,224 | 47,483 |
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,417 | 4,589 |
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3,036 | 910 |
Operating Segments | Southern Timber | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Southern Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 7,453 | 5,499 |
Operating Segments | Pacific Northwest Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 41,522 | 31,075 |
Total Revenue | 41,522 | 31,075 |
Operating Segments | Pacific Northwest Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,495 | 3,127 |
Operating Segments | Pacific Northwest Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 37,758 | 27,445 |
Operating Segments | Pacific Northwest Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 40,253 | 30,572 |
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 91 | 97 |
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,178 | 406 |
Operating Segments | Pacific Northwest Timber | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,269 | 503 |
Operating Segments | New Zealand Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 57,579 | 37,538 |
Total Revenue | 57,579 | 37,538 |
Operating Segments | New Zealand Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 9,542 | 4,847 |
Operating Segments | New Zealand Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 47,792 | 30,788 |
Operating Segments | New Zealand Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | New Zealand Timber | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 57,334 | 35,635 |
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 58 | 57 |
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 187 | 1,846 |
Operating Segments | New Zealand Timber | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | New Zealand Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 245 | 1,903 |
Operating Segments | Timber Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,585 | 0 |
Total Revenue | 14,939 | 0 |
Operating Segments | Timber Funds | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 260 | 0 |
Operating Segments | Timber Funds | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,308 | 0 |
Operating Segments | Timber Funds | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Timber Funds | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,568 | 0 |
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3 | 0 |
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 14 | 0 |
Operating Segments | Timber Funds | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Timber Funds | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 17 | 0 |
Operating Segments | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 10,272 | 118,564 |
Lease Revenue | 232 | |
Total Revenue | 10,504 | 118,564 |
Operating Segments | Real Estate | Improved Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 252 | |
Operating Segments | Real Estate | Rural | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 9,765 | 2,397 |
Operating Segments | Real Estate | Deferred Revenue/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 255 | 140 |
Operating Segments | Real Estate | Large Dispositions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 116,027 | |
Operating Segments | Real Estate | Total Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 10,272 | 118,564 |
Operating Segments | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 16,580 | 18,971 |
Total Revenue | 16,665 | 18,984 |
Operating Segments | Trading | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,835 | 2,530 |
Operating Segments | Trading | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 14,389 | 16,112 |
Operating Segments | Trading | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Trading | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 16,224 | 18,642 |
Operating Segments | Trading | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Trading | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Trading | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 356 | 329 |
Operating Segments | Trading | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 356 | 329 |
Intersegment | Timber Funds | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,354 | |
Intersegment | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 85 | 13 |
Intersegment | Elim. | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ (1,439) | $ (13) |
REVENUE - Disaggregation of R_2
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 191,215 | $ 259,130 |
Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 21,257 | 25,407 |
Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 6,134 | 5,519 |
Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 27,391 | 30,926 |
Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 144,212 | 101,406 |
Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 83,946 | 60,664 |
Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 60,266 | 40,742 |
Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 171,603 | 132,332 |
Southern Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 21,257 | 25,407 |
Southern Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3 | 388 |
Southern Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 21,260 | 25,795 |
Southern Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 22,964 | 21,688 |
Southern Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 18,059 | 21,060 |
Southern Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,905 | 628 |
Pacific Northwest Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Pacific Northwest Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 6,131 | 5,131 |
Pacific Northwest Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 6,131 | 5,131 |
Pacific Northwest Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 34,122 | 25,441 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 34,122 | 25,441 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 57,334 | 35,635 |
New Zealand Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 17,106 | 13,691 |
New Zealand Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 40,228 | 21,944 |
Timber Funds | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Timber Funds | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Timber Funds | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Timber Funds | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,568 | 0 |
Timber Funds | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,568 | 0 |
Timber Funds | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 16,224 | 18,642 |
Trading | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,091 | 472 |
Trading | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 15,133 | 18,170 |
Operating Segments | Southern Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 51,677 | 52,982 |
Operating Segments | Southern Timber | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 44,224 | 47,483 |
Operating Segments | Pacific Northwest Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 41,522 | 31,075 |
Operating Segments | Pacific Northwest Timber | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 40,253 | 30,572 |
Operating Segments | New Zealand Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 57,579 | 37,538 |
Operating Segments | New Zealand Timber | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 57,334 | 35,635 |
Operating Segments | Timber Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,585 | 0 |
Operating Segments | Timber Funds | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,568 | 0 |
Operating Segments | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 16,580 | 18,971 |
Operating Segments | Trading | Total Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 16,224 | $ 18,642 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Mar. 31, 2021 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 5 years |
LEASES - Lease Income (Details)
LEASES - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease income | $ 232 | $ 0 |
Total lease income | $ 232 | $ 0 |
NONCONTROLLING INTERESTS - Narr
NONCONTROLLING INTERESTS - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021afund | |
Matariki Forestry Group | |
Schedule of Equity Method Investments [Line Items] | |
Acres of timberland owned (acres) | 417,000 |
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | |
Schedule of Equity Method Investments [Line Items] | |
Number of timber funds | fund | 3 |
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary | |
Schedule of Equity Method Investments [Line Items] | |
Number of acres to be developed | 5 |
Rayonier | Matariki Forestry Group | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 77.00% |
Rayonier New Zealand Subsidiary | Matariki Forestry Group | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage by noncontrolling owners | 23.00% |
ORM Timber Fund II | |
Schedule of Equity Method Investments [Line Items] | |
Operating agreement term | 10 years |
ORM Timber Fund II | ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest | 20.00% |
ORM Timber Fund III | |
Schedule of Equity Method Investments [Line Items] | |
Operating agreement term | 10 years |
ORM Timber Fund III | ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest | 5.00% |
ORM Timber Fund IV | |
Schedule of Equity Method Investments [Line Items] | |
Operating agreement term | 15 years |
ORM Timber Fund IV | ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest | 15.00% |
Ferncliff Investors | Ferncliff Management | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest owned by limited partners | 33.33% |
Bainbridge Landing LLC | Ferncliff Investors | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest owned by limited partners | 50.00% |
NONCONTROLLING INTERESTS - Sche
NONCONTROLLING INTERESTS - Schedule of Net Income Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) attributable to noncontrolling interest | $ 3,843 | $ 567 |
Matariki Forestry Group | ||
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) attributable to noncontrolling interest | 2,638 | 567 |
ORM Timber Funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) attributable to noncontrolling interest | 1,076 | 0 |
Ferncliff Investors | ||
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) attributable to noncontrolling interest | $ 129 | $ 0 |
NONCONTROLLING INTERESTS - Sc_2
NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning noncontrolling interests in the Operating Partnership | $ 130,121 |
Adjustment of noncontrolling interests in the Operating Partnership | 11,867 |
Conversions of Redeemable Operating Partnership Units to Common Shares | (4,715) |
Net Income attributable to noncontrolling interests in the Operating Partnership | 341 |
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership | 1,531 |
Distributions to noncontrolling interests in the Operating Partnership | (1,155) |
Total noncontrolling interests in the Operating Partnership | $ 137,990 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Primary Beneficiary - ORM Timber Funds | 3 Months Ended |
Mar. 31, 2021fund | |
Variable Interest Entity [Line Items] | |
Number of timber funds | 3 |
ORM Timber Fund II | |
Variable Interest Entity [Line Items] | |
Ownership interest | 20.00% |
ORM Timber Fund III | |
Variable Interest Entity [Line Items] | |
Ownership interest | 5.00% |
ORM Timber Fund IV | |
Variable Interest Entity [Line Items] | |
Ownership interest | 15.00% |
VARIABLE INTEREST ENTITIES - Su
VARIABLE INTEREST ENTITIES - Summary of VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 82,620 | $ 84,507 |
Accounts receivable | 51,902 | 49,082 |
Prepaid expenses | 18,280 | 16,168 |
Other current assets | 4,355 | 6,765 |
Total current assets | 190,080 | 170,565 |
Timber and timberlands, net of depletion and amortization | 3,245,122 | 3,262,126 |
TOTAL ASSETS | 3,749,584 | 3,728,733 |
Liabilities and Equity: | ||
Accounts payable | 35,083 | 24,790 |
Accrued taxes | 8,317 | 7,347 |
Accrued interest | 9,627 | 6,325 |
Deferred revenue | 8,137 | 11,112 |
Other current liabilities | 33,587 | 29,234 |
Total current liabilities | 100,845 | 91,135 |
Long-term debt, net of deferred financing costs | 1,359,400 | |
Funds’ equity | 1,528,835 | 1,474,057 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,749,584 | $ 3,728,733 |
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||
ASSETS | ||
Cash and cash equivalents | 4,674 | |
Accounts receivable | 3,099 | |
Prepaid expenses | 9 | |
Other current assets | 237 | |
Total current assets | 8,019 | |
Timber and timberlands, net of depletion and amortization | 408,338 | |
Other assets | 74 | |
TOTAL ASSETS | 416,431 | |
Liabilities and Equity: | ||
Accounts payable | 2,064 | |
Intercompany payable | 698 | |
Accrued taxes | 174 | |
Accrued interest | 505 | |
Deferred revenue | 323 | |
Other current liabilities | 514 | |
Total current liabilities | 4,278 | |
Long-term debt, net of deferred financing costs | 59,967 | |
Funds’ equity | 352,186 | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 416,431 | |
Variable Interest Entity, Primary Beneficiary | Ferncliff Investors | ||
ASSETS | ||
Cash and cash equivalents | 139 | |
Intercompany receivable | 61 | |
Total current assets | 200 | |
Advances to real estate joint venture entity | 1,000 | |
TOTAL ASSETS | 1,200 | |
Liabilities and Equity: | ||
Total current liabilities | 1,892 | |
Funds’ equity | (692) | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $ 1,200 |
EARNINGS PER SHARE AND PER UN_3
EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income | $ 15,032 | $ 26,421 |
Less: Net income attributable to noncontrolling interests in the Operating Partnership | (341) | 0 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (3,843) | (567) |
Net income attributable to Rayonier Inc. | $ 10,848 | $ 25,854 |
Denominator: | ||
Denominator for basic earnings per common share - weighted average shares (in shares) | 137,870,821 | 129,137,494 |
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.08 | $ 0.20 |
Numerator: | ||
Net income | $ 15,032 | $ 26,421 |
Less: Net income attributable to noncontrolling interests in the Operating Partnership | 341 | 0 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | 3,843 | 567 |
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership | $ 11,189 | $ 25,854 |
Denominator: | ||
Denominator for basic earnings per common share - weighted average shares (in shares) | 137,870,821 | 129,137,494 |
Add: Dilutive effect of: | ||
Stock options (in shares/units) | 4,051 | 1,075 |
Performance shares,restricted shares and restricted stock units (in shares/units) | 353,131 | 209,481 |
Noncontrolling interest in common units (in shares) | 4,330,794 | 0 |
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units) | 142,558,797 | 129,348,050 |
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share) | $ 0.08 | $ 0.20 |
Rayonier Limited Partnership | ||
Numerator: | ||
Net income | $ 15,032 | $ 26,421 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (3,843) | (567) |
Net income attributable to Rayonier Inc. | $ 11,189 | $ 25,854 |
Denominator: | ||
Denominator for basic earnings per unit - weighted average units (in units) | 142,201,615 | 129,137,494 |
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.08 | $ 0.20 |
Numerator: | ||
Net income | $ 15,032 | $ 26,421 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | $ 3,843 | $ 567 |
Denominator: | ||
Denominator for basic earnings per unit - weighted average units (in units) | 142,201,615 | 129,137,494 |
Add: Dilutive effect of: | ||
Stock options (in shares/units) | 4,051 | 1,075 |
Performance shares,restricted shares and restricted stock units (in shares/units) | 353,131 | 209,481 |
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units) | 142,558,797 | 129,348,050 |
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.08 | $ 0.20 |
EARNINGS PER SHARE AND PER UN_4
EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units) | 194,256 | 406,326 |
Rayonier Limited Partnership | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units) | 194,256 | 406,326 |
DEBT - Schedule of Long Term De
DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Long-term debt, net of deferred financing costs | $ 1,359,400 | |
Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | 1,301,771 | |
Less: Deferred financing costs | (2,338) | |
Long-term debt, net of deferred financing costs | 1,299,433 | $ 1,300,336 |
Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | 59,975 | |
Less: Deferred financing costs | (8) | |
Long-term debt, net of deferred financing costs | $ 59,967 | $ 60,179 |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | ||
Debt Instrument [Line Items] | ||
Effective fixed interest rate | 3.20% | |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.60% | |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 350,000 | |
Stated interest rate | 1.70% | |
Senior Notes due 2022 at a fixed interest rate of 3.75% | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 325,000 | |
Stated interest rate | 3.75% | |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | ||
Debt Instrument [Line Items] | ||
Effective fixed interest rate | 2.80% | |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.90% | |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 300,000 | |
Stated interest rate | 2.00% | |
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 | ||
Debt Instrument [Line Items] | ||
Effective fixed interest rate | 2.30% | |
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.85% | |
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 250,000 | |
Stated interest rate | 2.00% | |
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 24,074 | |
Stated interest rate | 2.95% | |
Due 2025 at a fixed interest rate of 6.1% | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 11,512 | |
Stated interest rate | 6.10% | |
Due 2028 at a fixed interest rate of 4.1% | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 11,984 | |
Stated interest rate | 4.10% | |
Due 2033 at a fixed interest rate of 5.3% | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 19,363 | |
Stated interest rate | 5.30% | |
Due 2036 at a fixed interest rate of 5.4% | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 9,838 | |
Stated interest rate | 5.40% | |
Due 2022 at a variable interest rate of 2.0% at March 31, 2021 | Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 11,000 | |
Stated interest rate | 2.00% | |
Due 2022 at a variable interest rate of 2.0% at March 31, 2021 | Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 14,000 | |
Stated interest rate | 2.00% | |
Due 2023 at a fixed interest rate of 5.1% | Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 19,431 | |
Stated interest rate | 5.10% | |
Effective fixed interest rate | 3.90% | |
Due 2024 at a fixed interest rate of 4.5% | Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 15,544 | |
Stated interest rate | 4.50% | |
Effective fixed interest rate | 3.20% |
DEBT - Schedule of Long Term Ma
DEBT - Schedule of Long Term Maturities (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 0 |
2022 | 350,000 |
2023 | 17,980 |
2024 | 14,400 |
2025 | 284,074 |
Thereafter | 685,000 |
Total Debt | 1,351,454 |
Excluding Timber Funds | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 325,000 |
2023 | 0 |
2024 | 0 |
2025 | 284,074 |
Thereafter | 685,000 |
Total Debt | 1,294,074 |
Timber Funds | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 25,000 |
2023 | 17,980 |
2024 | 14,400 |
2025 | 0 |
Thereafter | 0 |
Total Debt | $ 57,380 |
DEBT - Narrative and Debt Coven
DEBT - Narrative and Debt Covenants (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2021NZD ($) | |
Debt Instrument [Line Items] | ||
Repayments | $ 0 | |
Working Capital Facility | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | |
Repayments | 0 | |
Remaining borrowing capacity | $ 20 | |
Minority Shareholder Due 2025 At 2.95% | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Outstanding balance | $ 24,100,000 | |
Term Credit Agreement | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.60% | |
Incremental Term Loan Agreement | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.90% | |
2020 Incremental Term Loan Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.85% | |
Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 1,301,771,000 | |
Excluding Timber Funds | Term Credit Agreement | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.70% | 1.70% |
Total debt, excluding Timber Funds | $ 350,000,000 | |
Excluding Timber Funds | Incremental Term Loan Agreement | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.00% | 2.00% |
Total debt, excluding Timber Funds | $ 300,000,000 | |
Excluding Timber Funds | 2020 Incremental Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.00% | 2.00% |
Total debt, excluding Timber Funds | $ 250,000,000 | |
Timber Funds | ||
Debt Instrument [Line Items] | ||
Total debt, excluding Timber Funds | $ 59,975,000 | |
Timber Funds | Fund II Mortgages Payable | ||
Debt Instrument [Line Items] | ||
Loan-to-value ratio, percentage | 50.00% | |
Timber Funds | Fund III Mortgages Payable | ||
Debt Instrument [Line Items] | ||
Loan-to-value ratio, percentage | 50.00% | |
Ratio of minimum interest coverage | 1.5 | 1.5 |
Working capital | $ 500,000 | |
Timber Funds | Fund II Mortgages Payable, Due 2022 At 1.700% | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.00% | 2.00% |
Timber Funds | Fund II Mortgages Payable, Due 2022 At 1.700% | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.70% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 0 | |
Revolving Credit Facility | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | 299,100,000 | |
Amount to secure outstanding letters of credit | 900,000 | |
Maximum borrowing capacity | 300,000,000 | |
Northwest Farm Credit Services Credit Facility | Excluding Timber Funds | ||
Debt Instrument [Line Items] | ||
Long-term debt fair value | $ 45,000,000 |
Debt - Debt Convenants - Exclud
Debt - Debt Convenants - Excluding Timber Funds (Details) - Excluding Timber Funds | Mar. 31, 2021 |
Northwest Farm Credit Services Credit Facility | |
Debt Instrument [Line Items] | |
Ratio of loan To appraised value, Covenant Requirement | 50 |
Ratio of loan to appraised value requirement actual | 12 |
Ratio of loan to appraised value, favorable | 0.38 |
Covenant EBITDA to consolidated interest expense, Covenant Requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, Actual ratio | 6.7 |
Covenant EBITDA to consolidated interest expense, Favorable | 4.2 |
Covenant debt to net worth plus covenant debt, Covenant Requirement | 0.65 |
Covenant debt to net worth plus covenant debt, Actual ratio | 0.47 |
Covenant debt to net worth plus covenant debt, favorable | 0.18 |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | |
Debt Instrument [Line Items] | |
Covenant EBITDA to consolidated interest expense, Covenant Requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, Actual ratio | 6.7 |
Covenant EBITDA to consolidated interest expense, Favorable | 4.2 |
Covenant debt to net worth plus covenant debt, Covenant Requirement | 0.65 |
Covenant debt to net worth plus covenant debt, Actual ratio | 0.47 |
Covenant debt to net worth plus covenant debt, favorable | 0.18 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020agreement | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||
Derivative [Line Items] | ||
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax | $ 2.6 | |
Treasury locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||
Derivative [Line Items] | ||
Number of agreements | agreement | 3 | |
Gain (loss) on treasury lock recorded to AOCI | 18.8 | |
Interest rate swap locks | ||
Derivative [Line Items] | ||
Amount de-designated and partially cash settled | 11.1 | |
Interest rate swap locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||
Derivative [Line Items] | ||
Gain (loss) on treasury lock recorded to AOCI | $ 1.3 | |
New Zealand JV | Forecasted Sales and Purchases, term 1 | ||
Derivative [Line Items] | ||
Length of time, foreign currency cash flow hedge | 12 months | |
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1 | ||
Derivative [Line Items] | ||
Percent of forecast sales and purchases hedged for 12 months | 50.00% | |
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2 | ||
Derivative [Line Items] | ||
Length of time, foreign currency cash flow hedge | 12 months | |
New Zealand JV | Minimum | Foreign Sales and Purchases, term 3 | ||
Derivative [Line Items] | ||
Length of time, foreign currency cash flow hedge | 18 months | |
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1 | ||
Derivative [Line Items] | ||
Percent of forecast sales and purchases hedged for 12 months | 90.00% | |
New Zealand JV | 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 | 75.00% | |
New Zealand JV | Maximum | Foreign Sales and Purchases, term 3 | ||
Derivative [Line Items] | ||
Length of time, foreign currency cash flow hedge | 48 months | |
Percent of forecast sales and purchases hedged for 18 to 48 months | 50.00% |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 170,000 |
Fixed Rate of Swap | 2.20% |
Bank Margin on Debt | 1.60% |
Total Effective Interest Rate | 3.80% |
Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 180,000 |
Fixed Rate of Swap | 2.35% |
Bank Margin on Debt | 1.60% |
Total Effective Interest Rate | 3.95% |
Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.90% |
Total Effective Interest Rate | 3.50% |
Interest Rate Swap 4 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.90% |
Total Effective Interest Rate | 3.50% |
Interest Rate Swap 5 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.26% |
Bank Margin on Debt | 1.90% |
Total Effective Interest Rate | 3.16% |
Interest Rate Swap 6 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 250,000 |
Fixed Rate of Swap | 1.10% |
Bank Margin on Debt | 1.85% |
Total Effective Interest Rate | 2.95% |
Forward-Starting Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 325,000 |
Fixed rate on derivative | 1.40% |
Forward-Starting Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 100,000 |
Fixed rate on derivative | 0.88% |
Forward-Starting Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 50,000 |
Fixed rate on derivative | 0.74% |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | $ 61,001 | $ (83,475) |
Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss) | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | (2,852) | (5,480) |
Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss) | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | (929) | (1,149) |
Derivatives designated as cash flow hedges | Interest rate swaps | Other comprehensive income (loss) | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 28,512 | (39,450) |
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 3,438 | 452 |
Derivatives designated as cash flow hedges | Treasury locks | Other comprehensive income (loss) | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 0 | (20,846) |
Derivatives designated as cash flow hedges | Treasury locks | Interest expense | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 521 | 0 |
Derivatives designated as cash flow hedges | Interest rate swap locks | Other comprehensive income (loss) | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 0 | 854 |
Derivatives designated as cash flow hedges | Interest rate swap locks | Interest expense | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 35 | 0 |
Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other comprehensive income (loss) | Derivatives designated as cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives designated as hedging instrument | 31,219 | (19,710) |
Derivative not designated as a hedging instrument | Carbon option contracts | Interest and other miscellaneous expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (loss) recognized in income | $ 0 | $ 549 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 64,000,000 | $ 49,000,000 |
Foreign currency option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 16,000,000 | 28,000,000 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 900,000,000 | 900,000,000 |
Forward-starting interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 475,000,000 | $ 475,000,000 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | $ 32,864 | $ 8,057 |
Fair value, derivative liability | (29,779) | (64,633) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 4,069 | 6,494 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 28,795 | 1,563 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (461) | (11) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (29,318) | (64,622) |
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 | 3,477 | 4,968 |
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 | 160 | 1,050 |
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 | (454) | 0 |
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 | (17) | 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 | 592 | 1,526 |
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 | (7) | (11) |
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 | 9,945 | 0 |
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 | (29,301) | (51,580) |
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 | 18,690 | 513 |
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 | $ (13,042) |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | $ 475 | $ 2,975 |
Noncontrolling Interests in the Operating Partnership | 137,990 | 130,121 |
Carrying Amount | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (19,356) | (51,580) |
Carrying Amount | Forward-starting interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (12,529) | |
Derivative assets | 18,690 | |
Carrying Amount | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,166 | 6,018 |
Carrying Amount | Foreign currency option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 585 | 1,515 |
Carrying Amount | Excluding Timber Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 77,946 | 80,454 |
Long-term debt | (1,299,433) | (1,300,336) |
Carrying Amount | Timber Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 4,674 | 4,053 |
Long-term debt | (59,967) | (60,179) |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 475 | 2,975 |
Noncontrolling Interests in the Operating Partnership | 137,990 | 130,121 |
Fair Value | Level 1 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value | Level 1 | Forward-starting interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Derivative assets | 0 | |
Fair Value | Level 1 | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Fair Value | Level 1 | Foreign currency option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 0 | 0 |
Noncontrolling Interests in the Operating Partnership | 0 | 0 |
Fair Value | Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (19,356) | (51,580) |
Fair Value | Level 2 | Forward-starting interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (12,529) | |
Derivative assets | 18,690 | |
Fair Value | Level 2 | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,166 | 6,018 |
Fair Value | Level 2 | Foreign currency option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 585 | 1,515 |
Fair Value | Excluding Timber Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 77,946 | 80,454 |
Long-term debt | 0 | 0 |
Fair Value | Excluding Timber Funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Long-term debt | (1,304,371) | (1,313,631) |
Fair Value | Timber Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 4,674 | 4,053 |
Long-term debt | 0 | 0 |
Fair Value | Timber Funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Long-term debt | $ (60,207) | $ (60,474) |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments | |
Remaining 2021 | $ 29,699 |
2022 | 23,180 |
2023 | 20,632 |
2024 | 17,791 |
2025 | 13,230 |
Thereafter | 36,461 |
Commitments, total | 140,993 |
Environmental Remediation | |
Commitments | |
Remaining 2021 | 814 |
2022 | 2,097 |
2023 | 1,853 |
2024 | 1,853 |
2025 | 2,338 |
Thereafter | 2,575 |
Commitments, total | 11,530 |
Development Projects | |
Commitments | |
Remaining 2021 | 17,440 |
2022 | 3,182 |
2023 | 267 |
2024 | 267 |
2025 | 267 |
Thereafter | 3,899 |
Commitments, total | 25,322 |
Commitments | |
Commitments | |
Remaining 2021 | 11,445 |
2022 | 17,901 |
2023 | 18,512 |
2024 | 15,671 |
2025 | 10,625 |
Thereafter | 29,987 |
Commitments, total | $ 104,141 |
ENVIRONMENTAL AND NATURAL RES_3
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Beginning balance, non-current portion | $ 10,615 |
Beginning balance, plus: current portion | 1,026 |
Beginning balance | 11,641 |
Expenditures | (111) |
Ending balance | 11,530 |
Ending balance, less: current portion | (930) |
Ending balance, non-current portion | $ 10,600 |
ENVIRONMENTAL AND NATURAL RES_4
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Minimum | Millsite Cleanup And Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 2 years |
Minimum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 10 years |
Maximum | Millsite Cleanup And Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 3 years |
Maximum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 15 years |
GUARANTEES (Details)
GUARANTEES (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 10,225 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 885 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 9,340 |
HIGHER AND BETTER USE TIMBERL_3
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) - USD ($) $ in Thousands | May 08, 2020 | Mar. 31, 2021 |
Real Estate, Land and Land Development Costs [Roll Forward] | ||
Non-current portion, beginning Balance | $ 108,518 | |
Plus: Current portion, beginning balance | 6,756 | |
Total balance, beginning balance | 115,274 | |
Non-cash cost of land and improved development | (781) | |
Amortization of parcel real estate development investments | (139) | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (243) | |
Capitalized real estate development investments | 5,291 | |
Capital expenditures (silviculture) | 96 | |
Intersegment transfers | 1,082 | |
Port Gamble purchase price adjustment | 8,238 | |
Total balance, ending balance | 128,818 | |
Less: Current portion, ending balance | (17,503) | |
Non-current portion, ending Balance | 111,315 | |
Capitalized interest | 100 | |
Parcel real estate development investments | 2,300 | |
Merger with Pope Resources | ||
Real Estate, Land and Land Development Costs [Roll Forward] | ||
HBU properties acquired in merger with Pope Resources | $ 34,700 | |
Land and Timber | ||
Real Estate, Land and Land Development Costs [Roll Forward] | ||
Non-current portion, beginning Balance | 79,901 | |
Plus: Current portion, beginning balance | 212 | |
Total balance, beginning balance | 80,113 | |
Non-cash cost of land and improved development | (549) | |
Amortization of parcel real estate development investments | 0 | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (243) | |
Capitalized real estate development investments | 0 | |
Capital expenditures (silviculture) | 96 | |
Intersegment transfers | 1,082 | |
Port Gamble purchase price adjustment | 8,238 | |
Total balance, ending balance | 88,737 | |
Less: Current portion, ending balance | (811) | |
Non-current portion, ending Balance | 87,926 | |
Development Investments | ||
Real Estate, Land and Land Development Costs [Roll Forward] | ||
Non-current portion, beginning Balance | 28,617 | |
Plus: Current portion, beginning balance | 6,544 | |
Total balance, beginning balance | 35,161 | |
Non-cash cost of land and improved development | (232) | |
Amortization of parcel real estate development investments | (139) | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 | |
Capitalized real estate development investments | 5,291 | |
Capital expenditures (silviculture) | 0 | |
Intersegment transfers | 0 | |
Port Gamble purchase price adjustment | 0 | |
Total balance, ending balance | 40,081 | |
Less: Current portion, ending balance | (16,692) | |
Non-current portion, ending Balance | $ 23,389 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Inventory | $ 24,993 | $ 10,594 |
Real estate inventory | ||
Inventory [Line Items] | ||
Inventory | 17,503 | 6,756 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 7,490 | $ 3,838 |
OTHER OPERATING INCOME (EXPEN_3
OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Gain on foreign currency remeasurement, net of cash flow hedges | $ 2,429 | $ 1,433 |
Gain on sale or disposal of property and equipment | 90 | 3 |
Log trading marketing fees | 6 | 47 |
Costs related to the merger with Pope Resources | 0 | (2,487) |
Equity income related to Bainbridge Landing LLC joint venture | 19 | 0 |
Miscellaneous expense, net | (96) | (107) |
Total | $ 2,448 | $ (1,111) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)pension_plan | Mar. 31, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of qualified defined benefit plans | pension_plan | 1 | |
Pension contributions paid | $ 0 | |
Weighted-average expected long-term rate of return on plan assets | 5.70% | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 557 | 677 |
Expected return on plan assets | (936) | (876) |
Amortization of losses | 288 | 215 |
Net periodic benefit (credit) cost | (91) | 16 |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 2 |
Interest cost | 11 | 13 |
Expected return on plan assets | 0 | 0 |
Amortization of losses | 5 | 2 |
Net periodic benefit (credit) cost | $ 18 | $ 17 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | May 07, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Income Taxes | ||||
Income tax expense | $ (3,421) | $ (3,706) | ||
Annualized effective tax rate after discrete items | 11.60% | 12.10% | ||
Operating Partnership | ||||
Income Taxes | ||||
Ownership interest | 97.00% | 100.00% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 1,862,645 | $ 1,537,642 |
Other comprehensive income (loss) before reclassifications | 44,985 | (50,510) |
Amounts reclassified from accumulated other comprehensive loss | 3,754 | 7,827 |
Net other comprehensive (loss) income | 48,739 | (42,683) |
Ending balance | 1,909,921 | 1,862,645 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (73,885) | (31,202) |
Ending balance | (25,146) | (73,885) |
Foreign currency translation (loss) gains | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 22,702 | (226) |
Other comprehensive income (loss) before reclassifications | (11,652) | 22,928 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive (loss) income | (11,652) | 22,928 |
Ending balance | 11,050 | 22,702 |
Net investment hedges of New Zealand subsidiary | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 1,321 | 1,321 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 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 | (71,056) | (8,910) |
Other comprehensive income (loss) before reclassifications | 56,637 | (71,644) |
Amounts reclassified from accumulated other comprehensive loss | 4,991 | 9,498 |
Net other comprehensive (loss) income | 61,628 | (62,146) |
Ending balance | (9,428) | (71,056) |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications | 59,700 | |
Employee benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (24,312) | (23,387) |
Other comprehensive income (loss) before reclassifications | 0 | (1,794) |
Amounts reclassified from accumulated other comprehensive loss | 294 | 869 |
Net other comprehensive (loss) income | 294 | (925) |
Ending balance | (24,018) | (24,312) |
Total Rayonier, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (71,345) | (31,202) |
Other comprehensive income (loss) before reclassifications | 44,985 | (50,510) |
Amounts reclassified from accumulated other comprehensive loss | 5,285 | 10,367 |
Net other comprehensive (loss) income | 50,270 | (40,143) |
Ending balance | (21,075) | (71,345) |
Allocation to Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (2,540) | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | (1,531) | (2,540) |
Net other comprehensive (loss) income | (1,531) | (2,540) |
Ending balance | $ (4,071) | $ (2,540) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassified AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating expense, net | $ (2,448) | $ 1,111 |
Interest expense | (10,028) | (8,216) |
Income tax expense | (3,421) | (3,706) |
Net loss (gain) from accumulated other comprehensive income | (15,032) | (26,421) |
Amount reclassified from accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net loss (gain) from accumulated other comprehensive income | 4,991 | (437) |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense | (388) | (6) |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Foreign currency exchange contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating expense, net | 1,205 | 18 |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Realized loss on foreign currency option contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating expense, net | 594 | 9 |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense | 3,994 | (452) |
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Comprehensive (loss) income attributable to noncontrolling interests | $ (414) | $ (6) |
RESTRICTED CASH - Narrative (De
RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Maximum time period proceeds from LKE sale maintained with third party intermediary, days | 180 days | ||
Proceeds from sale of real estate | $ 0 | $ 0 | |
Restricted cash held in escrow | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted deposits | $ 0.5 | $ 3 |
RESTRICTED CASH - Schedule of R
RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 475 | $ 2,975 | ||
Cash and cash equivalents | 82,620 | 84,507 | ||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | 83,095 | $ 87,482 | $ 132,837 | $ 69,968 |
Restricted cash held in escrow | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 475 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 7,930 | $ 3,449 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Properties Under Contract | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Period expected for sales to finalize | 12 months | |
Assets held for sale | $ 7,900 | $ 3,400 |
Asset impairment recognized | $ 0 |
CHARGES FOR INTEGRATION AND R_3
CHARGES FOR INTEGRATION AND RESTRUCTURING - Summary of Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Professional services | $ 0 | $ 2,347 |
Other integration and restructuring costs | 0 | 140 |
Charges | $ 0 | $ 2,487 |
CHARGES FOR INTEGRATION AND R_4
CHARGES FOR INTEGRATION AND RESTRUCTURING - Changes in Accrued Severance (Details) - Severance $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 112 |
Payments | (53) |
Ending balance | $ 59 |