Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Entity Addresses [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 143,152,315 | |
Entity Central Index key | 0000052827 | |
Current Fiscal year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 3,851,897 | |
Entity Central Index key | 0001806931 | |
Current Fiscal year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
SALES | $ 364,726 | $ 198,875 | $ 847,604 | $ 653,635 |
Costs and Expenses | ||||
Cost of sales | (233,308) | (180,944) | (578,937) | (545,333) |
Selling and general expenses | (13,174) | (14,498) | (41,899) | (37,036) |
Other operating income (expense), net | 5,070 | (1,653) | 9,474 | (19,247) |
Costs and expenses | (241,412) | (197,095) | (611,362) | (601,616) |
OPERATING INCOME | 123,314 | 1,780 | 236,242 | 52,019 |
Interest expense | (11,265) | (10,421) | (34,292) | (28,457) |
Interest and other miscellaneous income (expense), net | 1,274 | (137) | 127 | 1,232 |
INCOME (LOSS) BEFORE INCOME TAXES | 113,323 | (8,778) | 202,077 | 24,794 |
Income tax expense | (2,811) | (720) | (13,114) | (7,416) |
NET INCOME (LOSS) | 110,512 | (9,498) | 188,963 | 17,378 |
Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership | (2,210) | 25 | (4,303) | (195) |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) | 8,715 | (40,775) | 9,647 |
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 75,831 | (758) | 143,885 | 26,830 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0 | (6,622) | 12,476 | (19,670) | (8,290) |
Cash flow hedges, net of income tax effect of $833, $645, $2,207 and $530 | 1,711 | 7,861 | 52,693 | (82,890) |
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 294 | 217 | 881 | 652 |
Total other comprehensive (loss) income | (4,617) | 20,554 | 33,904 | (90,528) |
COMPREHENSIVE INCOME (LOSS) | 105,895 | 11,056 | 222,867 | (73,150) |
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (2,118) | (508) | (5,490) | (1,184) |
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates | (31,099) | 5,017 | (36,168) | 10,761 |
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS | $ 72,678 | $ 15,565 | $ 181,209 | $ (63,573) |
EARNINGS PER COMMON SHARE | ||||
Basic earnings (loss) per share attributable to Rayonier Inc. (in dollars per share) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 |
Diluted earnings (loss) per share attributable to Rayonier Inc. (in dollars per share) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 |
Rayonier Limited Partnership | ||||
SALES | $ 364,726 | $ 198,875 | $ 847,604 | $ 653,635 |
Costs and Expenses | ||||
Cost of sales | (233,308) | (180,944) | (578,937) | (545,333) |
Selling and general expenses | (13,174) | (14,498) | (41,899) | (37,036) |
Other operating income (expense), net | 5,070 | (1,653) | 9,474 | (19,247) |
Costs and expenses | (241,412) | (197,095) | (611,362) | (601,616) |
OPERATING INCOME | 123,314 | 1,780 | 236,242 | 52,019 |
Interest expense | (11,265) | (10,421) | (34,292) | (28,457) |
Interest and other miscellaneous income (expense), net | 1,274 | (137) | 127 | 1,232 |
INCOME (LOSS) BEFORE INCOME TAXES | 113,323 | (8,778) | 202,077 | 24,794 |
Income tax expense | (2,811) | (720) | (13,114) | (7,416) |
NET INCOME (LOSS) | 110,512 | (9,498) | 188,963 | 17,378 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) | 8,715 | (40,775) | 9,647 |
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 78,041 | (783) | 148,188 | 27,025 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0 | (6,622) | 12,476 | (19,670) | (8,290) |
Cash flow hedges, net of income tax effect of $833, $645, $2,207 and $530 | 1,711 | 7,861 | 52,693 | (82,890) |
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 294 | 217 | 881 | 652 |
Total other comprehensive (loss) income | (4,617) | 20,554 | 33,904 | (90,528) |
COMPREHENSIVE INCOME (LOSS) | 105,895 | 11,056 | 222,867 | (73,150) |
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates | (31,099) | 5,017 | (36,168) | 10,761 |
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS | $ 74,796 | $ 16,073 | $ 186,699 | $ (62,389) |
EARNINGS PER UNIT | ||||
Basic earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 |
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Foreign currency translation adjustment, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Cash flow hedges, tax expense | 833 | 645 | 2,207 | 530 |
Amortization of pension and postretirement plans, tax expense | 0 | 0 | 0 | 0 |
Rayonier Limited Partnership | ||||
Foreign currency translation adjustment, tax expense | 0 | 0 | 0 | 0 |
Cash flow hedges, tax expense | 833 | 645 | 2,207 | 530 |
Amortization of pension and postretirement plans, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Total cash and cash equivalents | $ 431,806 | $ 84,507 |
Accounts receivable, less allowance for doubtful accounts of $81 and $25 | 42,352 | 49,082 |
Inventory | 18,592 | 10,594 |
Prepaid expenses | 19,362 | 16,168 |
Assets held for sale | 56,397 | 3,449 |
Other current assets | 2,212 | 6,765 |
Total current assets | 619,930 | 170,565 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,788,991 | 3,262,126 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 110,592 | 108,518 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,569 | 6,548 |
Buildings | 31,028 | 31,024 |
Machinery and equipment | 4,392 | 4,615 |
Construction in progress | 710 | 452 |
Total property, plant and equipment, gross | 42,699 | 42,639 |
Less — accumulated depreciation | (14,167) | (12,238) |
Total property, plant and equipment, net | 28,532 | 30,401 |
RIGHT-OF-USE ASSETS | 107,631 | 108,992 |
OTHER ASSETS | 50,113 | 45,156 |
TOTAL ASSETS | 3,706,414 | 3,728,733 |
CURRENT LIABILITIES | ||
Accounts payable | 27,989 | 24,790 |
Accrued taxes | 18,503 | 7,347 |
Accrued payroll and benefits | 11,210 | 12,327 |
Accrued interest | 12,555 | 6,325 |
Deferred revenue | 19,899 | 11,112 |
Distribution payable, Timber Funds | 49,209 | 0 |
Other current liabilities | 28,983 | 29,234 |
Total current liabilities | 368,235 | 91,135 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,167,967 | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 22,173 | 23,344 |
LONG-TERM LEASE LIABILITY | 99,275 | 100,251 |
OTHER NON-CURRENT LIABILITIES | 115,749 | 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 | 140,555 | 130,121 |
SHAREHOLDERS’ EQUITY | ||
Common stock | 1,296,877 | 1,101,675 |
Retained earnings | 450,076 | 446,267 |
Accumulated other comprehensive loss | (36,560) | (73,885) |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,710,393 | 1,474,057 |
Noncontrolling interests in consolidated affiliates | 82,067 | 388,588 |
TOTAL SHAREHOLDERS’ EQUITY | 1,792,460 | 1,862,645 |
CAPITAL | ||
Accumulated other comprehensive loss | (36,560) | (73,885) |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,706,414 | 3,728,733 |
Excluding Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 419,604 | 80,454 |
PROPERTY, PLANT AND EQUIPMENT | ||
RESTRICTED CASH, EXCLUDING TIMBER FUNDS | 625 | 2,975 |
CURRENT LIABILITIES | ||
Less: Current maturities of long-term debt, excluding Timber Funds | 199,887 | 0 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,167,967 | 1,300,336 |
Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 12,202 | 4,053 |
Restricted cash, Timber Funds | 49,209 | 0 |
CURRENT LIABILITIES | ||
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 0 | 60,179 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 431,806 | 84,507 |
Accounts receivable, less allowance for doubtful accounts of $81 and $25 | 42,352 | 49,082 |
Inventory | 18,592 | 10,594 |
Prepaid expenses | 19,362 | 16,168 |
Assets held for sale | 56,397 | 3,449 |
Other current assets | 2,212 | 6,765 |
Total current assets | 619,930 | 170,565 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,788,991 | 3,262,126 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 110,592 | 108,518 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,569 | 6,548 |
Buildings | 31,028 | 31,024 |
Machinery and equipment | 4,392 | 4,615 |
Construction in progress | 710 | 452 |
Total property, plant and equipment, gross | 42,699 | 42,639 |
Less — accumulated depreciation | (14,167) | (12,238) |
Total property, plant and equipment, net | 28,532 | 30,401 |
RIGHT-OF-USE ASSETS | 107,631 | 108,992 |
OTHER ASSETS | 50,113 | 45,156 |
TOTAL ASSETS | 3,706,414 | 3,728,733 |
CURRENT LIABILITIES | ||
Accounts payable | 27,989 | 24,790 |
Accrued taxes | 18,503 | 7,347 |
Accrued payroll and benefits | 11,210 | 12,327 |
Accrued interest | 12,555 | 6,325 |
Deferred revenue | 19,899 | 11,112 |
Distribution payable, Timber Funds | 49,209 | 0 |
Other current liabilities | 28,983 | 29,234 |
Total current liabilities | 368,235 | 91,135 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 22,173 | 23,344 |
LONG-TERM LEASE LIABILITY | 99,275 | 100,251 |
OTHER NON-CURRENT LIABILITIES | 115,749 | 160,722 |
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 4,428,900 and 4,428,900 Common Units outstanding, respectively | 140,555 | 130,121 |
SHAREHOLDERS’ EQUITY | ||
Accumulated other comprehensive loss | (32,834) | (71,345) |
CAPITAL | ||
General partners’ capital | 17,432 | 15,454 |
Limited partners’ capital | 1,725,795 | 1,529,948 |
Accumulated other comprehensive loss | (32,834) | (71,345) |
TOTAL CONTROLLING INTEREST CAPITAL | 1,710,393 | 1,474,057 |
Noncontrolling interests in consolidated affiliates | 82,067 | 388,588 |
TOTAL CAPITAL | 1,792,460 | 1,862,645 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,706,414 | 3,728,733 |
Rayonier Limited Partnership | Excluding Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 419,604 | 80,454 |
PROPERTY, PLANT AND EQUIPMENT | ||
RESTRICTED CASH, EXCLUDING TIMBER FUNDS | 625 | 2,975 |
CURRENT LIABILITIES | ||
Less: Current maturities of long-term debt, excluding Timber Funds | 199,887 | 0 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,167,967 | 1,300,336 |
Rayonier Limited Partnership | Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 12,202 | 4,053 |
Restricted cash, Timber Funds | 49,209 | 0 |
CURRENT LIABILITIES | ||
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | $ 0 | $ 60,179 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 81 | $ 25 |
SHAREHOLDERS’ EQUITY | ||
Common shares, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common shares, shares issued (in shares) | 143,049,458 | 137,678,822 |
Common shares, shares outstanding (in shares) | 143,049,458 | 137,678,822 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 81 | $ 25 |
SHAREHOLDERS’ EQUITY | ||
Common units outstanding (in shares) | 3,939,309 | 4,428,900 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Rayonier Limited Partnership | UnitsGeneral Partners’ CapitalRayonier Limited Partnership | UnitsLimited Partners’ CapitalRayonier Limited Partnership | Accumulated Other Comprehensive LossRayonier Limited Partnership | Noncontrolling Interests in Consolidated AffiliatesRayonier Limited Partnership | 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 (loss) | 26,421 | 25,854 | 567 | ||||||||
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 | $ 217 | 217 | |||||||
Foreign currency translation adjustment | (44,023) | (44,023) | (33,894) | $ (10,129) | (33,894) | (10,129) | |||||
Cash flow hedges | (83,475) | (83,475) | (82,376) | (1,099) | (82,376) | (1,099) | |||||
Distributions to noncontrolling interests in consolidated affiliates | (725) | (725) | (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, 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 (loss) attributable to noncontrolling interests in the Operating Partnership | (195) | ||||||||||
Amortization of pension and postretirement plan liabilities | 652 | 652 | |||||||||
Foreign currency translation adjustment | (8,290) | (8,290) | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 136,518,006 | ||||||||||
Ending balance at Sep. 30, 2020 | 1,851,148 | $ 1,065,188 | 485,636 | (121,605) | 421,929 | ||||||
Beginning balance (in shares) at Mar. 31, 2020 | 129,181,239 | ||||||||||
Beginning balance at Mar. 31, 2020 | 1,399,668 | $ 889,753 | 570,895 | (147,255) | 86,275 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 455 | 1,954 | (1,499) | ||||||||
Net income (loss) attributable to noncontrolling interests in the Operating Partnership | (219) | (219) | |||||||||
Dividends ($0.27 per share) | [1] | (36,957) | (36,957) | ||||||||
Issuances of shares associated with the merger with Pope Resources (in shares) | 7,181,071 | ||||||||||
Issuances of shares associated with the merger with Pope Resources | 172,418 | $ 172,418 | |||||||||
Issuance of shares under incentive stock plans (in shares) | 215,970 | ||||||||||
Issuance of shares under incentive stock plans | 222 | $ 222 | |||||||||
Stock-based compensation | 2,668 | $ 2,668 | |||||||||
Repurchase of common shares (in shares) | (66,168) | ||||||||||
Repurchase of common shares | (1,572) | $ (1,572) | |||||||||
Acquisition of noncontrolling interests in consolidated affiliates | 372,381 | 372,381 | 372,381 | 372,381 | |||||||
Adjustment of noncontrolling interests in the Operating Partnership | (3,992) | (3,992) | |||||||||
Amortization of pension and postretirement plan liabilities | 217 | 217 | 217 | 217 | |||||||
Foreign currency translation adjustment | 23,258 | 23,258 | 17,872 | 5,386 | 17,872 | 5,386 | |||||
Cash flow hedges | (7,276) | (7,276) | (8,306) | 1,030 | (8,306) | 1,030 | |||||
Allocation of other comprehensive income (loss) to noncontrolling interests in the Operating Partnership | (457) | (457) | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (6,856) | (6,856) | (6,856) | (6,856) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 136,512,112 | ||||||||||
Ending balance at Jun. 30, 2020 | 1,913,958 | $ 1,063,489 | 531,681 | (137,929) | 456,717 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (9,498) | (783) | (8,715) | ||||||||
Net income (loss) attributable to noncontrolling interests in the Operating Partnership | 25 | 25 | |||||||||
Dividends ($0.27 per share) | [1] | (37,257) | (37,257) | ||||||||
Costs associated with the “At-the-Market” (ATM) offering program | (456) | (456) | $ (5) | $ (451) | $ (456) | ||||||
Issuance of shares under incentive stock plans (in shares) | 6,079 | ||||||||||
Issuance of shares under incentive stock plans | 167 | $ 167 | |||||||||
Stock-based compensation | 1,965 | $ 1,965 | |||||||||
Repurchase of common shares (in shares) | (1,185) | ||||||||||
Repurchase of common shares | (4) | $ (4) | |||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | (701) | (701) | (701) | (701) | |||||||
Adjustment of noncontrolling interests in the Operating Partnership | (8,030) | (8,030) | |||||||||
Conversion of common units to common shares (in shares) | 1,000 | ||||||||||
Conversion of units into common shares | 27 | $ 27 | |||||||||
Amortization of pension and postretirement plan liabilities | 217 | 217 | 217 | 217 | |||||||
Foreign currency translation adjustment | 12,476 | 12,476 | 9,160 | 3,316 | 9,160 | 3,316 | |||||
Cash flow hedges | 7,861 | 7,861 | 7,479 | 382 | 7,479 | 382 | |||||
Allocation of other comprehensive income (loss) to noncontrolling interests in the Operating Partnership | (532) | (532) | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (667) | (667) | (667) | (667) | |||||||
Noncontrolling interests in consolidated affiliates redemption of shares | (28,403) | (28,403) | (28,403) | (28,403) | |||||||
Ending balance (in shares) at Sep. 30, 2020 | 136,518,006 | ||||||||||
Ending balance at Sep. 30, 2020 | 1,851,148 | $ 1,065,188 | 485,636 | (121,605) | 421,929 | ||||||
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 (loss) | 15,032 | 11,189 | 3,843 | ||||||||
Net income (loss) attributable to noncontrolling interests 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 | 655 | 655 | |||||||
Adjustment of noncontrolling interests 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 | 294 | 294 | |||||||
Foreign currency translation adjustment | (14,288) | (14,288) | (11,652) | (2,636) | (11,652) | (2,636) | |||||
Cash flow hedges | 61,001 | 61,001 | 61,628 | (627) | 61,628 | (627) | |||||
Allocation of other comprehensive income (loss) to noncontrolling interests in the Operating Partnership | (1,531) | (1,531) | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (8,737) | (8,737) | (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 | ||||||
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 (loss) attributable to noncontrolling interests in the Operating Partnership | (4,303) | ||||||||||
Amortization of pension and postretirement plan liabilities | 881 | 881 | |||||||||
Foreign currency translation adjustment | (19,670) | (19,670) | |||||||||
Ending balance (in shares) at Sep. 30, 2021 | 143,049,458 | ||||||||||
Ending balance at Sep. 30, 2021 | 1,792,460 | $ 1,296,877 | 450,076 | (36,560) | 82,067 | ||||||
Beginning balance (in shares) at Mar. 31, 2021 | 138,970,890 | ||||||||||
Beginning balance at Mar. 31, 2021 | 1,909,921 | $ 1,146,265 | 407,716 | (25,146) | 381,086 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 63,420 | 58,959 | 4,461 | ||||||||
Net income (loss) attributable to noncontrolling interests in the Operating Partnership | (1,753) | (1,753) | |||||||||
Dividends ($0.27 per share) | [1] | (37,981) | (37,981) | ||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $381 (in shares) | 2,199,459 | ||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 79,994 | $ 79,994 | |||||||||
Issuance of shares under incentive stock plans (in shares) | 185,544 | ||||||||||
Issuance of shares under incentive stock plans | 3,325 | $ 3,325 | |||||||||
Stock-based compensation | 2,852 | $ 2,852 | |||||||||
Repurchase of common shares (in shares) | (42,425) | ||||||||||
Repurchase of common shares | (1,453) | $ (1,453) | |||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 9,034 | 9,034 | 9,034 | 9,034 | |||||||
Adjustment of noncontrolling interests in the Operating Partnership | (15,410) | (15,410) | |||||||||
Conversion of common units to common shares (in shares) | 6,439 | ||||||||||
Conversion of units into common shares | 241 | $ 241 | |||||||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | 294 | 294 | |||||||
Foreign currency translation adjustment | 1,239 | 1,239 | 1,025 | 214 | 1,025 | 214 | |||||
Cash flow hedges | (10,019) | (10,019) | (9,833) | (186) | (9,833) | (186) | |||||
Allocation of other comprehensive income (loss) to noncontrolling interests in the Operating Partnership | 253 | 253 | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (6,474) | (6,474) | (6,474) | (6,474) | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 141,319,907 | ||||||||||
Ending balance at Jun. 30, 2021 | 1,997,483 | $ 1,231,224 | 411,531 | (33,407) | 388,135 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 110,512 | 78,041 | 32,471 | ||||||||
Net income (loss) attributable to noncontrolling interests in the Operating Partnership | (2,210) | (2,210) | |||||||||
Dividends ($0.27 per share) | [1] | (39,032) | (39,032) | ||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $381 (in shares) | 1,390,968 | ||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 51,132 | $ 51,132 | |||||||||
Issuance of shares under incentive stock plans (in shares) | 5,740 | ||||||||||
Issuance of shares under incentive stock plans | 183 | $ 183 | |||||||||
Stock-based compensation | 2,086 | $ 2,086 | |||||||||
Repurchase of common shares (in shares) | (175) | ||||||||||
Repurchase of common shares | (6) | $ (6) | |||||||||
Disposition of noncontrolling interests in consolidated affiliates | (255,486) | (255,486) | (255,486) | (255,486) | |||||||
Adjustment of noncontrolling interests in the Operating Partnership | 1,746 | 1,746 | |||||||||
Conversion of common units to common shares (in shares) | 333,018 | ||||||||||
Conversion of units into common shares | 12,258 | $ 12,258 | |||||||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | 294 | 294 | |||||||
Foreign currency translation adjustment | (6,622) | (6,622) | (5,743) | (879) | (5,743) | (879) | |||||
Cash flow hedges | 1,711 | 1,711 | $ 2,204 | (493) | 2,204 | (493) | |||||
Allocation of other comprehensive income (loss) to noncontrolling interests in the Operating Partnership | 92 | 92 | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (53,562) | (53,562) | (53,562) | (53,562) | |||||||
Noncontrolling interests in consolidated affiliates redemption of shares | (28,119) | $ (28,119) | $ (28,119) | (28,119) | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 143,049,458 | ||||||||||
Ending balance at Sep. 30, 2021 | $ 1,792,460 | $ 1,296,877 | $ 450,076 | $ (36,560) | $ 82,067 | ||||||
[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 | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||
Statement of Stockholders' Equity [Abstract] | |||||||
Dividends declared (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.27 | [1] | $ 0.27 | $ 0.27 | $ 0.27 |
Offering issuance costs | $ 691 | $ 927 | $ 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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net Income (Loss) | $ 110,512 | $ (9,498) | $ 188,963 | $ 17,378 | ||||
Costs associated with the “At-the-Market” (ATM) program | (456) | |||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | $ 9,034 | $ 655 | (701) | |||||
Acquisition of noncontrolling interests in consolidated affiliates | $ 372,381 | |||||||
Disposition of noncontrolling interests in consolidated affiliates | (255,486) | |||||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | 294 | 217 | 217 | $ 217 | 881 | 652 |
Foreign currency translation adjustment | (6,622) | 1,239 | (14,288) | 12,476 | 23,258 | (44,023) | (19,670) | (8,290) |
Cash flow hedges | 1,711 | (10,019) | 61,001 | 7,861 | (7,276) | (83,475) | ||
Distributions to noncontrolling interests in consolidated affiliates | (53,562) | (6,474) | (8,737) | (667) | (6,856) | (725) | ||
Noncontrolling interests in consolidated affiliates redemption of unit equivalents | (28,119) | (28,403) | ||||||
Rayonier Limited Partnership | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning balance | 1,997,483 | 1,909,921 | 1,862,645 | 1,913,958 | 1,399,668 | 1,537,642 | 1,862,645 | 1,537,642 |
Issuance of units associated with the merger with Pope Resources | 172,418 | |||||||
Net Income (Loss) | 110,512 | 63,420 | 15,032 | (9,498) | 455 | 26,421 | 188,963 | 17,378 |
Distributions on units ($0.27 per unit) | (40,096) | (39,135) | (38,687) | (38,457) | (38,157) | (34,813) | ||
Costs associated with the “At-the-Market” (ATM) program | (456) | |||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 51,132 | 79,994 | 36,708 | |||||
Issuance of units under incentive stock plans | 183 | 3,325 | 1,166 | 167 | 222 | 66 | ||
Stock-based compensation | 2,086 | 2,852 | 2,156 | 1,965 | 2,668 | 1,510 | ||
Repurchase of units | (6) | (1,453) | (155) | (4) | (1,572) | (3,152) | ||
Adjustment of Redeemable Operating Partnership Units | 692 | (15,756) | (12,584) | (7,337) | (3,468) | |||
Conversion of units into common shares | 12,258 | 241 | 4,715 | 27 | ||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 9,034 | 655 | (701) | |||||
Acquisition of noncontrolling interests in consolidated affiliates | 372,381 | |||||||
Disposition of noncontrolling interests in consolidated affiliates | (255,486) | |||||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | 294 | 217 | 217 | 217 | 881 | 652 |
Foreign currency translation adjustment | (6,622) | 1,239 | (14,288) | 12,476 | 23,258 | (44,023) | (19,670) | (8,290) |
Cash flow hedges | 1,711 | (10,019) | 61,001 | 7,861 | (7,276) | (83,475) | ||
Distributions to noncontrolling interests in consolidated affiliates | (53,562) | (6,474) | (8,737) | (667) | (6,856) | (725) | ||
Noncontrolling interests in consolidated affiliates redemption of unit equivalents | (28,119) | (28,403) | ||||||
Ending balance | 1,792,460 | 1,997,483 | 1,909,921 | 1,851,148 | 1,913,958 | 1,399,668 | 1,792,460 | 1,851,148 |
Rayonier Limited Partnership | Units | General Partners’ Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning balance | 16,389 | 15,499 | 15,454 | 15,947 | 14,606 | 14,712 | 15,454 | 14,712 |
Issuance of units associated with the merger with Pope Resources | 1,724 | |||||||
Net Income (Loss) | 780 | 590 | 112 | (8) | 20 | 259 | ||
Distributions on units ($0.27 per unit) | (401) | (391) | (387) | (385) | (382) | (349) | ||
Costs associated with the “At-the-Market” (ATM) program | (5) | |||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 511 | 800 | 367 | |||||
Issuance of units under incentive stock plans | 2 | 33 | 12 | 2 | 2 | 1 | ||
Stock-based compensation | 21 | 29 | 22 | 20 | 27 | 15 | ||
Repurchase of units | 0 | (15) | (2) | (15) | (32) | |||
Adjustment of Redeemable Operating Partnership Units | 7 | (158) | (126) | (73) | (35) | |||
Conversion of units into common shares | 123 | 2 | 47 | |||||
Ending balance | 17,432 | 16,389 | 15,499 | 15,498 | 15,947 | 14,606 | 17,432 | 15,498 |
Rayonier Limited Partnership | Units | Limited Partners’ Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning balance | 1,622,548 | 1,534,411 | 1,529,948 | 1,578,766 | 1,446,042 | 1,456,471 | 1,529,948 | 1,456,471 |
Issuance of units associated with the merger with Pope Resources | 170,694 | |||||||
Net Income (Loss) | 77,261 | 58,369 | 11,077 | (775) | 1,934 | 25,595 | ||
Distributions on units ($0.27 per unit) | (39,695) | (38,744) | (38,300) | (38,072) | (37,775) | (34,464) | ||
Costs associated with the “At-the-Market” (ATM) program | (451) | |||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 50,621 | 79,194 | 36,341 | |||||
Issuance of units under incentive stock plans | 181 | 3,292 | 1,154 | 165 | 220 | 65 | ||
Stock-based compensation | 2,065 | 2,823 | 2,134 | 1,945 | 2,641 | 1,495 | ||
Repurchase of units | (6) | (1,438) | (153) | (4) | (1,557) | (3,120) | ||
Adjustment of Redeemable Operating Partnership Units | 685 | (15,598) | (12,458) | (7,264) | (3,433) | |||
Conversion of units into common shares | 12,135 | 239 | 4,668 | 27 | ||||
Ending balance | 1,725,795 | 1,622,548 | 1,534,411 | 1,534,337 | 1,578,766 | 1,446,042 | 1,725,795 | 1,534,337 |
Rayonier Limited Partnership | Accumulated Other Comprehensive Loss | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning balance | (29,589) | (21,075) | (71,345) | (137,472) | (147,255) | (31,202) | (71,345) | (31,202) |
Amortization of pension and postretirement plan liabilities | 294 | 294 | 294 | 217 | 217 | 217 | ||
Foreign currency translation adjustment | (5,743) | 1,025 | (11,652) | 9,160 | 17,872 | (33,894) | ||
Cash flow hedges | 2,204 | (9,833) | 61,628 | 7,479 | (8,306) | (82,376) | ||
Ending balance | (32,834) | (29,589) | (21,075) | (120,616) | (137,472) | (147,255) | (32,834) | (120,616) |
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning balance | 388,135 | 381,086 | 388,588 | 456,717 | 86,275 | 97,661 | 388,588 | 97,661 |
Net Income (Loss) | 32,471 | 4,461 | 3,843 | (8,715) | (1,499) | 567 | ||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 9,034 | 655 | (701) | |||||
Acquisition of noncontrolling interests in consolidated affiliates | 372,381 | |||||||
Disposition of noncontrolling interests in consolidated affiliates | (255,486) | |||||||
Foreign currency translation adjustment | (879) | 214 | (2,636) | 3,316 | 5,386 | (10,129) | ||
Cash flow hedges | (493) | (186) | (627) | 382 | 1,030 | (1,099) | ||
Distributions to noncontrolling interests in consolidated affiliates | (53,562) | (6,474) | (8,737) | (667) | (6,856) | (725) | ||
Noncontrolling interests in consolidated affiliates redemption of unit equivalents | (28,119) | (28,403) | ||||||
Ending balance | $ 82,067 | $ 388,135 | $ 381,086 | $ 421,929 | $ 456,717 | $ 86,275 | $ 82,067 | $ 421,929 |
CONSOLIDATED STATEMENTS OF CH_4
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Offering issuance costs | $ 691 | $ 927 | $ 197 | |||
Rayonier Limited Partnership | ||||||
Distributions declared (in dollars per unit) | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 |
Offering issuance costs | $ 691 | $ 927 | $ 197 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
OPERATING ACTIVITIES | |||
Net (loss) income | $ 188,963 | $ 17,378 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 121,234 | 119,479 | |
Non-cash cost of land and improved development | 22,818 | 20,701 | |
Stock-based incentive compensation expense | 7,094 | 6,143 | |
Deferred income taxes | 7,618 | 10,267 | |
Amortization of losses from pension and postretirement plans | 881 | 652 | |
Timber write-offs due to casualty events | 0 | 15,203 | |
Other | 12,161 | (6,986) | |
Changes in operating assets and liabilities: | |||
Receivables | 3,192 | (14,089) | |
Inventories | (1,081) | (2,310) | |
Accounts payable | 3,350 | 6,553 | |
All other operating activities | (4,306) | (6,352) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 277,444 | 137,984 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (47,497) | (44,679) | |
Real estate development investments | (9,165) | (5,448) | |
Purchase of timberlands | (51,921) | (24,379) | |
Net cash consideration for merger with Pope Resources | 0 | (231,068) | |
Other | 6,952 | 5,127 | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | 69,334 | (184,781) | |
FINANCING ACTIVITIES | |||
Issuance of debt | 446,378 | 320,000 | |
Repayment of debt | (420,000) | (132,000) | |
Dividends paid on common stock | (114,261) | (109,136) | |
Distributions to noncontrolling interests in the Operating Partnership | (3,373) | (2,401) | |
Proceeds from the issuance of common shares under incentive stock plan | 4,674 | 233 | |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 166,549 | (456) | |
Repurchase of common shares | (1,614) | (1,577) | |
Debt issuance costs | (4,829) | (2,483) | |
Repurchase of common shares made under repurchase program | 0 | (3,152) | |
Noncontrolling interests in consolidated affiliates redemption of shares | 0 | (5,113) | |
Distributions to noncontrolling interests in consolidated affiliates | (19,564) | (8,247) | |
Make-whole fee on NWFCS debt prepayment | (6,234) | 0 | |
CASH PROVIDED BY FINANCING ACTIVITIES | 47,726 | 55,668 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (346) | (213) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Change in cash, cash equivalents and restricted cash | 394,158 | 8,658 | |
Balance, beginning of year | 87,482 | 69,968 | |
Balance, end of period | 481,640 | 78,626 | |
Cash paid during the period: | |||
Interest | [1] | 24,680 | 25,546 |
Income taxes | 7,306 | 621 | |
Non-cash investing activity: | |||
Capital assets purchased on account | 4,726 | 3,250 | |
Non-cash financing activity: | |||
Equity consideration for merger with Pope Resources | 0 | 172,640 | |
Redeemable Operating Partnership Unit consideration for merger with Pope Resources | 0 | 106,752 | |
Large Disposition Of Timberlands | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Gain on sale | (44,800) | (28,655) | |
INVESTING ACTIVITIES | |||
Net proceeds from disposition | 54,698 | 115,666 | |
Timber Funds III & IV | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Gain on sale | (3,729) | 0 | |
INVESTING ACTIVITIES | |||
Net proceeds from disposition | 31,068 | 0 | |
Fund II Timberland Dispositions | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Gain on sale | (35,951) | 0 | |
INVESTING ACTIVITIES | |||
Net proceeds from disposition | 85,199 | 0 | |
Rayonier Limited Partnership | |||
OPERATING ACTIVITIES | |||
Net (loss) income | 188,963 | 17,378 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 121,234 | 119,479 | |
Non-cash cost of land and improved development | 22,818 | 20,701 | |
Stock-based incentive compensation expense | 7,094 | 6,143 | |
Deferred income taxes | 7,618 | 10,267 | |
Amortization of losses from pension and postretirement plans | 881 | 652 | |
Timber write-offs due to casualty events | 0 | 15,203 | |
Other | 12,161 | (6,986) | |
Changes in operating assets and liabilities: | |||
Receivables | 3,192 | (14,089) | |
Inventories | (1,081) | (2,310) | |
Accounts payable | 3,350 | 6,553 | |
All other operating activities | (4,306) | (6,352) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 277,444 | 137,984 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (47,497) | (44,679) | |
Real estate development investments | (9,165) | (5,448) | |
Purchase of timberlands | (51,921) | (24,379) | |
Net cash consideration for merger with Pope Resources | 0 | (231,068) | |
Other | 6,952 | 5,127 | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | 69,334 | (184,781) | |
FINANCING ACTIVITIES | |||
Issuance of debt | 446,378 | 320,000 | |
Repayment of debt | (420,000) | (132,000) | |
Distributions on units | (117,634) | (111,537) | |
Proceeds from the issuance of units under incentive stock plan | 4,674 | 233 | |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 166,549 | (456) | |
Repurchase of units | (1,614) | (1,577) | |
Debt issuance costs | (4,829) | (2,483) | |
Repurchase of common shares made under repurchase program | 0 | (3,152) | |
Noncontrolling interests in consolidated affiliates redemption of shares | 0 | (5,113) | |
Distributions to noncontrolling interests in consolidated affiliates | (19,564) | (8,247) | |
Make-whole fee on NWFCS debt prepayment | (6,234) | 0 | |
CASH PROVIDED BY FINANCING ACTIVITIES | 47,726 | 55,668 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (346) | (213) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Change in cash, cash equivalents and restricted cash | 394,158 | 8,658 | |
Balance, beginning of year | 87,482 | 69,968 | |
Balance, end of period | 481,640 | 78,626 | |
Cash paid during the period: | |||
Interest | [2] | 24,680 | 25,546 |
Income taxes | 7,306 | 621 | |
Non-cash investing activity: | |||
Capital assets purchased on account | 4,726 | 3,250 | |
Non-cash financing activity: | |||
Equity consideration for merger with Pope Resources | 0 | 172,640 | |
Redeemable Operating Partnership Unit consideration for merger with Pope Resources | 0 | 106,752 | |
Rayonier Limited Partnership | Large Disposition Of Timberlands | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Gain on sale | (44,800) | (28,655) | |
INVESTING ACTIVITIES | |||
Net proceeds from disposition | 54,698 | 115,666 | |
Rayonier Limited Partnership | Timber Funds III & IV | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Gain on sale | (3,729) | 0 | |
INVESTING ACTIVITIES | |||
Net proceeds from disposition | 31,068 | 0 | |
Rayonier Limited Partnership | Fund II Timberland Dispositions | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Gain on sale | (35,951) | 0 | |
INVESTING ACTIVITIES | |||
Net proceeds from disposition | $ 85,199 | $ 0 | |
[1] | Interest paid is presented net of patronage paymen ts received of $6.8 million a n d $4.7 million for the nine months ended September 30, 2021 and September 30, 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 $6.8 million an d $4.7 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Patronage refunds received, netted with interest paid | $ 6.8 | $ 4.7 |
Rayonier Limited Partnership | ||
Patronage refunds received, netted with interest paid | $ 6.8 | $ 4.7 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 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 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of September 30, 2021, the Company owned a 97.3% interest in the Operating Partnership, with the remaining 2.7% 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. 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. DISPOSITION OF TIMBER FUNDS Upon completion of the Pope Resources merger, we became the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, consisting of 141,000 acres in the Pacific Northwest, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds to BTG Pactual’s Timberland Investment Group (TIG) for an aggregate purchase price of $35.9 million. On September 30, 2021, we sold approximately 13,000 acres of timberlands in Washington held by Fund II for $87.1 million. We classified the remaining portion of Fund II’s timber and timberland as assets held for sale in our Consolidated Balance Sheets as of September 30, 2021, as a process to liquidate Fund II had commenced. See Note 6 — Noncontrolling Interests , Note 23 — Assets Held for Sale and the subsequent events section of this note below for additional information. 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 On October 5, 2021, we sold approximately 5,000 acres of Fund II timberland assets in Oregon for an aggregate purchase price of approximately $37.2 million. This sale will not have a material effect on our consolidated financial statements. |
MERGER WITH POPE RESOURCES
MERGER WITH POPE RESOURCES | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [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: 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, $13.5 million, and $0.4 million of merger-related costs that were expensed during the first, second and third quarters of 2020, respectively. See Note 24 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs. The acquisition of Pope Resources was accounted for as a business combination under ASC 805, Business Combinations , (“ASC 805”). Pursuant to ASC 805, we recorded an allocation of the assets acquired and liabilities assumed in the merger with Pope Resources based on their fair values as of May 8, 2020. We completed our assessment of the fair value of the assets acquired and liabilities assumed within the one-year period from the date of acquisition. We recorded measurement period adjustments due to additional information received primarily related to higher and better use timberlands and real estate development investments, as well as timber and timberlands. As a result of refinements to the 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. Additionally, refinements to the purchase price allocation resulted in an overall increase of $1.1 million to timber and timberlands, with the valuation of core timberlands decreasing by $15.5 million and Timber Funds timber and timberlands increasing by $16.6 million from the preliminary purchase price allocation reported in Note 2 - Merger with Pope Resources in the 2020 Form 10-K. As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense during the nine months ended September 30, 2021: Nine months ended September 30, 2021 Pacific Northwest Timber Timber Funds Total Depletion ($182) ($1,202) ($1,384) Total ($182) ($1,202) ($1,384) The fair values of the assets acquired and liabilities assumed were determined using the income, cost or market approaches. The fair value measurements 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 final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows: 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 498,630 449,073 947,703 Higher and Better Use Timberlands and Real Estate Development Investments 34,748 — 34,748 Property, plant and equipment 11,616 — 11,616 Other assets (a) 3,737 2,194 5,931 Total identifiable assets acquired $559,273 $462,184 $1,021,457 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 (b) 2,724 461 3,185 Total liabilities assumed $76,530 $63,952 $140,482 Net identifiable assets $482,743 $398,232 $880,975 Less: noncontrolling interests (3,816) (339,238) (343,054) Total net assets acquired $478,927 $58,994 $537,921 (a) Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b) Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities. Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and nine months ended September 30, 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 Nine Months Ended September 30, 2020 Sales $198,975 $684,900 Net income attributable to Rayonier Inc. ($1,110) $25,800 Basic earnings per share attributable to Rayonier Inc. ($0.01) $0.19 Diluted earnings per share attributable to Rayonier Inc. ($0.01) $0.19 Net income attributable to Rayonier, L.P. ($1,147) $26,648 Basic earnings per unit attributable to Rayonier, L.P. ($0.01) $0.19 Diluted earnings per unit attributable to Rayonier, L.P. ($0.01) $0.19 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 and nine months ended September 30, 2020 of $0.4 million and $31.6 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, SALES 2021 2020 2021 2020 Southern Timber $44,818 $47,653 $145,789 $147,402 Pacific Northwest Timber 31,513 28,885 108,357 86,131 New Zealand Timber 75,558 62,804 213,696 142,112 Timber Funds (a) 94,469 9,907 128,054 17,431 Real Estate (b) 93,375 28,791 178,409 197,364 Trading 25,583 22,201 76,795 65,505 Intersegment Eliminations (c) (590) (1,366) (3,496) (2,310) Total $364,726 $198,875 $847,604 $653,635 (a) The three and nine months ended September 30, 2021 include $75.4 million and $102.1 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $69.7 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $17.4 million from Fund II Timberland Dispositions attributable to Rayonier. The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million of sales attributable to noncontrolling interests in Timber Funds. (b) The three and nine months ended September 30, 2021 include $20.0 million and $56.0 million, respectively, from Large Dispositions. The nine months ended September 30, 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 September 30, Nine Months Ended September 30, OPERATING INCOME (LOSS) 2021 2020 2021 2020 Southern Timber (a) $12,778 $5,090 $47,105 $31,368 Pacific Northwest Timber 2,071 (1,825) 5,293 (9,453) New Zealand Timber 13,302 10,720 47,959 21,142 Timber Funds (b) 41,285 (12,370) 44,778 (14,262) Real Estate (c) 60,617 9,459 112,816 61,081 Trading (33) (557) 628 (474) Corporate and Other (d) (6,706) (8,737) (22,337) (37,383) Total Operating Income 123,314 1,780 236,242 52,019 Unallocated interest expense and other (9,991) (10,558) (34,165) (27,225) Total Income before Income Taxes $113,323 ($8,778) $202,077 $24,794 (a) The three and nine months ended September 30, 2020 includes $6.0 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales”. (b) The three and nine months ended September 30, 2021 include $30.5 million and $33.3 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is a $28.8 million gain on Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include a $7.2 million gain on Fund II Timberland Dispositions attributable to Rayonier and a $3.7 million gain on investment in Timber Funds. The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales”. (c) The three and nine months ended September 30, 2021 include $14.5 million and $44.8 million from Large Dispositions. The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition. (d) The three and nine months ended September 30, 2020 include $0.4 million and $16.4 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details. Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2021 2020 2021 2020 Southern Timber $11,604 $14,954 $39,539 $48,368 Pacific Northwest Timber 10,479 10,912 38,795 32,221 New Zealand Timber 6,555 7,345 20,757 17,062 Timber Funds (a) 43,158 4,170 54,780 8,239 Real Estate (b) 6,797 5,527 16,889 47,950 Corporate and Other 316 375 892 1,011 Total $78,909 $43,283 $171,652 $154,851 (a) The three and nine months ended September 30, 2021 include $34.4 million and $44.4 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $32.5 million related to Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $8.1 million related to Fund II Timberland Dispositions attributable to Rayonier. The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The three and nine months ended September 30, 2021 includes $5.0 million and $9.8 million, respectively, from Large Dispositions. The nine months ended September 30, 2020 includes $35.4 million from a Large Disposition. Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2021 2020 2021 2020 Timber Funds (a) $8,635 — $8,635 — Real Estate (b) 15,845 7,259 22,913 72,340 Total $24,480 $7,259 $31,548 $72,340 (a) The three and nine months ended September 30, 2021 includes $8.6 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $6.9 million was attributable to noncontrolling interests in Timber Funds and $1.7 million was attributable to Rayonier. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 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 September 30, 2021 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. 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 and nine months ended September 30, 2021 and 2020 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue recognized from contract liability balance at the beginning of the year (a) $235 $690 $10,204 $10,296 (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 and nine months ended September 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2021 Pulpwood $21,358 $2,116 $10,746 $127 — $3,861 — $38,208 Sawtimber 17,680 28,134 64,562 6,707 — 21,281 — 138,364 Hardwood 247 — — — — — — 247 Total Timber Sales 39,285 30,250 75,308 6,834 — 25,142 — 176,819 License Revenue, Primarily from Hunting 4,588 298 161 11 — — — 5,058 Other Non-Timber/Carbon Revenue 945 965 89 25 — — — 2,024 Agency Fee Income — — — — — 350 — 350 Fund II Timberland Dispositions — — — 87,100 — — — 87,100 Total Non-Timber Sales 5,533 1,263 250 87,136 — 350 — 94,532 Improved Development — — — — 27,774 — — 27,774 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 6,937 — — 6,937 Timberland & Non-Strategic — — — — 44 — — 44 Deferred Revenue/Other (a) — — — — 728 — — 728 Large Dispositions — — — — 20,048 — — 20,048 Total Real Estate Sales — — — — 93,031 — — 93,031 Revenue from Contracts with Customers 44,818 31,513 75,558 93,970 93,031 25,492 — 364,382 Lease Revenue — — — — 344 — — 344 Intersegment — — — 499 — 91 (590) — Total Revenue $44,818 $31,513 $75,558 $94,469 $93,375 $25,583 ($590) $364,726 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $22,061 $1,963 $7,943 $227 — $2,534 — $34,728 Sawtimber 19,356 25,513 51,400 8,397 — 19,575 — 124,241 Hardwood 760 — — — — — — 760 Total Timber Sales 42,177 27,476 59,343 8,624 — 22,109 — 159,729 License Revenue, Primarily from Hunting 4,461 252 60 (6) — — — 4,767 Other Non-Timber/Carbon Revenue 1,015 1,157 3,401 15 — — — 5,588 Total Non-Timber Sales 5,476 1,409 3,461 9 — — — 10,355 Improved Development — — — — 1,344 — — 1,344 Unimproved Development — — — — — — — — Rural — — — — 23,245 — — 23,245 Timberland & Non-Strategic — — — — 42 — — 42 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (a) — — — — 737 — — 737 Total Real Estate Sales — — — — 28,467 — — 28,467 Revenue from Contracts with Customers 47,653 28,885 62,804 8,633 28,467 22,109 — 198,551 Lease Revenue — — — — 324 — — 324 Intersegment — — — 1,274 — 92 (1,366) — Total Revenue $47,653 $28,885 $62,804 $9,907 $28,791 $22,201 ($1,366) $198,875 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2021 Pulpwood $66,941 $6,689 $32,555 $783 — $9,372 — $116,340 Sawtimber 58,335 97,647 180,339 36,433 — 66,146 — 438,900 Hardwood 1,920 — — — — — — 1,920 Total Timber Sales 127,196 104,336 212,894 37,216 — 75,518 — 557,160 License Revenue, Primarily From Hunting 13,501 505 300 41 — — — 14,347 Other Non-Timber/Carbon Revenue 5,092 3,516 502 438 — — — 9,548 Agency Fee Income — — — — — 1,040 — 1,040 Fund II Timberland Dispositions — — — 87,100 — — — 87,100 Total Non-Timber Sales 18,593 4,021 802 87,579 — 1,040 — 112,035 Improved Development — — — — 47,366 — — 47,366 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 36,999 — — 36,999 Timberland & Non-Strategic — — — — 44 — — 44 Conservation Easement — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (4,260) — — (4,260) Large Dispositions — — — — 56,048 — — 56,048 Total Real Estate Sales — — — — 177,552 — — 177,552 Revenue from Contracts with Customers 145,789 108,357 213,696 124,795 177,552 76,558 — 846,747 Lease Revenue — — — — 857 — — 857 Intersegment — — — 3,259 — 237 (3,496) — Total Revenue $145,789 $108,357 $213,696 $128,054 $178,409 $76,795 ($3,496) $847,604 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $74,239 $8,253 $18,545 $555 — $7,527 — $109,119 Sawtimber 55,224 75,255 117,157 14,701 — 57,493 — 319,830 Hardwood 1,752 — — — — — — 1,752 Total Timber Sales 131,215 83,508 135,702 15,256 — 65,020 — 430,701 License Revenue, Primarily from Hunting 13,386 444 200 4 — — — 14,034 Other Non-Timber/Carbon Revenue 2,801 2,179 6,210 19 — — — 11,209 Agency Fee Income — — — — — 327 — 327 Total Non-Timber Sales 16,187 2,623 6,410 23 — 327 — 25,570 Improved Development — — — — 7,771 — — 7,771 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 52,876 — — 52,876 Timberland & Non-Strategic — — — — 9,647 — — 9,647 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (a) — — — — (879) — — (879) Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 196,967 — — 196,967 Revenue from Contracts with Customers 147,402 86,131 142,112 15,279 196,967 65,347 — 653,238 Lease Revenue — — — — 397 — — 397 Intersegment — — — 2,152 — 158 (2,310) — Total Revenue $147,402 $86,131 $142,112 $17,431 $197,364 $65,505 ($2,310) $653,635 (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 and nine months ended September 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2021 Stumpage Pay-as-Cut $12,335 — — $131 — $12,466 Stumpage Lump Sum 392 1,846 — — — 2,238 Total Stumpage 12,727 1,846 — 131 — 14,704 Delivered Wood (Domestic) 19,515 28,404 20,614 6,703 817 76,053 Delivered Wood (Export) 7,043 — 54,694 — 24,325 86,062 Total Delivered 26,558 28,404 75,308 6,703 25,142 162,115 Total Timber Sales $39,285 $30,250 $75,308 $6,834 $25,142 $176,819 September 30, 2020 Stumpage Pay-as-Cut $14,518 — — $754 — $15,272 Stumpage Lump Sum 310 472 — — — 782 Total Stumpage 14,828 472 — 754 — 16,054 Delivered Wood (Domestic) 21,976 27,004 20,127 7,870 362 77,339 Delivered Wood (Export) 5,373 — 39,216 — 21,747 66,336 Total Delivered 27,349 27,004 59,343 7,870 22,109 143,675 Total Timber Sales $42,177 $27,476 $59,343 $8,624 $22,109 $159,729 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2021 Stumpage Pay-as-Cut $48,775 — — $328 — $49,103 Stumpage Lump Sum 5,040 8,909 — — — 13,949 Total Stumpage 53,815 8,909 — 328 — 63,052 Delivered Wood (Domestic) 57,528 95,427 56,970 36,888 3,144 249,957 Delivered Wood (Export) 15,853 — 155,924 — 72,374 244,151 Total Delivered 73,381 95,427 212,894 36,888 75,518 494,108 Total Timber Sales $127,196 $104,336 $212,894 $37,216 $75,518 $557,160 September 30, 2020 Stumpage Pay-as-Cut $56,141 — — $1,285 — $57,426 Stumpage Lump Sum 1,561 5,929 — — — 7,490 Total Stumpage 57,702 5,929 — 1,285 — 64,916 Delivered Wood (Domestic) 64,473 77,579 45,944 13,971 1,296 203,263 Delivered Wood (Export) 9,040 — 89,758 — 63,724 162,522 Total Delivered 73,513 77,579 135,702 13,971 65,020 365,785 Total Timber Sales $131,215 $83,508 $135,702 $15,256 $65,020 $430,701 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES We lease commercial and residential properties primarily located in Port Gamble, Washington. Our leases are operating leases and primarily range between one The following table details our lease income for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, Lease Income Components 2021 2020 2021 2020 Operating lease income $344 $324 $857 $397 Total lease income $344 $324 $857 $397 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 9 Months Ended |
Sep. 30, 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 418,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income 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 September 30, Nine Months Ended 2021 2020 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,006 $2,066 $7,716 $3,326 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”) Upon completion of the Pope Resources merger, we became the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, consisting of 141,000 acres in the Pacific Northwest, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. 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. Based upon an analysis under the variable interest entity guidance, we determined that we had the power to direct the activities that most significantly impacted the Funds’ economic success. Therefore, we were considered the primary beneficiary and were 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.” On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds to BTG Pactual’s Timberland Investment Group (TIG) for an aggregate purchase price of $35.9 million and recognized in our Consolidated Statements of Income and Comprehensive Income a gain on the sale of $3.7 million under the caption of other operating income (expense), net. Due to the sale of our rights to manage Fund III and Fund IV, we determined that we no longer have the power to direct the activities that most significantly impact the success of Fund III and Fund IV. As a result, Timber Fund III and IV balance sheets and results of operations are only included in our consolidated financial statements through the date of the sale. As of September 30, 2021, we continue to manage and maintain a 20% ownership interest in Fund II, which is scheduled to terminate in March 2023. We continue to have the power to direct the activities that most significantly impact Fund II’s economic success. Therefore, we are considered the primary beneficiary and consolidate Fund II under ASC 810 — Consolidation . The obligations of Fund II do not have any recourse to the Company or the Operating Partnership and the assets of Fund II are not available to satisfy the Company or the Operating Partnership’s liabilities. On September 30, 2021, we sold approximately 13,000 acres of Fund II timberland assets in Washington for an aggregate purchase price of $87.1 million and recognized a gain of $36.0 million, of which $7.2 million was attributable to Rayonier. Due to Timber Fund II distribution requirements, we classified the portion of proceeds from Fund II Timberland Dispositions attributable to noncontrolling interests as a current asset under the caption “Restricted Cash, Timber Funds” on our Consolidated Balance Sheets. Additionally, we recognized a current liability under the caption “Distribution payable, Timber Funds” and a corresponding decrease in “Noncontrolling Interests in Consolidated Affiliates” on our Consolidated Balance Sheets. We classified the remaining portion of Fund II’s timber and timberland as “Assets Held for Sale in our Consolidated Balance Sheets as of September 30, 2021, as a process to liquidate Fund II had commenced. See Note 1 — Basis of Presentation , Note 2 2 — Restricted Cash and Note 23 — Assets Held for Sale for additional information. Following the end of the third quarter, we completed the liquidation of Fund II assets through two additional timberland dispositions. See Note 1 - Basis of Presentation for additional information on the subsequent events. The following table sets forth the income attributable to the Funds’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 Net income (loss) attributable to noncontrolling interests in the Funds $30,465 ($10,627) $32,929 ($12,773) 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 Ferncliff Investor’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 each 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 September 30, Nine Months Ended 2021 2020 2021 2020 Net (loss) income attributable to noncontrolling interests in Ferncliff Investors — ($153) $129 ($199) 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 September 30, Nine Months Ended 2021 2020 2021 2020 Beginning noncontrolling interests in the Operating Partnership $153,505 $110,220 $130,121 — Issuances of Redeemable Operating Partnership Units — — — 106,752 Adjustment of noncontrolling interests in the Operating Partnership (1,746) 8,030 25,531 12,022 Conversions of Redeemable Operating Partnership Units to Common Shares (12,258) (27) (17,214) (27) Net Income (Loss) attributable to noncontrolling interests in the Operating Partnership 2,210 (25) 4,303 195 Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership (92) 532 1,187 989 Distributions to noncontrolling interests in the Operating Partnership (1,064) (1,200) (3,373) (2,401) Total noncontrolling interests in the Operating Partnership $140,555 $117,530 $140,555 $117,530 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 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”) As mentioned in Note 1 - Basis of Presentation and Note 6 — Noncontrolling Interests , we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds in July 2021. As a result, Timber Fund III and IV balance sheets and results of operations are only included in our consolidated financial statements through the date of the sale. As of September 30, 2021, we continue to maintain a 20% ownership interest in Fund II. Based on an analysis of the variable interest entity guidance, we have the power to direct the activities that most significantly impact Fund II’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Fund II. For further information on the Funds, see Note 6 — Noncontrolling Interests . The assets, liabilities and equity of Fund II as of September 30, 2021, were as follows: Timber Funds September 30, 2021 Assets: Cash and cash equivalents $12,202 Restricted Cash, Timber Funds ( Note 22 ) 49,209 Accounts receivable 513 Assets held for sale ( Note 23 ) (a) 54,926 Other current assets 79 Total current assets 116,929 Other assets 23 Total assets $116,952 Liabilities and Equity: Accounts payable $547 Intercompany payable (b) 160 Accrued taxes 71 Deferred revenue 164 Distribution payable, Timber Funds (c) 49,209 Other current liabilities 36 Total current liabilities 50,187 Funds’ equity 66,765 Total liabilities and equity $116,952 (a) Included in assets held for sale are timber and timberland assets. (b) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. (c) Represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. 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 September 30, 2021, were as follows: Ferncliff Investors September 30, 2021 Assets: Cash and cash equivalents $391 Total current assets 391 Advances to real estate joint venture entity 1,000 Total assets $1,391 Liabilities and Equity: Total liabilities $1,897 Ferncliff Investors’ equity (506) Total liabilities and equity $1,391 |
EARNINGS (LOSS) PER SHARE AND P
EARNINGS (LOSS) PER SHARE AND PER UNIT | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE AND PER UNIT | EARNINGS (LOSS) PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings (loss) per common share of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings (Loss) per common share - basic Numerator: Net Income (Loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership (2,210) 25 (4,303) (195) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Net income (loss) attributable to Rayonier Inc. $75,831 ($758) $143,885 $26,830 Denominator: Denominator for basic earnings (loss) per common share - weighted average shares 141,777,574 136,351,271 139,749,358 132,948,124 Basic earnings (loss) per common share attributable to Rayonier Inc.: $0.53 ($0.01) $1.03 $0.20 Earnings (Loss) per common share - diluted Numerator: Net Income (loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Less: Net loss attributable to noncontrolling interests in the Operating Partnership — (a) 25 (a) — — Net income (loss) attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $78,041 ($758) $148,188 $27,025 Denominator: Denominator for basic earnings (loss) per common share - weighted average shares 141,777,574 136,351,271 139,749,358 132,948,124 Add: Dilutive effect of: Stock options 9,803 — 8,833 492 Performance shares, restricted shares and restricted stock units 520,737 — 361,596 159,018 Noncontrolling interests in Redeemable Operating Partnership Units 4,131,454 — (a) 4,245,323 2,352,822 Denominator for diluted earnings per common share - adjusted weighted average shares 146,439,568 136,351,271 144,365,110 135,460,456 Diluted earnings (loss) per common share attributable to Rayonier Inc.: $0.53 ($0.01) $1.03 $0.20 (a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interests in the Operating Partnership was included in the numerator for diluted earnings (loss) per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also, as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in Redeemable Operating Partnership Units were excluded from the denominator of diluted loss per share. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Anti-dilutive shares excluded from the computations of diluted earnings (loss) per common share: Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units (a) 100,135 5,038,514 167,668 471,999 Total 100,135 5,038,514 167,668 471,999 (a) For the three months ended September 30, 2020, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect. The following table provides details of the calculations of basic and diluted earnings (loss) per unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings (loss) per unit - basic Numerator: Net Income (Loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Net income (loss) available to unitholders $78,041 ($783) $148,188 $27,025 Denominator: Denominator for basic earnings (loss) per unit - weighted average units 145,909,028 140,797,217 143,994,681 135,300,946 Basic earnings (loss) per unit attributable to Rayonier, L.P.: $0.53 ($0.01) $1.03 $0.20 Earnings (Loss) per unit - diluted Numerator: Net Income (Loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Net income (loss) available to unitholders $78,041 ($783) $148,188 $27,025 Denominator: Denominator for basic earnings (loss) per unit - weighted average units 145,909,028 140,797,217 143,994,681 135,300,946 Add: Dilutive effect of unit equivalents: Stock options 9,803 — 8,833 492 Performance shares, restricted shares and restricted stock units 520,737 — 361,596 159,018 Denominator for diluted earnings (loss) per unit - adjusted weighted average units 146,439,568 140,797,217 144,365,110 135,460,456 Diluted earnings (loss) per unit attributable to Rayonier, L.P.: $0.53 ($0.01) $1.03 $0.20 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Anti-dilutive unit equivalents excluded from the computations of diluted earnings (loss) per unit: Stock options, performance shares, restricted shares and restricted stock units (a) 100,135 592,568 167,668 471,999 Total 100,135 592,568 167,668 471,999 (a) For the three months ended September 30, 2020, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Our debt consisted of the following at September 30, 2021: September 30, 2021 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at September 30, 2021 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Senior Notes due 2031 at a fixed interest rate of 2.75% 450,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.7% at September 30, 2021 (b) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% 23,739 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% 27,696 Total principal debt, excluding Timber Funds 1,376,435 Less: Unamortized discounts, excluding Timber Funds (3,505) Less: Current maturities of long-term debt, excluding Timber Funds (199,887) Less: Deferred financing costs, excluding Timber Funds (5,076) Total long-term debt, excluding Timber Funds 1,167,967 Total long-term debt, Timber Funds — Total long-term debt $1,167,967 (a) As of September 30, 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 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of September 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and 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 — 325,000 2023 — — — 2024 — — — 2025 23,739 — 23,739 Thereafter 1,027,696 — 1,027,696 Total Debt $1,376,435 — $1,376,435 2021 DEBT ACTIVITY U.S. Debt — Excluding Timber Funds In May 2021, we issued and sold $450 million aggregate principal amount of 2.75% senior notes due 2031 (the “Senior Notes due 2031”). The Senior Notes due 2031 were sold at an issue price of 99.195% of their face value, before underwriters discount. Our net proceeds after deducting approximately $3.9 million of underwriting discounts and expenses, were approximately $442.5 million. The discount and debt issuance costs will be amortized to interest expense over the term of the notes using the effective interest method. A portion of the proceeds were used to repay $250 million outstanding under our 2020 Incremental Term Loan Agreement. The remainder will be used for general corporate purposes, which may also include repayment of our 3.75% Senior Notes due 2022 at or prior to maturity. In May 2021, we repaid the $250 million outstanding under our 2020 Incremental Term Loan Agreement. We recognized a loss on early extinguishment of debt of $0.6 million, representing the write-off of unamortized deferred financing costs. The loss on early extinguishment of debt has been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous income (expense), net.” In June 2021, we entered into a Fourth Amendment and Incremental Term Loan Agreement, to amend certain terms of the Credit Agreement and to provide a senior unsecured delayed draw incremental term loan facility (the “2021 Incremental Term Loan Facility”) in an aggregate amount of $200 million. The Fourth Amendment to the Credit Agreement provides for an extension of the maturity date of our $300 million Revolving Credit Facility from April 1, 2025 to June 1, 2026. In addition, the amendment provides for modifications to adjust the pricing grid under the credit agreement to decrease the applicable margin for our Revolving Credit Facility from LIBOR plus 1.500% to LIBOR plus 1.2500%. As a result of the revolver modification, approximately $0.3 million in lender fees have been deferred and will be amortized to interest expense over the term of the revolver. The Fourth Amendment to the Credit Agreement also provides for modifications to adjust the pricing grid under the credit agreement to decrease the applicable margin for our $300 million 2016 Incremental Term Loan Facility from LIBOR plus 1.900% to LIBOR plus 1.6500%. As a result of the debt modification, approximately $0.3 million in third-party expenses have been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous income (expense), net.” The 2021 Incremental Term Loan Facility provides us the ability to make an advance of $200 million on or before June 1, 2022. As of September 30, 2021, no advance has been made under this facility. We expect to use a future advance of $125 million under the 2021 Incremental Term Loan Facility to refinance a portion of the 3.750% Senior Notes due 2022 on a long-term basis, and as such, have excluded $125 million of principal from current maturities of long-term debt, net, in our Consolidated Balance Sheets. Any advance above $125 million may be used to repay other debt or for other general corporate purposes. We have deferred $0.3 million of commitment fees, which will be amortized to interest expense over the term of the access period, through June 1, 2022. Additionally, we deferred $0.2 million in debt issuance costs, which will be amortized to interest expense over the term of the facility, once any future advance is made. In June 2021, we prepaid $100 million on the $300 million Incremental Term Loan Agreement. In connection with the partial prepayment, we recognized a loss on early extinguishment of debt of $0.1 million, representing the write-off of one-third of the unamortized deferred financing costs. The loss on early extinguishment of debt has been recorded in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous income (expense), net.” In September 2021, we repaid the $45 million outstanding under our credit facility with Northwest Farm Credit Services (NWFCS). We recognized a gain on early extinguishment of debt of $7.2 million, representing the net write-off of unamortized deferred financing costs and fair market value adjustments, partially offset by a $6.2 million loss related to a make-whole fee due to debt prepayment. The net gain on early extinguishment of debt of approximately $0.9 million has been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous income (expense), net.” During the nine months ended September 30, 2021, we made no borrowings or repayments on our Revolving Credit Facility . At September 30, 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 In July 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds for an aggregate purchase price of approximately $35.9 million and recognized a gain of $3.7 million, which was recorded in Other operating income (expense), net. Following the sale, the Fund III Mortgages Payable are no longer recognized in our Consolidated Balance Sheets as of September 30, 2021. See Note 6 — Noncontrolling Interests for more information regarding the Timber Funds. In September 2021, we repaid the $25 million outstanding under our Fund II Mortgages Payable. We recognized a loss on early extinguishment of debt of $6 thousand, representing the write-off of unamortized deferred financing costs. The loss on early extinguishment of debt has been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous income (expense), net.” New Zealand Debt In June 2021, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the nine months ended September 30, 2021, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At September 30, 2021, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. In July 2021, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests, which was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a loan payable by the New Zealand subsidiary in the amount of $28.1 million due in 2026 at a fixed interest rate of 3.64%. As of September 30, 2021, the outstanding balance on the shareholder loan due 2026 is $27.7 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. As of September 30, 2021, the outstanding balance on the shareholder loan due 2025 is $23.7 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, $200 million Incremental Term Loan Agreement, $200 million 2021 Incremental Term Loan Facility 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 September 30, 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 11.6 to 1 9.1 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 44 % 21 % In addition to these financial covenants listed above, the Senior Notes due 2022, the Senior Notes due 2031, Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Facility, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2021, we were in compliance with all applicable covenants. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 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 income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS The New Zealand subsidiary’s export sales are predominately denominated in U.S. dollars, and therefore its cash flows are affected by fluctuations in the exchange rate between the New Zealand dollar and the U.S. dollar. This exposure is partially managed by a natural currency hedge, as ocean freight payments and shareholder distributions are also paid in U.S. dollars. We manage any excess foreign exchange exposure through the use of derivative financial instruments. 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 September 30, 2021, foreign currency exchange contracts had maturity dates through March 2023 and all previously existing foreign currency option contracts have expired. 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 income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS During the second quarter of 2021, we terminated and cash settled $250 million in notional value of our interest rate swaps, maturing in 2030, in connection with the repayment of $250 million outstanding under the 2020 Incremental Term Loan. Upon termination of the swap, we received $6.8 million from our counterparty. As of September 30, 2021, there was $16.3 million gain recorded in accumulated other comprehensive loss in connection with the terminated interest rate swap, which will be reclassified to earnings through interest expense over the remaining life of the hedged items, as the originally hedged cash flows remain probable. During the second quarter of 2021, we terminated and cash settled $100 million in notional value of our interest rate swaps, maturing in 2026, in connection with the prepayment of $100 million on the 2026 Incremental Term Loan. Upon termination of the swap, we paid $2.2 million to our counterparty that was recognized immediately into earnings as interest expense, as the forecasted cash flows will no longer occur. See Note 9 — Debt for additional information. The following table contains information on the outstanding interest rate swaps as of September 30, 2021: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) 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 % 1.65 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) 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). As of September 30, 2021, there was $17.8 million loss recorded in accumulated other comprehensive loss in connection with the settled treasury locks, which will be reclassified to earnings as interest expense over the life of the hedged item. 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. During the second quarter of 2020, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into an interest rate swap agreement. As of September 30, 2021, there was $1.2 million loss recorded in accumulated other comprehensive loss in connection with settled interest rate swap locks, which will be reclassified to earnings as interest expense over the life of the hedged item. 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 During the second quarter of 2021, we de-designated and settled $325 million in notional value of our forward-starting interest rate swap, maturing in 2032, by converting it into a new forward-starting interest rate swap agreement. As of September 30, 2021, there was $9.9 million gain recorded in accumulated other comprehensive loss in connection with the converted forward-starting interest rate swap, which will be reclassified to earnings through interest expense over the remaining life of the hedged item. The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 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 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 May 2021 (b) 7 years 200,000 0.77 % Future Issuance Feb. 2022 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The forward-starting interest rate swap entered into in May 2021 contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous income (expense), net” as the contracts do not qualify for hedge accounting treatment. As of September 30, 2021, all previously 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 and nine months ended September 30, 2021 and 2020: Three Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($2,618) $1,946 Foreign currency option contracts Other comprehensive (loss) income (356) 358 Interest rate products Other comprehensive (loss) income 1,288 2,417 Interest expense 2,564 3,783 Nine Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($6,366) $1,806 Foreign currency option contracts Other comprehensive (loss) income (1,514) 85 Interest rate products Other comprehensive (loss) income 46,433 (91,203) Interest expense 11,935 6,951 Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income (expense), net — 563 During the next 12 months, the amount of the September 30, 2021 AOCI balance, net of tax, expected to be reclassified into earnings is a loss of approximately $11.7 million. The following table contains details of the expected reclassified amounts into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $139 Interest rate products (11,842) Total estimated loss on derivatives contracts ($11,703) The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $144,000 $49,000 Foreign currency option contracts — 28,000 Interest rate swaps 550,000 900,000 Forward-starting interest rate swaps 350,000 475,000 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) September 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,892 $4,968 Other assets 7 1,050 Other current liabilities (1,699) — Other non-current liabilities (549) — Foreign currency option contracts Other current assets — 1,526 Other current liabilities — (11) Interest rate swaps Other non-current liabilities (24,178) (51,580) Forward-starting interest rate swaps Other assets 11,206 513 Other non-current liabilities — (13,042) Total derivative contracts: Other current assets $1,892 $6,494 Other assets 11,213 1,563 Total derivative assets $13,105 $8,057 Other current liabilities (1,699) (11) Other non-current liabilities (24,727) (64,622) Total derivative liabilities ($26,426) ($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 | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 30, 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 $419,604 $419,604 — $80,454 $80,454 — Cash and cash equivalents, Timber Funds 12,202 12,202 — 4,053 4,053 — Restricted cash, Timber Funds (b) 49,209 49,209 — — — — Restricted cash, excluding Timber Funds (c) 625 625 — 2,975 2,975 — Current maturities of long-term debt, excluding Timber Funds (d) (199,887) — (201,440) — — — Long-term debt, excluding Timber Funds (d) (1,167,967) — (1,173,657) (1,300,336) — (1,313,631) Long-term debt, Timber Funds (d) — — — (60,179) — (60,474) Interest rate swaps (e) (24,178) — (24,178) (51,580) — (51,580) Forward-starting interest rate swaps (e) 11,206 — 11,206 (12,529) — (12,529) Foreign currency exchange contracts (e) (349) — (349) 6,018 — 6,018 Foreign currency option contracts (e) — — — 1,515 — 1,515 Noncontrolling Interests in the Operating Partnership (f) 140,555 140,555 — 130,121 130,121 — (a) We did not have Level 3 assets or liabilities at September 30, 2021 and December 31, 2020. (b) Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 22 — Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs, unamortized discounts and fair value adjustments on non-revolving debt. See Note 9 — Debt for additional information. (e) See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (f) 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 | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS At September 30, 2021, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2021 $255 $11,113 $3,328 $14,696 2022 1,534 13,695 14,254 29,483 2023 3,188 267 12,449 15,904 2024 3,188 267 9,366 12,821 2025 519 267 5,534 6,320 Thereafter 2,266 3,916 8,242 14,424 $10,950 $29,525 $53,173 $93,648 (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 | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 charged to liabilities (762) Increase to liabilities 71 Total Balance at September 30, 2021 10,950 Less: Current portion (1,095) Non-current portion at September 30, 2021 $9,855 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 the final allocation of fair value to environmental and NRD liabilities assumed in the merger with Pope Resources. It is expected that the upland mill site cleanup and NRD restoration will occur over the next two Note 12 - Commitments . |
GUARANTEES
GUARANTEES | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 30, 2021, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 12,429 Total financial commitments $13,314 (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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 (11,566) (6,956) (18,522) Amortization of parcel real estate development investments — (4,518) (4,518) Timber depletion from harvesting activities and basis of timber sold in real estate sales (948) — (948) Capitalized real estate development investments (b) — 16,871 16,871 Capital expenditures (silviculture) 76 — 76 Intersegment transfers 8,179 — 8,179 Purchase price allocation adjustment (c) 8,238 — 8,238 Total Balance at September 30, 2021 84,092 40,558 124,650 Less: Current portion (a) (601) (13,457) (14,058) Non-current portion at September 30, 2021 $83,491 $27,101 $110,592 (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 $0.4 million of capitalized interest and $7.7 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 final allocation of fair value to 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 | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY As of September 30, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows: September 30, 2021 December 31, 2020 Finished goods inventory Real estate inventory (a) $14,058 $6,756 Log inventory 4,534 3,838 Total inventory $18,592 $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 | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gain (loss) on foreign currency remeasurement, net of cash flow hedges $1,379 ($976) $5,730 ($2,263) Gain on sale or disposal of property and equipment — 19 93 26 Gain on investment in Timber Funds (a) 3,729 — 3,729 — Log trading marketing fees — — 6 50 Costs related to the merger with Pope Resources (b) — (430) — (16,415) Equity income (loss) related to Bainbridge Landing LLC joint venture (c) 36 (214) 241 (273) Miscellaneous expense, net (74) (52) (325) (372) Total $5,070 ($1,653) $9,474 ($19,247) (a) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Timber Funds. (b) 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. (c) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 income (expense), net 557 677 11 13 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (936) (876) — — Amortization of losses Interest and other miscellaneous income (expense), net 288 215 5 2 Net periodic benefit (credit) cost ($91) $16 $18 $17 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $6 $5 Interest cost Interest and other miscellaneous income (expense), net 1,671 2,029 34 38 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (2,809) (2,628) — — Amortization of losses Interest and other miscellaneous income (expense), net 865 646 15 6 Net periodic benefit (credit) cost ($273) $47 $55 $49 (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 | 9 Months Ended |
Sep. 30, 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 September 30, 2021, Rayonier owns a 97.3% 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 Nine Months Ended 2021 2020 2021 2020 Income tax expense ($2,811) ($720) ($13,114) ($7,416) ANNUAL EFFECTIVE TAX RATE The Company’s 2021 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: Nine Months Ended 2021 2020 Annualized effective tax rate after discrete items 6.4 % 29.9 % |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in AOCI by component for the nine months ended September 30, 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 (16,369) — 40,125 (a) — 23,756 — 23,756 Amounts reclassified from accumulated other comprehensive loss — — 13,874 881 (b) 14,755 (1,186) 13,569 Net other comprehensive (loss) income (16,369) — 53,999 881 38,511 (1,186) 37,325 Balance as of $6,333 $1,321 ($17,057) ($23,431) ($32,834) ($3,726) ($36,560) (a) Includes $46.4 million of other comprehensive income related to interest rate swaps 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 nine months ended September 30, 2021 and September 30, 2020: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement September 30, 2021 September 30, 2020 Realized loss (gain) on foreign currency exchange contracts $2,322 ($2,568) Other operating income (expense), net Realized loss on foreign currency option contracts 1,177 (15) Other operating income (expense), net Noncontrolling interests (805) 594 Comprehensive (loss) income attributable to noncontrolling interests Realized loss on interest rate contracts 11,935 6,951 Interest expense Income tax effect from net (loss) gain on foreign currency contracts (755) 557 Income tax expense Net loss from accumulated other comprehensive income $13,874 $5,519 |
RESTRICTED CASH
RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash, Timber Funds includes the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. Restricted cash, excluding Timber Funds, 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. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $431,806 $78,151 Restricted cash, Timber Funds 49,209 — Restricted cash, excluding Timber Funds (Held in escrow) 625 475 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $481,640 $78,626 |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020, the basis in properties meeting this classification was $56.4 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. Included in assets held for sale as of September 30, 2021 are $54.9 million of timber and timberland assets owned by ORM Timber Fund II, Inc., in which we maintain a 20% ownership interest. |
CHARGES FOR INTEGRATION AND RES
CHARGES FOR INTEGRATION AND RESTRUCTURING | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Termination benefits — $70 — $651 Acceleration of share-based compensation related to qualifying terminations — 92 — 324 Professional services — 239 — 13,553 Other integration and restructuring costs — 29 — 1,887 Total integration and restructuring charges related to the merger with Pope Resources — $430 — $16,415 During the three and nine months ended September 30, 2020, we incurred $0.1 million and $0.7 million, respectively, in severance benefits related to restructuring associated with the Pope Resources merger. As of December 31, 2020, there was $0.1 million of accrued severance recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. As of September 30, 2021, all severance associated with the merger with Pope Resources has been paid. |
RELATED PARTY
RELATED PARTY | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | RELATED PARTY In January 2020, we entered into an agreement to sell developed lots to Mattamy Jacksonville LLC, a wholly owned subsidiary of Mattamy Homes, for an aggregate base purchase price of $4.45 million (subject to multiple takedowns over a 2 year period), plus additional consideration as to each lot to the extent the ultimate sales price of each finished home exceeds agreed price thresholds (the “Mattamy Contract”). In May 2021, we entered into an amendment to the original agreement, which sells additional lots to Mattamy for an aggregate base purchase price of $1.0 million. The Mattamy contract also includes marketing fee revenue based on a percentage of the sales price of each finished home. In September 2020, Keith Bass, a member of our Board of Directors, was named the Chief Executive Officer of Mattamy Homes US. Following this development, the Mattamy Contract and the ongoing obligations therein, were reviewed by the Nominating and Corporate Governance Committee in accordance with established policies and procedures regarding the authorization and approval of transactions with related parties. The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended: Three Months Ended September 30, Nine Months Ended September 30, Related Party Transaction Location on Statement of Income and Comprehensive Income 2021 2020 2021 2020 Mattamy Contract Sales $1,022 — $2,510 — |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 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 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of September 30, 2021, the Company owned a 97.3% interest in the Operating Partnership, with the remaining 2.7% 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 EVENTS On October 5, 2021, we sold approximately 5,000 acres of Fund II timberland assets in Oregon for an aggregate purchase price of approximately $37.2 million. This sale will not have a material effect on our consolidated financial statements. |
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 September 30, 2021 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. 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 income for de-designated hedges remains in accumulated other comprehensive income 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. |
MERGER WITH POPE RESOURCES (Tab
MERGER WITH POPE RESOURCES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Total Consideration Transferred by Rayonier in the Merger | The total purchase price was as follows: 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. |
Business Combination, Changes In Depletion And Depreciation | As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense during the nine months ended September 30, 2021: Nine months ended September 30, 2021 Pacific Northwest Timber Timber Funds Total Depletion ($182) ($1,202) ($1,384) Total ($182) ($1,202) ($1,384) |
Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed | The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows: 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 498,630 449,073 947,703 Higher and Better Use Timberlands and Real Estate Development Investments 34,748 — 34,748 Property, plant and equipment 11,616 — 11,616 Other assets (a) 3,737 2,194 5,931 Total identifiable assets acquired $559,273 $462,184 $1,021,457 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 (b) 2,724 461 3,185 Total liabilities assumed $76,530 $63,952 $140,482 Net identifiable assets $482,743 $398,232 $880,975 Less: noncontrolling interests (3,816) (339,238) (343,054) Total net assets acquired $478,927 $58,994 $537,921 (a) Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b) Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the 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 and nine months ended September 30, 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 Nine Months Ended September 30, 2020 Sales $198,975 $684,900 Net income attributable to Rayonier Inc. ($1,110) $25,800 Basic earnings per share attributable to Rayonier Inc. ($0.01) $0.19 Diluted earnings per share attributable to Rayonier Inc. ($0.01) $0.19 Net income attributable to Rayonier, L.P. ($1,147) $26,648 Basic earnings per unit attributable to Rayonier, L.P. ($0.01) $0.19 Diluted earnings per unit attributable to Rayonier, L.P. ($0.01) $0.19 |
SEGMENT AND GEOGRAPHICAL INFO_2
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the segment information for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, SALES 2021 2020 2021 2020 Southern Timber $44,818 $47,653 $145,789 $147,402 Pacific Northwest Timber 31,513 28,885 108,357 86,131 New Zealand Timber 75,558 62,804 213,696 142,112 Timber Funds (a) 94,469 9,907 128,054 17,431 Real Estate (b) 93,375 28,791 178,409 197,364 Trading 25,583 22,201 76,795 65,505 Intersegment Eliminations (c) (590) (1,366) (3,496) (2,310) Total $364,726 $198,875 $847,604 $653,635 (a) The three and nine months ended September 30, 2021 include $75.4 million and $102.1 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $69.7 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $17.4 million from Fund II Timberland Dispositions attributable to Rayonier. The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million of sales attributable to noncontrolling interests in Timber Funds. (b) The three and nine months ended September 30, 2021 include $20.0 million and $56.0 million, respectively, from Large Dispositions. The nine months ended September 30, 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 September 30, Nine Months Ended September 30, OPERATING INCOME (LOSS) 2021 2020 2021 2020 Southern Timber (a) $12,778 $5,090 $47,105 $31,368 Pacific Northwest Timber 2,071 (1,825) 5,293 (9,453) New Zealand Timber 13,302 10,720 47,959 21,142 Timber Funds (b) 41,285 (12,370) 44,778 (14,262) Real Estate (c) 60,617 9,459 112,816 61,081 Trading (33) (557) 628 (474) Corporate and Other (d) (6,706) (8,737) (22,337) (37,383) Total Operating Income 123,314 1,780 236,242 52,019 Unallocated interest expense and other (9,991) (10,558) (34,165) (27,225) Total Income before Income Taxes $113,323 ($8,778) $202,077 $24,794 (a) The three and nine months ended September 30, 2020 includes $6.0 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales”. (b) The three and nine months ended September 30, 2021 include $30.5 million and $33.3 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is a $28.8 million gain on Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include a $7.2 million gain on Fund II Timberland Dispositions attributable to Rayonier and a $3.7 million gain on investment in Timber Funds. The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales”. (c) The three and nine months ended September 30, 2021 include $14.5 million and $44.8 million from Large Dispositions. The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition. (d) The three and nine months ended September 30, 2020 include $0.4 million and $16.4 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details. Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2021 2020 2021 2020 Southern Timber $11,604 $14,954 $39,539 $48,368 Pacific Northwest Timber 10,479 10,912 38,795 32,221 New Zealand Timber 6,555 7,345 20,757 17,062 Timber Funds (a) 43,158 4,170 54,780 8,239 Real Estate (b) 6,797 5,527 16,889 47,950 Corporate and Other 316 375 892 1,011 Total $78,909 $43,283 $171,652 $154,851 (a) The three and nine months ended September 30, 2021 include $34.4 million and $44.4 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $32.5 million related to Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $8.1 million related to Fund II Timberland Dispositions attributable to Rayonier. The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The three and nine months ended September 30, 2021 includes $5.0 million and $9.8 million, respectively, from Large Dispositions. The nine months ended September 30, 2020 includes $35.4 million from a Large Disposition. Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2021 2020 2021 2020 Timber Funds (a) $8,635 — $8,635 — Real Estate (b) 15,845 7,259 22,913 72,340 Total $24,480 $7,259 $31,548 $72,340 (a) The three and nine months ended September 30, 2021 includes $8.6 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $6.9 million was attributable to noncontrolling interests in Timber Funds and $1.7 million was attributable to Rayonier. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract with Customer, Liabilities | The following table summarizes revenue recognized during the three and nine months ended September 30, 2021 and 2020 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue recognized from contract liability balance at the beginning of the year (a) $235 $690 $10,204 $10,296 (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 and nine months ended September 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2021 Pulpwood $21,358 $2,116 $10,746 $127 — $3,861 — $38,208 Sawtimber 17,680 28,134 64,562 6,707 — 21,281 — 138,364 Hardwood 247 — — — — — — 247 Total Timber Sales 39,285 30,250 75,308 6,834 — 25,142 — 176,819 License Revenue, Primarily from Hunting 4,588 298 161 11 — — — 5,058 Other Non-Timber/Carbon Revenue 945 965 89 25 — — — 2,024 Agency Fee Income — — — — — 350 — 350 Fund II Timberland Dispositions — — — 87,100 — — — 87,100 Total Non-Timber Sales 5,533 1,263 250 87,136 — 350 — 94,532 Improved Development — — — — 27,774 — — 27,774 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 6,937 — — 6,937 Timberland & Non-Strategic — — — — 44 — — 44 Deferred Revenue/Other (a) — — — — 728 — — 728 Large Dispositions — — — — 20,048 — — 20,048 Total Real Estate Sales — — — — 93,031 — — 93,031 Revenue from Contracts with Customers 44,818 31,513 75,558 93,970 93,031 25,492 — 364,382 Lease Revenue — — — — 344 — — 344 Intersegment — — — 499 — 91 (590) — Total Revenue $44,818 $31,513 $75,558 $94,469 $93,375 $25,583 ($590) $364,726 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $22,061 $1,963 $7,943 $227 — $2,534 — $34,728 Sawtimber 19,356 25,513 51,400 8,397 — 19,575 — 124,241 Hardwood 760 — — — — — — 760 Total Timber Sales 42,177 27,476 59,343 8,624 — 22,109 — 159,729 License Revenue, Primarily from Hunting 4,461 252 60 (6) — — — 4,767 Other Non-Timber/Carbon Revenue 1,015 1,157 3,401 15 — — — 5,588 Total Non-Timber Sales 5,476 1,409 3,461 9 — — — 10,355 Improved Development — — — — 1,344 — — 1,344 Unimproved Development — — — — — — — — Rural — — — — 23,245 — — 23,245 Timberland & Non-Strategic — — — — 42 — — 42 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (a) — — — — 737 — — 737 Total Real Estate Sales — — — — 28,467 — — 28,467 Revenue from Contracts with Customers 47,653 28,885 62,804 8,633 28,467 22,109 — 198,551 Lease Revenue — — — — 324 — — 324 Intersegment — — — 1,274 — 92 (1,366) — Total Revenue $47,653 $28,885 $62,804 $9,907 $28,791 $22,201 ($1,366) $198,875 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2021 Pulpwood $66,941 $6,689 $32,555 $783 — $9,372 — $116,340 Sawtimber 58,335 97,647 180,339 36,433 — 66,146 — 438,900 Hardwood 1,920 — — — — — — 1,920 Total Timber Sales 127,196 104,336 212,894 37,216 — 75,518 — 557,160 License Revenue, Primarily From Hunting 13,501 505 300 41 — — — 14,347 Other Non-Timber/Carbon Revenue 5,092 3,516 502 438 — — — 9,548 Agency Fee Income — — — — — 1,040 — 1,040 Fund II Timberland Dispositions — — — 87,100 — — — 87,100 Total Non-Timber Sales 18,593 4,021 802 87,579 — 1,040 — 112,035 Improved Development — — — — 47,366 — — 47,366 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 36,999 — — 36,999 Timberland & Non-Strategic — — — — 44 — — 44 Conservation Easement — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (4,260) — — (4,260) Large Dispositions — — — — 56,048 — — 56,048 Total Real Estate Sales — — — — 177,552 — — 177,552 Revenue from Contracts with Customers 145,789 108,357 213,696 124,795 177,552 76,558 — 846,747 Lease Revenue — — — — 857 — — 857 Intersegment — — — 3,259 — 237 (3,496) — Total Revenue $145,789 $108,357 $213,696 $128,054 $178,409 $76,795 ($3,496) $847,604 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $74,239 $8,253 $18,545 $555 — $7,527 — $109,119 Sawtimber 55,224 75,255 117,157 14,701 — 57,493 — 319,830 Hardwood 1,752 — — — — — — 1,752 Total Timber Sales 131,215 83,508 135,702 15,256 — 65,020 — 430,701 License Revenue, Primarily from Hunting 13,386 444 200 4 — — — 14,034 Other Non-Timber/Carbon Revenue 2,801 2,179 6,210 19 — — — 11,209 Agency Fee Income — — — — — 327 — 327 Total Non-Timber Sales 16,187 2,623 6,410 23 — 327 — 25,570 Improved Development — — — — 7,771 — — 7,771 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 52,876 — — 52,876 Timberland & Non-Strategic — — — — 9,647 — — 9,647 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (a) — — — — (879) — — (879) Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 196,967 — — 196,967 Revenue from Contracts with Customers 147,402 86,131 142,112 15,279 196,967 65,347 — 653,238 Lease Revenue — — — — 397 — — 397 Intersegment — — — 2,152 — 158 (2,310) — Total Revenue $147,402 $86,131 $142,112 $17,431 $197,364 $65,505 ($2,310) $653,635 (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 and nine months ended September 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2021 Stumpage Pay-as-Cut $12,335 — — $131 — $12,466 Stumpage Lump Sum 392 1,846 — — — 2,238 Total Stumpage 12,727 1,846 — 131 — 14,704 Delivered Wood (Domestic) 19,515 28,404 20,614 6,703 817 76,053 Delivered Wood (Export) 7,043 — 54,694 — 24,325 86,062 Total Delivered 26,558 28,404 75,308 6,703 25,142 162,115 Total Timber Sales $39,285 $30,250 $75,308 $6,834 $25,142 $176,819 September 30, 2020 Stumpage Pay-as-Cut $14,518 — — $754 — $15,272 Stumpage Lump Sum 310 472 — — — 782 Total Stumpage 14,828 472 — 754 — 16,054 Delivered Wood (Domestic) 21,976 27,004 20,127 7,870 362 77,339 Delivered Wood (Export) 5,373 — 39,216 — 21,747 66,336 Total Delivered 27,349 27,004 59,343 7,870 22,109 143,675 Total Timber Sales $42,177 $27,476 $59,343 $8,624 $22,109 $159,729 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2021 Stumpage Pay-as-Cut $48,775 — — $328 — $49,103 Stumpage Lump Sum 5,040 8,909 — — — 13,949 Total Stumpage 53,815 8,909 — 328 — 63,052 Delivered Wood (Domestic) 57,528 95,427 56,970 36,888 3,144 249,957 Delivered Wood (Export) 15,853 — 155,924 — 72,374 244,151 Total Delivered 73,381 95,427 212,894 36,888 75,518 494,108 Total Timber Sales $127,196 $104,336 $212,894 $37,216 $75,518 $557,160 September 30, 2020 Stumpage Pay-as-Cut $56,141 — — $1,285 — $57,426 Stumpage Lump Sum 1,561 5,929 — — — 7,490 Total Stumpage 57,702 5,929 — 1,285 — 64,916 Delivered Wood (Domestic) 64,473 77,579 45,944 13,971 1,296 203,263 Delivered Wood (Export) 9,040 — 89,758 — 63,724 162,522 Total Delivered 73,513 77,579 135,702 13,971 65,020 365,785 Total Timber Sales $131,215 $83,508 $135,702 $15,256 $65,020 $430,701 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table details our lease income for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, Lease Income Components 2021 2020 2021 2020 Operating lease income $344 $324 $857 $397 Total lease income $344 $324 $857 $397 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended 2021 2020 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,006 $2,066 $7,716 $3,326 The following table sets forth the income attributable to the Funds’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 Net income (loss) attributable to noncontrolling interests in the Funds $30,465 ($10,627) $32,929 ($12,773) The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 Net (loss) income attributable to noncontrolling interests in Ferncliff Investors — ($153) $129 ($199) The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 Beginning noncontrolling interests in the Operating Partnership $153,505 $110,220 $130,121 — Issuances of Redeemable Operating Partnership Units — — — 106,752 Adjustment of noncontrolling interests in the Operating Partnership (1,746) 8,030 25,531 12,022 Conversions of Redeemable Operating Partnership Units to Common Shares (12,258) (27) (17,214) (27) Net Income (Loss) attributable to noncontrolling interests in the Operating Partnership 2,210 (25) 4,303 195 Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership (92) 532 1,187 989 Distributions to noncontrolling interests in the Operating Partnership (1,064) (1,200) (3,373) (2,401) Total noncontrolling interests in the Operating Partnership $140,555 $117,530 $140,555 $117,530 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The assets, liabilities and equity of Fund II as of September 30, 2021, were as follows: Timber Funds September 30, 2021 Assets: Cash and cash equivalents $12,202 Restricted Cash, Timber Funds ( Note 22 ) 49,209 Accounts receivable 513 Assets held for sale ( Note 23 ) (a) 54,926 Other current assets 79 Total current assets 116,929 Other assets 23 Total assets $116,952 Liabilities and Equity: Accounts payable $547 Intercompany payable (b) 160 Accrued taxes 71 Deferred revenue 164 Distribution payable, Timber Funds (c) 49,209 Other current liabilities 36 Total current liabilities 50,187 Funds’ equity 66,765 Total liabilities and equity $116,952 (a) Included in assets held for sale are timber and timberland assets. (b) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. (c) Represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. The assets, liabilities and equity of Ferncliff Investors as of September 30, 2021, were as follows: Ferncliff Investors September 30, 2021 Assets: Cash and cash equivalents $391 Total current assets 391 Advances to real estate joint venture entity 1,000 Total assets $1,391 Liabilities and Equity: Total liabilities $1,897 Ferncliff Investors’ equity (506) Total liabilities and equity $1,391 |
EARNINGS (LOSS) PER SHARE AND_2
EARNINGS (LOSS) PER SHARE AND PER UNIT (Tables) | 9 Months Ended |
Sep. 30, 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 (loss) per common share of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings (Loss) per common share - basic Numerator: Net Income (Loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership (2,210) 25 (4,303) (195) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Net income (loss) attributable to Rayonier Inc. $75,831 ($758) $143,885 $26,830 Denominator: Denominator for basic earnings (loss) per common share - weighted average shares 141,777,574 136,351,271 139,749,358 132,948,124 Basic earnings (loss) per common share attributable to Rayonier Inc.: $0.53 ($0.01) $1.03 $0.20 Earnings (Loss) per common share - diluted Numerator: Net Income (loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Less: Net loss attributable to noncontrolling interests in the Operating Partnership — (a) 25 (a) — — Net income (loss) attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $78,041 ($758) $148,188 $27,025 Denominator: Denominator for basic earnings (loss) per common share - weighted average shares 141,777,574 136,351,271 139,749,358 132,948,124 Add: Dilutive effect of: Stock options 9,803 — 8,833 492 Performance shares, restricted shares and restricted stock units 520,737 — 361,596 159,018 Noncontrolling interests in Redeemable Operating Partnership Units 4,131,454 — (a) 4,245,323 2,352,822 Denominator for diluted earnings per common share - adjusted weighted average shares 146,439,568 136,351,271 144,365,110 135,460,456 Diluted earnings (loss) per common share attributable to Rayonier Inc.: $0.53 ($0.01) $1.03 $0.20 (a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interests in the Operating Partnership was included in the numerator for diluted earnings (loss) per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also, as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in Redeemable Operating Partnership Units were excluded from the denominator of diluted loss per share. The following table provides details of the calculations of basic and diluted earnings (loss) per unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings (loss) per unit - basic Numerator: Net Income (Loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Net income (loss) available to unitholders $78,041 ($783) $148,188 $27,025 Denominator: Denominator for basic earnings (loss) per unit - weighted average units 145,909,028 140,797,217 143,994,681 135,300,946 Basic earnings (loss) per unit attributable to Rayonier, L.P.: $0.53 ($0.01) $1.03 $0.20 Earnings (Loss) per unit - diluted Numerator: Net Income (Loss) $110,512 ($9,498) $188,963 $17,378 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (32,471) 8,715 (40,775) 9,647 Net income (loss) available to unitholders $78,041 ($783) $148,188 $27,025 Denominator: Denominator for basic earnings (loss) per unit - weighted average units 145,909,028 140,797,217 143,994,681 135,300,946 Add: Dilutive effect of unit equivalents: Stock options 9,803 — 8,833 492 Performance shares, restricted shares and restricted stock units 520,737 — 361,596 159,018 Denominator for diluted earnings (loss) per unit - adjusted weighted average units 146,439,568 140,797,217 144,365,110 135,460,456 Diluted earnings (loss) per unit attributable to Rayonier, L.P.: $0.53 ($0.01) $1.03 $0.20 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Anti-dilutive shares excluded from the computations of diluted earnings (loss) per common share: Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units (a) 100,135 5,038,514 167,668 471,999 Total 100,135 5,038,514 167,668 471,999 (a) For the three months ended September 30, 2020, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Anti-dilutive unit equivalents excluded from the computations of diluted earnings (loss) per unit: Stock options, performance shares, restricted shares and restricted stock units (a) 100,135 592,568 167,668 471,999 Total 100,135 592,568 167,668 471,999 (a) For the three months ended September 30, 2020, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | Our debt consisted of the following at September 30, 2021: September 30, 2021 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at September 30, 2021 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Senior Notes due 2031 at a fixed interest rate of 2.75% 450,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.7% at September 30, 2021 (b) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% 23,739 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% 27,696 Total principal debt, excluding Timber Funds 1,376,435 Less: Unamortized discounts, excluding Timber Funds (3,505) Less: Current maturities of long-term debt, excluding Timber Funds (199,887) Less: Deferred financing costs, excluding Timber Funds (5,076) Total long-term debt, excluding Timber Funds 1,167,967 Total long-term debt, Timber Funds — Total long-term debt $1,167,967 (a) As of September 30, 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 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of September 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and 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 — 325,000 2023 — — — 2024 — — — 2025 23,739 — 23,739 Thereafter 1,027,696 — 1,027,696 Total Debt $1,376,435 — $1,376,435 |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of September 30, 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 11.6 to 1 9.1 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 44 % 21 % |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) 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 % 1.65 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 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 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 May 2021 (b) 7 years 200,000 0.77 % Future Issuance Feb. 2022 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The forward-starting interest rate swap entered into in May 2021 contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap. |
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 and nine months ended September 30, 2021 and 2020: Three Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($2,618) $1,946 Foreign currency option contracts Other comprehensive (loss) income (356) 358 Interest rate products Other comprehensive (loss) income 1,288 2,417 Interest expense 2,564 3,783 Nine Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($6,366) $1,806 Foreign currency option contracts Other comprehensive (loss) income (1,514) 85 Interest rate products Other comprehensive (loss) income 46,433 (91,203) Interest expense 11,935 6,951 Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income (expense), net — 563 Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $139 Interest rate products (11,842) Total estimated loss on derivatives contracts ($11,703) |
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 September 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $144,000 $49,000 Foreign currency option contracts — 28,000 Interest rate swaps 550,000 900,000 Forward-starting interest rate swaps 350,000 475,000 |
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) September 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,892 $4,968 Other assets 7 1,050 Other current liabilities (1,699) — Other non-current liabilities (549) — Foreign currency option contracts Other current assets — 1,526 Other current liabilities — (11) Interest rate swaps Other non-current liabilities (24,178) (51,580) Forward-starting interest rate swaps Other assets 11,206 513 Other non-current liabilities — (13,042) Total derivative contracts: Other current assets $1,892 $6,494 Other assets 11,213 1,563 Total derivative assets $13,105 $8,057 Other current liabilities (1,699) (11) Other non-current liabilities (24,727) (64,622) Total derivative liabilities ($26,426) ($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) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 30, 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 $419,604 $419,604 — $80,454 $80,454 — Cash and cash equivalents, Timber Funds 12,202 12,202 — 4,053 4,053 — Restricted cash, Timber Funds (b) 49,209 49,209 — — — — Restricted cash, excluding Timber Funds (c) 625 625 — 2,975 2,975 — Current maturities of long-term debt, excluding Timber Funds (d) (199,887) — (201,440) — — — Long-term debt, excluding Timber Funds (d) (1,167,967) — (1,173,657) (1,300,336) — (1,313,631) Long-term debt, Timber Funds (d) — — — (60,179) — (60,474) Interest rate swaps (e) (24,178) — (24,178) (51,580) — (51,580) Forward-starting interest rate swaps (e) 11,206 — 11,206 (12,529) — (12,529) Foreign currency exchange contracts (e) (349) — (349) 6,018 — 6,018 Foreign currency option contracts (e) — — — 1,515 — 1,515 Noncontrolling Interests in the Operating Partnership (f) 140,555 140,555 — 130,121 130,121 — (a) We did not have Level 3 assets or liabilities at September 30, 2021 and December 31, 2020. (b) Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 22 — Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs, unamortized discounts and fair value adjustments on non-revolving debt. See Note 9 — Debt for additional information. (e) 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) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | At September 30, 2021, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2021 $255 $11,113 $3,328 $14,696 2022 1,534 13,695 14,254 29,483 2023 3,188 267 12,449 15,904 2024 3,188 267 9,366 12,821 2025 519 267 5,534 6,320 Thereafter 2,266 3,916 8,242 14,424 $10,950 $29,525 $53,173 $93,648 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | Changes in environmental and NRD liabilities from December 31, 2020 to September 30, 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 charged to liabilities (762) Increase to liabilities 71 Total Balance at September 30, 2021 10,950 Less: Current portion (1,095) Non-current portion at September 30, 2021 $9,855 |
GUARANTEES (Tables)
GUARANTEES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | As of September 30, 2021, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 12,429 Total financial commitments $13,314 (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) | 9 Months Ended |
Sep. 30, 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 September 30, 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 (11,566) (6,956) (18,522) Amortization of parcel real estate development investments — (4,518) (4,518) Timber depletion from harvesting activities and basis of timber sold in real estate sales (948) — (948) Capitalized real estate development investments (b) — 16,871 16,871 Capital expenditures (silviculture) 76 — 76 Intersegment transfers 8,179 — 8,179 Purchase price allocation adjustment (c) 8,238 — 8,238 Total Balance at September 30, 2021 84,092 40,558 124,650 Less: Current portion (a) (601) (13,457) (14,058) Non-current portion at September 30, 2021 $83,491 $27,101 $110,592 (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 $0.4 million of capitalized interest and $7.7 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 final allocation of fair value to 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) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of September 30, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows: September 30, 2021 December 31, 2020 Finished goods inventory Real estate inventory (a) $14,058 $6,756 Log inventory 4,534 3,838 Total inventory $18,592 $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) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Operating (Expense) Income | Other operating income (expense), net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gain (loss) on foreign currency remeasurement, net of cash flow hedges $1,379 ($976) $5,730 ($2,263) Gain on sale or disposal of property and equipment — 19 93 26 Gain on investment in Timber Funds (a) 3,729 — 3,729 — Log trading marketing fees — — 6 50 Costs related to the merger with Pope Resources (b) — (430) — (16,415) Equity income (loss) related to Bainbridge Landing LLC joint venture (c) 36 (214) 241 (273) Miscellaneous expense, net (74) (52) (325) (372) Total $5,070 ($1,653) $9,474 ($19,247) (a) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Timber Funds. (b) 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. (c) 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) | 9 Months Ended |
Sep. 30, 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 income (expense), net 557 677 11 13 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (936) (876) — — Amortization of losses Interest and other miscellaneous income (expense), net 288 215 5 2 Net periodic benefit (credit) cost ($91) $16 $18 $17 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $6 $5 Interest cost Interest and other miscellaneous income (expense), net 1,671 2,029 34 38 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (2,809) (2,628) — — Amortization of losses Interest and other miscellaneous income (expense), net 865 646 15 6 Net periodic benefit (credit) cost ($273) $47 $55 $49 (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) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Income tax expense ($2,811) ($720) ($13,114) ($7,416) |
Schedule of Effective Income Tax Rate Reconciliation | The following table contains the Company’s annualized effective tax rate after discrete items: Nine Months Ended 2021 2020 Annualized effective tax rate after discrete items 6.4 % 29.9 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the nine months ended September 30, 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 (16,369) — 40,125 (a) — 23,756 — 23,756 Amounts reclassified from accumulated other comprehensive loss — — 13,874 881 (b) 14,755 (1,186) 13,569 Net other comprehensive (loss) income (16,369) — 53,999 881 38,511 (1,186) 37,325 Balance as of $6,333 $1,321 ($17,057) ($23,431) ($32,834) ($3,726) ($36,560) (a) Includes $46.4 million of other comprehensive income related to interest rate swaps 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 nine months ended September 30, 2021 and September 30, 2020: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement September 30, 2021 September 30, 2020 Realized loss (gain) on foreign currency exchange contracts $2,322 ($2,568) Other operating income (expense), net Realized loss on foreign currency option contracts 1,177 (15) Other operating income (expense), net Noncontrolling interests (805) 594 Comprehensive (loss) income attributable to noncontrolling interests Realized loss on interest rate contracts 11,935 6,951 Interest expense Income tax effect from net (loss) gain on foreign currency contracts (755) 557 Income tax expense Net loss from accumulated other comprehensive income $13,874 $5,519 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash and Investments [Abstract] | |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $431,806 $78,151 Restricted cash, Timber Funds 49,209 — Restricted cash, excluding Timber Funds (Held in escrow) 625 475 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $481,640 $78,626 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $431,806 $78,151 Restricted cash, Timber Funds 49,209 — Restricted cash, excluding Timber Funds (Held in escrow) 625 475 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $481,640 $78,626 |
CHARGES FOR INTEGRATION AND R_2
CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Termination benefits — $70 — $651 Acceleration of share-based compensation related to qualifying terminations — 92 — 324 Professional services — 239 — 13,553 Other integration and restructuring costs — 29 — 1,887 Total integration and restructuring charges related to the merger with Pope Resources — $430 — $16,415 |
RELATED PARTY (Tables)
RELATED PARTY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions on Consolidated Statements of Income and Comprehensive Income | The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended: Three Months Ended September 30, Nine Months Ended September 30, Related Party Transaction Location on Statement of Income and Comprehensive Income 2021 2020 2021 2020 Mattamy Contract Sales $1,022 — $2,510 — |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) a in Thousands, $ in Millions | Sep. 30, 2021USD ($)a | May 08, 2020afund | Sep. 30, 2021USD ($)a | Nov. 01, 2021USD ($)a | Oct. 05, 2021USD ($)a | Jul. 21, 2021USD ($) |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Area of land | 13 | 13 | ||||
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of timber funds | fund | 3 | |||||
Area of land | 141 | |||||
Operating Partnership | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Ownership interest | 97.30% | |||||
Ownership interest owned by limited partners | 2.70% | |||||
ORM Timber Fund II | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fund II Timberland Dispositions | Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Area of land | 13 | 13 | ||||
Aggregate purchase price | $ | $ 87.1 | $ 87.1 | ||||
ORM Timber Fund II | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | Subsequent event | Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Area of land | 13 | 5 | ||||
Aggregate purchase price | $ | $ 32.5 | $ 37.2 | ||||
ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Ownership interest | 20.00% | 20.00% | ||||
ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Ownership interest | 5.00% | |||||
ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Ownership interest | 15.00% | |||||
ORM Timber Fund III And IV | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fund III And IV Timberland Dispositions | Timber Funds | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Aggregate purchase price | $ | $ 35.9 |
MERGER WITH POPE RESOURCES - Na
MERGER WITH POPE RESOURCES - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | May 08, 2020fund | |
Business Acquisition [Line Items] | |||||||
Costs related to the merger with Pope Resources | $ 0 | $ 430 | $ 0 | $ 16,415 | |||
Net (loss) income | $ 110,512 | (9,498) | 188,963 | 17,378 | |||
Merger with Pope Resources | |||||||
Business Acquisition [Line Items] | |||||||
Number of timber funds acquired | fund | 3 | ||||||
Costs related to the merger with Pope Resources | 400 | $ 13,500 | $ 2,500 | ||||
Increase in higher and better use timberlands from purchase price allocation | 8,200 | ||||||
Increase (decrease) in timber and timberlands | 1,100 | ||||||
Merger with Pope Resources | Acquisition-related Transaction Costs | |||||||
Business Acquisition [Line Items] | |||||||
Net (loss) income | $ 400 | $ 31,600 | |||||
Core Timberlands | |||||||
Business Acquisition [Line Items] | |||||||
Increase (decrease) in timber and timberlands | (15,500) | ||||||
Timber Funds | |||||||
Business Acquisition [Line Items] | |||||||
Increase (decrease) in timber and timberlands | $ 16,600 |
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 - Sc
MERGER WITH POPE RESOURCES - Schedule of Depletion (Details) - Merger with Pope Resources $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Business Acquisition [Line Items] | |
Depletion | $ (1,384) |
Operating Segments | Pacific Northwest Timber | |
Business Acquisition [Line Items] | |
Depletion | (182) |
Operating Segments | Timber Funds | |
Business Acquisition [Line Items] | |
Depletion | $ (1,202) |
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 | 947,703 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |
Property, plant and equipment | 11,616 |
Other assets (a) | 5,931 |
Total identifiable assets acquired | 1,021,457 |
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 | 3,185 |
Total liabilities assumed | 140,482 |
Net identifiable assets | 880,975 |
Less: noncontrolling interests | (343,054) |
Total net assets acquired | 537,921 |
Intangible assets | 1,900 |
Deferred income tax liability | 3,200 |
Core Timberlands | |
Restructuring Cost and Reserve [Line Items] | |
Cash | 7,380 |
Accounts receivable | 2,459 |
Other current assets | 703 |
Timber and Timberlands | 498,630 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |
Property, plant and equipment | 11,616 |
Other assets (a) | 3,737 |
Total identifiable assets acquired | 559,273 |
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 | 2,724 |
Total liabilities assumed | 76,530 |
Net identifiable assets | 482,743 |
Less: noncontrolling interests | (3,816) |
Total net assets acquired | 478,927 |
Timber Funds | |
Restructuring Cost and Reserve [Line Items] | |
Cash | 8,870 |
Accounts receivable | 1,787 |
Other current assets | 260 |
Timber and Timberlands | 449,073 |
Higher and Better Use Timberlands and Real Estate Development Investments | 0 |
Property, plant and equipment | 0 |
Other assets (a) | 2,194 |
Total identifiable assets acquired | 462,184 |
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 | 461 |
Total liabilities assumed | 63,952 |
Net identifiable assets | 398,232 |
Less: noncontrolling interests | (339,238) |
Total net assets acquired | $ 58,994 |
MERGER WITH POPE RESOURCES - _2
MERGER WITH POPE RESOURCES - Schedule of Unaudited Pro Forma Information (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | ||
Sales | $ 198,975 | $ 684,900 |
Net income attributable to Rayonier Inc. | $ (1,110) | $ 25,800 |
Basic earnings per share/unit (in dollars per share/unit) | $ (0.01) | $ 0.19 |
Diluted earnings per share/unit (in dollars per share/unit) | $ (0.01) | $ 0.19 |
Rayonier Limited Partnership | ||
Business Acquisition [Line Items] | ||
Net income attributable to Rayonier Inc. | $ (1,147) | $ 26,648 |
Basic earnings per share/unit (in dollars per share/unit) | $ (0.01) | $ 0.19 |
Diluted earnings per share/unit (in dollars per share/unit) | $ (0.01) | $ 0.19 |
SEGMENT AND GEOGRAPHICAL INFO_3
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
SALES | $ 364,726 | $ 198,875 | $ 847,604 | $ 653,635 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 75,400 | 7,700 | 102,100 | 13,500 |
Timber Funds, Portion Attributable To Noncontrolling Interests | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 69,700 | 69,700 | ||
Timber Funds, Portion Attributable To Parent | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 17,400 | 17,400 | ||
Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Threshold to be considered a large disposition transaction | 20,000 | |||
Real Estate | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 20,000 | 56,000 | 116,000 | |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | (590) | (1,366) | (3,496) | (2,310) |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 44,818 | 47,653 | 145,789 | 147,402 |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 31,513 | 28,885 | 108,357 | 86,131 |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 75,558 | 62,804 | 213,696 | 142,112 |
Operating Segments | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 94,469 | 9,907 | 128,054 | 17,431 |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 93,375 | 28,791 | 178,409 | 197,364 |
Operating Segments | Trading | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 25,583 | 22,201 | 76,795 | 65,505 |
Intersegment Eliminations | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 499 | 1,274 | 3,259 | 2,152 |
Intersegment Eliminations | Trading | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 91 | 92 | 237 | 158 |
Intersegment Eliminations | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | $ (590) | $ (1,366) | $ (3,496) | $ (2,310) |
SEGMENT AND GEOGRAPHICAL INFO_4
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total Operating Income | $ 123,314 | $ 1,780 | $ 236,242 | $ 52,019 |
Unallocated interest expense and other | (9,991) | (10,558) | (34,165) | (27,225) |
Total Income before Income Taxes | 113,323 | (8,778) | 202,077 | 24,794 |
Integration and restructuring charges | 0 | 430 | 0 | 16,415 |
Merger with Pope Resources | ||||
Segment Reporting Information [Line Items] | ||||
Integration and restructuring charges | 400 | 16,400 | ||
Fund II Timberland Dispositions | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale | 35,951 | 0 | ||
Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
Timber write-offs from casualty events | 6,000 | 6,000 | ||
Timber Funds, Portion Attributable To Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 30,500 | (10,300) | 33,300 | (12,300) |
Timber write-offs from casualty events | 7,300 | 7,300 | ||
Timber Funds, Portion Attributable To Noncontrolling Interests | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale | 28,800 | 28,800 | ||
Timber Funds, Portion Attributable To Parent | ||||
Segment Reporting Information [Line Items] | ||||
Timber write-offs from casualty events | 1,800 | 1,800 | ||
Timber Funds, Portion Attributable To Parent | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale | 7,200 | |||
Timber Funds, Portion Attributable To Parent | Fund III And IV Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale | 3,700 | |||
Real Estate | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 14,500 | 44,800 | 28,700 | |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 12,778 | 5,090 | 47,105 | 31,368 |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 2,071 | (1,825) | 5,293 | (9,453) |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 13,302 | 10,720 | 47,959 | 21,142 |
Operating Segments | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 41,285 | (12,370) | 44,778 | (14,262) |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 60,617 | 9,459 | 112,816 | 61,081 |
Operating Segments | Trading | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | (33) | (557) | 628 | (474) |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | $ (6,706) | $ (8,737) | $ (22,337) | $ (37,383) |
SEGMENT AND GEOGRAPHICAL INFO_5
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 78,909 | $ 43,283 | $ 171,652 | $ 154,851 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 34,400 | 3,700 | 44,400 | 7,200 |
Timber Funds, Portion Attributable To Noncontrolling Interests | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 32,500 | 32,500 | ||
Timber Funds, Portion Attributable To Parent | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 8,100 | 8,100 | ||
Real Estate | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 5,000 | 9,800 | 35,400 | |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 11,604 | 14,954 | 39,539 | 48,368 |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 10,479 | 10,912 | 38,795 | 32,221 |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 6,555 | 7,345 | 20,757 | 17,062 |
Operating Segments | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 43,158 | 4,170 | 54,780 | 8,239 |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 6,797 | 5,527 | 16,889 | 47,950 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 316 | $ 375 | $ 892 | $ 1,011 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 24,480 | $ 7,259 | $ 31,548 | $ 72,340 |
Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 8,635 | 0 | 8,635 | 0 |
Timber Funds | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 8,600 | 8,600 | ||
Timber Funds, Portion Attributable To Noncontrolling Interests | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 6,900 | 6,900 | ||
Timber Funds, Portion Attributable To Parent | Fund II Timberland Dispositions | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 1,700 | 1,700 | ||
Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 15,845 | $ 7,259 | 22,913 | 72,340 |
Real Estate | Disposal Group, Not Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 100 | $ 51,600 |
REVENUE REMAINING PERFORMANCE O
REVENUE REMAINING PERFORMANCE OBLIGATION - Narrative (Details) | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized from contract liability balance at the beginning of the year | $ 235 | $ 690 | $ 10,204 | $ 10,296 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 364,382 | $ 198,551 | $ 846,747 | $ 653,238 |
Lease Revenue | 344 | 324 | 857 | 397 |
Total Revenue | 364,726 | 198,875 | 847,604 | 653,635 |
Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 38,208 | 34,728 | 116,340 | 109,119 |
Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 138,364 | 124,241 | 438,900 | 319,830 |
Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 247 | 760 | 1,920 | 1,752 |
Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 176,819 | 159,729 | 557,160 | 430,701 |
License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 5,058 | 4,767 | 14,347 | 14,034 |
Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,024 | 5,588 | 9,548 | 11,209 |
Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 350 | 1,040 | 327 | |
Fund II Timberland Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 87,100 | 87,100 | ||
Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 94,532 | 10,355 | 112,035 | 25,570 |
Improved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 27,774 | 1,344 | 47,366 | 7,771 |
Unimproved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 37,500 | 0 | 37,500 | 8,426 |
Rural | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,937 | 23,245 | 36,999 | 52,876 |
Timberland & Non-Strategic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 44 | 42 | 44 | 9,647 |
Conservation Easement | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,099 | 3,855 | 3,099 | |
Deferred Revenue/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 728 | 737 | (4,260) | (879) |
Large Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,048 | 56,048 | 116,027 | |
Total Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 93,031 | 28,467 | 177,552 | 196,967 |
Elim. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | (590) | (1,366) | (3,496) | (2,310) |
Operating Segments | Southern Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 44,818 | 47,653 | 145,789 | 147,402 |
Total Revenue | 44,818 | 47,653 | 145,789 | 147,402 |
Operating Segments | Southern Timber | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 21,358 | 22,061 | 66,941 | 74,239 |
Operating Segments | Southern Timber | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 17,680 | 19,356 | 58,335 | 55,224 |
Operating Segments | Southern Timber | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 247 | 760 | 1,920 | 1,752 |
Operating Segments | Southern Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 39,285 | 42,177 | 127,196 | 131,215 |
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 4,588 | 4,461 | 13,501 | 13,386 |
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 945 | 1,015 | 5,092 | 2,801 |
Operating Segments | Southern Timber | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | |
Operating Segments | Southern Timber | Fund II Timberland Dispositions | ||||
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 | 5,533 | 5,476 | 18,593 | 16,187 |
Operating Segments | Pacific Northwest Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 31,513 | 28,885 | 108,357 | 86,131 |
Total Revenue | 31,513 | 28,885 | 108,357 | 86,131 |
Operating Segments | Pacific Northwest Timber | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,116 | 1,963 | 6,689 | 8,253 |
Operating Segments | Pacific Northwest Timber | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 28,134 | 25,513 | 97,647 | 75,255 |
Operating Segments | Pacific Northwest Timber | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 30,250 | 27,476 | 104,336 | 83,508 |
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 298 | 252 | 505 | 444 |
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 965 | 1,157 | 3,516 | 2,179 |
Operating Segments | Pacific Northwest Timber | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | |
Operating Segments | Pacific Northwest Timber | Fund II Timberland Dispositions | ||||
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 | 1,263 | 1,409 | 4,021 | 2,623 |
Operating Segments | New Zealand Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 75,558 | 62,804 | 213,696 | 142,112 |
Total Revenue | 75,558 | 62,804 | 213,696 | 142,112 |
Operating Segments | New Zealand Timber | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 10,746 | 7,943 | 32,555 | 18,545 |
Operating Segments | New Zealand Timber | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 64,562 | 51,400 | 180,339 | 117,157 |
Operating Segments | New Zealand Timber | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | New Zealand Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 75,308 | 59,343 | 212,894 | 135,702 |
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 161 | 60 | 300 | 200 |
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 89 | 3,401 | 502 | 6,210 |
Operating Segments | New Zealand Timber | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | |
Operating Segments | New Zealand Timber | Fund II Timberland Dispositions | ||||
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 | 250 | 3,461 | 802 | 6,410 |
Operating Segments | Timber Funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 93,970 | 8,633 | 124,795 | 15,279 |
Total Revenue | 94,469 | 9,907 | 128,054 | 17,431 |
Operating Segments | Timber Funds | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 127 | 227 | 783 | 555 |
Operating Segments | Timber Funds | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,707 | 8,397 | 36,433 | 14,701 |
Operating Segments | Timber Funds | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Timber Funds | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,834 | 8,624 | 37,216 | 15,256 |
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 11 | (6) | 41 | 4 |
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 25 | 15 | 438 | 19 |
Operating Segments | Timber Funds | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | |
Operating Segments | Timber Funds | Fund II Timberland Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 87,100 | 87,100 | ||
Operating Segments | Timber Funds | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 87,136 | 9 | 87,579 | 23 |
Operating Segments | Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 93,031 | 28,467 | 177,552 | 196,967 |
Lease Revenue | 344 | 324 | 857 | 397 |
Total Revenue | 93,375 | 28,791 | 178,409 | 197,364 |
Operating Segments | Real Estate | Improved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 27,774 | 1,344 | 47,366 | 7,771 |
Operating Segments | Real Estate | Unimproved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 37,500 | 0 | 37,500 | 8,426 |
Operating Segments | Real Estate | Rural | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,937 | 23,245 | 36,999 | 52,876 |
Operating Segments | Real Estate | Timberland & Non-Strategic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 44 | 42 | 44 | 9,647 |
Operating Segments | Real Estate | Conservation Easement | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,099 | 3,855 | 3,099 | |
Operating Segments | Real Estate | Deferred Revenue/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 728 | 737 | (4,260) | (879) |
Operating Segments | Real Estate | Large Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,048 | 56,048 | 116,027 | |
Operating Segments | Real Estate | Total Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 93,031 | 28,467 | 177,552 | 196,967 |
Operating Segments | Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 25,492 | 22,109 | 76,558 | 65,347 |
Total Revenue | 25,583 | 22,201 | 76,795 | 65,505 |
Operating Segments | Trading | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,861 | 2,534 | 9,372 | 7,527 |
Operating Segments | Trading | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 21,281 | 19,575 | 66,146 | 57,493 |
Operating Segments | Trading | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Trading | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 25,142 | 22,109 | 75,518 | 65,020 |
Operating Segments | Trading | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Trading | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Trading | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 350 | 1,040 | 327 | |
Operating Segments | Trading | Fund II Timberland Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Trading | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 350 | 0 | 1,040 | 327 |
Intersegment | Timber Funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 499 | 1,274 | 3,259 | 2,152 |
Intersegment | Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 91 | 92 | 237 | 158 |
Intersegment | Elim. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ (590) | $ (1,366) | $ (3,496) | $ (2,310) |
REVENUE - Disaggregation of R_2
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 364,382 | $ 198,551 | $ 846,747 | $ 653,238 |
Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 12,466 | 15,272 | 49,103 | 57,426 |
Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,238 | 782 | 13,949 | 7,490 |
Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 14,704 | 16,054 | 63,052 | 64,916 |
Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 162,115 | 143,675 | 494,108 | 365,785 |
Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 76,053 | 77,339 | 249,957 | 203,263 |
Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 86,062 | 66,336 | 244,151 | 162,522 |
Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 176,819 | 159,729 | 557,160 | 430,701 |
Southern Timber | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 12,335 | 14,518 | 48,775 | 56,141 |
Southern Timber | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 392 | 310 | 5,040 | 1,561 |
Southern Timber | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 12,727 | 14,828 | 53,815 | 57,702 |
Southern Timber | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 26,558 | 27,349 | 73,381 | 73,513 |
Southern Timber | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 19,515 | 21,976 | 57,528 | 64,473 |
Southern Timber | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 7,043 | 5,373 | 15,853 | 9,040 |
Pacific Northwest Timber | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Pacific Northwest Timber | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,846 | 472 | 8,909 | 5,929 |
Pacific Northwest Timber | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,846 | 472 | 8,909 | 5,929 |
Pacific Northwest Timber | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 28,404 | 27,004 | 95,427 | 77,579 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 28,404 | 27,004 | 95,427 | 77,579 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 75,308 | 59,343 | 212,894 | 135,702 |
New Zealand Timber | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,614 | 20,127 | 56,970 | 45,944 |
New Zealand Timber | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 54,694 | 39,216 | 155,924 | 89,758 |
Timber Funds | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 131 | 754 | 328 | 1,285 |
Timber Funds | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Timber Funds | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 131 | 754 | 328 | 1,285 |
Timber Funds | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,703 | 7,870 | 36,888 | 13,971 |
Timber Funds | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,703 | 7,870 | 36,888 | 13,971 |
Timber Funds | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 25,142 | 22,109 | 75,518 | 65,020 |
Trading | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 817 | 362 | 3,144 | 1,296 |
Trading | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 24,325 | 21,747 | 72,374 | 63,724 |
Operating Segments | Southern Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 44,818 | 47,653 | 145,789 | 147,402 |
Operating Segments | Southern Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 39,285 | 42,177 | 127,196 | 131,215 |
Operating Segments | Pacific Northwest Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 31,513 | 28,885 | 108,357 | 86,131 |
Operating Segments | Pacific Northwest Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 30,250 | 27,476 | 104,336 | 83,508 |
Operating Segments | New Zealand Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 75,558 | 62,804 | 213,696 | 142,112 |
Operating Segments | New Zealand Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 75,308 | 59,343 | 212,894 | 135,702 |
Operating Segments | Timber Funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 93,970 | 8,633 | 124,795 | 15,279 |
Operating Segments | Timber Funds | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 6,834 | 8,624 | 37,216 | 15,256 |
Operating Segments | Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 25,492 | 22,109 | 76,558 | 65,347 |
Operating Segments | Trading | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 25,142 | $ 22,109 | $ 75,518 | $ 65,020 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease income | $ 344 | $ 324 | $ 857 | $ 397 |
Total lease income | $ 344 | $ 324 | $ 857 | $ 397 |
NONCONTROLLING INTERESTS - Narr
NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands | Sep. 30, 2021a | Jul. 21, 2021USD ($) | May 08, 2020afund | Nov. 01, 2021USD ($)adisposition | Sep. 30, 2021USD ($)a | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)a | Sep. 30, 2020USD ($) | Oct. 05, 2021USD ($)a |
Schedule of Equity Method Investments [Line Items] | |||||||||
Other operating income (expense), net | $ 5,070 | $ (1,653) | $ 9,474 | $ (19,247) | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area of land | a | 13,000 | 13,000 | 13,000 | ||||||
Other operating income (expense), net | $ 36,000 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | Subsequent event | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of additional dispositions | disposition | 2 | ||||||||
Variable Interest Entity, Primary Beneficiary | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Other operating income (expense), net | $ 7,200 | ||||||||
ORM Timber Fund II | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | Subsequent event | Timber Funds | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area of land | a | 13,000 | 5,000 | |||||||
Aggregate purchase price | $ 32,500 | $ 37,200 | |||||||
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% | ||||||||
ORM Timber Fund III And IV | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fund III And IV Timberland Dispositions | Timber Funds | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Aggregate purchase price | $ 35,900 | ||||||||
Other operating income (expense), net | $ (3,700) | ||||||||
Matariki Forestry Group | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Acres of timberland owned (acres) | a | 418,000 | 418,000 | 418,000 | ||||||
Matariki Forestry Group | Rayonier | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 77.00% | 77.00% | 77.00% | ||||||
Matariki Forestry Group | Rayonier New Zealand Subsidiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 23.00% | 23.00% | 23.00% | ||||||
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of timber funds | fund | 3 | ||||||||
Area of land | a | 141,000 | ||||||||
ORM Timber Funds | ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership interest | 20.00% | 20.00% | |||||||
ORM Timber Funds | ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership interest | 5.00% | ||||||||
ORM Timber Funds | ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership interest | 15.00% | ||||||||
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of acres to be developed | a | 5 |
NONCONTROLLING INTERESTS - Sche
NONCONTROLLING INTERESTS - Schedule of Net Income Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 32,471 | $ (8,715) | $ 40,775 | $ (9,647) |
Matariki Forestry Group | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | 2,006 | 2,066 | 7,716 | 3,326 |
ORM Timber Funds | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | 30,465 | (10,627) | 32,929 | (12,773) |
Ferncliff Investors | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 0 | $ (153) | $ 129 | $ (199) |
NONCONTROLLING INTERESTS - Sc_2
NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning noncontrolling interests in the Operating Partnership | $ 153,505 | $ 110,220 | $ 130,121 | $ 0 |
Issuances of Redeemable Operating Partnership Units | 0 | 0 | 0 | 106,752 |
Adjustment of noncontrolling interests in the Operating Partnership | (1,746) | 8,030 | 25,531 | 12,022 |
Conversions of Redeemable Operating Partnership Units to Common Shares | (12,258) | (27) | (17,214) | (27) |
Net Income (Loss) attributable to noncontrolling interests in the Operating Partnership | 2,210 | (25) | 4,303 | 195 |
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership | (92) | 532 | 1,187 | 989 |
Distributions to noncontrolling interests in the Operating Partnership | (1,064) | (1,200) | (3,373) | (2,401) |
Total noncontrolling interests in the Operating Partnership | $ 140,555 | $ 117,530 | $ 140,555 | $ 117,530 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) | Sep. 30, 2021 | Sep. 30, 2021 |
ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||
Variable Interest Entity [Line Items] | ||
Ownership interest | 20.00% | 20.00% |
VARIABLE INTEREST ENTITIES - Su
VARIABLE INTEREST ENTITIES - Summary of VIEs (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
ASSETS | |||
Cash and cash equivalents | $ 431,806 | $ 84,507 | $ 78,151 |
Accounts receivable | 42,352 | 49,082 | |
Assets held for sale | 56,397 | 3,449 | |
Other current assets | 2,212 | 6,765 | |
Total current assets | 619,930 | 170,565 | |
TOTAL ASSETS | 3,706,414 | 3,728,733 | |
Liabilities and Equity: | |||
Accounts payable | 27,989 | 24,790 | |
Accrued taxes | 18,503 | 7,347 | |
Deferred revenue | 19,899 | 11,112 | |
Distribution payable, Timber Funds | 49,209 | 0 | |
Other current liabilities | 28,983 | 29,234 | |
Total current liabilities | 368,235 | 91,135 | |
Funds’ equity | 1,710,393 | 1,474,057 | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,706,414 | $ 3,728,733 | |
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | |||
ASSETS | |||
Cash and cash equivalents | 12,202 | ||
Restricted cash, Timber Funds | 49,209 | ||
Accounts receivable | 513 | ||
Assets held for sale | 54,926 | ||
Other current assets | 79 | ||
Total current assets | 116,929 | ||
Other assets | 23 | ||
TOTAL ASSETS | 116,952 | ||
Liabilities and Equity: | |||
Accounts payable | 547 | ||
Intercompany payable | 160 | ||
Accrued taxes | 71 | ||
Deferred revenue | 164 | ||
Distribution payable, Timber Funds | 49,209 | ||
Other current liabilities | 36 | ||
Total current liabilities | 50,187 | ||
Funds’ equity | 66,765 | ||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 116,952 | ||
Variable Interest Entity, Primary Beneficiary | Ferncliff Investors | |||
ASSETS | |||
Cash and cash equivalents | 391 | ||
Total current assets | 391 | ||
Advances to real estate joint venture entity | 1,000 | ||
TOTAL ASSETS | 1,391 | ||
Liabilities and Equity: | |||
Total current liabilities | 1,897 | ||
Funds’ equity | (506) | ||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $ 1,391 |
EARNINGS (LOSS) PER SHARE AND_3
EARNINGS (LOSS) PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net Income (Loss) | $ 110,512 | $ (9,498) | $ 188,963 | $ 17,378 | ||||
Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership | (2,210) | $ (1,753) | $ (341) | 25 | $ (219) | (4,303) | (195) | |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) | 8,715 | (40,775) | 9,647 | ||||
Net income (loss) attributable to Rayonier Inc. | $ 75,831 | $ (758) | $ 143,885 | $ 26,830 | ||||
Denominator: | ||||||||
Denominator for basic earnings (loss) per common share - weighted average shares (in shares) | 141,777,574 | 136,351,271 | 139,749,358 | 132,948,124 | ||||
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 | ||||
Numerator: | ||||||||
Net Income (Loss) | $ 110,512 | $ (9,498) | $ 188,963 | $ 17,378 | ||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | 32,471 | (8,715) | 40,775 | (9,647) | ||||
Less: Net loss attributable to noncontrolling interests in the Operating Partnership | 0 | 25 | 0 | 0 | ||||
Net income (loss) attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership | 78,041 | (758) | 148,188 | 27,025 | ||||
Net income (loss) attributable to Rayonier Inc. | $ 75,831 | $ (758) | $ 143,885 | $ 26,830 | ||||
Denominator: | ||||||||
Denominator for basic earnings (loss) per common share - weighted average shares (in shares) | 141,777,574 | 136,351,271 | 139,749,358 | 132,948,124 | ||||
Add: Dilutive effect of: | ||||||||
Stock options (in shares/units) | 9,803 | 0 | 8,833 | 492 | ||||
Performance shares, restricted shares and restricted stock units (in shares/units) | 520,737 | 0 | 361,596 | 159,018 | ||||
Noncontrolling interest in common units (in shares) | 4,131,454 | 0 | 4,245,323 | 2,352,822 | ||||
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units) | 146,439,568 | 136,351,271 | 144,365,110 | 135,460,456 | ||||
Diluted earnings (loss) per common share attributable to Rayonier Inc. (in dollars per share) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 | ||||
Rayonier Limited Partnership | ||||||||
Numerator: | ||||||||
Net Income (Loss) | $ 110,512 | 63,420 | 15,032 | $ (9,498) | 455 | $ 26,421 | $ 188,963 | $ 17,378 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) | 8,715 | (40,775) | 9,647 | ||||
Net income (loss) attributable to Rayonier Inc. | $ 78,041 | $ (783) | $ 148,188 | $ 27,025 | ||||
Denominator: | ||||||||
Denominator for basic earnings per unit - weighted average units (in units) | 145,909,028 | 140,797,217 | 143,994,681 | 135,300,946 | ||||
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 | ||||
Numerator: | ||||||||
Net Income (Loss) | $ 110,512 | $ 63,420 | $ 15,032 | $ (9,498) | $ 455 | $ 26,421 | $ 188,963 | $ 17,378 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | 32,471 | (8,715) | 40,775 | (9,647) | ||||
Net income (loss) attributable to Rayonier Inc. | $ 78,041 | $ (783) | $ 148,188 | $ 27,025 | ||||
Denominator: | ||||||||
Denominator for basic earnings per unit - weighted average units (in units) | 145,909,028 | 140,797,217 | 143,994,681 | 135,300,946 | ||||
Add: Dilutive effect of: | ||||||||
Stock options (in shares/units) | 9,803 | 0 | 8,833 | 492 | ||||
Performance shares, restricted shares and restricted stock units (in shares/units) | 520,737 | 0 | 361,596 | 159,018 | ||||
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units) | 146,439,568 | 140,797,217 | 144,365,110 | 135,460,456 | ||||
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.53 | $ (0.01) | $ 1.03 | $ 0.20 |
EARNINGS (LOSS) PER SHARE AND_4
EARNINGS (LOSS) PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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) | 100,135 | 5,038,514 | 167,668 | 471,999 |
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) | 100,135 | 592,568 | 167,668 | 471,999 |
DEBT - Schedule of Long Term De
DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | May 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total long-term debt, net | $ 1,167,967 | ||
Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 1,376,435 | ||
Less: Unamortized discounts, excluding Timber Funds | (3,505) | ||
Current maturities of long-term debt, excluding Timber Funds | (199,887) | $ 0 | |
Less: Deferred financing costs, excluding Timber Funds | (5,076) | ||
Total long-term debt, net | 1,167,967 | 1,300,336 | |
Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt, net | 0 | $ 60,179 | |
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 long-term debt | $ 350,000 | ||
Stated interest rate | 1.70% | ||
Effective fixed interest rate | 3.10% | ||
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | Excluding Timber Funds | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis points on periodic interest rate | 1.60% | ||
Senior Notes due 2022 at a fixed interest rate of 3.75% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 325,000 | ||
Stated interest rate | 3.75% | 3.75% | |
Senior Notes due 2031 at a fixed interest rate of 2.75% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 450,000 | ||
Stated interest rate | 2.75% | 2.75% | |
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 long-term debt | $ 200,000 | ||
Stated interest rate | 1.70% | ||
Effective fixed interest rate | 2.40% | ||
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | Excluding Timber Funds | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis points on periodic interest rate | 1.65% | ||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.95% | ||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | Excluding Timber Funds | Matariki Forestry Group | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 23,739 | ||
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% | Excluding Timber Funds | Matariki Forestry Group | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 27,696 | ||
Stated interest rate | 3.64% |
DEBT - Schedule of Long Term Ma
DEBT - Schedule of Long Term Maturities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 0 |
2022 | 325,000 |
2023 | 0 |
2024 | 0 |
2025 | 23,739 |
Thereafter | 1,027,696 |
Total Debt | 1,376,435 |
Excluding Timber Funds | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 325,000 |
2023 | 0 |
2024 | 0 |
2025 | 23,739 |
Thereafter | 1,027,696 |
Total Debt | 1,376,435 |
Timber Funds | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total Debt | $ 0 |
DEBT - Narrative and Debt Coven
DEBT - Narrative and Debt Covenants (Details) $ in Thousands, $ in Millions | Jul. 21, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | May 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | May 31, 2021 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021NZD ($) | Jul. 31, 2021USD ($) | Jun. 30, 2021NZD ($) |
Debt Instrument [Line Items] | ||||||||||||
Debt issuance costs | $ 4,829 | $ 2,483 | ||||||||||
Repayments of debt | 420,000 | 132,000 | ||||||||||
Interest and other miscellaneous income (expense), net | $ 1,274 | $ (137) | 127 | 1,232 | ||||||||
Make-whole fee on NWFCS debt prepayment | (6,234) | 0 | ||||||||||
Repayments | 0 | |||||||||||
Other operating income (expense), net | 5,070 | $ (1,653) | 9,474 | $ (19,247) | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Other operating income (expense), net | 36,000 | |||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings | 0 | |||||||||||
Excluding Timber Funds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Capitalized financing costs | $ 5,076 | 5,076 | 5,076 | |||||||||
Total long-term debt | 1,376,435 | 1,376,435 | 1,376,435 | |||||||||
Excluding Timber Funds | 2020 Incremental Term Loan Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 250,000 | |||||||||||
Gain (loss) on extinguishment of debt | 600 | |||||||||||
Excluding Timber Funds | 2021 Incremental Term Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 200,000 | $ 200,000 | 200,000 | 200,000 | ||||||||
Capitalized financing costs | 200 | 200 | 200 | |||||||||
Advance amount | 200,000 | 200,000 | 200,000 | |||||||||
Amount outstanding | 0 | 0 | 0 | |||||||||
Amount of future advance expected | 125,000 | 125,000 | 125,000 | |||||||||
Deferred commitment fees | 300 | 300 | 300 | |||||||||
Excluding Timber Funds | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||
Capitalized financing costs | $ 300 | |||||||||||
Remaining borrowing capacity | 299,100 | 299,100 | 299,100 | |||||||||
Amount to secure outstanding letters of credit | 900 | 900 | 900 | |||||||||
Excluding Timber Funds | Revolving Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis points on periodic interest rate | 1.25% | 1.50% | ||||||||||
Excluding Timber Funds | Incremental Term Loan Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 100,000 | |||||||||||
Gain (loss) on extinguishment of debt | 100 | |||||||||||
Maximum borrowing capacity | 200,000 | 200,000 | 200,000 | |||||||||
Total long-term debt | 300,000 | |||||||||||
Excluding Timber Funds | 2016 Incremental Term Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 300,000 | |||||||||||
Interest and other miscellaneous income (expense), net | 300 | |||||||||||
Excluding Timber Funds | 2016 Incremental Term Loan Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis points on periodic interest rate | 1.65% | 1.90% | ||||||||||
Excluding Timber Funds | Northwest Farm Credit Services Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | 45,000 | |||||||||||
Gain (loss) on extinguishment of debt | 7,200 | |||||||||||
Make-whole fee on NWFCS debt prepayment | 6,200 | |||||||||||
Net gain on early extinguishment of debt | 900 | |||||||||||
Excluding Timber Funds | Term Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 350,000 | $ 350,000 | $ 350,000 | |||||||||
Excluding Timber Funds | Senior Notes Due 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount issued and sold | $ 450,000 | |||||||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | ||||||
Issue price, percent | 99.195% | |||||||||||
Debt issuance costs | $ 3,900 | |||||||||||
Proceeds from debt | $ 442,500 | |||||||||||
Total long-term debt | $ 450,000 | $ 450,000 | $ 450,000 | |||||||||
Excluding Timber Funds | Senior Notes due 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | ||||||
Total long-term debt | $ 325,000 | $ 325,000 | $ 325,000 | |||||||||
Excluding Timber Funds | Senior Notes due 2022 | 2021 Incremental Term Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | ||||||||
Excluding Timber Funds | Working Capital Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt term | 12 months | 12 months | ||||||||||
Repayments | $ 0 | |||||||||||
Borrowings | $ 0 | |||||||||||
Remaining borrowing capacity | $ 20 | $ 20 | ||||||||||
Excluding Timber Funds | New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% | Matariki Forestry Group | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.64% | 3.64% | 3.64% | 3.64% | ||||||||
Total long-term debt | $ 27,696 | $ 27,696 | $ 27,696 | |||||||||
Outstanding balance | $ 27,700 | $ 27,700 | $ 27,700 | $ 28,100 | ||||||||
Excluding Timber Funds | New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 2.95% | 2.95% | 2.95% | 2.95% | ||||||||
Excluding Timber Funds | New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | Matariki Forestry Group | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total long-term debt | $ 23,739 | $ 23,739 | $ 23,739 | |||||||||
Outstanding balance | 23,700 | $ 23,700 | $ 23,700 | |||||||||
Timber Funds | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fund III And IV Timberland Dispositions | ORM Timber Fund III And IV | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate purchase price | $ 35,900 | |||||||||||
Other operating income (expense), net | $ (3,700) | |||||||||||
Timber Funds | Fund II Mortgages Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | 25,000 | |||||||||||
Gain (loss) on extinguishment of debt | $ 6 |
DEBT - Debt Covenants - Excludi
DEBT - Debt Covenants - Excluding Timber Funds (Details) - Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 - Excluding Timber Funds | Sep. 30, 2021 |
Debt Instrument [Line Items] | |
Covenant EBITDA to consolidated interest expense, Covenant Requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, Actual ratio | 11.6 |
Covenant EBITDA to consolidated interest expense, Favorable | 9.1 |
Covenant debt to net worth plus covenant debt, Covenant Requirement | 0.65 |
Covenant debt to net worth plus covenant debt, Actual ratio | 0.44 |
Covenant debt to net worth plus covenant debt, favorable | 0.21 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020agreement | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Derivative [Line Items] | ||||||
Repayments of debt | $ 420,000 | $ 132,000 | ||||
Derivatives designated as cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Amount expected to be reclassified into earnings in next 12 months | $ (11,703) | |||||
2026 Incremental Term Loan | Excluding Timber Funds | ||||||
Derivative [Line Items] | ||||||
Repayments of debt | $ 100,000 | |||||
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 | Excluding Timber Funds | ||||||
Derivative [Line Items] | ||||||
Repayments of debt | 250,000 | |||||
Interest Rate Swap Maturing 2030 | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Amount subject to termination, de-designation, or cash settlement | 250,000 | |||||
Proceeds from derivative termination | 6,800 | |||||
Gain (loss) recorded to AOCI | $ 16,300 | |||||
Interest Rate Swap Maturing 2026 | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Amount subject to termination, de-designation, or cash settlement | 100,000 | |||||
Gain (loss) related to terminated interest rate swaps | (2,200) | |||||
Treasury locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recorded to AOCI | 17,800 | |||||
Number of agreements | agreement | 3 | |||||
Interest rate swap locks | ||||||
Derivative [Line Items] | ||||||
Amount subject to termination, de-designation, or cash settlement | $ 11,100 | |||||
Interest rate swap locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recorded to AOCI | 1,200 | |||||
Forward-starting interest rate swaps | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Amount subject to termination, de-designation, or cash settlement | $ 325,000 | |||||
Gain (loss) recorded to AOCI | $ 9,900 | |||||
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% | 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% | 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% | 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% | 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 | 9 Months Ended |
Sep. 30, 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 | 1.65% |
Total Effective Interest Rate | 3.25% |
Interest Rate Swap 4 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.65% |
Total Effective Interest Rate | 3.25% |
Forward-Starting Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 100,000 |
Fixed rate on derivative | 0.88% |
Forward-Starting Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 50,000 |
Fixed rate on derivative | 0.74% |
Forward-Starting Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 7 years |
Notional Amount | $ 200,000 |
Fixed rate on derivative | 0.77% |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Cash flow hedge, gain (loss) recognized in income | $ 1,711 | $ (10,019) | $ 61,001 | $ 7,861 | $ (7,276) | $ (83,475) | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Cash flow hedge, gain (loss) recognized in income | (2,618) | 1,946 | $ (6,366) | $ 1,806 | ||||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Cash flow hedge, gain (loss) recognized in income | (356) | 358 | (1,514) | 85 | ||||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Other comprehensive income (loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Cash flow hedge, gain (loss) recognized in income | 1,288 | 2,417 | 46,433 | (91,203) | ||||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Interest expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Cash flow hedge, gain (loss) recognized in income | $ 2,564 | $ 3,783 | 11,935 | 6,951 | ||||
Derivative not designated as a hedging instrument | Carbon options | Interest and other miscellaneous income (expense), net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Non-designated hedged item, gain (loss) recognized in income | $ 0 | $ 563 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives designated as cash flow hedges $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ (11,703) |
Foreign currency exchange contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | 139 |
Interest rate products | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ (11,842) |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 144,000,000 | $ 49,000,000 |
Foreign currency option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 28,000,000 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 550,000,000 | 900,000,000 |
Forward-starting interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 350,000,000 | $ 475,000,000 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | $ 13,105 | $ 8,057 |
Fair value, derivative liability | (26,426) | (64,633) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 1,892 | 6,494 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 11,213 | 1,563 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (1,699) | (11) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (24,727) | (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 | 1,892 | 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 | 7 | 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 | (1,699) | 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 | (549) | 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 | 0 | 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 | 0 | (11) |
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 | (24,178) | (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 | 11,206 | 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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, net | $ (1,167,967) | ||
Excluding Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash, excluding Timber Funds | 625 | $ 2,975 | $ 475 |
Current maturities of long-term debt, excluding Timber Funds | (199,887) | 0 | |
Long-term debt, net | (1,167,967) | (1,300,336) | |
Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash, Timber Funds | 49,209 | 0 | $ 0 |
Long-term debt, net | 0 | (60,179) | |
Carrying Amount | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Noncontrolling Interests in the Operating Partnership | 140,555 | 130,121 | |
Carrying Amount | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, liabilities | (24,178) | (51,580) | |
Carrying Amount | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 11,206 | ||
Interest rate swaps, liabilities | (12,529) | ||
Carrying Amount | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts | (349) | ||
Foreign currency contracts | 6,018 | ||
Carrying Amount | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts | 0 | 1,515 | |
Carrying Amount | Excluding Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, excluding Timber Funds | 419,604 | 80,454 | |
Restricted cash, excluding Timber Funds | 625 | 2,975 | |
Current maturities of long-term debt, excluding Timber Funds | (199,887) | 0 | |
Long-term debt, net | (1,167,967) | (1,300,336) | |
Carrying Amount | Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, excluding Timber Funds | 12,202 | 4,053 | |
Restricted cash, Timber Funds | 49,209 | 0 | |
Long-term debt, net | 0 | (60,179) | |
Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Noncontrolling Interests in the Operating Partnership | 140,555 | 130,121 | |
Fair Value | Level 1 | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, 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] | |||
Interest rate swaps, assets | 0 | ||
Interest rate swaps, liabilities | 0 | ||
Fair Value | Level 1 | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts | 0 | ||
Foreign currency contracts | 0 | ||
Fair Value | Level 1 | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts | 0 | 0 | |
Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
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] | |||
Interest rate swaps, liabilities | (24,178) | (51,580) | |
Fair Value | Level 2 | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 11,206 | ||
Interest rate swaps, liabilities | (12,529) | ||
Fair Value | Level 2 | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts | (349) | ||
Foreign currency contracts | 6,018 | ||
Fair Value | Level 2 | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts | 0 | 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, excluding Timber Funds | 419,604 | 80,454 | |
Restricted cash, excluding Timber Funds | 625 | 2,975 | |
Current maturities of long-term debt, excluding Timber Funds | 0 | 0 | |
Long-term debt, net | 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, excluding Timber Funds | 0 | 0 | |
Restricted cash, excluding Timber Funds | 0 | 0 | |
Current maturities of long-term debt, excluding Timber Funds | (201,440) | 0 | |
Long-term debt, net | (1,173,657) | (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, excluding Timber Funds | 12,202 | 4,053 | |
Restricted cash, Timber Funds | 49,209 | 0 | |
Long-term debt, net | 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, excluding Timber Funds | 0 | 0 | |
Restricted cash, Timber Funds | 0 | 0 | |
Long-term debt, net | $ 0 | $ (60,474) |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments | |
Remaining 2021 | $ 14,696 |
2022 | 29,483 |
2023 | 15,904 |
2024 | 12,821 |
2025 | 6,320 |
Thereafter | 14,424 |
Commitments, total | 93,648 |
Environmental Remediation | |
Commitments | |
Remaining 2021 | 255 |
2022 | 1,534 |
2023 | 3,188 |
2024 | 3,188 |
2025 | 519 |
Thereafter | 2,266 |
Commitments, total | 10,950 |
Development Projects | |
Commitments | |
Remaining 2021 | 11,113 |
2022 | 13,695 |
2023 | 267 |
2024 | 267 |
2025 | 267 |
Thereafter | 3,916 |
Commitments, total | 29,525 |
Commitments | |
Commitments | |
Remaining 2021 | 3,328 |
2022 | 14,254 |
2023 | 12,449 |
2024 | 9,366 |
2025 | 5,534 |
Thereafter | 8,242 |
Commitments, total | $ 53,173 |
ENVIRONMENTAL AND NATURAL RES_3
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 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 | (762) |
Increase to liabilities | 71 |
Ending balance | 10,950 |
Ending balance, less: current portion | (1,095) |
Ending balance, non-current portion | $ 9,855 |
ENVIRONMENTAL AND NATURAL RES_4
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 13,314 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 885 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 12,429 |
HIGHER AND BETTER USE TIMBERL_3
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) - USD ($) $ in Thousands | May 08, 2020 | Sep. 30, 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 | (18,522) | |
Amortization of parcel real estate development investments | (4,518) | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (948) | |
Capitalized real estate development investments | 16,871 | |
Capital expenditures (silviculture) | 76 | |
Intersegment transfers | 8,179 | |
Port Gamble purchase price adjustment | 8,238 | |
Total balance, ending balance | 124,650 | |
Less: Current portion, ending balance | (14,058) | |
Non-current portion, ending balance | 110,592 | |
Capitalized interest | 400 | |
Parcel real estate development investments | 7,700 | |
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 | (11,566) | |
Amortization of parcel real estate development investments | 0 | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (948) | |
Capitalized real estate development investments | 0 | |
Capital expenditures (silviculture) | 76 | |
Intersegment transfers | 8,179 | |
Port Gamble purchase price adjustment | 8,238 | |
Total balance, ending balance | 84,092 | |
Less: Current portion, ending balance | (601) | |
Non-current portion, ending balance | 83,491 | |
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 | (6,956) | |
Amortization of parcel real estate development investments | (4,518) | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 | |
Capitalized real estate development investments | 16,871 | |
Capital expenditures (silviculture) | 0 | |
Intersegment transfers | 0 | |
Port Gamble purchase price adjustment | 0 | |
Total balance, ending balance | 40,558 | |
Less: Current portion, ending balance | (13,457) | |
Non-current portion, ending balance | $ 27,101 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Inventory | $ 18,592 | $ 10,594 |
Real estate inventory | ||
Inventory [Line Items] | ||
Inventory | 14,058 | 6,756 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 4,534 | $ 3,838 |
OTHER OPERATING INCOME (EXPEN_3
OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Gain (loss) on foreign currency remeasurement, net of cash flow hedges | $ 1,379 | $ (976) | $ 5,730 | $ (2,263) |
Gain on sale or disposal of property and equipment | 0 | 19 | 93 | 26 |
Gain on Investment in Timber Funds | 3,729 | 0 | 3,729 | 0 |
Log trading marketing fees | 0 | 0 | 6 | 50 |
Costs related to the merger with Pope Resources | 0 | (430) | 0 | (16,415) |
Equity income (loss) related to Bainbridge Landing LLC joint venture | 36 | (214) | 241 | (273) |
Miscellaneous expense, net | (74) | (52) | (325) | (372) |
Total | $ 5,070 | $ (1,653) | $ 9,474 | $ (19,247) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)plan | Sep. 30, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of qualified defined benefit plans | plan | 1 | |||
Pension contributions paid | $ 0 | $ 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 | $ 0 | $ 0 |
Interest cost | 557 | 677 | 1,671 | 2,029 |
Expected return on plan assets | (936) | (876) | (2,809) | (2,628) |
Amortization of losses | 288 | 215 | 865 | 646 |
Net periodic benefit (credit) cost | (91) | 16 | (273) | 47 |
Postretirement | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | 6 | 5 |
Interest cost | 11 | 13 | 34 | 38 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of losses | 5 | 2 | 15 | 6 |
Net periodic benefit (credit) cost | $ 18 | $ 17 | $ 55 | $ 49 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Income Taxes | |||||
Income tax expense | $ (2,811) | $ (720) | $ (13,114) | $ (7,416) | |
Annualized effective tax rate after discrete items | 6.40% | 29.90% | |||
Operating Partnership | |||||
Income Taxes | |||||
Ownership interest | 97.30% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 1,474,057 | |
Other comprehensive income (loss) before reclassifications | 23,756 | $ (50,510) |
Amounts reclassified from accumulated other comprehensive loss | 13,569 | 7,827 |
Net other comprehensive (loss) income | 37,325 | (42,683) |
Ending balance | 1,710,393 | 1,474,057 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (73,885) | (31,202) |
Ending balance | (36,560) | (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 | (16,369) | 22,928 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive (loss) income | (16,369) | 22,928 |
Ending balance | 6,333 | 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 | 40,125 | (71,644) |
Amounts reclassified from accumulated other comprehensive loss | 13,874 | 9,498 |
Net other comprehensive (loss) income | 53,999 | (62,146) |
Ending balance | (17,057) | (71,056) |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications | 46,400 | |
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 | 881 | 869 |
Net other comprehensive (loss) income | 881 | (925) |
Ending balance | (23,431) | (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 | 23,756 | (50,510) |
Amounts reclassified from accumulated other comprehensive loss | 14,755 | 10,367 |
Net other comprehensive (loss) income | 38,511 | (40,143) |
Ending balance | (32,834) | (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 | (1,186) | (2,540) |
Net other comprehensive (loss) income | (1,186) | (2,540) |
Ending balance | $ (3,726) | $ (2,540) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassified AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other operating income (expense), net | $ (5,070) | $ 1,653 | $ (9,474) | $ 19,247 |
Interest expense | (11,265) | (10,421) | (34,292) | (28,457) |
Income tax expense | (2,811) | (720) | (13,114) | (7,416) |
Net loss from accumulated other comprehensive income | $ (110,512) | $ 9,498 | (188,963) | (17,378) |
Amount reclassified from accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net loss from accumulated other comprehensive income | 13,874 | 5,519 | ||
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax expense | (755) | 557 | ||
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 income (expense), net | 2,322 | (2,568) | ||
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 income (expense), net | 1,177 | (15) | ||
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 11,935 | 6,951 | ||
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 | $ (805) | $ 594 |
RESTRICTED CASH - Schedule of R
RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 431,806 | $ 84,507 | $ 78,151 | |
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | 481,640 | 87,482 | 78,626 | $ 69,968 |
Timber Funds | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 12,202 | 4,053 | ||
Restricted cash, Timber Funds | 49,209 | 0 | 0 | |
Excluding Timber Funds | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 419,604 | 80,454 | ||
RESTRICTED CASH, EXCLUDING TIMBER FUNDS | $ 625 | $ 2,975 | $ 475 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Ownership interest | 20.00% | 20.00% | |
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 | $ 56.4 | $ 56.4 | $ 3.4 |
Asset impairment recognized | $ 0 |
CHARGES FOR INTEGRATION AND R_3
CHARGES FOR INTEGRATION AND RESTRUCTURING (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||||
Termination benefits | $ 0 | $ 70 | $ 0 | $ 651 | |
Acceleration of share-based compensation related to qualifying terminations | 0 | 92 | 0 | 324 | |
Professional services | 0 | 239 | 0 | 13,553 | |
Other integration and restructuring costs | 0 | 29 | 0 | 1,887 | |
Total integration and restructuring charges related to the merger with Pope Resources | $ 0 | $ 430 | $ 0 | $ 16,415 | |
Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued severance of payroll taxes | $ 100 |
RELATED PARTY - Narrative (Deta
RELATED PARTY - Narrative (Details) - Agreement to Sell Developed Lots - Mattamy Jacksonville LLC - USD ($) $ in Thousands | 1 Months Ended | |
May 31, 2021 | Jan. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related party transaction | $ 1,000 | $ 4,450 |
Related party transaction, takedown period | 2 years |
RELATED PARTY - Related Party T
RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Mattamy Jacksonville LLC | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 1,022 | $ 0 | $ 2,510 | $ 0 |