Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 146,292,726 | |
Entity Central Index key | 0000052827 | |
Current Fiscal year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Rayonier Limited Partnership | ||
Entity Addresses [Line Items] | ||
Entity Registrant Name | Rayonier, L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 333-237246 | |
Entity Tax Identification Number | 91-1313292 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares/Units Outstanding | 3,312,229 | |
Entity Central Index key | 0001806931 | |
Current Fiscal year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
SALES | $ 222,041 | $ 191,447 |
Costs and Expenses | ||
Cost of sales | (160,979) | (151,378) |
Selling and general expenses | (14,760) | (14,032) |
Other operating income (expense), net | (984) | 2,448 |
Costs and expenses | (176,723) | (162,962) |
OPERATING INCOME | 45,318 | 28,485 |
Interest expense | (8,337) | (10,028) |
Interest and other miscellaneous expense, net | (468) | (4) |
INCOME BEFORE INCOME TAXES | 36,513 | 18,453 |
Income tax expense | (5,515) | (3,421) |
NET INCOME | 30,998 | 15,032 |
Less: Net income attributable to noncontrolling interests in the operating partnership | (669) | (341) |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 29,317 | 10,848 |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation adjustment, net of income tax effect of $0 and $0 | 6,458 | (14,288) |
Cash flow hedges, net of income tax effect of $1,022 and $1,059 | 40,427 | 61,001 |
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 | 188 | 294 |
Total other comprehensive income | 47,073 | 47,007 |
COMPREHENSIVE INCOME | 78,071 | 62,039 |
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership | (1,686) | (1,872) |
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates | (2,408) | (580) |
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS | $ 73,977 | $ 59,587 |
EARNINGS PER COMMON SHARE | ||
Basic earnings (loss) per share attributable to Rayonier Inc. (in dollars per share) | $ 0.20 | $ 0.08 |
Diluted earnings (loss) per share attributable to Rayonier Inc. (in dollars per share) | $ 0.20 | $ 0.08 |
Rayonier Limited Partnership | ||
SALES | $ 222,041 | $ 191,447 |
Costs and Expenses | ||
Cost of sales | (160,979) | (151,378) |
Selling and general expenses | (14,760) | (14,032) |
Other operating income (expense), net | (984) | 2,448 |
Costs and expenses | (176,723) | (162,962) |
OPERATING INCOME | 45,318 | 28,485 |
Interest expense | (8,337) | (10,028) |
Interest and other miscellaneous expense, net | (468) | (4) |
INCOME BEFORE INCOME TAXES | 36,513 | 18,453 |
Income tax expense | (5,515) | (3,421) |
NET INCOME | 30,998 | 15,032 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 29,986 | 11,189 |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation adjustment, net of income tax effect of $0 and $0 | 6,458 | (14,288) |
Cash flow hedges, net of income tax effect of $1,022 and $1,059 | 40,427 | 61,001 |
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 | 188 | 294 |
Total other comprehensive income | 47,073 | 47,007 |
COMPREHENSIVE INCOME | 78,071 | 62,039 |
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates | (2,408) | (580) |
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS | $ 75,663 | $ 61,459 |
EARNINGS PER UNIT | ||
Basic earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.20 | $ 0.08 |
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.20 | $ 0.08 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign currency translation adjustment, tax expense | $ 0 | $ 0 |
Cash flow hedges, net income tax | 1,022 | 1,059 |
Amortization of pension and postretirement plans, tax expense | 0 | 0 |
Rayonier Limited Partnership | ||
Foreign currency translation adjustment, tax expense | 0 | 0 |
Cash flow hedges, net income tax | 1,022 | 1,059 |
Amortization of pension and postretirement plans, tax expense | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Total cash and cash equivalents | $ 259,722 | $ 362,173 |
Accounts receivable, less allowance for doubtful accounts of $66 and $59 | 52,906 | 30,018 |
Inventory | 33,290 | 28,523 |
Prepaid expenses | 20,088 | 18,528 |
Assets held for sale | 2,466 | 5,099 |
Other current assets | 1,162 | 749 |
Total current assets | 375,098 | 451,431 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,869,194 | 2,894,996 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 111,445 | 106,878 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,400 | 6,401 |
Buildings | 31,198 | 31,168 |
Machinery and equipment | 6,497 | 6,494 |
Construction in progress | 510 | 460 |
Total property, plant and equipment, gross | 44,605 | 44,523 |
Less — accumulated depreciation | (15,699) | (14,900) |
Total property, plant and equipment, net | 28,906 | 29,623 |
RIGHT-OF-USE ASSETS | 104,183 | 101,837 |
OTHER ASSETS | 70,413 | 50,966 |
TOTAL ASSETS | 3,559,864 | 3,636,356 |
CURRENT LIABILITIES | ||
Accounts payable | 31,131 | 23,447 |
Current maturities of long-term debt, net, excluding Timber Funds | 2,087 | 124,965 |
Accrued taxes | 2,754 | 12,446 |
Accrued payroll and benefits | 6,068 | 14,514 |
Accrued interest | 6,677 | 6,343 |
Deferred revenue | 13,699 | 17,802 |
Distribution payable, Timber Funds | 5,464 | 6,341 |
Other current liabilities | 24,782 | 25,863 |
Total current liabilities | 92,662 | 231,721 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,243,673 | 1,242,819 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 10,201 | 10,478 |
LONG-TERM LEASE LIABILITY | 95,543 | 93,416 |
OTHER NON-CURRENT LIABILITIES | 99,907 | 108,521 |
COMMITMENTS AND CONTINGENCIES | ||
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 3,939,309 and 3,315,741 Units outstanding, respectively | 136,239 | 133,823 |
SHAREHOLDERS’ EQUITY | ||
Common Shares, 480,000,000 shares authorized,146,107,688 and 145,372,961 shares issued and outstanding | 1,421,946 | 1,389,073 |
Retained earnings | 389,077 | 402,307 |
Accumulated other comprehensive loss | 25,973 | (19,604) |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,836,996 | 1,771,776 |
Noncontrolling interests in consolidated affiliates | 44,643 | 43,802 |
TOTAL SHAREHOLDERS’ EQUITY | 1,881,639 | 1,815,578 |
CAPITAL | ||
Accumulated other comprehensive loss | 25,973 | (19,604) |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,559,864 | 3,636,356 |
Excluding Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 256,537 | 358,680 |
PROPERTY, PLANT AND EQUIPMENT | ||
Restricted cash, excluding Timber Funds (Held in escrow) | 625 | 625 |
Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 3,185 | 3,493 |
Restricted cash, Timber Funds | 5,464 | 6,341 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 259,722 | 362,173 |
Accounts receivable, less allowance for doubtful accounts of $66 and $59 | 52,906 | 30,018 |
Inventory | 33,290 | 28,523 |
Prepaid expenses | 20,088 | 18,528 |
Assets held for sale | 2,466 | 5,099 |
Other current assets | 1,162 | 749 |
Total current assets | 375,098 | 451,431 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,869,194 | 2,894,996 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 111,445 | 106,878 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 6,400 | 6,401 |
Buildings | 31,198 | 31,168 |
Machinery and equipment | 6,497 | 6,494 |
Construction in progress | 510 | 460 |
Total property, plant and equipment, gross | 44,605 | 44,523 |
Less — accumulated depreciation | (15,699) | (14,900) |
Total property, plant and equipment, net | 28,906 | 29,623 |
RIGHT-OF-USE ASSETS | 104,183 | 101,837 |
OTHER ASSETS | 70,413 | 50,966 |
TOTAL ASSETS | 3,559,864 | 3,636,356 |
CURRENT LIABILITIES | ||
Accounts payable | 31,131 | 23,447 |
Accrued taxes | 2,754 | 12,446 |
Accrued payroll and benefits | 6,068 | 14,514 |
Accrued interest | 6,677 | 6,343 |
Deferred revenue | 13,699 | 17,802 |
Distribution payable, Timber Funds | 5,464 | 6,341 |
Other current liabilities | 24,782 | 25,863 |
Total current liabilities | 92,662 | 231,721 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 10,201 | 10,478 |
LONG-TERM LEASE LIABILITY | 95,543 | 93,416 |
OTHER NON-CURRENT LIABILITIES | 99,907 | 108,521 |
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 3,939,309 and 3,315,741 Units outstanding, respectively | 136,239 | 133,823 |
SHAREHOLDERS’ EQUITY | ||
Accumulated other comprehensive loss | 30,215 | (15,463) |
CAPITAL | ||
General partners’ capital | 18,068 | 17,872 |
Limited partners’ capital | 1,788,713 | 1,769,367 |
Accumulated other comprehensive loss | 30,215 | (15,463) |
TOTAL CONTROLLING INTEREST CAPITAL | 1,836,996 | 1,771,776 |
Noncontrolling interests in consolidated affiliates | 44,643 | 43,802 |
TOTAL CAPITAL | 1,881,639 | 1,815,578 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,559,864 | 3,636,356 |
Rayonier Limited Partnership | Excluding Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 256,537 | 358,680 |
PROPERTY, PLANT AND EQUIPMENT | ||
Restricted cash, excluding Timber Funds (Held in escrow) | 625 | 625 |
CURRENT LIABILITIES | ||
Current maturities of long-term debt, net, excluding Timber Funds | 2,087 | 124,965 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 1,243,673 | 1,242,819 |
Rayonier Limited Partnership | Timber Funds | ||
CURRENT ASSETS | ||
Total cash and cash equivalents | 3,185 | 3,493 |
Restricted cash, Timber Funds | $ 5,464 | $ 6,341 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 66 | $ 59 |
SHAREHOLDERS’ EQUITY | ||
Common shares, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common shares, shares issued (in shares) | 146,107,688 | 145,372,961 |
Common shares, shares outstanding (in shares) | 146,107,688 | 145,372,961 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 66 | $ 59 |
SHAREHOLDERS’ EQUITY | ||
Common units outstanding (in shares) | 3,313,206 | 3,315,741 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Rayonier Limited Partnership | Accumulated Other Comprehensive Income (Loss)Rayonier Limited Partnership | Noncontrolling Interests in Consolidated AffiliatesRayonier Limited Partnership | Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | |
Beginning balance (in shares) at Dec. 31, 2020 | 137,678,822 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,862,645 | $ 1,101,675 | $ 446,267 | $ (73,885) | $ 388,588 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 15,032 | 11,189 | 3,843 | ||||||
Net income attributable to noncontrolling interests in the operating partnership | (341) | (341) | |||||||
Dividends ($0.27 per share) (a) | [1] | (37,532) | (37,532) | ||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares) | 1,107,814 | ||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 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 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 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, 2021 | 145,372,961 | ||||||||
Beginning balance at Dec. 31, 2021 | 1,815,578 | $ 1,389,073 | 402,307 | (19,604) | 43,802 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 30,998 | 29,986 | 1,012 | ||||||
Net income attributable to noncontrolling interests in the operating partnership | (669) | (669) | |||||||
Dividends ($0.27 per share) (a) | [2] | (39,902) | (39,902) | ||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares) | 726,248 | ||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 29,771 | $ 29,771 | |||||||
Issuance of shares under incentive stock plans (in shares) | 11,364 | ||||||||
Issuance of shares under incentive stock plans | 415 | $ 415 | |||||||
Stock-based compensation | 2,797 | $ 2,797 | |||||||
Repurchase of common shares (in shares) | (5,420) | ||||||||
Repurchase of common shares | (214) | $ (214) | |||||||
Adjustment of noncontrolling interests in the Operating Partnership | (2,645) | (2,645) | |||||||
Conversion of units to common shares (in shares) | 2,535 | ||||||||
Conversion of units into common shares | 104 | $ 104 | |||||||
Amortization of pension and postretirement plan liabilities | 188 | 188 | 188 | 188 | |||||
Foreign currency translation adjustment | 6,458 | 6,458 | 5,668 | 790 | 5,668 | 790 | |||
Cash flow hedges | 40,427 | 40,427 | $ 39,822 | 605 | 39,822 | 605 | |||
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | (101) | (101) | |||||||
Distributions to noncontrolling interests in consolidated affiliates | (1,566) | $ (1,566) | $ (1,566) | (1,566) | |||||
Ending balance (in shares) at Mar. 31, 2022 | 146,107,688 | ||||||||
Ending balance at Mar. 31, 2022 | $ 1,881,639 | $ 1,421,946 | $ 389,077 | $ 25,973 | $ 44,643 | ||||
[1] | For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . | ||||||||
[2] | For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Statement of Stockholders' Equity [Abstract] | ||||
Dividends (in dollars per share) | $ 0.27 | [1] | $ 0.27 | [2] |
Offering issuance costs | $ 339 | $ 197 | ||
[1] | For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . | |||
[2] | For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Net Income | $ 30,998 | $ 15,032 |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | |
Amortization of pension and postretirement plan liabilities | 188 | 294 |
Foreign currency translation adjustment | 6,458 | (14,288) |
Cash flow hedges | 40,427 | 61,001 |
Distributions to noncontrolling interests in consolidated affiliates | (1,566) | (8,737) |
Rayonier Limited Partnership | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 1,815,578 | 1,862,645 |
Net Income | 30,998 | 15,032 |
Distributions on units ($0.27 per unit) | (40,796) | (38,687) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 29,771 | 36,708 |
Issuance of units under incentive stock plans | 415 | 1,166 |
Stock-based compensation | 2,797 | 2,156 |
Repurchase of units | (214) | (155) |
Adjustment of Redeemable Operating Partnership Units | (2,521) | (12,584) |
Conversion of units into common shares | 104 | 4,715 |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | |
Amortization of pension and postretirement plan liabilities | 188 | 294 |
Foreign currency translation adjustment | 6,458 | (14,288) |
Cash flow hedges | 40,427 | 61,001 |
Distributions to noncontrolling interests in consolidated affiliates | (1,566) | (8,737) |
Ending balance | 1,881,639 | 1,909,921 |
Rayonier Limited Partnership | Units | General Partners’ Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 17,872 | 15,454 |
Net Income | 300 | 112 |
Distributions on units ($0.27 per unit) | (408) | (387) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 298 | 367 |
Issuance of units under incentive stock plans | 4 | 12 |
Stock-based compensation | 28 | 22 |
Repurchase of units | (2) | (2) |
Adjustment of Redeemable Operating Partnership Units | (25) | (126) |
Conversion of units into common shares | 1 | 47 |
Ending balance | 18,068 | 15,499 |
Rayonier Limited Partnership | Units | Limited Partners’ Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 1,769,367 | 1,529,948 |
Net Income | 29,686 | 11,077 |
Distributions on units ($0.27 per unit) | (40,388) | (38,300) |
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 29,473 | 36,341 |
Issuance of units under incentive stock plans | 411 | 1,154 |
Stock-based compensation | 2,769 | 2,134 |
Repurchase of units | (212) | (153) |
Adjustment of Redeemable Operating Partnership Units | (2,496) | (12,458) |
Conversion of units into common shares | 103 | 4,668 |
Ending balance | 1,788,713 | 1,534,411 |
Rayonier Limited Partnership | Accumulated Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | (15,463) | (71,345) |
Amortization of pension and postretirement plan liabilities | 188 | 294 |
Foreign currency translation adjustment | 5,668 | (11,652) |
Cash flow hedges | 39,822 | 61,628 |
Ending balance | 30,215 | (21,075) |
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning balance | 43,802 | 388,588 |
Net Income | 1,012 | 3,843 |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 655 | |
Foreign currency translation adjustment | 790 | (2,636) |
Cash flow hedges | 605 | (627) |
Distributions to noncontrolling interests in consolidated affiliates | (1,566) | (8,737) |
Ending balance | $ 44,643 | $ 381,086 |
CONSOLIDATED STATEMENTS OF CH_4
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Offering issuance costs | $ 339 | $ 197 |
Rayonier Limited Partnership | ||
Distributions declared (in dollars per unit) | $ 0.27 | $ 0.27 |
Offering issuance costs | $ 339 | $ 197 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
OPERATING ACTIVITIES | |||
Net income | $ 30,998 | $ 15,032 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 47,419 | 45,213 | |
Non-cash cost of land and improved development | 5,359 | 1,813 | |
Stock-based incentive compensation expense | 2,797 | 2,156 | |
Deferred income taxes | (8,014) | (1,128) | |
Amortization of losses from pension and postretirement plans | 188 | 294 | |
Other | (2,244) | (3,681) | |
Changes in operating assets and liabilities: | |||
Receivables | (27,837) | (3,697) | |
Inventories | (4,875) | (3,512) | |
Accounts payable | 7,376 | 6,684 | |
All other operating activities | (1,500) | (5,306) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 49,667 | 53,868 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (15,597) | (15,831) | |
Real estate development investments | (3,137) | (3,011) | |
Purchase of timberlands | (2,830) | (29,938) | |
Other | 2,619 | 4,356 | |
CASH USED FOR INVESTING ACTIVITIES | (18,945) | (44,424) | |
FINANCING ACTIVITIES | |||
Issuance of debt | 404,018 | 0 | |
Repayment of debt | (526,948) | 0 | |
Dividends paid on common shares | (39,444) | (37,490) | |
Distributions to noncontrolling interests in the operating partnership | (895) | (1,155) | |
Proceeds from the issuance of common shares under incentive stock plan | 579 | 1,166 | |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 30,918 | 32,545 | |
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (214) | (155) | |
Distributions to noncontrolling interests in consolidated affiliates | (2,684) | (8,737) | |
CASH USED FOR FINANCING ACTIVITIES | (134,670) | (13,826) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 620 | (5) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Change in cash, cash equivalents and restricted cash | (103,328) | (4,387) | |
Balance, beginning of year | 369,139 | 87,482 | |
Balance, end of period | 265,811 | 83,095 | |
Cash paid during the period: | |||
Interest | [1] | 3,935 | 2,945 |
Income taxes | 14,042 | 4,838 | |
Non-cash investing activity: | |||
Capital assets purchased on account | 4,511 | 4,814 | |
Rayonier Limited Partnership | |||
OPERATING ACTIVITIES | |||
Net income | 30,998 | 15,032 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 47,419 | 45,213 | |
Non-cash cost of land and improved development | 5,359 | 1,813 | |
Stock-based incentive compensation expense | 2,797 | 2,156 | |
Deferred income taxes | (8,014) | (1,128) | |
Amortization of losses from pension and postretirement plans | 188 | 294 | |
Other | (2,244) | (3,681) | |
Changes in operating assets and liabilities: | |||
Receivables | (27,837) | (3,697) | |
Inventories | (4,875) | (3,512) | |
Accounts payable | 7,376 | 6,684 | |
All other operating activities | (1,500) | (5,306) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 49,667 | 53,868 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (15,597) | (15,831) | |
Real estate development investments | (3,137) | (3,011) | |
Purchase of timberlands | (2,830) | (29,938) | |
Other | 2,619 | 4,356 | |
CASH USED FOR INVESTING ACTIVITIES | (18,945) | (44,424) | |
FINANCING ACTIVITIES | |||
Issuance of debt | 404,018 | 0 | |
Repayment of debt | (526,948) | 0 | |
Distributions on units | (40,339) | (38,645) | |
Proceeds from the issuance of units under incentive stock plan | 579 | 1,166 | |
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 30,918 | 32,545 | |
Repurchase of units to pay withholding taxes on vested incentive stock awards | (214) | (155) | |
Distributions to noncontrolling interests in consolidated affiliates | (2,684) | (8,737) | |
CASH USED FOR FINANCING ACTIVITIES | (134,670) | (13,826) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 620 | (5) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Change in cash, cash equivalents and restricted cash | (103,328) | (4,387) | |
Balance, beginning of year | 369,139 | 87,482 | |
Balance, end of period | 265,811 | 83,095 | |
Cash paid during the period: | |||
Interest | [2] | 3,935 | 2,945 |
Income taxes | 14,042 | 4,838 | |
Non-cash investing activity: | |||
Capital assets purchased on account | $ 4,511 | $ 4,814 | |
[1] | Interest paid is presented net of patronage paymen ts received of $5.5 million a n d $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K. | ||
[2] | Interest paid is presented net of patronage paymen ts received of $5.5 million an d $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Patronage refunds received, netted with interest paid | $ 5.5 | $ 6.2 |
Rayonier Limited Partnership | ||
Patronage refunds received, netted with interest paid | $ 5.5 | $ 6.2 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021, as filed with the SEC (the “2021 Form 10-K”). As of March 31, 2022, the Company owned a 97.8% interest in the Operating Partnership, with the remaining 2.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2021 Form 10-K. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have 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. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The pronouncement eliminates the requirement that contracts legally permitting settlement in registered shares be classified as temporary equity. As a result, Redeemable Operating Partnership Units may be classified as permanent partners’ capital in the Operating Partnership’s accompanying balance sheets and the related noncontrolling interest as permanent equity in the accompanying balance sheets of Rayonier, Inc. However, the corresponding SEC guidance on equity classification has remained unchanged. We will continue to monitor any developments in this area and may reclassify the temporary partners’ capital and noncontrolling interest to permanent upon agreement in guidance. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS On April 1, 2022, 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 |
SEGMENT AND GEOGRAPHICAL INFORM
SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, SALES 2022 2021 Southern Timber $76,763 $51,677 Pacific Northwest Timber 46,281 41,522 New Zealand Timber 51,389 57,579 Timber Funds (a) — 14,939 Real Estate 34,195 10,504 Trading 13,461 16,665 Intersegment Eliminations (b) (48) (1,439) Total $222,041 $191,447 (a) The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds. (b) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds, which were initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME 2022 2021 Southern Timber $30,342 $17,347 Pacific Northwest Timber 6,606 1,350 New Zealand Timber 5,392 13,944 Timber Funds (a) — 1,501 Real Estate 10,181 1,687 Trading 351 244 Corporate and Other (7,554) (7,588) Total Operating Income 45,318 28,485 Unallocated interest expense and other (8,805) (10,032) Total Income before Income Taxes $36,513 $18,453 (a) The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2022 2021 Southern Timber $18,059 $14,359 Pacific Northwest Timber 14,916 16,284 New Zealand Timber 4,989 7,250 Timber Funds (a) — 5,500 Real Estate 9,145 1,557 Corporate and Other 310 263 Total $47,419 $45,213 (a) The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2022 2021 Real Estate $5,359 $1,813 Total $5,359 $1,813 |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2022 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 months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2022 2021 Revenue recognized from contract liability balance at the beginning of the year (a) $7,533 $5,920 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2022 Pulpwood $37,611 $2,918 $7,595 — — $1,525 — $49,649 Sawtimber 27,516 42,215 42,100 — — 11,538 — 123,369 Hardwood 5,849 — — — — — — 5,849 Total Timber Sales 70,976 45,133 49,695 — — 13,063 — 178,867 License Revenue, Primarily From Hunting 4,688 116 62 — — — — 4,866 Other Non-Timber/Carbon Revenue 1,099 1,032 1,632 — — — — 3,763 Agency Fee Income — — — — — 350 — 350 Total Non-Timber Sales 5,787 1,148 1,694 — — 350 — 8,979 Improved Development — — — — 4,966 — — 4,966 Rural — — — — 16,950 — — 16,950 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — 636 — — 636 Total Real Estate Sales — — — — 33,952 — — 33,952 Revenue from Contracts with Customers 76,763 46,281 51,389 — 33,952 13,413 — 221,798 Lease Revenue — — — — 243 — — 243 Intersegment — — — — — 48 (48) — Total Revenue $76,763 $46,281 $51,389 — $34,195 $13,461 ($48) $222,041 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2021 Pulpwood $21,856 $2,495 $9,542 $260 — $1,835 — $35,988 Sawtimber 21,963 37,758 47,792 13,308 — 14,389 — 135,210 Hardwood 405 — — — — — — 405 Total Timber Sales 44,224 40,253 57,334 13,568 — 16,224 — 171,603 License Revenue, Primarily from Hunting 4,417 91 58 3 — — — 4,569 Other Non-Timber/Carbon Revenue 3,036 1,178 187 14 — — — 4,415 Agency Fee Income — — — — — 356 — 356 Total Non-Timber Sales 7,453 1,269 245 17 — 356 — 9,340 Improved Development — — — — 252 — — 252 Rural — — — — 9,765 — — 9,765 Deferred Revenue/Other (a) — — — — 255 — — 255 Total Real Estate Sales — — — — 10,272 — — 10,272 Revenue from Contracts with Customers 51,677 41,522 57,579 13,585 10,272 16,580 — 191,215 Lease Revenue — — — — 232 — — 232 Intersegment — — — 1,354 — 85 (1,439) — Total Revenue $51,677 $41,522 $57,579 $14,939 $10,504 $16,665 ($1,439) $191,447 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total March 31, 2022 Stumpage Pay-as-Cut $36,206 — — — — $36,206 Stumpage Lump Sum — 5,388 — — — 5,388 Total Stumpage 36,206 5,388 — — — 41,594 Delivered Wood (Domestic) 32,128 39,446 13,481 — 625 85,680 Delivered Wood (Export) 2,642 299 36,214 — 12,438 51,593 Total Delivered 34,770 39,745 49,695 — 13,063 137,273 Total Timber Sales $70,976 $45,133 $49,695 — $13,063 $178,867 March 31, 2021 Stumpage Pay-as-Cut $21,257 — — — — $21,257 Stumpage Lump Sum 3 6,131 — — — 6,134 Total Stumpage 21,260 6,131 — — — 27,391 Delivered Wood (Domestic) 18,059 34,122 17,106 13,568 1,091 83,946 Delivered Wood (Export) 4,905 — 40,228 — 15,133 60,266 Total Delivered 22,964 34,122 57,334 13,568 16,224 144,212 Total Timber Sales $44,224 $40,253 $57,334 $13,568 $16,224 $171,603 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2022 | |
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 419,000 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. 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 2022 2021 Beginning noncontrolling interests in the operating partnership $133,823 $130,121 Adjustment of noncontrolling interests in the operating partnership 2,645 11,867 Conversions of Redeemable Operating Partnership Units to Common Shares (104) (4,715) Net Income attributable to noncontrolling interests in the operating partnership 669 341 Other Comprehensive Income attributable to noncontrolling interests in the operating partnership 101 1,531 Distributions to noncontrolling interests in the operating partnership (895) (1,155) Total noncontrolling interests in the operating partnership $136,239 $137,990 |
EARNINGS PER SHARE AND PER UNIT
EARNINGS PER SHARE AND PER UNIT | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND PER UNIT | EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2022 2021 Earnings per common share - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in the operating partnership (669) (341) Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc. $29,317 $10,848 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Basic earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 Earnings per common share - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $29,986 $11,189 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Add: Dilutive effect of: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Noncontrolling interests in operating partnership units 3,314,784 4,330,794 Denominator for diluted earnings per common share - adjusted weighted average shares 149,547,076 142,558,797 Diluted earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 Three Months Ended March 31, 2022 2021 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2022 2021 Earnings per unit - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Basic earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 Earnings per unit - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Add: Dilutive effect of unit equivalents: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Denominator for diluted earnings per unit - adjusted weighted average units 149,547,076 142,558,797 Diluted earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 Three Months Ended March 31, 2022 2021 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Our debt consisted of the following at March 31, 2022: March 31, 2022 Debt Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) $350,000 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 1.9% at March 31, 2022 (b) 200,000 2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) 24,005 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) 28,006 New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 2,087 Total principal debt 1,254,098 Less: Unamortized discounts (3,346) Less: Current maturities of long-term debt (2,087) Less: Deferred financing costs (4,992) Total long-term debt $1,243,673 (a) As of March 31, 2022, 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 3.0% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2022, 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. (c) As of March 31, 2022, the periodic interest rate on the 2021 incremental term loan (the “2021 Incremental Term Loan Facility”) was LIBOR plus 1.550%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. (d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. Principal payments due during the next five years and thereafter are as follows: Total 2022 $2,087 2023 — 2024 — 2025 24,005 2026 228,006 Thereafter 1,000,000 Total Debt $1,254,098 2022 DEBT ACTIVITY U.S. Debt On January 3, 2022, we drew $200.0 million on our Revolving Credit Facility. On January 4, 2022, we repaid the $325.0 million Senior Notes due 2022 with $125.0 million of cash and the $200.0 million previously drawn on the Revolving Credit Facility. We then made a $200.0 million draw on our 2021 Incremental Term Loan Facility and simultaneously repaid the outstanding principal on our Revolving Credit Facility. The periodic interest rate on the 2021 Incremental Term Loan agreement is subject to a pricing grid based on our leverage ratio, as defined in the credit agreement. As of March 31, 2022, the periodic interest rate on the 2021 Incremental Term Loan is LIBOR plus 1.55%. Monthly payments of interest only are due on this loan through maturity. On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. This interest rate swap will fix the cost of the 2021 Incremental Term Loan Facility over its seven-year term. We estimate the effective interest rate on the 2021 Incremental Term Loan Facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. At March 31, 2022, 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. New Zealand Debt During the three months ended March 31, 2022, the New Zealand subsidiary made $2.1 million of borrowings, net of repayments and changes in exchange rates, on its working capital facility (the “New Zealand Working Capital Facility”). At March 31, 2022, the New Zealand subsidiary had NZ$17.0 million of available borrowings under its working capital facility. Subsequent Event In April 2022, the New Zealand subsidiary recorded a noncontrolling interest share redemption and loan payable in the amount of $27.9 million. The shareholder loan is due in 2027 at a fixed rate of 6.48%. See Note 1 — Basis of Presentation for more information regarding subsequent events related to the New Zealand subsidiary. DEBT COVENANTS 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 March 31, 2022, 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 13.6 to 1 11.1 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 40 % 25 % In addition to these financial covenants listed above, 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 March 31, 2022, we were in compliance with all applicable covenants. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, foreign currency exchange contracts and foreign currency option contracts had maturity dates through February 2024 and December 2023, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive 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 The following table contains information on the outstanding interest rate swaps as of March 31, 2022: 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 % May 2021 (c)(d) 7 years 200,000 2021 Incremental Term Loan Facility 0.77 % 1.55 % 2.32 % (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. (c) On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 6 - De bt for additional information. (d) The $200.0 million notional interest rate swap 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. FORWARD-STARTING INTEREST RATE SWAPS The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2022: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date April 2020 4 years $100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021: Three Months Ended Income Statement Location 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $3,514 ($2,852) Foreign currency option contracts Other comprehensive (loss) income 136 (929) Interest rate products Other comprehensive (loss) income 35,129 59,731 Interest expense 2,670 3,994 Three Months Ended During the next 12 months, the amount of the March 31, 2022 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $0.3 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 $246 Interest rate products 56 Total estimated gain on derivatives contracts $302 The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $149,500 $149,250 Foreign currency option contracts 14,000 14,000 Interest rate swaps 750,000 550,000 Forward-starting interest rate swaps 150,000 350,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $712 $721 Other assets 1,241 86 Other current liabilities (369) (2,061) Other non-current liabilities (18) (694) Foreign currency option contracts Other assets 318 228 Other non-current liabilities (224) (270) Interest rate swaps Other assets 26,912 — Interest rate swaps Other non-current liabilities — (15,582) Forward-starting interest rate swaps Other assets 6,699 11,482 Total derivative contracts: Other current assets $712 $721 Other assets 35,170 11,796 Total derivative assets $35,882 $12,517 Other current liabilities (369) (2,061) Other non-current liabilities (242) (16,546) Total derivative liabilities ($611) ($18,607) (a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2022 December 31, 2021 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $256,537 $256,537 — $358,680 $358,680 — Cash and cash equivalents, Timber Funds 3,185 3,185 — 3,493 3,493 — Restricted cash, Timber Funds (b) 5,464 5,464 — 6,341 6,341 — Restricted cash, excluding Timber Funds (c) 625 625 — 625 625 — Current maturities of long-term debt (d) (2,087) — (2,087) (124,965) — (125,288) Long-term debt (d) (1,243,673) — (1,209,595) (1,242,819) — (1,245,148) Interest rate swaps (e) 26,912 — 26,912 (15,582) — (15,582) Forward-starting interest rate swaps (e) 6,699 — 6,699 11,482 — 11,482 Foreign currency exchange contracts (e) 1,566 — 1,566 (1,948) — (1,948) Foreign currency option contracts (e) 94 — 94 (42) — (42) Noncontrolling interests in the operating partnership (f) 136,239 136,239 — 133,823 133,823 — (a) We did not have Level 3 assets or liabilities at March 31, 2022 and December 31, 2021. (b) Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 19 — Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents cash held in escrow. See Note 19 — Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (e) See Note 7 — 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 nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares. |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS At March 31, 2022, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2022 $740 $17,803 $9,002 $27,545 2023 3,873 3,239 11,174 18,286 2024 3,840 267 8,233 12,340 2025 1,036 267 4,494 5,797 2026 460 267 2,558 3,285 Thereafter 1,374 3,944 3,306 8,624 $11,323 $25,787 $38,767 $75,877 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 11 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Heartwood development projects. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow. |
ENVIRONMENTAL AND NATURAL RESOU
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | 3 Months Ended |
Mar. 31, 2022 | |
Environmental Remediation Obligations [Abstract] | |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release. Changes in environmental and NRD liabilities from December 31, 2021 to March 31, 2022 are shown below: Port Gamble, WA Non-current portion at December 31, 2021 $10,110 Plus: Current portion 695 Total Balance at December 31, 2021 10,805 Expenditures charged to liabilities (136) Increase to liabilities 654 Total Balance at March 31, 2022 11,323 Less: Current portion (774) Non-current portion at March 31, 2022 $10,549 It is expected that the upland mill site cleanup and NRD restoration will occur over the next two Note 9 - Commitments . |
GUARANTEES
GUARANTEES | 3 Months Ended |
Mar. 31, 2022 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2022, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 23,920 Total financial commitments $24,805 (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 2022, 2023, 2024 and 2025 and are expected to be renewed as required. |
HIGHER AND BETTER USE TIMBERLAN
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to March 31, 2022 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, 2021 $87,910 $18,968 $106,878 Plus: Current portion (a) 718 24,022 24,740 Total Balance at December 31, 2021 88,628 42,990 131,618 Non-cash cost of land and improved development (378) (2,308) (2,686) Amortization of parcel real estate development investments — (1,964) (1,964) Timber depletion from harvesting activities and basis of timber sold in real estate sales (445) — (445) Capitalized real estate development investments (b) — 4,435 4,435 Capital expenditures (silviculture) 139 — 139 Intersegment transfers 3,977 — 3,977 Total Balance at March 31, 2022 91,921 43,153 135,074 Less: Current portion (a) (415) (23,214) (23,629) Non-current portion at March 31, 2022 $91,506 $19,939 $111,445 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information. (b) Capitalized real estate development investments include $0.2 million of capitalized interest and $1.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year. |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY As of March 31, 2022 and December 31, 2021, our inventory consisted entirely of finished goods, as follows: March 31, 2022 December 31, 2021 Finished goods inventory Real estate inventory (a) $23,629 $24,740 Log inventory 9,661 3,783 Total inventory $33,290 $28,523 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. |
OTHER OPERATING (EXPENSE) INCOM
OTHER OPERATING (EXPENSE) INCOME, NET | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING (EXPENSE) INCOME, NET | OTHER OPERATING (EXPENSE) INCOME, NET Other operating (expense) income, net consisted of the following: Three Months Ended March 31, 2022 2021 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($571) $2,429 Gain on sale or disposal of property and equipment 25 90 Log trading marketing fees — 6 Equity (loss) income related to Bainbridge Landing LLC joint venture (227) 19 Miscellaneous expense, net (211) (96) Total ($984) $2,448 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. We are not required to make mandatory 2022 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three months ended March 31, 2022. 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 2022 2021 2022 2021 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous expense, net 609 557 13 11 Expected return on plan assets (a) Interest and other miscellaneous expense, net (872) (936) — — Amortization of losses Interest and other miscellaneous expense, net 184 288 4 5 Net periodic benefit (credit) cost ($79) ($91) $19 $18 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement (a) The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefit s i s 5.0%. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of March 31, 2022, Rayonier owns a 97.8% 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 2022 2021 Income tax expense ($5,515) ($3,421) ANNUAL EFFECTIVE TAX RATE The Company’s 2022 effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2022 2021 Annualized effective tax rate after discrete items 10.5 % 11.6 % |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in AOCI by component for the three months ended March 31, 2022 and the year ended December 31, 2021. 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, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) (2,540) ($73,885) Other comprehensive income (loss) before reclassifications (18,487) — 44,899 (a) 11,302 37,714 (1,080) 36,634 Amounts reclassified from accumulated other comprehensive income (loss) — — 16,994 1,174 (b) 18,168 (521) 17,647 Net other comprehensive income (loss) (18,487) — 61,893 12,476 55,882 (1,601) 54,281 Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive (loss) income before reclassifications 5,668 — 37,147 (a) — 42,815 (954) 41,861 Amounts reclassified from accumulated other comprehensive income (loss) — — 2,675 188 (b) 2,863 853 3,716 Net other comprehensive income (loss) 5,668 — 39,822 188 45,678 (101) 45,577 Balance as of March 31, 2022 $9,883 $1,321 $30,659 ($11,648) $30,215 ($4,242) $25,973 (a) The year ended December 31, 2021 and the three months ended March 31, 2022 include $52.5 million and $35.1 million, respectively, of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 16 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2022 and March 31, 2021: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement March 31, 2022 March 31, 2021 Realized loss on foreign currency exchange contracts $9 $1,205 Other operating (expense) income, net Realized loss on foreign currency option contracts — 594 Other operating (expense) income, net Noncontrolling interests (2) (414) Comprehensive income attributable to noncontrolling interests Realized loss on interest rate contracts 2,670 3,994 Interest expense Income tax effect from net loss on foreign currency contracts (2) (388) Income tax expense Net loss on cash flow hedges reclassified from accumulated other comprehensive income $2,675 $4,991 |
RESTRICTED CASH
RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2022 | |
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 Heartwood development project as well as cash held in escrow for real estate sales. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Cash and cash equivalents $259,722 $82,620 Restricted cash, Timber Funds 5,464 — 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 $265,811 $83,095 |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of March 31, 2022 and December 31, 2021, the basis in properties meeting this classification was $2.5 million and $5.1 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. |
RELATED PARTY
RELATED PARTY | 3 Months Ended |
Mar. 31, 2022 | |
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 for the sale of 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 months ended: Three Months Ended March 31, Related Party Transaction Location on Statement of Income and Comprehensive Income 2022 2021 Mattamy Contract Sales (a) $174 $42 (a) The three months ended March 31, 2021 exclude approximately $0.1 million of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021, as filed with the SEC (the “2021 Form 10-K”). |
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. We have 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. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The pronouncement eliminates the requirement that contracts legally permitting settlement in registered shares be classified as temporary equity. As a result, Redeemable Operating Partnership Units may be classified as permanent partners’ capital in the Operating Partnership’s accompanying balance sheets and the related noncontrolling interest as permanent equity in the accompanying balance sheets of Rayonier, Inc. However, the corresponding SEC guidance on equity classification has remained unchanged. We will continue to monitor any developments in this area and may reclassify the temporary partners’ capital and noncontrolling interest to permanent upon agreement in guidance. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 1, 2022, 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 |
SEGMENT REPORTING | Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income 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.” |
REVENUE RECOGNITION | PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2022 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. |
DERIVATIVE | 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. |
SEGMENT AND GEOGRAPHICAL INFO_2
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables summarize the segment information for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, SALES 2022 2021 Southern Timber $76,763 $51,677 Pacific Northwest Timber 46,281 41,522 New Zealand Timber 51,389 57,579 Timber Funds (a) — 14,939 Real Estate 34,195 10,504 Trading 13,461 16,665 Intersegment Eliminations (b) (48) (1,439) Total $222,041 $191,447 (a) The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds. (b) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds, which were initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME 2022 2021 Southern Timber $30,342 $17,347 Pacific Northwest Timber 6,606 1,350 New Zealand Timber 5,392 13,944 Timber Funds (a) — 1,501 Real Estate 10,181 1,687 Trading 351 244 Corporate and Other (7,554) (7,588) Total Operating Income 45,318 28,485 Unallocated interest expense and other (8,805) (10,032) Total Income before Income Taxes $36,513 $18,453 (a) The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2022 2021 Southern Timber $18,059 $14,359 Pacific Northwest Timber 14,916 16,284 New Zealand Timber 4,989 7,250 Timber Funds (a) — 5,500 Real Estate 9,145 1,557 Corporate and Other 310 263 Total $47,419 $45,213 (a) The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2022 2021 Real Estate $5,359 $1,813 Total $5,359 $1,813 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Liabilities | The following table summarizes revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2022 2021 Revenue recognized from contract liability balance at the beginning of the year (a) $7,533 $5,920 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. |
Disaggregation of Revenue by Product | The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2022 Pulpwood $37,611 $2,918 $7,595 — — $1,525 — $49,649 Sawtimber 27,516 42,215 42,100 — — 11,538 — 123,369 Hardwood 5,849 — — — — — — 5,849 Total Timber Sales 70,976 45,133 49,695 — — 13,063 — 178,867 License Revenue, Primarily From Hunting 4,688 116 62 — — — — 4,866 Other Non-Timber/Carbon Revenue 1,099 1,032 1,632 — — — — 3,763 Agency Fee Income — — — — — 350 — 350 Total Non-Timber Sales 5,787 1,148 1,694 — — 350 — 8,979 Improved Development — — — — 4,966 — — 4,966 Rural — — — — 16,950 — — 16,950 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — 636 — — 636 Total Real Estate Sales — — — — 33,952 — — 33,952 Revenue from Contracts with Customers 76,763 46,281 51,389 — 33,952 13,413 — 221,798 Lease Revenue — — — — 243 — — 243 Intersegment — — — — — 48 (48) — Total Revenue $76,763 $46,281 $51,389 — $34,195 $13,461 ($48) $222,041 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2021 Pulpwood $21,856 $2,495 $9,542 $260 — $1,835 — $35,988 Sawtimber 21,963 37,758 47,792 13,308 — 14,389 — 135,210 Hardwood 405 — — — — — — 405 Total Timber Sales 44,224 40,253 57,334 13,568 — 16,224 — 171,603 License Revenue, Primarily from Hunting 4,417 91 58 3 — — — 4,569 Other Non-Timber/Carbon Revenue 3,036 1,178 187 14 — — — 4,415 Agency Fee Income — — — — — 356 — 356 Total Non-Timber Sales 7,453 1,269 245 17 — 356 — 9,340 Improved Development — — — — 252 — — 252 Rural — — — — 9,765 — — 9,765 Deferred Revenue/Other (a) — — — — 255 — — 255 Total Real Estate Sales — — — — 10,272 — — 10,272 Revenue from Contracts with Customers 51,677 41,522 57,579 13,585 10,272 16,580 — 191,215 Lease Revenue — — — — 232 — — 232 Intersegment — — — 1,354 — 85 (1,439) — Total Revenue $51,677 $41,522 $57,579 $14,939 $10,504 $16,665 ($1,439) $191,447 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total March 31, 2022 Stumpage Pay-as-Cut $36,206 — — — — $36,206 Stumpage Lump Sum — 5,388 — — — 5,388 Total Stumpage 36,206 5,388 — — — 41,594 Delivered Wood (Domestic) 32,128 39,446 13,481 — 625 85,680 Delivered Wood (Export) 2,642 299 36,214 — 12,438 51,593 Total Delivered 34,770 39,745 49,695 — 13,063 137,273 Total Timber Sales $70,976 $45,133 $49,695 — $13,063 $178,867 March 31, 2021 Stumpage Pay-as-Cut $21,257 — — — — $21,257 Stumpage Lump Sum 3 6,131 — — — 6,134 Total Stumpage 21,260 6,131 — — — 27,391 Delivered Wood (Domestic) 18,059 34,122 17,106 13,568 1,091 83,946 Delivered Wood (Export) 4,905 — 40,228 — 15,133 60,266 Total Delivered 22,964 34,122 57,334 13,568 16,224 144,212 Total Timber Sales $44,224 $40,253 $57,334 $13,568 $16,224 $171,603 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries | The following table sets forth the Company’s noncontrolling interests in the operating partnership: Three Months Ended 2022 2021 Beginning noncontrolling interests in the operating partnership $133,823 $130,121 Adjustment of noncontrolling interests in the operating partnership 2,645 11,867 Conversions of Redeemable Operating Partnership Units to Common Shares (104) (4,715) Net Income attributable to noncontrolling interests in the operating partnership 669 341 Other Comprehensive Income attributable to noncontrolling interests in the operating partnership 101 1,531 Distributions to noncontrolling interests in the operating partnership (895) (1,155) Total noncontrolling interests in the operating partnership $136,239 $137,990 |
EARNINGS PER SHARE AND PER UN_2
EARNINGS PER SHARE AND PER UNIT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2022 2021 Earnings per common share - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in the operating partnership (669) (341) Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc. $29,317 $10,848 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Basic earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 Earnings per common share - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $29,986 $11,189 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Add: Dilutive effect of: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Noncontrolling interests in operating partnership units 3,314,784 4,330,794 Denominator for diluted earnings per common share - adjusted weighted average shares 149,547,076 142,558,797 Diluted earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2022 2021 Earnings per unit - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Basic earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 Earnings per unit - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Add: Dilutive effect of unit equivalents: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Denominator for diluted earnings per unit - adjusted weighted average units 149,547,076 142,558,797 Diluted earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Three Months Ended March 31, 2022 2021 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256 Three Months Ended March 31, 2022 2021 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | Our debt consisted of the following at March 31, 2022: March 31, 2022 Debt Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) $350,000 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 1.9% at March 31, 2022 (b) 200,000 2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) 24,005 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) 28,006 New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 2,087 Total principal debt 1,254,098 Less: Unamortized discounts (3,346) Less: Current maturities of long-term debt (2,087) Less: Deferred financing costs (4,992) Total long-term debt $1,243,673 (a) As of March 31, 2022, 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 3.0% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2022, 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. (c) As of March 31, 2022, the periodic interest rate on the 2021 incremental term loan (the “2021 Incremental Term Loan Facility”) was LIBOR plus 1.550%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. (d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. |
Schedule of Maturities of Long-Term Debt | Principal payments due during the next five years and thereafter are as follows: Total 2022 $2,087 2023 — 2024 — 2025 24,005 2026 228,006 Thereafter 1,000,000 Total Debt $1,254,098 |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2022, 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 13.6 to 1 11.1 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 40 % 25 % |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following table contains information on the outstanding interest rate swaps as of March 31, 2022: 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 % May 2021 (c)(d) 7 years 200,000 2021 Incremental Term Loan Facility 0.77 % 1.55 % 2.32 % (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. (c) On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 6 - De bt for additional information. (d) The $200.0 million notional interest rate swap 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. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2022: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date April 2020 4 years $100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021: Three Months Ended Income Statement Location 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $3,514 ($2,852) Foreign currency option contracts Other comprehensive (loss) income 136 (929) Interest rate products Other comprehensive (loss) income 35,129 59,731 Interest expense 2,670 3,994 Three Months Ended Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $246 Interest rate products 56 Total estimated gain on derivatives contracts $302 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $149,500 $149,250 Foreign currency option contracts 14,000 14,000 Interest rate swaps 750,000 550,000 Forward-starting interest rate swaps 150,000 350,000 |
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 at March 31, 2022 and December 31, 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $712 $721 Other assets 1,241 86 Other current liabilities (369) (2,061) Other non-current liabilities (18) (694) Foreign currency option contracts Other assets 318 228 Other non-current liabilities (224) (270) Interest rate swaps Other assets 26,912 — Interest rate swaps Other non-current liabilities — (15,582) Forward-starting interest rate swaps Other assets 6,699 11,482 Total derivative contracts: Other current assets $712 $721 Other assets 35,170 11,796 Total derivative assets $35,882 $12,517 Other current liabilities (369) (2,061) Other non-current liabilities (242) (16,546) Total derivative liabilities ($611) ($18,607) (a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2022 December 31, 2021 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $256,537 $256,537 — $358,680 $358,680 — Cash and cash equivalents, Timber Funds 3,185 3,185 — 3,493 3,493 — Restricted cash, Timber Funds (b) 5,464 5,464 — 6,341 6,341 — Restricted cash, excluding Timber Funds (c) 625 625 — 625 625 — Current maturities of long-term debt (d) (2,087) — (2,087) (124,965) — (125,288) Long-term debt (d) (1,243,673) — (1,209,595) (1,242,819) — (1,245,148) Interest rate swaps (e) 26,912 — 26,912 (15,582) — (15,582) Forward-starting interest rate swaps (e) 6,699 — 6,699 11,482 — 11,482 Foreign currency exchange contracts (e) 1,566 — 1,566 (1,948) — (1,948) Foreign currency option contracts (e) 94 — 94 (42) — (42) Noncontrolling interests in the operating partnership (f) 136,239 136,239 — 133,823 133,823 — (a) We did not have Level 3 assets or liabilities at March 31, 2022 and December 31, 2021. (b) Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 19 — Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents cash held in escrow. See Note 19 — Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (e) See Note 7 — 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 nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information. |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | At March 31, 2022, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2022 $740 $17,803 $9,002 $27,545 2023 3,873 3,239 11,174 18,286 2024 3,840 267 8,233 12,340 2025 1,036 267 4,494 5,797 2026 460 267 2,558 3,285 Thereafter 1,374 3,944 3,306 8,624 $11,323 $25,787 $38,767 $75,877 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 11 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Heartwood development projects. |
ENVIRONMENTAL AND NATURAL RES_2
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | Changes in environmental and NRD liabilities from December 31, 2021 to March 31, 2022 are shown below: Port Gamble, WA Non-current portion at December 31, 2021 $10,110 Plus: Current portion 695 Total Balance at December 31, 2021 10,805 Expenditures charged to liabilities (136) Increase to liabilities 654 Total Balance at March 31, 2022 11,323 Less: Current portion (774) Non-current portion at March 31, 2022 $10,549 |
GUARANTEES (Tables)
GUARANTEES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | As of March 31, 2022, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 23,920 Total financial commitments $24,805 (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 2022, 2023, 2024 and 2025 and are expected to be renewed as required. |
HIGHER AND BETTER USE TIMBERL_2
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments | Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to March 31, 2022 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, 2021 $87,910 $18,968 $106,878 Plus: Current portion (a) 718 24,022 24,740 Total Balance at December 31, 2021 88,628 42,990 131,618 Non-cash cost of land and improved development (378) (2,308) (2,686) Amortization of parcel real estate development investments — (1,964) (1,964) Timber depletion from harvesting activities and basis of timber sold in real estate sales (445) — (445) Capitalized real estate development investments (b) — 4,435 4,435 Capital expenditures (silviculture) 139 — 139 Intersegment transfers 3,977 — 3,977 Total Balance at March 31, 2022 91,921 43,153 135,074 Less: Current portion (a) (415) (23,214) (23,629) Non-current portion at March 31, 2022 $91,506 $19,939 $111,445 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information. (b) Capitalized real estate development investments include $0.2 million of capitalized interest and $1.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year. |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of March 31, 2022 and December 31, 2021, our inventory consisted entirely of finished goods, as follows: March 31, 2022 December 31, 2021 Finished goods inventory Real estate inventory (a) $23,629 $24,740 Log inventory 9,661 3,783 Total inventory $33,290 $28,523 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. |
OTHER OPERATING (EXPENSE) INC_2
OTHER OPERATING (EXPENSE) INCOME, NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating (Expense) Income, Net | Other operating (expense) income, net consisted of the following: Three Months Ended March 31, 2022 2021 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($571) $2,429 Gain on sale or disposal of property and equipment 25 90 Log trading marketing fees — 6 Equity (loss) income related to Bainbridge Landing LLC joint venture (227) 19 Miscellaneous expense, net (211) (96) Total ($984) $2,448 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Net Benefit Costs | 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 2022 2021 2022 2021 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous expense, net 609 557 13 11 Expected return on plan assets (a) Interest and other miscellaneous expense, net (872) (936) — — Amortization of losses Interest and other miscellaneous expense, net 184 288 4 5 Net periodic benefit (credit) cost ($79) ($91) $19 $18 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement (a) The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefit s i s 5.0%. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended 2022 2021 Income tax expense ($5,515) ($3,421) |
Schedule of Effective Income Tax Rate Reconciliation | The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2022 2021 Annualized effective tax rate after discrete items 10.5 % 11.6 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the three months ended March 31, 2022 and the year ended December 31, 2021. 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, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) (2,540) ($73,885) Other comprehensive income (loss) before reclassifications (18,487) — 44,899 (a) 11,302 37,714 (1,080) 36,634 Amounts reclassified from accumulated other comprehensive income (loss) — — 16,994 1,174 (b) 18,168 (521) 17,647 Net other comprehensive income (loss) (18,487) — 61,893 12,476 55,882 (1,601) 54,281 Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive (loss) income before reclassifications 5,668 — 37,147 (a) — 42,815 (954) 41,861 Amounts reclassified from accumulated other comprehensive income (loss) — — 2,675 188 (b) 2,863 853 3,716 Net other comprehensive income (loss) 5,668 — 39,822 188 45,678 (101) 45,577 Balance as of March 31, 2022 $9,883 $1,321 $30,659 ($11,648) $30,215 ($4,242) $25,973 (a) The year ended December 31, 2021 and the three months ended March 31, 2022 include $52.5 million and $35.1 million, respectively, of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 16 — Employee Benefit Plans |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2022 and March 31, 2021: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement March 31, 2022 March 31, 2021 Realized loss on foreign currency exchange contracts $9 $1,205 Other operating (expense) income, net Realized loss on foreign currency option contracts — 594 Other operating (expense) income, net Noncontrolling interests (2) (414) Comprehensive income attributable to noncontrolling interests Realized loss on interest rate contracts 2,670 3,994 Interest expense Income tax effect from net loss on foreign currency contracts (2) (388) Income tax expense Net loss on cash flow hedges reclassified from accumulated other comprehensive income $2,675 $4,991 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash and Investments [Abstract] | |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Cash and cash equivalents $259,722 $82,620 Restricted cash, Timber Funds 5,464 — 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 $265,811 $83,095 |
RELATED PARTY (Tables)
RELATED PARTY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 months ended: Three Months Ended March 31, Related Party Transaction Location on Statement of Income and Comprehensive Income 2022 2021 Mattamy Contract Sales (a) $174 $42 (a) The three months ended March 31, 2021 exclude approximately $0.1 million of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees. |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Apr. 30, 2022 | Apr. 01, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt, carrying amount | $ 1,254,098 | ||
Matariki Forestry Group | New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Subsequent event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stated fixed interest rate | 6.48% | ||
Matariki Forestry Group | New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Excluding Timber Funds | Subsequent event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stated fixed interest rate | 6.48% | ||
Debt, carrying amount | $ 27,900 | ||
Operating Partnership | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Ownership interest | 97.80% | ||
Ownership interest owned by limited partners | 2.20% |
SEGMENT AND GEOGRAPHICAL INFO_3
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
SALES | $ 222,041 | $ 191,447 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
SALES | (48) | (1,439) |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||
Segment Reporting Information [Line Items] | ||
SALES | (11,900) | |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 76,763 | 51,677 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 46,281 | 41,522 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
SALES | 51,389 | 57,579 |
Operating Segments | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
SALES | 0 | 14,939 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
SALES | 34,195 | 10,504 |
Operating Segments | Trading | ||
Segment Reporting Information [Line Items] | ||
SALES | 13,461 | 16,665 |
Intersegment Eliminations | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
SALES | 0 | 1,354 |
Intersegment Eliminations | Trading | ||
Segment Reporting Information [Line Items] | ||
SALES | 48 | 85 |
Intersegment Eliminations | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
SALES | $ (48) | $ (1,439) |
SEGMENT AND GEOGRAPHICAL INFO_4
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total Operating Income | $ 45,318 | $ 28,485 |
Unallocated interest expense and other | (8,805) | (10,032) |
Total Income before Income Taxes | 36,513 | 18,453 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | (1,100) | |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 30,342 | 17,347 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 6,606 | 1,350 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 5,392 | 13,944 |
Operating Segments | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 0 | 1,501 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 10,181 | 1,687 |
Operating Segments | Trading | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | 351 | 244 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total Operating Income | $ (7,554) | $ (7,588) |
SEGMENT AND GEOGRAPHICAL INFO_5
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 47,419 | $ 45,213 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 4,900 | |
Operating Segments | Southern Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 18,059 | 14,359 |
Operating Segments | Pacific Northwest Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 14,916 | 16,284 |
Operating Segments | New Zealand Timber | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 4,989 | 7,250 |
Operating Segments | Timber Funds | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 0 | 5,500 |
Operating Segments | Real Estate | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 9,145 | 1,557 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 310 | $ 263 |
SEGMENT AND GEOGRAPHICAL INFO_6
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 5,359 | $ 1,813 |
Real Estate | ||
Segment Reporting Information [Line Items] | ||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 5,359 | $ 1,813 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) | Mar. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected to satisfaction, period | 12 months |
REVENUE - Contract Liability (D
REVENUE - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized from contract liability balance at the beginning of the year | $ 7,533 | $ 5,920 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 221,798 | $ 191,215 |
Lease Revenue | 243 | 232 |
Total Revenue | 222,041 | 191,447 |
Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 49,649 | 35,988 |
Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 123,369 | 135,210 |
Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,849 | 405 |
Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 178,867 | 171,603 |
License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,866 | 4,569 |
Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 3,763 | 4,415 |
Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 350 | 356 |
Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 8,979 | 9,340 |
Improved Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,966 | 252 |
Rural | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 16,950 | 9,765 |
Timberland & Non-Strategic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,400 | |
Deferred Revenue/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 636 | 255 |
Total Real Estate Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,952 | 10,272 |
Elim. | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | (48) | (1,439) |
Operating Segments | Southern Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 76,763 | 51,677 |
Total Revenue | 76,763 | 51,677 |
Operating Segments | Southern Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 37,611 | 21,856 |
Operating Segments | Southern Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 27,516 | 21,963 |
Operating Segments | Southern Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,849 | 405 |
Operating Segments | Southern Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 70,976 | 44,224 |
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,688 | 4,417 |
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,099 | 3,036 |
Operating Segments | Southern Timber | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Southern Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,787 | 7,453 |
Operating Segments | Pacific Northwest Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 46,281 | 41,522 |
Total Revenue | 46,281 | 41,522 |
Operating Segments | Pacific Northwest Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,918 | 2,495 |
Operating Segments | Pacific Northwest Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 42,215 | 37,758 |
Operating Segments | Pacific Northwest Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 45,133 | 40,253 |
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 116 | 91 |
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,032 | 1,178 |
Operating Segments | Pacific Northwest Timber | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,148 | 1,269 |
Operating Segments | New Zealand Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 51,389 | 57,579 |
Total Revenue | 51,389 | 57,579 |
Operating Segments | New Zealand Timber | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 7,595 | 9,542 |
Operating Segments | New Zealand Timber | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 42,100 | 47,792 |
Operating Segments | New Zealand Timber | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | New Zealand Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 49,695 | 57,334 |
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 62 | 58 |
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,632 | 187 |
Operating Segments | New Zealand Timber | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | New Zealand Timber | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,694 | 245 |
Operating Segments | Timber Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,585 |
Total Revenue | 0 | 14,939 |
Operating Segments | Timber Funds | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 260 |
Operating Segments | Timber Funds | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,308 |
Operating Segments | Timber Funds | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Timber Funds | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,568 |
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 3 |
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 14 |
Operating Segments | Timber Funds | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Timber Funds | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 17 |
Operating Segments | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,952 | 10,272 |
Lease Revenue | 243 | 232 |
Total Revenue | 34,195 | 10,504 |
Operating Segments | Real Estate | Improved Development | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 4,966 | 252 |
Operating Segments | Real Estate | Rural | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 16,950 | 9,765 |
Operating Segments | Real Estate | Timberland & Non-Strategic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,400 | |
Operating Segments | Real Estate | Deferred Revenue/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 636 | 255 |
Operating Segments | Real Estate | Total Real Estate Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 33,952 | 10,272 |
Operating Segments | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,413 | 16,580 |
Total Revenue | 13,461 | 16,665 |
Operating Segments | Trading | Pulpwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,525 | 1,835 |
Operating Segments | Trading | Sawtimber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,538 | 14,389 |
Operating Segments | Trading | Hardwood | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Trading | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,063 | 16,224 |
Operating Segments | Trading | License Revenue, Primarily from Hunting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Trading | Other Non-Timber/Carbon Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Operating Segments | Trading | Agency Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 350 | 356 |
Operating Segments | Trading | Total Non-Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 350 | 356 |
Intersegment | Timber Funds | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 0 | 1,354 |
Intersegment | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 48 | 85 |
Intersegment | Elim. | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ (48) | $ (1,439) |
REVENUE - Disaggregation of R_2
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 221,798 | $ 191,215 |
Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 36,206 | 21,257 |
Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,388 | 6,134 |
Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 41,594 | 27,391 |
Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 137,273 | 144,212 |
Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 85,680 | 83,946 |
Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 51,593 | 60,266 |
Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 178,867 | 171,603 |
Southern Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 36,206 | 21,257 |
Southern Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 3 |
Southern Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 36,206 | 21,260 |
Southern Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 34,770 | 22,964 |
Southern Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 32,128 | 18,059 |
Southern Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,642 | 4,905 |
Pacific Northwest Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Pacific Northwest Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,388 | 6,131 |
Pacific Northwest Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,388 | 6,131 |
Pacific Northwest Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 39,745 | 34,122 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 39,446 | 34,122 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 299 | 0 |
New Zealand Timber | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
New Zealand Timber | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 49,695 | 57,334 |
New Zealand Timber | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,481 | 17,106 |
New Zealand Timber | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 36,214 | 40,228 |
Timber Funds | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Timber Funds | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Timber Funds | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Timber Funds | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,568 |
Timber Funds | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,568 |
Timber Funds | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Stumpage Pay-as-Cut | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Stumpage Lump Sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Total Stumpage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Trading | Total Delivered | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,063 | 16,224 |
Trading | Total Delivered | Delivered Wood (Domestic) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 625 | 1,091 |
Trading | Total Delivered | Delivered Wood (Export) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 12,438 | 15,133 |
Operating Segments | Southern Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 76,763 | 51,677 |
Operating Segments | Southern Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 70,976 | 44,224 |
Operating Segments | Pacific Northwest Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 46,281 | 41,522 |
Operating Segments | Pacific Northwest Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 45,133 | 40,253 |
Operating Segments | New Zealand Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 51,389 | 57,579 |
Operating Segments | New Zealand Timber | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 49,695 | 57,334 |
Operating Segments | Timber Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,585 |
Operating Segments | Timber Funds | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 13,568 |
Operating Segments | Trading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 13,413 | 16,580 |
Operating Segments | Trading | Total Timber Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 13,063 | $ 16,224 |
NONCONTROLLING INTERESTS - Narr
NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands | Mar. 31, 2022a |
Schedule of Equity Method Investments [Line Items] | |
Acres of timberland owned | 419 |
Rayonier | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage by parent | 77.00% |
Rayonier New Zealand Subsidiary | |
Schedule of Equity Method Investments [Line Items] | |
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% |
NONCONTROLLING INTERESTS - Sche
NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Beginning noncontrolling interests in the operating partnership | $ 133,823 | $ 130,121 |
Adjustment of noncontrolling interests in the operating partnership | 2,645 | 11,867 |
Conversions of Redeemable Operating Partnership Units to Common Shares | (104) | (4,715) |
Net Income attributable to noncontrolling interests in the operating partnership | 669 | 341 |
Other Comprehensive Income attributable to noncontrolling interests in the operating partnership | 101 | 1,531 |
Distributions to noncontrolling interests in the operating partnership | (895) | (1,155) |
Total noncontrolling interests in the operating partnership | $ 136,239 | $ 137,990 |
EARNINGS PER SHARE AND PER UN_3
EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net Income | $ 30,998 | $ 15,032 |
Less: Net income attributable to noncontrolling interests in the operating partnership | (669) | (341) |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 29,317 | $ 10,848 |
Denominator: | ||
Denominator for basic earnings per common share - weighted average shares (in shares) | 145,430,171 | 137,870,821 |
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.20 | $ 0.08 |
Numerator: | ||
Net Income | $ 30,998 | $ 15,032 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | 1,012 | 3,843 |
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | $ 29,986 | $ 11,189 |
Denominator: | ||
Denominator for basic earnings per common share - weighted average shares (in shares) | 145,430,171 | 137,870,821 |
Add: Dilutive effect of: | ||
Stock options (in shares/units) | 7,229 | 4,051 |
Performance shares, restricted shares and restricted stock units (in shares/units) | 794,892 | 353,131 |
Noncontrolling interests in operating partnership units (in shares) | 3,314,784 | 4,330,794 |
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units) | 149,547,076 | 142,558,797 |
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.20 | $ 0.08 |
Rayonier Limited Partnership | ||
Numerator: | ||
Net Income | $ 30,998 | $ 15,032 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 29,986 | $ 11,189 |
Denominator: | ||
Denominator for basic earnings per unit - weighted average units (in units) | 148,744,955 | 142,201,615 |
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.20 | $ 0.08 |
Numerator: | ||
Net Income | $ 30,998 | $ 15,032 |
Less: Net income attributable to noncontrolling interests in consolidated affiliates | $ 1,012 | $ 3,843 |
Denominator: | ||
Denominator for basic earnings per unit - weighted average units (in units) | 148,744,955 | 142,201,615 |
Add: Dilutive effect of: | ||
Stock options (in shares/units) | 7,229 | 4,051 |
Performance shares, restricted shares and restricted stock units (in shares/units) | 794,892 | 353,131 |
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units) | 149,547,076 | 142,558,797 |
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.20 | $ 0.08 |
EARNINGS PER SHARE AND PER UN_4
EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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) | 254 | 194,256 |
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) | 254 | 194,256 |
DEBT - Schedule of Long Term De
DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt, carrying amount | $ 1,254,098 | |
Less: Unamortized discounts | (3,346) | |
Less: Current maturities of long-term debt | (2,087) | $ (124,965) |
Less: Deferred financing costs | (4,992) | |
Total long-term debt | $ 1,243,673 | $ 1,242,819 |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 1.90% | |
Debt, carrying amount | $ 350,000 | |
Effective fixed interest rate | 3.00% | |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.60% | |
Senior Notes due 2031 at a fixed interest rate of 2.75% | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 2.75% | |
Debt, carrying amount | $ 450,000 | |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 1.90% | |
Debt, carrying amount | $ 200,000 | |
Effective fixed interest rate | 2.40% | |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.65% | |
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 1.80% | |
Debt, carrying amount | $ 200,000 | |
Effective fixed interest rate | 1.50% | |
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 1.55% | |
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 2.95% | |
Debt, carrying amount | $ 24,005 | |
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 3.64% | |
Debt, carrying amount | $ 28,006 | |
New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 | Matariki Forestry Group | ||
Debt Instrument [Line Items] | ||
Stated fixed interest rate | 2.10% | |
Debt, carrying amount | $ 2,087 |
DEBT - Schedule of Long Term Ma
DEBT - Schedule of Long Term Maturities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 2,087 |
2023 | 0 |
2024 | 0 |
2025 | 24,005 |
2026 | 228,006 |
Thereafter | 1,000,000 |
Total Debt | $ 1,254,098 |
DEBT - Narrative and Debt Coven
DEBT - Narrative and Debt Covenants (Details) $ in Thousands, $ in Millions | Mar. 31, 2022USD ($) | Feb. 01, 2022USD ($) | Jan. 04, 2022USD ($) | Jan. 03, 2022USD ($) | Apr. 30, 2022USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022NZD ($) |
Debt Instrument [Line Items] | ||||||||
Issuance of debt | $ 404,018 | $ 0 | ||||||
Debt, carrying amount | $ 1,254,098 | 1,254,098 | ||||||
Repayments of debt | 526,948 | $ 0 | ||||||
Interest rate swaps | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional amount | 200,000 | $ 200,000 | 200,000 | |||||
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at March 31, 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of debt | $ 200,000 | |||||||
Repayments of debt | $ 200,000 | |||||||
Remaining borrowing capacity | 299,100 | 299,100 | ||||||
Amount to secure outstanding letters of credit | 900 | 900 | ||||||
Maximum borrowing capacity | 300,000 | 300,000 | ||||||
2021 Incremental Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of debt | 200,000 | |||||||
Debt instrument term | 7 years | |||||||
Maximum borrowing capacity | $ 200,000 | 200,000 | ||||||
2021 Incremental Term Loan Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points on periodic interest rate | 1.55% | |||||||
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 350,000 | 350,000 | ||||||
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 200,000 | 200,000 | ||||||
Senior Notes due at a fixed interest rate of 3.75% | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, carrying amount | 325,000 | |||||||
Repayments of debt | $ 125,000 | |||||||
Working Capital Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings, net of repayments | 2,100 | |||||||
Remaining borrowing capacity | $ 17 | |||||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) | Matariki Forestry Group | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, carrying amount | $ 28,006 | $ 28,006 | ||||||
Stated fixed interest rate | 3.64% | 3.64% | 3.64% | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) | Matariki Forestry Group | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, carrying amount | $ 24,005 | $ 24,005 | ||||||
Stated fixed interest rate | 2.95% | 2.95% | 2.95% | |||||
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Matariki Forestry Group | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Noncontrolling interests in consolidated affiliates redemption of shares | $ 27,900 | |||||||
Stated fixed interest rate | 6.48% |
DEBT - Debt Covenants (Details)
DEBT - Debt Covenants (Details) | Mar. 31, 2022 |
Debt Disclosure [Abstract] | |
Covenant EBITDA to consolidated interest expense, Covenant Requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, Actual ratio | 13.6 |
Covenant EBITDA to consolidated interest expense, Favorable | 11.1 |
Covenant debt to net worth plus covenant debt, Covenant Requirement | 0.65 |
Covenant debt to net worth plus covenant debt, Actual ratio | 0.40 |
Covenant debt to net worth plus covenant debt, favorable | 0.25 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Derivatives designated as cash flow hedges | |
Derivative [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 302 |
New Zealand JV | Forecasted Sales and Purchases, term 1 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 12 months |
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1 | |
Derivative [Line Items] | |
Percent of forecast sales and purchases hedged for 12 months | 50.00% |
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 12 months |
New Zealand JV | Minimum | Foreign Sales and Purchases, term 3 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 18 months |
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1 | |
Derivative [Line Items] | |
Percent of forecast sales and purchases hedged for 12 months | 90.00% |
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 2 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 18 months |
Percent of forecast sales and purchases hedged for 12 to 18 months | 75.00% |
New Zealand JV | Maximum | Foreign Sales and Purchases, term 3 | |
Derivative [Line Items] | |
Length of time, foreign currency cash flow hedge | 48 months |
Percent of forecast sales and purchases hedged for 18 to 48 months | 50.00% |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Feb. 01, 2022 | Dec. 31, 2021 | |
Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | $ 200,000 | $ 200,000 | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 1 | |||
Derivative [Line Items] | |||
Term | 9 years | ||
Notional Amount | $ 170 | ||
Fixed rate of swap | 2.20% | ||
Bank Margin on Debt | 1.60% | ||
Total effective interest rate | 3.80% | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 2 | |||
Derivative [Line Items] | |||
Term | 9 years | ||
Notional Amount | $ 180 | ||
Fixed rate of swap | 2.35% | ||
Bank Margin on Debt | 1.60% | ||
Total effective interest rate | 3.95% | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 3 | |||
Derivative [Line Items] | |||
Term | 10 years | ||
Notional Amount | $ 100 | ||
Fixed rate of swap | 1.60% | ||
Bank Margin on Debt | 1.65% | ||
Total effective interest rate | 3.25% | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 4 | |||
Derivative [Line Items] | |||
Term | 10 years | ||
Notional Amount | $ 100 | ||
Fixed rate of swap | 1.60% | ||
Bank Margin on Debt | 1.65% | ||
Total effective interest rate | 3.25% | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 5 | |||
Derivative [Line Items] | |||
Term | 7 years | ||
Notional Amount | $ 200 | ||
Fixed rate of swap | 0.77% | ||
Bank Margin on Debt | 1.55% | ||
Total effective interest rate | 2.32% | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | $ 750,000 | $ 550,000 | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 1 | |||
Derivative [Line Items] | |||
Term | 4 years | ||
Notional Amount | $ 100,000 | ||
Fixed rate on derivative | 0.88% | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 2 | |||
Derivative [Line Items] | |||
Term | 4 years | ||
Notional Amount | $ 50,000 | ||
Fixed rate on derivative | 0.74% |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedge, gain (loss) recognized in income | $ 40,427 | $ 61,001 |
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 | 3,514 | (2,852) |
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 | 136 | (929) |
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 | 35,129 | 59,731 |
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 | $ 2,670 | $ 3,994 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives designated as cash flow hedges $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 302 |
Foreign currency exchange contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | 246 |
Interest rate products | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 56 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Feb. 01, 2022 | Dec. 31, 2021 |
Interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 200,000 | $ 200,000 | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 149,500 | $ 149,250 | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 14,000 | 14,000 | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 750,000 | 550,000 | |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 150,000 | $ 350,000 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | $ 35,882 | $ 12,517 |
Fair value, derivative liability | (611) | (18,607) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 712 | 721 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 35,170 | 11,796 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (369) | (2,061) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (242) | (16,546) |
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 | 712 | 721 |
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 | 1,241 | 86 |
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 | (369) | (2,061) |
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 | (18) | (694) |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 318 | 228 |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (224) | (270) |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 26,912 | 0 |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 0 | (15,582) |
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 | $ 6,699 | $ 11,482 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Less: Current maturities of long-term debt | $ (2,087) | $ (124,965) | |
Excluding Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash, excluding Timber Funds | 625 | 625 | $ 475 |
Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash, Timber Funds | 5,464 | 6,341 | $ 0 |
Carrying Amount | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Less: Current maturities of long-term debt | (2,087) | (124,965) | |
Long-term debt | (1,243,673) | (1,242,819) | |
Noncontrolling interests in the operating partnership | 136,239 | 133,823 | |
Carrying Amount | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, liabilities | (15,582) | ||
Interest rate swaps, assets | 26,912 | ||
Carrying Amount | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 6,699 | 11,482 | |
Carrying Amount | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 1,566 | ||
Foreign currency contracts, liabilities | (1,948) | ||
Carrying Amount | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 94 | ||
Foreign currency contracts, liabilities | (42) | ||
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 | 256,537 | 358,680 | |
Restricted cash, excluding Timber Funds | 625 | 625 | |
Carrying Amount | Timber Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, excluding Timber Funds | 3,185 | 3,493 | |
Restricted cash, Timber Funds | 5,464 | 6,341 | |
Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Less: Current maturities of long-term debt | 0 | 0 | |
Long-term debt | 0 | 0 | |
Noncontrolling interests in the operating partnership | 136,239 | 133,823 | |
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 | ||
Interest rate swaps, assets | 0 | ||
Fair Value | Level 1 | Forward-starting interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps, assets | 0 | 0 | |
Fair Value | Level 1 | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 0 | ||
Foreign currency contracts, liabilities | 0 | ||
Fair Value | Level 1 | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 0 | ||
Foreign currency contracts, liabilities | 0 | ||
Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Less: Current maturities of long-term debt | (2,087) | (125,288) | |
Long-term debt | (1,209,595) | (1,245,148) | |
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 | (15,582) | ||
Interest rate swaps, assets | 26,912 | ||
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 | 6,699 | 11,482 | |
Fair Value | Level 2 | Foreign currency exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 1,566 | ||
Foreign currency contracts, liabilities | (1,948) | ||
Fair Value | Level 2 | Foreign currency option contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contracts, assets | 94 | ||
Foreign currency contracts, liabilities | (42) | ||
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 | 256,537 | 358,680 | |
Restricted cash, excluding Timber Funds | 625 | 625 | |
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 | |
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 | 3,185 | 3,493 | |
Restricted cash, Timber Funds | 5,464 | 6,341 | |
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 |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Commitments | |
Remaining 2022 | $ 27,545 |
2023 | 18,286 |
2024 | 12,340 |
2025 | 5,797 |
2026 | 3,285 |
Thereafter | 8,624 |
Total commitments | 75,877 |
Environmental Remediation | |
Commitments | |
Remaining 2022 | 740 |
2023 | 3,873 |
2024 | 3,840 |
2025 | 1,036 |
2026 | 460 |
Thereafter | 1,374 |
Total commitments | 11,323 |
Development Projects | |
Commitments | |
Remaining 2022 | 17,803 |
2023 | 3,239 |
2024 | 267 |
2025 | 267 |
2026 | 267 |
Thereafter | 3,944 |
Total commitments | 25,787 |
Commitments | |
Commitments | |
Remaining 2022 | 9,002 |
2023 | 11,174 |
2024 | 8,233 |
2025 | 4,494 |
2026 | 2,558 |
Thereafter | 3,306 |
Total commitments | $ 38,767 |
ENVIRONMENTAL AND NATURAL RES_3
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Beginning balance, non-current portion | $ 10,110 |
Beginning balance, plus: current portion | 695 |
Beginning balance | 10,805 |
Expenditures charged to liabilities | (136) |
Increase to liabilities | 654 |
Ending balance | 11,323 |
Ending balance, less: current portion | (774) |
Ending balance, non-current portion | $ 10,549 |
ENVIRONMENTAL AND NATURAL RES_4
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Minimum | Millsite Cleanup and Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 2 years |
Minimum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 10 years |
Maximum | Millsite Cleanup and Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 3 years |
Maximum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 15 years |
GUARANTEES (Details)
GUARANTEES (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 24,805 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 885 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 23,920 |
HIGHER AND BETTER USE TIMBERL_3
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | $ 106,878 |
Plus: Current portion, beginning balance | 24,740 |
Total balance, beginning balance | 131,618 |
Non-cash cost of land and improved development | (2,686) |
Amortization of parcel real estate development investments | (1,964) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (445) |
Capitalized real estate development investments | 4,435 |
Capital expenditures (silviculture) | 139 |
Intersegment transfers | 3,977 |
Total balance, ending balance | 135,074 |
Less: Current portion, ending balance | (23,629) |
Non-current portion, ending balance | 111,445 |
Capitalized interest | 200 |
Parcel real estate development investments | 1,300 |
Land and Timber | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 87,910 |
Plus: Current portion, beginning balance | 718 |
Total balance, beginning balance | 88,628 |
Non-cash cost of land and improved development | (378) |
Amortization of parcel real estate development investments | 0 |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (445) |
Capitalized real estate development investments | 0 |
Capital expenditures (silviculture) | 139 |
Intersegment transfers | 3,977 |
Total balance, ending balance | 91,921 |
Less: Current portion, ending balance | (415) |
Non-current portion, ending balance | 91,506 |
Development Investments | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 18,968 |
Plus: Current portion, beginning balance | 24,022 |
Total balance, beginning balance | 42,990 |
Non-cash cost of land and improved development | (2,308) |
Amortization of parcel real estate development investments | (1,964) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 |
Capitalized real estate development investments | 4,435 |
Capital expenditures (silviculture) | 0 |
Intersegment transfers | 0 |
Total balance, ending balance | 43,153 |
Less: Current portion, ending balance | (23,214) |
Non-current portion, ending balance | $ 19,939 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Inventory | $ 33,290 | $ 28,523 |
Real estate inventory | ||
Inventory [Line Items] | ||
Inventory | 23,629 | 24,740 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 9,661 | $ 3,783 |
OTHER OPERATING (EXPENSE) INC_3
OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
(Loss) gain on foreign currency remeasurement, net of cash flow hedges | $ (571) | $ 2,429 |
Gain on sale or disposal of property and equipment | 25 | 90 |
Log trading marketing fees | 0 | 6 |
Equity (loss) income related to Bainbridge Landing LLC joint venture | (227) | 19 |
Miscellaneous expense, net | (211) | (96) |
Total | $ (984) | $ 2,448 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)plan | Mar. 31, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of qualified defined benefit plans | plan | 1 | |
Pension contributions paid | $ 0 | |
Weighted-average expected long-term rate of return on plan assets | 5.00% | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 609 | 557 |
Expected return on plan assets | (872) | (936) |
Amortization of losses | 184 | 288 |
Net periodic benefit (credit) cost | (79) | (91) |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 2 |
Interest cost | 13 | 11 |
Expected return on plan assets | 0 | 0 |
Amortization of losses | 4 | 5 |
Net periodic benefit (credit) cost | $ 19 | $ 18 |
INCOME TAXES (Details)
INCOME TAXES (Details) | Mar. 31, 2022 |
Operating Partnership | |
Income Taxes | |
Ownership interest | 97.80% |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ (5,515) | $ (3,421) |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Annualized effective tax rate after discrete items | 10.50% | 11.60% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 1,771,776 | |
Other comprehensive income (loss) before reclassifications | 41,861 | $ 36,634 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,716 | 17,647 |
Net other comprehensive income (loss) | 45,577 | 54,281 |
Ending balance | 1,836,996 | 1,771,776 |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (19,604) | (73,885) |
Ending balance | 25,973 | (19,604) |
Foreign currency translation (loss) gains | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 4,215 | 22,702 |
Other comprehensive income (loss) before reclassifications | 5,668 | (18,487) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net other comprehensive income (loss) | 5,668 | (18,487) |
Ending balance | 9,883 | 4,215 |
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 income (loss) | 0 | 0 |
Net other comprehensive income (loss) | 0 | 0 |
Ending balance | 1,321 | 1,321 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (9,163) | (71,056) |
Other comprehensive income (loss) before reclassifications | 37,147 | 44,899 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,675 | 16,994 |
Net other comprehensive income (loss) | 39,822 | 61,893 |
Ending balance | 30,659 | (9,163) |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications | 35,100 | 52,500 |
Employee benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (11,836) | (24,312) |
Other comprehensive income (loss) before reclassifications | 0 | 11,302 |
Amounts reclassified from accumulated other comprehensive income (loss) | 188 | 1,174 |
Net other comprehensive income (loss) | 188 | 12,476 |
Ending balance | (11,648) | (11,836) |
Total Rayonier, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (15,463) | (71,345) |
Other comprehensive income (loss) before reclassifications | 42,815 | 37,714 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,863 | 18,168 |
Net other comprehensive income (loss) | 45,678 | 55,882 |
Ending balance | 30,215 | (15,463) |
Allocation to Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (4,141) | (2,540) |
Other comprehensive income (loss) before reclassifications | (954) | (1,080) |
Amounts reclassified from accumulated other comprehensive income (loss) | 853 | (521) |
Net other comprehensive income (loss) | (101) | (1,601) |
Ending balance | $ (4,242) | $ (4,141) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating (expense) income, net | $ 984 | $ (2,448) |
Interest expense | (8,337) | (10,028) |
Income tax expense | (5,515) | (3,421) |
Net loss on cash flow hedges reclassified from accumulated other comprehensive income | (30,998) | (15,032) |
Amount reclassified from accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net loss on cash flow hedges reclassified from accumulated other comprehensive income | 2,675 | 4,991 |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense | (2) | (388) |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Foreign currency exchange contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating (expense) income, net | 9 | 1,205 |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Realized loss on foreign currency option contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other operating (expense) income, net | 0 | 594 |
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense | 2,670 | 3,994 |
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Comprehensive income attributable to noncontrolling interests | $ (2) | $ (414) |
RESTRICTED CASH - Schedule of R
RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 259,722 | $ 362,173 | $ 82,620 | |
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | 265,811 | 369,139 | 83,095 | $ 87,482 |
Timber Funds | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 3,185 | 3,493 | ||
Restricted cash, Timber Funds | 5,464 | 6,341 | 0 | |
Excluding Timber Funds | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 256,537 | 358,680 | ||
Restricted cash, excluding Timber Funds (Held in escrow) | $ 625 | $ 625 | $ 475 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 | $ 2.5 | $ 5.1 |
Asset impairment recognized | $ 0 |
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, mattamy contract, sales | $ 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) - Mattamy Jacksonville LLC - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 174 | $ 42 |
Accounts receivable, related parties | $ 100 |