Rayonier 10-K 23 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,620,553,842
Entity Common Stock, Shares Outstanding		148,639,783
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the 2024 annual meeting of the shareholders of the registrant scheduled to be held May 16, 2024, are incorporated by reference in Part III hereof.
Entity Central Index key	0000052827
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Rayonier Limited Partnership
Document Information [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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,102,607
Entity Central Index key	0001806931
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Jacksonville, Florida
Rayonier Limited Partnership
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Jacksonville, Florida

RAYONIER INC. AND SUBSIDIARIES

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
SALES (NOTE 3)	$ 1,056,933	$ 909,072	$ 1,109,597
Costs and Expenses
Cost of sales	(762,570)	(688,284)	(796,115)
Selling and general expenses	(74,773)	(64,670)	(57,791)
Other operating (expense) income, net (Note 17)	(8,306)	9,704	14,084
Costs and Expenses	(845,649)	(743,250)	(839,822)
OPERATING INCOME	211,284	165,822	269,775
Interest expense	(48,342)	(36,207)	(44,907)
Interest and other miscellaneous income, net	20,675	2,565	280
INCOME BEFORE INCOME TAXES	183,617	132,180	225,148
Income tax expense (Note 20)	(5,122)	(9,389)	(14,661)
NET INCOME	178,495	122,791	210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	173,493	107,077	152,550
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0	(1,516)	(23,093)	(22,096)
Cash flow hedges, net of income tax effect of $2,368, $555 and $2,667	(9,957)	76,039	60,315
Pension and postretirement benefit plans, net of income tax effect of $0, $0 and $0	593	1,627	12,476
Total other comprehensive (loss) income	(10,880)	54,573	50,695
COMPREHENSIVE INCOME	167,615	177,364	261,182
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(2,639)	(3,692)	(6,116)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(3,449)	(12,182)	(48,234)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 161,527	$ 161,490	$ 206,832
EARNINGS PER COMMON SHARE (NOTE 6)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 1.17	$ 0.73	$ 1.08
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 1.17	$ 0.73	$ 1.08

RAYONIER INC. AND SUBSIDIARIE_2

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	2,368	555	2,667
Actuarial change and amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0

RAYONIER INC. AND SUBSIDIARIE_3

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 207,696	$ 114,255
Trade receivables, less allowance for doubtful accounts of $210 and $74	28,652	27,837
Other receivables	11,517	14,701
Inventory (Note 15)	31,017	23,729
Prepaid logging roads	15,425	14,893
Prepaid expenses	3,645	5,680
Assets held for sale (Note 22)	9,932	713
Other current assets	9,074	573
Total current assets	316,958	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,004,316	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	105,595	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,251	31,020
Machinery and equipment	6,523	6,568
Construction in progress	1,841	653
Total property, plant and equipment, gross	46,068	44,694
Less—accumulated depreciation	(19,059)	(17,505)
Total property, plant and equipment, net	27,009	27,189
RESTRICTED CASH (NOTE 21)	678	1,152
RIGHT-OF-USE ASSETS (NOTE 16)	95,474	97,167
OTHER ASSETS (NOTE 23)	97,555	115,481
TOTAL ASSETS	3,647,585	3,789,371
CURRENT LIABILITIES
Accounts payable	26,561	22,100
Accrued taxes	4,394	3,734
Accrued payroll and benefits	14,215	12,428
Accrued interest	7,094	5,920
Pension and other postretirement benefits (Note 18)	8,444	136
Dividend and distribution payable	30,148	0
Deferred revenue	19,012	22,762
Other current liabilities	30,409	28,247
Total current liabilities	140,277	95,327
LONG-TERM DEBT, NET (NOTE 7)	1,365,773	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	1,441	8,510
LONG-TERM LEASE LIABILITY (NOTE 16)	87,684	88,756
LONG-TERM DEFERRED REVENUE	11,294	6,895
OTHER NON-CURRENT LIABILITIES	81,863	88,687
COMMITMENTS AND CONTINGENCIES (NOTES 10 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)	81,651	105,763
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,299,117 and 147,282,631 shares issued and outstanding	1,497,641	1,462,945
Retained earnings	338,244	366,637
Accumulated other comprehensive income (Note 24)	24,651	35,813
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,860,536	1,865,395
Noncontrolling interests in consolidated affiliates (Note 5)	17,066	15,317
TOTAL SHAREHOLDERS’ EQUITY	1,877,602	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,647,585	$ 3,789,371

RAYONIER INC. AND SUBSIDIARIE_4

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 210	$ 74
Stockholders' Equity Attributable to Parent [Abstract]
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,299,117	147,282,631
Common shares, shares outstanding (in shares)	148,299,117	147,282,631

RAYONIER INC. AND SUBSIDIARIE_5

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	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		210,487		157,066		53,421
Net income attributable to noncontrolling interests in the operating partnership		(4,516)		(4,516)
Dividends	[1]	(153,980)		(153,980)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			6,357,972
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		233,033	$ 233,033
Issuance of shares under incentive stock plans, (in shares)			270,713
Issuance of shares under incentive stock plans		6,029	$ 6,029
Stock-based incentive compensation		9,277	$ 9,277
Repurchase of common shares (in shares)			(47,705)
Repurchase of common shares		(1,617)	$ (1,617)
Fund II carried interest incentive fee		(3,807)				(3,807)
Disposition of noncontrolling interests in consolidated affiliates		(255,486)				(255,486)
Measurement period adjustment of noncontrolling interests in consolidated affiliates		9,690				9,690
Adjustment of noncontrolling interests in the operating partnership		(42,530)		(42,530)
Conversion of units into common shares (in shares)			1,113,159
Conversion of units into common shares		40,676	$ 40,676
Pension and postretirement benefit plans		12,476			12,476
Foreign currency translation adjustment		(22,096)			(18,487)	(3,609)
Cash flow hedges		60,315			61,893	(1,578)
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership		(1,601)			(1,601)
Distributions to noncontrolling interests in consolidated affiliates		(115,298)				(115,298)
Noncontrolling interests in consolidated affiliates redemption of shares		(28,119)				(28,119)
Ending balance (in shares) at Dec. 31, 2021			145,372,961
Ending 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		122,791		109,470		13,321
Net income attributable to noncontrolling interests in the operating partnership		(2,393)		(2,393)
Dividends	[1]	(165,902)		(165,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			1,579,228
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		59,350	$ 59,350
Issuance of shares under incentive stock plans, (in shares)			321,337
Issuance of shares under incentive stock plans		2,466	$ 2,466
Stock-based incentive compensation		12,356	$ 12,356
Repurchase of common shares (in shares)			(97,809)
Repurchase of common shares		(4,225)	$ (4,225)
Adjustment of noncontrolling interests in the operating partnership		23,155		23,155
Conversion of units into common shares (in shares)			106,914
Conversion of units into common shares		3,925	$ 3,925
Pension and postretirement benefit plans		1,627			1,627
Foreign currency translation adjustment		(23,093)			(22,282)	(811)
Cash flow hedges		76,039			76,367	(328)
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership		(295)			(295)
Distributions to noncontrolling interests in consolidated affiliates		(12,807)				(12,807)
Noncontrolling interests in consolidated affiliates redemption of shares		$ (27,860)				(27,860)
Ending balance (in shares) at Dec. 31, 2022		147,282,631	147,282,631
Ending balance at Dec. 31, 2022		$ 1,880,712	$ 1,462,945	366,637	35,813	15,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		178,495		176,398		2,097
Net income attributable to noncontrolling interests in the operating partnership		(2,905)		(2,905)
Dividends	[1],[2]	(199,465)		(199,465)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			400
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		(81)	$ (81)
Issuance of shares under incentive stock plans, (in shares)			380,080
Issuance of shares under incentive stock plans		75	$ 75
Stock-based incentive compensation		14,002	$ 14,002
Repurchase of common shares (in shares)			(128,923)
Repurchase of common shares		(4,217)	$ (4,217)
Adjustment of noncontrolling interests in the operating partnership		(2,421)		(2,421)
Conversion of units into common shares (in shares)			764,929
Conversion of units into common shares		24,917	$ 24,917
Pension and postretirement benefit plans		593			593
Foreign currency translation adjustment		(1,516)			(1,466)	(50)
Cash flow hedges		(9,957)			(11,358)	1,401
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership		1,069			1,069
Distributions to noncontrolling interests in consolidated affiliates		$ (1,699)				(1,699)
Ending balance (in shares) at Dec. 31, 2023		148,299,117	148,299,117
Ending balance at Dec. 31, 2023		$ 1,877,602	$ 1,497,641	$ 338,244	$ 24,651	$ 17,066
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests Includes an additional cash dividend of $0.20 per common share. The dividend was payable January 12, 2024, to shareholders of record on December 29, 2023.

RAYONIER INC. AND SUBSIDIARIE_6

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions		12 Months Ended
	Dec. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.20	$ 1.34	$ 1.125	$ 1.08
Offering issuance costs			$ 1.1	$ 2.5

RAYONIER INC. AND SUBSIDIARIE_7

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
NET INCOME		$ 178,495	$ 122,791	$ 210,487
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		158,231	147,339	155,722
Non-cash cost of land and improved development		29,768	28,374	24,976
Stock-based incentive compensation expense		14,002	12,356	9,277
Deferred income taxes		278	(5,352)	8,509
Pension settlement charge		2,036	0	0
Amortization of losses from pension and postretirement plans		6	753	1,174
Timber write-offs resulting from casualty events		2,302	729	0
Fund II carried interest incentive fee		0	0	(3,807)
Other		13,169	1,049	9,456
Changes in operating assets and liabilities:
Receivables		4,404	(9,109)	17,239
Inventories		513	(4,335)	(503)
Accounts payable		1,505	1,144	(1,593)
All other operating activities		(1,256)	(9,943)	(5,846)
CASH PROVIDED BY OPERATING ACTIVITIES		298,375	269,190	325,110
INVESTING ACTIVITIES
Capital expenditures		(81,447)	(74,811)	(75,965)
Real estate development investments		(23,078)	(13,698)	(12,521)
Purchase of timberlands		(14,062)	(458,530)	(179,115)
Other		2,776	1,180	912
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		124,087	(516,363)	(26,253)
FINANCING ACTIVITIES
Issuance of debt		0	656,842	446,378
Repayment of debt		(150,000)	(531,842)	(420,000)
Dividends paid on common stock		(169,990)	(165,707)	(153,515)
Distributions to noncontrolling interests in the operating partnership		(2,962)	(3,668)	(4,269)
Proceeds from the issuance of common shares under incentive stock plan		75	2,628	5,922
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(81)	61,557	230,826
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,217)	(4,225)	(1,617)
Debt issuance costs		0	(740)	(4,846)
Distributions to noncontrolling interests in consolidated affiliates		(1,699)	(19,434)	(108,956)
Make-whole fee on NWFCS debt prepayment		0	0	(6,234)
CASH USED FOR FINANCING ACTIVITIES		(328,874)	(4,589)	(16,311)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(621)	(1,970)	(889)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		92,967	(253,732)	281,657
Balance, beginning of year		115,407	369,139	87,482
Balance, end of year		208,374	115,407	369,139
Cash paid during the year:
Interest	[1]	48,742	35,717	42,672
Income taxes		4,816	15,127	7,392
Non-cash investing activity:
Capital assets purchased on account		7,490	4,435	5,272
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	0	27,860	28,119
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain (loss) on sale of properties		(105,078)	(16,606)	(44,784)
INVESTING ACTIVITIES
Net proceeds from sale of productive assets		239,898	29,496	54,682
Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain (loss) on sale of properties		0	0	(51,522)
INVESTING ACTIVITIES
Net proceeds from sale of productive assets		0	0	154,740
Timber Funds III And IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain (loss) on sale of properties		0	0	(3,675)
INVESTING ACTIVITIES
Net proceeds from sale of productive assets		$ 0	$ 0	$ 31,014
[1] Interest paid is presented net of patronage payments received of $6.2 million , $6.0 million and $6.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information on patronage payments, see Note 7 — Debt The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

RAYONIER INC. AND SUBSIDIARIE_8

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Patronage refunds received, netted with interest paid			$ 6,200	$ 6,000	$ 6,800
Noncontrolling interests in consolidated affiliates redemption of shares	[1]		$ 0	27,860	28,119
Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026
Noncontrolling interests in consolidated affiliates redemption of shares		$ 28,100
Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds
Noncontrolling interests in consolidated affiliates redemption of shares				$ 27,900	$ 28,100
[1] The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

RAYONIER, L.P. AND SUBSIDIARIES

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

RAYONIER, L.P. AND SUBSIDIARI_2

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	2,368	555	2,667
Actuarial change and amortization of pension and postretirement plans, tax expense	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0
Cash flow hedges, tax expense	2,368	555	2,667
Actuarial change and amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0

RAYONIER, L.P. AND SUBSIDIARI_3

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 207,696	$ 114,255
Trade receivables, less allowance for doubtful accounts of $210 and $74	28,652	27,837
Other receivables	11,517	14,701
Inventory (Note 15)	31,017	23,729
Prepaid logging roads	15,425	14,893
Prepaid expenses	3,645	5,680
Assets held for sale (Note 22)	9,932	713
Other current assets	9,074	573
Total current assets	316,958	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,004,316	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	105,595	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,251	31,020
Machinery and equipment	6,523	6,568
Construction in progress	1,841	653
Total property, plant and equipment, gross	46,068	44,694
Less—accumulated depreciation	(19,059)	(17,505)
Total property, plant and equipment, net	27,009	27,189
RESTRICTED CASH (NOTE 21)	678	1,152
RIGHT-OF-USE ASSETS (NOTE 16)	95,474	97,167
OTHER ASSETS (NOTE 23)	97,555	115,481
TOTAL ASSETS	3,647,585	3,789,371
CURRENT LIABILITIES
Accounts payable	26,561	22,100
Accrued taxes	4,394	3,734
Accrued payroll and benefits	14,215	12,428
Accrued interest	7,094	5,920
Pension and other postretirement benefits (Note 18)	8,444	136
Deferred revenue	19,012	22,762
Other current liabilities	30,409	28,247
Total current liabilities	140,277	95,327
LONG-TERM DEBT, NET (NOTE 7)	1,365,773	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	1,441	8,510
LONG-TERM LEASE LIABILITY (NOTE 16)	87,684	88,756
LONG-TERM DEFERRED REVENUE	11,294	6,895
OTHER NON-CURRENT LIABILITIES	81,863	88,687
COMMITMENTS AND CONTINGENCIES (NOTES 10 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)	81,651	105,763
CAPITAL
Accumulated other comprehensive income (Note 24)	24,651	35,813
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,647,585	3,789,371
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	207,696	114,255
Trade receivables, less allowance for doubtful accounts of $210 and $74	28,652	27,837
Other receivables	11,517	14,701
Inventory (Note 15)	31,017	23,729
Prepaid logging roads	15,425	14,893
Prepaid expenses	3,645	5,680
Assets held for sale (Note 22)	9,932	713
Other current assets	9,074	573
Total current assets	316,958	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,004,316	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	105,595	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,251	31,020
Machinery and equipment	6,523	6,568
Construction in progress	1,841	653
Total property, plant and equipment, gross	46,068	44,694
Less—accumulated depreciation	(19,059)	(17,505)
Total property, plant and equipment, net	27,009	27,189
RESTRICTED CASH (NOTE 21)	678	1,152
RIGHT-OF-USE ASSETS (NOTE 16)	95,474	97,167
OTHER ASSETS (NOTE 23)	97,555	115,481
TOTAL ASSETS	3,647,585	3,789,371
CURRENT LIABILITIES
Accounts payable	26,561	22,100
Accrued taxes	4,394	3,734
Accrued payroll and benefits	14,215	12,428
Accrued interest	7,094	5,920
Pension and other postretirement benefits (Note 18)	8,444	136
Distribution payable	30,148	0
Deferred revenue	19,012	22,762
Other current liabilities	30,409	28,247
Total current liabilities	140,277	95,327
LONG-TERM DEBT, NET (NOTE 7)	1,365,773	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)	1,441	8,510
LONG-TERM LEASE LIABILITY (NOTE 16)	87,684	88,756
LONG-TERM DEFERRED REVENUE	11,294	6,895
OTHER NON-CURRENT LIABILITIES	81,863	88,687
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)	81,651	105,763
CAPITAL
General partners’ capital	18,325	18,251
Limited partners’ capital	1,814,193	1,806,895
Accumulated other comprehensive income (Note 24)	28,018	40,249
TOTAL CONTROLLING INTEREST CAPITAL	1,860,536	1,865,395
Noncontrolling interests in consolidated affiliates	17,066	15,317
TOTAL CAPITAL	1,877,602	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,647,585	$ 3,789,371

RAYONIER, L.P. AND SUBSIDIARI_4

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 210	$ 74
Rayonier Limited Partnership
Allowance for doubtful accounts	$ 210	$ 74
Redeemable operating partnership units, outstanding (in shares)	2,443,898	3,208,827

RAYONIER, L.P. AND SUBSIDIARI_5

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 178,495		$ 122,791	$ 210,487
Measurement period adjustment of noncontrolling interests in consolidated affiliates				9,690
Fund II carried interest incentive fee				(3,807)
Disposition of noncontrolling interests in consolidated affiliates				(255,486)
Foreign currency translation adjustment	(1,516)		(23,093)	(22,096)
Cash flow hedges	(9,957)		76,039	60,315
Distributions to noncontrolling interests in consolidated affiliates	(1,699)		(12,807)	(115,298)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents			(27,860)	(28,119)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,880,712		1,815,578	1,862,645
Net income	178,495		122,791	210,487
Distributions on units	(202,916)	[1]	(169,570)	(158,249)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	(81)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs			59,350	233,033
Issuance of units under incentive stock plans	75		2,466	6,029
Stock-based incentive compensation	14,002		12,356	9,277
Repurchase of units	(4,217)		(4,225)	(1,617)
Adjustment of Redeemable Operating Partnership Units	(806)		24,135	(44,378)
Conversion of units to common shares	24,917		3,925	40,676
Measurement period adjustment of noncontrolling interests in consolidated affiliates				9,690
Fund II carried interest incentive fee				(3,807)
Disposition of noncontrolling interests in consolidated affiliates				(255,486)
Pension and postretirement benefit plans	593		1,627	12,476
Foreign currency translation adjustment	(1,516)		(23,093)	(22,096)
Cash flow hedges	(9,957)		76,039	60,315
Distributions to noncontrolling interests in consolidated affiliates	(1,699)		(12,807)	(115,298)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents			(27,860)	(28,119)
Ending balance	1,877,602		1,880,712	1,815,578
Rayonier Limited Partnership | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	40,249		(15,463)	(71,345)
Pension and postretirement benefit plans	593		1,627	12,476
Foreign currency translation adjustment	(1,466)		(22,282)	(18,487)
Cash flow hedges	(11,358)		76,367	61,893
Ending balance	28,018		40,249	(15,463)
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	15,317		43,802	388,588
Net income	2,097		13,321	53,421
Measurement period adjustment of noncontrolling interests in consolidated affiliates				9,690
Fund II carried interest incentive fee				(3,807)
Disposition of noncontrolling interests in consolidated affiliates				(255,486)
Foreign currency translation adjustment	(50)		(811)	(3,609)
Cash flow hedges	1,401		(328)	(1,578)
Distributions to noncontrolling interests in consolidated affiliates	(1,699)		(12,807)	(115,298)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents			(27,860)	(28,119)
Ending balance	17,066		15,317	43,802
Rayonier Limited Partnership | General Partners’ Capital | Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,251		17,872	15,454
Net income	1,764		1,095	1,571
Distributions on units	(2,029)	[1]	(1,696)	(1,583)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	(1)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs			593	2,330
Issuance of units under incentive stock plans	1		25	60
Stock-based incentive compensation	140		124	93
Repurchase of units	(42)		(42)	(16)
Adjustment of Redeemable Operating Partnership Units	(8)		241	(444)
Conversion of units to common shares	249		39	407
Ending balance	18,325		18,251	17,872
Rayonier Limited Partnership | Limited Partners’ Capital | Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,806,895		1,769,367	1,529,948
Net income	174,634		108,375	155,495
Distributions on units	(200,887)	[1]	(167,874)	(156,666)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	(80)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs			58,757	230,703
Issuance of units under incentive stock plans	74		2,441	5,969
Stock-based incentive compensation	13,862		12,232	9,184
Repurchase of units	(4,175)		(4,183)	(1,601)
Adjustment of Redeemable Operating Partnership Units	(798)		23,894	(43,934)
Conversion of units to common shares	24,668		3,886	40,269
Ending balance	$ 1,814,193		$ 1,806,895	$ 1,769,367
[1] Includes an additional cash distribution of $0.20 per operating partnership unit. The cash distribution was payable January 12, 2024, to holders of record on December 29, 2023.

RAYONIER, L.P. AND SUBSIDIARI_6

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Offering issuance costs		$ 1.1	$ 2.5
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 1.34	$ 1.125	$ 1.08
Offering issuance costs		$ 1.1	$ 2.5

RAYONIER, L.P. AND SUBSIDIARI_7

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
NET INCOME		$ 178,495	$ 122,791	$ 210,487
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		158,231	147,339	155,722
Non-cash cost of land and improved development		29,768	28,374	24,976
Stock-based incentive compensation expense		14,002	12,356	9,277
Deferred income taxes		278	(5,352)	8,509
Pension settlement charge		2,036	0	0
Amortization of losses from pension and postretirement plans		6	753	1,174
Timber write-offs resulting from casualty events		2,302	729	0
Fund II carried interest incentive fee		0	0	(3,807)
Other		13,169	1,049	9,456
Changes in operating assets and liabilities:
Receivables		4,404	(9,109)	17,239
Inventories		513	(4,335)	(503)
Accounts payable		1,505	1,144	(1,593)
All other operating activities		(1,256)	(9,943)	(5,846)
CASH PROVIDED BY OPERATING ACTIVITIES		298,375	269,190	325,110
INVESTING ACTIVITIES
Capital expenditures		(81,447)	(74,811)	(75,965)
Real estate development investments		(23,078)	(13,698)	(12,521)
Purchase of timberlands		(14,062)	(458,530)	(179,115)
Other		2,776	1,180	912
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		124,087	(516,363)	(26,253)
FINANCING ACTIVITIES
Issuance of debt		0	656,842	446,378
Repayment of debt		(150,000)	(531,842)	(420,000)
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(81)	61,557	230,826
Debt issuance costs		0	(740)	(4,846)
Distributions to noncontrolling interests in consolidated affiliates		(1,699)	(19,434)	(108,956)
Make-whole fee on NWFCS debt prepayment		0	0	(6,234)
CASH USED FOR FINANCING ACTIVITIES		(328,874)	(4,589)	(16,311)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(621)	(1,970)	(889)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		92,967	(253,732)	281,657
Balance, beginning of year		115,407	369,139	87,482
Balance, end of year		208,374	115,407	369,139
Cash paid during the year:
Interest	[1]	48,742	35,717	42,672
Income taxes		4,816	15,127	7,392
Non-cash investing activity:
Capital assets purchased on account		7,490	4,435	5,272
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	0	27,860	28,119
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		(105,078)	(16,606)	(44,784)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		239,898	29,496	54,682
Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	0	(51,522)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	0	154,740
Timber Funds III And IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	0	(3,675)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	0	31,014
Rayonier Limited Partnership
OPERATING ACTIVITIES
NET INCOME		178,495	122,791	210,487
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		158,231	147,339	155,722
Non-cash cost of land and improved development		29,768	28,374	24,976
Stock-based incentive compensation expense		14,002	12,356	9,277
Deferred income taxes		278	(5,352)	8,509
Pension settlement charge		2,036	0	0
Amortization of losses from pension and postretirement plans		6	753	1,174
Timber write-offs resulting from casualty events		2,302	729	0
Fund II carried interest incentive fee		0	0	(3,807)
Other		13,169	1,049	9,456
Changes in operating assets and liabilities:
Receivables		4,404	(9,109)	17,239
Inventories		513	(4,335)	(503)
Accounts payable		1,505	1,144	(1,593)
All other operating activities		(1,256)	(9,943)	(5,846)
CASH PROVIDED BY OPERATING ACTIVITIES		298,375	269,190	325,110
INVESTING ACTIVITIES
Capital expenditures		(81,447)	(74,811)	(75,965)
Real estate development investments		(23,078)	(13,698)	(12,521)
Purchase of timberlands		(14,062)	(458,530)	(179,115)
Other		2,776	1,180	912
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		124,087	(516,363)	(26,253)
FINANCING ACTIVITIES
Issuance of debt		0	656,842	446,378
Repayment of debt		(150,000)	(531,842)	(420,000)
Distributions on units		(172,952)	(169,375)	(157,784)
Proceeds from the issuance of units under incentive stock plan		75	2,628	5,922
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(81)	61,557	230,826
Repurchase of units to pay withholding taxes on vested incentive stock awards		(4,217)	(4,225)	(1,617)
Debt issuance costs		0	(740)	(4,846)
Distributions to noncontrolling interests in consolidated affiliates		(1,699)	(19,434)	(108,956)
Make-whole fee on NWFCS debt prepayment		0	0	(6,234)
CASH USED FOR FINANCING ACTIVITIES		(328,874)	(4,589)	(16,311)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(621)	(1,970)	(889)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		92,967	(253,732)	281,657
Balance, beginning of year		115,407	369,139	87,482
Balance, end of year		208,374	115,407	369,139
Cash paid during the year:
Interest	[3]	48,742	35,717	42,672
Income taxes		4,816	15,127	7,392
Non-cash investing activity:
Capital assets purchased on account		7,490	4,435	5,272
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[4]	0	27,860	28,119
Rayonier Limited Partnership | Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		(105,078)	(16,606)	(44,784)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		239,898	29,496	54,682
Rayonier Limited Partnership | Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	0	(51,522)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	0	154,740
Rayonier Limited Partnership | Timber Funds III And IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	0	(3,675)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		$ 0	$ 0	$ 31,014
[1] Interest paid is presented net of patronage payments received of $6.2 million , $6.0 million and $6.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information on patronage payments, see Note 7 — Debt The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information. Interest paid is presented net of patronage payments received of $6.2 million, $6.0 million and $6.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information on patronage payments, see Note 7 — Debt . The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

RAYONIER, L.P. AND SUBSIDIARI_8

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Patronage refunds received, netted with interest paid		$ 6,200	$ 6,000	$ 6,800
Noncontrolling interests in consolidated affiliates redemption of shares	[1]	0	27,860	28,119
Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds
Noncontrolling interests in consolidated affiliates redemption of shares			27,900	28,100
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid		6,200	6,000	6,800
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	$ 0	27,860	28,119
Rayonier Limited Partnership | Matariki Forestry Group | New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Excluding Timber Funds
Noncontrolling interests in consolidated affiliates redemption of shares			$ 27,900	$ 28,100
[1] The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information. The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Rayonier Inc.'s Consolidated Financial Statements include the Operating Partnership, wholly-owned subsidiaries and entities in which the Company has a controlling interest. Rayonier, L.P.'s Consolidated Financial Statements include wholly-owned subsidiaries and entities in which the Operating Partnership has a controlling interest. For additional information regarding our consolidated entities with a noncontrolling interest component, see Note 5 — Noncontrolling Interests . All intercompany balances and transactions are eliminated. As of December 31, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% 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 m anagement of the Operating Partnership. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash on hand and other highly liquid investments with original maturities of three months or less. ACCOUNTS RECEIVABLE Accounts receivable are primarily amounts due to us for the sale of timber and are presented net of an allowance for doubtful accounts. INVENTORY Higher and better use (“HBU”) real estate properties that are expected to be sold within one year are included in inventory at the lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information. Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or net realizable value and expensed to cost of sales when sold to third-party buyers. Inventory also includes carbon unit inventory. Carbon unit inventory represents the basis in New Zealand carbon units intended to be sold in the next 12 months. See Note 15 — Inventory for additional information. PREPAID LOGGING ROADS In the Pacific Northwest and New Zealand, costs for roads built to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. We charge such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. See Note 23 — Other Assets for additional information. PATRONAGE DIVIDENDS As a requirement of the Farm Credit Act, borrowers in the Farm Credit System are required to purchase equity in Farm Credit lenders. The equity balance primarily represents shares of Class A common stock in CoBank valued at $100 par value. CoBank equity purchases continue annually until a balance equal to 8% of our 10-year historical average loan balance at CoBank is obtained. Initially, a minimal equity purchase was made in cash upon the receipt of loan proceeds. Subsequently, equity purchases are made annually through patronage dividends, of which approximately 90% is cash and 10% is equity. The stock has no cash value until retired. As our loans are paid in full, the stock is generally retired over a 10-year loan base period beginning in the year following loan payoff. Estimated cash and equity dividends are recognized as an offset to interest expense in the period earned. These estimates are calculated by applying the weighted average debt balance with each participating lender to a historical dividend rate. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. See Note 7 — Debt and Note 23 — Other Assets for additional information. DEFERRED FINANCING COSTS Deferred financing costs related to revolving debt are capitalized and amortized to interest expense over the term of the revolving debt using a method that approximates the effective interest method. See Note 23 — Other Assets for additional information on deferred financing costs related to revolving debt. See Note 7 — Debt for additional information on deferred financing costs related to term debt. CAPITALIZED SOFTWARE COSTS Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. See Note 23 — Other Assets for additional information. TIMBER AND TIMBERLANDS Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies, are capitalized. A portion of timberland lease payments are capitalized based on the proportion of acres with merchantable timber volume remaining to be harvested under the lease term and the residual portion of the lease payments are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest and other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. We charge accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold. Upon the acquisition of timberland, we make a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar to an existing depletion pool, the cost of the acquired timber is combined and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed, with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. REAL ESTATE DEVELOPMENT INVESTMENTS Real estate development investments include capitalized costs associated with the development and construction of identified real estate projects, such as infrastructure, roadways, utilities, amenities and/or other improvements designed to enhance marketability and create parcels, pads and/or lots for sale. We capitalize interest on real estate projects under development based on the amount of underlying expenditures during the capitalization period. The period begins when activities necessary to ready a property for its intended use commence, typically when we begin the site work for land already owned, and ends when the improvement is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use is subjective and requires business judgement. As such, we determine when the capitalization period begins and ends through communication with project managers and others responsible for the tracking and oversight of individual projects. IMPAIRMENT OF HBU TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We review our higher and better use timberlands and real estate development investments for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators for each development project are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs, and projected losses on expected future sales. Development projects have extended life cycles that may last 20 to 40 years, or longer, and have few long-term contractual cash flows. Development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density and sales strategy impact the timing and amount of expected future cash flows and fair value. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as construction costs and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount less costs to sell, an impairment provision is recorded to write-down the carrying amount of the asset to its fair value. PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. We generally depreciate our assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the sale or retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. LEASES At inception, we determine if an arrangement is a lease and whether that lease meets the classification criteria of a finance or operating lease. Operating leases are included in right-of-use (“ROU”) assets, other current liabilities, and long-term lease liability in the Consolidated Balance Sheets. The income generated from our commercial and residential leases in Port Gamble are accounted for in accordance with Topic 842. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. RIGHT-OF-USE ASSETS IMPAIRMENT Operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease is assigned may not be recoverable. Recoverability of the asset group is evaluated based on forecasted undiscounted cash flows. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is compared to its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value. A discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate are used to estimate the fair value of the asset group. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established 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, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. 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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. ENVIRONMENTAL REMEDIATION LIABILITIES We estimate future costs for known environmental remediation requirements and accrue for them on an undiscounted basis when it is probable that a liability has been incurred and the related costs can be reasonably estimated. We consider various factors when estimating our environmental liabilities, including construction contracts, proposed statements of work, project management, and other professional fees. We evaluate the adequacy of these liabilities on a quarterly basis. We make adjustments to the liabilities when additional information becomes available that affects the estimated costs to study or remediate any environmental matter. Legal investigation and defense costs incurred in connection with environmental contingencies are expensed as incurred. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable and does not exceed the amount of losses previously recorded. See Note 12 — Environmental and Natural Resource Damages Liabilities for more information. GOODWILL Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. We compare the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2023; the estimated fair value of the New Zealand Timber segment exceeded its carrying value and no impairment was recorded. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of goodwill since the initial recognition. See Note 23 — Other Assets for additional information. FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT The functional currency of our New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand subsidiary are remeasured into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand subsidiary are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity. REDEEMABLE OPERATING PARTNERSHIP UNITS Limited partners holding Redeemable Operating Partnership Units have the right to put any and all of the units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Operating Partnership Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets and the related noncontrolling interest is classified outside of permanent equity in the accompanying balance sheets of Rayonier. The recorded value of the Redeemable Operating Partnership Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier common stock on the balance sheet date multiplied by the total number of Redeemable Operating Partnership Units outstanding. RELATED PARTY We follow ASC 850, Related Party Disclosure , for the identification of related parties and disclosure of related party transactions. A party is considered to be related to us if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which we may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. See Note 25 — Related Party. REVENUE RECOGNITION We recognize revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of December 31, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $19.0 million is expected to be recognized within the next twelve months, while the remaining $11.3 million is expected to be recognized as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. TIMBER SALES Revenue from the sale of timber is recognized when control passes to the buyer. We utilize two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method we employ depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with a specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. We also sell stumpage under lump-sum contracts for specified parcels where we receive cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. We retain interest in the land, slash products and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to us. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale we utilize is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, we hire third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales, control is considered passed to the buyer upon delivery onto the export vessel. The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Timing of General Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel Letter of credit from an approved bank; collection generally within 30 days of delivery NON-TIMBER SALES Non-timber sales are primarily comprised of hunting and recreational licenses, carbon credits and other auxiliary income. Hunting and recreational license sales and any related costs are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales,” respectively. Payment is generally due upon contract execution. The New Zealand Emissions Trading Scheme (“NZ ETS”) incentivizes the lowering of greenhouse gas emissions by providing carbon credits to certain organizations that lower carbon emissions. Our New Zealand segment regularly sells carbon credits and recognizes income as they are sold to other carbon emitting entities. Carbon Capture and Storage Sales Carbon capture and storage (“CCS”) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the most likely amount of consideration we expect to receive as of the reporting date. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates. We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised. LOG TRADING Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby we act as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs. REAL ESTATE We recognize revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed and control has passed to the buyer. A deposit of 2% to 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of development real estate containing future performance obligations, revenue is recognized using the cost input method based on development costs incurred to date relative to the total development costs allocated to the contract with the customer. The aggregate amount of the transaction price allocated to unsatisfied obligations is recorded and presented in “Deferred revenue” in the Consolidated Balance Sheets. COST OF SALES Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion), logging and transportation costs (cut and haul) and ocean freight and demurrage costs (port and freight). Depletion includes the amortization of capitalized costs (site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs). Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, carbon basis and fire prevention. Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by us. We expense closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold acre or lot based upon the relative sales value of each acre or lot as compared to the estimated sales value of the total project. For purposes of allocating development costs, estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale. EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for our defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, mortality rates and longevity of employees. See Note 18 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2023. Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Interest and other miscellaneous income, net” in the Consolidated Statements of Income and Comprehensive Income. The service cost component of net periodic benefit cost is included in “Cost of sales” and “Selling and general expenses” while the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are presented outside of income from operations in “Interest and other miscellaneous income, net.” Changes in the funded status of our plans are recorded through other comprehensive (loss) income in the year in which the changes occur. We measure plan assets and benefit obligations as of the fiscal year-end. The defined benefit pension plan and the unfunded excess pension plan were terminated in 2023. For additional information, see Note 18 — Employee Benefit Plans . INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax benefits or consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using the enacted tax rate that is expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, we compute an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. We adjust our annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. Our income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, we record a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon u

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION As of December 31, 2023, Rayonier operated in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate, and Trading. The previously reported Timber Funds segment was liquidated in 2021 with all proceeds being distributed to noncontrolling interests at the end of 2022. As a result, disclosure of Timber Funds segment results are not presented for 2023 or 2022, while 2021 results are presented for historical purposes. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three years ended December 31: Sales by Product Line 2023 2022 2021 Southern Timber $264,128 $264,201 $204,441 Pacific Northwest Timber 124,145 162,237 143,021 New Zealand Timber 235,481 274,076 281,158 Timber Funds (a) — — 199,402 Real Estate Improved Development 30,707 35,413 51,713 Unimproved Development 114 — 37,500 Rural 99,665 59,485 43,088 Timberland & Non-Strategic 3,347 11,400 44 Conservation Easements — — 3,855 Deferred Revenue/Other 13,930 1,239 (2,380) Large Dispositions 242,200 30,471 56,048 Total Real Estate 389,963 138,008 189,868 Trading 43,684 70,952 95,364 Intersegment eliminations (b) (468) (402) (3,657) Total Sales $1,056,933 $909,072 $1,109,597 (a) The year ended December 31, 2021 includes $159.1 million of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier. (b) The years ended December 31, 2023, 2022 and 2021 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The year ended December 31, 2021 includes 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. Operating Income (Loss) 2023 2022 2021 Southern Timber $76,256 $96,616 $66,111 Pacific Northwest Timber (a) (8,998) 15,192 6,827 New Zealand Timber (b) 26,045 30,621 51,513 Timber Funds (c) — — 63,219 Real Estate (d) 156,605 58,495 112,540 Trading 492 382 144 Corporate and other (39,116) (35,484) (30,579) Total Operating Income 211,284 165,822 269,775 Unallocated interest expense and other (e) (27,667) (33,642) (44,627) Total Income before Income Taxes $183,617 $132,180 $225,148 (a) The year ended December 31, 2022 includes $0.7 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b) The year ended December 31, 2023 includes $2.3 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c) The year ended December 31, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds. (d) The years ended December 31, 2023, 2022 and 2021 include $105.1 million, $16.6 million and $44.8 million, respectively, from Large Dispositions. The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests is recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” (e) The year ended December 31, 2023 includes $20.7 million of net recoveries associated with legal settlements, which is partially offset by a $2.0 million pension settlement charge. Gross Capital Expenditures 2023 2022 2021 Capital Expenditures (a) Southern Timber $46,506 $39,301 $35,790 Pacific Northwest Timber 17,371 16,770 16,585 New Zealand Timber 16,663 18,455 20,128 Timber Funds (b) — — 3,271 Real Estate 302 285 191 Corporate and other 605 — — Total capital expenditures $81,447 $74,811 $75,965 Timberland Acquisitions Southern Timber $10,471 $457,770 $168,188 Pacific Northwest Timber 3,591 26 — New Zealand Timber — 734 10,927 Total timberland acquisitions $14,062 $458,530 $179,115 Total Gross Capital Expenditures $95,509 $533,341 $255,080 (a) Excludes timberland acquisitions presented separately, in addition to real estate development investments of $23.1 million, $13.7 million and $12.5 million in the years ended December 31, 2023, 2022 and 2021, respectively. (b) The year ended December 31, 2021 includes $2.8 million of capital expenditures attributable to noncontrolling interests in Timber Funds. Depreciation, 2023 2022 2021 Southern Timber $79,974 $60,298 $54,116 Pacific Northwest Timber 36,924 48,024 50,487 New Zealand Timber 21,666 23,876 27,005 Timber Funds (a) — — 97,943 Real Estate (b) 109,085 22,216 17,746 Corporate and other 1,712 1,255 1,208 Total $249,361 $155,669 $248,505 (a) The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier. (b) The years ended December 31, 2023, 2022 and 2021 include $91.1 million, $8.3 million and $9.8 million, respectively, from Large Dispositions. Non-Cash Cost of Land and Improved Development 2023 2022 2021 Timber Funds (a) — — $20,239 Real Estate (b) 73,458 32,934 25,070 Total $73,458 $32,934 $45,309 (a) The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier. (b) The years ended December 31, 2023, 2022 and 2021 include $43.7 million, $4.6 million and $0.1 million, respectively, from Large Dispositions. Geographical Operating Information Sales Operating Income Identifiable Assets 2023 2022 2021 2023 2022 2021 2023 2022 United States $787,906 $576,780 $732,995 $185,156 $135,900 $217,964 $3,098,555 $3,244,128 New Zealand 269,027 332,292 376,602 26,128 29,922 51,811 549,030 545,243 Total $1,056,933 $909,072 $1,109,597 $211,284 $165,822 $269,775 $3,647,585 $3,789,371

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Contract Balances The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table contains contract balances recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022: Year 2023 2022 Balance Sheet Location Contract assets Trade receivables, net (a) $28,652 $27,837 Trade receivables Contract liabilities Deferred revenue, current (b) 19,012 22,762 Deferred revenue Deferred revenue, non-current (c) 11,294 6,895 Long-term deferred revenue (a) The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b) The decrease in deferred revenue, current is primarily driven by the satisfaction of post-closing obligations on real estate sales and the timing of advance payments on stumpage contracts, partially offset by increased hunting license renewals and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023. (c) The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023. The following table summarizes revenue recognized during the years ended December 31, 2023 and 2022 that was included in the contract liability balance at the beginning of each year: Year Ended December 31, 2023 2022 Revenue recognized from contract liability balance at the beginning of the year (a) $21,187 $16,148 (a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post-closing obligations on real estate sales. The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2023 , 2022 and 2021 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total December 31, 2023 Pulpwood $99,035 $8,410 $28,760 — — $3,961 — $140,166 Sawtimber 123,312 109,446 182,355 — — 37,894 — 453,007 Hardwood 4,279 — — — — — — 4,279 Total Timber Sales 226,626 117,856 211,115 — — 41,855 — 597,452 License Revenue, Primarily From Hunting 23,335 1,344 279 — — — — 24,958 Other Non-Timber/Carbon Revenue 14,167 4,945 24,087 — — — — 43,199 Agency Fee Income — — — — — 1,361 — 1,361 Total Non-Timber Sales 37,502 6,289 24,366 — — 1,361 — 69,518 Improved Development — — — — 30,707 — — 30,707 Unimproved Development — — — — 114 — — 114 Rural — — — — 99,665 — — 99,665 Timberland & Non-Strategic — — — — 3,347 — — 3,347 Deferred Revenue/Other (a) — — — — 12,516 — — 12,516 Large Dispositions — — — — 242,200 — — 242,200 Total Real Estate Sales — — — — 388,549 — — 388,549 Revenue from Contracts with Customers 264,128 124,145 235,481 — 388,549 43,216 — 1,055,519 Lease Revenue — — — — 1,414 — — 1,414 Intersegment — — — — — 468 (468) — Total Revenue $264,128 $124,145 $235,481 — $389,963 $43,684 ($468) $1,056,933 December 31, 2022 Pulpwood $126,884 $15,094 $34,027 — — $7,178 — $183,183 Sawtimber 92,512 141,541 219,082 — — 62,116 — 515,251 Hardwood 17,216 — — — — — — 17,216 Total Timber Sales 236,612 156,635 253,109 — — 69,294 — 715,650 License Revenue, Primarily from Hunting 21,287 1,076 341 — — — — 22,704 Other Non-Timber/Carbon Revenue 6,302 4,526 20,626 — — — — 31,454 Agency Fee Income — — — — — 1,256 — 1,256 Total Non-Timber Sales 27,589 5,602 20,967 — — 1,256 — 55,414 Improved Development — — — — 35,413 — — 35,413 Rural — — — — 59,485 — — 59,485 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — (38) — — (38) Large Dispositions — — — — 30,471 — — 30,471 Total Real Estate Sales — — — — 136,731 — — 136,731 Revenue from Contracts with Customers 264,201 162,237 274,076 — 136,731 70,550 — 907,795 Lease Revenue — — — — 1,277 — — 1,277 Intersegment — — — — — 402 (402) — Total Revenue $264,201 $162,237 $274,076 — $138,008 $70,952 ($402) $909,072 December 31, 2021 Pulpwood $95,995 $9,336 $42,836 $792 — $11,369 — $160,328 Sawtimber 79,154 127,768 237,262 38,042 — 82,276 — 564,502 Hardwood 4,671 — — — — — — 4,671 Total Timber Sales 179,820 137,104 280,098 38,834 — 93,645 — 729,501 License Revenue, Primarily from Hunting 18,116 990 385 40 — — — 19,531 Other Non-Timber/Carbon Revenue 6,505 4,927 675 439 — — — 12,546 Agency Fee Income — — — — — 1,399 — 1,399 Fund II Timberland Dispositions — — — 156,752 — — — 156,752 Total Non-Timber Sales 24,621 5,917 1,060 157,231 — 1,399 — 190,228 Improved Development — — — — 51,713 — — 51,713 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 43,088 — — 43,088 Timberland & Non-Strategic — — — — 44 — — 44 Conservation Easements — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (3,532) — — (3,532) Large Dispositions — — — — 56,048 — — 56,048 Total Real Estate Sales — — — — 188,716 — — 188,716 Revenue from Contracts with Customers 204,441 143,021 281,158 196,065 188,716 95,044 — 1,108,445 Lease Revenue — — — — 1,152 — — 1,152 Intersegment — — — 3,337 — 320 (3,657) — Total Revenue $204,441 $143,021 $281,158 $199,402 $189,868 $95,364 ($3,657) $1,109,597 (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 years ended December 31, 2023, 2022 and 2021: Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total December 31, 2023 Stumpage Pay-as-Cut $109,583 — — — — $109,583 Stumpage Lump Sum 387 2,654 — — — 3,041 Total Stumpage 109,970 2,654 — — — 112,624 Delivered Wood (Domestic) 108,354 102,533 52,535 — 523 263,945 Delivered Wood (Export) 8,302 12,669 158,580 — 41,332 220,883 Total Delivered 116,656 115,202 211,115 — 41,855 484,828 Total Timber Sales $226,626 $117,856 $211,115 — $41,855 $597,452 December 31, 2022 Stumpage Pay-as-Cut $98,967 — — — — $98,967 Stumpage Lump Sum 1,022 7,770 — — — 8,792 Total Stumpage 99,989 7,770 — — — 107,759 Delivered Wood (Domestic) 125,136 137,421 62,068 — 2,310 326,935 Delivered Wood (Export) 11,487 11,444 191,041 — 66,984 280,956 Total Delivered 136,623 148,865 253,109 — 69,294 607,891 Total Timber Sales $236,612 $156,635 $253,109 — $69,294 $715,650 December 31, 2021 Stumpage Pay-as-Cut $68,471 — — $768 — $69,239 Stumpage Lump Sum 6,890 10,769 — — — 17,659 Total Stumpage 75,361 10,769 — 768 — 86,898 Delivered Wood (Domestic) 81,803 126,335 73,543 38,066 3,731 323,478 Delivered Wood (Export) 22,656 — 206,555 — 89,914 319,125 Total Delivered 104,459 126,335 280,098 38,066 93,645 642,603 Total Timber Sales $179,820 $137,104 $280,098 $38,834 $93,645 $729,501

TIMBERLAND ACQUISITIONS

TIMBERLAND ACQUISITIONS	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
TIMBERLAND ACQUISITIONS	TIMBERLAND ACQUISITIONS During 2023, we acquired approximately 4,000 acres of U.S. timberland located in Florida, Georgia, Texas and Washington through six transactions for an aggregate value of $13.2 million, which were funded with cash on hand and like-kind exchange proceeds. We also incurred approximately $0.9 million of additional costs associated with acquisitions completed in the prior year. Additionally, during 2023, we acquired approximately 1,000 acres of leased timberland in New Zealand. In December 2022, we completed the acquisitions of approximately 138,000 acres of high-quality commercial timberlands located in Texas, Georgia, Alabama, and Louisiana from Manulife Investment Management for approximately $454.5 million in the aggregate. We funded the acquisitions with incremental borrowings, cash on hand, and like-kind exchange proceeds. Additionally, in five transactions during 2022, we acquired approximately 2,000 acres of U.S. timberland located in Alabama, Florida, Georgia and Washington for an aggregate value of $3.3 million, which were primarily funded from operating cash flow. During 2022, we also acquired approximately 1,000 acres of timberland (including approximately 400 acres of leased land) in New Zealand for approximately $0.7 million. These acquisitions were funded from operating cash flow. The following table summarizes the timberland acquisitions for the years ended December 31, 2023 and 2022: 2023 2022 Cost Acres Cost Acres Alabama (a) 231 — $124,020 35,995 Florida 4,809 2,194 1,053 741 Georgia (a) 333 16 130,124 28,514 Louisiana (a) 74 — 24,373 9,110 Texas (a) 5,024 1,317 178,200 65,226 Washington 3,591 353 26 20 New Zealand — 1,156 734 1,409 Total Acquisitions $14,062 5,036 $458,530 141,015 (a) Includes costs incurred in 2023 associated with acquisitions completed in the fourth quarter of 2022.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
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 421,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: 2023 2022 2021 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,145 $2,966 $7,696 Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, for the development of a multi-family community containing apartments and townhouses on a five-acre parcel in Bainbridge Island, Washington. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property. In 2022, Bainbridge Landing, LLC completed the planned sale of its multi-family apartment complex in Bainbridge Island, Washington for a purchase price of $65.5 million. The equity income related to the apartment complex sale was $16.0 million, of which $4.5 million was attributable to Rayonier. We recognized the gain on the sale in our Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” 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: 2023 2022 Beginning noncontrolling interests in the operating partnership $105,763 $133,823 Adjustment of noncontrolling interests in the operating partnership 2,421 (23,155) Conversions of redeemable operating partnership units to common shares (24,917) (3,925) Net income attributable to noncontrolling interests in the operating partnership 2,905 2,393 Other comprehensive (loss) income attributable to noncontrolling interests in the operating partnership (1,069) 295 Distributions to noncontrolling interests in the operating partnership (a) (3,452) (3,668) Total noncontrolling interests in the operating partnership $81,651 $105,763 (a)

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND PER UNIT	EARNINGS PER SHARE AND PER UNIT Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units. The following table provides details of the calculations of basic and diluted earnings per common share of the Company for the three years ended December 31: 2023 2022 2021 Earnings per common share - basic Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in the operating partnership (2,905) (2,393) (4,516) Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income attributable to Rayonier Inc. $173,493 $107,077 $152,550 Denominator: Denominator for basic earnings per common share - weighted average shares 148,046,673 146,209,847 140,812,882 Basic earnings per common share attributable to Rayonier Inc.: $1.17 $0.73 $1.08 Earnings per common share - diluted Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $176,398 $109,470 $157,066 Denominator: Denominator for basic earnings per common share - weighted average shares 148,046,673 146,209,847 140,812,882 Add: Dilutive effect of: Stock options 472 5,132 8,727 Performance shares, restricted shares and restricted stock units 401,351 669,501 416,527 Noncontrolling interests in operating partnership units 2,618,699 3,268,473 4,062,725 Denominator for diluted earnings per common share - adjusted weighted average shares 151,067,195 150,152,953 145,300,861 Diluted earnings per common share attributable to Rayonier Inc.: $1.17 $0.73 $1.08 2023 2022 2021 Anti-dilutive shares excluded from computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 164,865 103,514 149,705 Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units. The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership for the three years ended December 31: 2023 2022 2021 Earnings per unit - basic Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income available to unitholders $176,398 $109,470 $157,066 Denominator: Denominator for basic earnings per unit - weighted average units 150,665,372 149,478,320 144,875,607 Basic earnings per unit attributable to Rayonier, L.P.: $1.17 $0.73 $1.08 Earnings per unit - diluted Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income available to unitholders $176,398 $109,470 $157,066 Denominator: Denominator for basic earnings per unit - weighted average units 150,665,372 149,478,320 144,875,607 Add: Dilutive effect of unit equivalents: Stock options 472 5,132 8,727 Performance shares, restricted shares and restricted stock units 401,351 669,501 416,527 Denominator for diluted earnings per unit - adjusted weighted average units 151,067,195 150,152,953 145,300,861 Diluted earnings per unit attributable to Rayonier, L.P. $1.17 $0.73 $1.08 2023 2022 2021 Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 164,865 103,514 149,705

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at December 31, 2023 and 2022: 2023 2022 Debt: Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 $450,000 2015 Term Loan Facility borrowings due 2028 at a variable interest rate of 7.03% at December 31, 2023 350,000 350,000 2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 6.98% at December 31, 2023 200,000 200,000 2016 Incremental Term Loan Facility borrowings due 2026 at a variable interest rate of 7.08% at December 31, 2023 200,000 200,000 2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 7.03% at December 31, 2023 100,000 250,000 New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% 25,453 25,586 New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% 25,453 25,586 New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% 21,817 21,931 Total principal debt 1,372,723 1,523,103 Less: Unamortized discounts (2,772) (3,104) Less: Deferred financing costs (4,178) (5,278) Total long-term debt $1,365,773 $1,514,721 Principal payments due during the next five years and thereafter are as follows: 2024 — 2025 21,817 2026 225,453 2027 125,453 2028 350,000 Thereafter 650,000 Total debt $1,372,723 2.75% SENIOR NOTES ISSUED MAY 2021 In May 2021, Rayonier, L.P. issued $450 million of 2.75% Senior Notes due 2031, guaranteed by certain subsidiaries. Semi-annual payments of interest only are due on these notes through maturity. The Senior Notes due 2031 were sold at an issue price of 99.195% of their face value, before underwriters discount. Our net proceeds after deducting approximately $3.9 million of underwriting discounts and expenses, were approximately $442.5 million. The discount and debt issuance costs are being amortized to interest expense over the term of the notes using the effective interest method. TERM CREDIT AGREEMENTS We have entered into several credit agreements with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit Institutions. Our various term credit facilities issued through the Farm Credit System provide for annual patronage payments, which are profit distributions made by the cooperative to its member-users based on the quantity or value of business done with the member-user. All of our term credit agreements are benchmarked to Daily Simple SOFR plus a credit spread adjustment. While all of our term credit facilities provide for variable interest rates based on a spread over Daily Simple SOFR, we have entered into multiple interest rate swap agreements to fix portions of our variable rate exposure. For each credit facility described below, we provide our estimated effective interest rate after consideration of estimated patronage payments and interest rate swaps. 2015 TERM LOAN AGREEMENT In August 2015, we entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of credit facilities, including a nine-year $350 million term loan facility (“2015 Term Loan Facility”). The periodic interest rate on the 2015 Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Term Credit Agreement. As of December 31, 2023, the periodic interest rate on the 2015 Term Loan Facility was Daily Simple SOFR plus 1.6% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 3.0% after consideration of the interest rate swaps and estimated patronage refunds. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . 2022 INCREMENTAL TERM LOAN AGREEMENT In December 2022, we entered into an Incremental Term Loan Agreement to provide a five-year $250 million senior unsecured incremental term loan facility (“2022 Incremental Term Loan Facility”). During the fourth quarter of 2023, we repaid $150 million of the principal balance on this loan. The periodic interest rate on the 2022 Incremental Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Incremental Term Loan Agreement. As of December 31, 2023, the periodic interest rate on the $100 million 2022 Incremental Term Loan Facility was Daily Simple SOFR plus 1.6% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 4.6% after consideration of interest rate swaps and estimated patronage refunds. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . 2016 INCREMENTAL TERM LOAN AGREEMENT In April 2016, we entered into an Incremental Term Loan Agreement to provide a 10-year, $300 million term loan facility (“2016 Incremental Term Loan Facility”) of which $100 million was subsequently repaid. The periodic interest rate on the 2016 Incremental Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Incremental Term Loan Agreement. As of December 31, 2023, the periodic interest rate on the $200 million 2016 Incremental Term Loan Facility was Daily Simple SOFR plus 1.65% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage payments. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . 2021 INCREMENTAL TERM LOAN AGREEMENT In June 2021, we entered into an Incremental Term Loan Agreement, which provided us the ability to make an advance of $200 million on or before June 1, 2022. In January 2022, we made a $200 million draw on our 2021 Incremental Term Loan Facility. The periodic interest rate on the 2021 Incremental Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Incremental Term Loan Agreement. As of December 31, 2023, the periodic interest rate on the 2021 Incremental Term Loan Facility was Daily Simple SOFR plus 1.55% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . REVOLVING CREDIT FACILITY In December 2022, we amended the $300 million Revolving Credit Facility to convert the interest rate benchmark from LIBOR to Daily Simple SOFR plus a credit spread adjustment. The periodic interest rate on the Revolving Credit Facility is subject to a pricing grid based on our leverage ratio, as defined in the Term Credit Agreement. As of December 31, 2023, the periodic interest rate on the Revolving Credit Facility was Daily Simple SOFR plus 1.25% plus a credit spread adjustment of 0.1%, with an unused commitment fee of 0.175%. Monthly payments of interest only are due on this loan through maturity. See Note 23 — Other Assets for additional information about deferred financing costs related to revolving debt. During the year ended December 31, 2023, we made no borrowings and repayments on our Revolving Credit Facility. At December 31, 2023, we had available borrowings of $289.9 million, net of $10.1 million to secure our outstanding letters of credit. NEW ZEALAND SUBSIDIARY DEBT WORKING CAPITAL FACILITY In July 2023, the New Zealand subsidiary renewed its NZ$20 million working capital facility, extending its maturity date to June 30, 2024. The facility is available for short-term operating cash flow needs of the New Zealand subsidiary. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. During the year ended December 31, 2023, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At December 31, 2023, there was no outstanding balance on the facility. SHAREHOLDER LOANS The New Zealand subsidiary has made capital distributions in the past to its partners on a pro rata basis to redeem certain equity interests, which were reinvested by the partners into shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan results in the recording of a loan payable by the New Zealand subsidiary. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loan since its inception. See Note 5 — Noncontrolling Interests for more information regarding the New Zealand subsidiary. SHAREHOLDER LOAN DUE 2025 In September 2020, the New Zealand subsidiary recorded a loan payable in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of December 31, 2023, the outstanding balance is $21.8 million. SHAREHOLDER LOAN DUE 2026 In July 2021, the New Zealand subsidiary recorded a loan payable in the amount of $28.1 million due in 2026 at a fixed interest rate of 3.64%. As of December 31, 2023, the outstanding balance is $25.5 million. SHAREHOLDER LOAN DUE 2027 In April 2022, the New Zealand subsidiary recorded a loan payable in the amount of $27.9 million due in 2027 at a fixed interest rate of 6.48%. As of December 31, 2023, the outstanding balance is $25.5 million. DEBT COVENANTS In connection with our Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2023, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 11.5 to 1 9.0 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 43 % 22 % 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, 2022 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 December 31, 2023, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging , (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS Our New Zealand subsidiary’s domestic sales and operating expenses are predominately denominated in New Zealand dollars, while its export sales, shareholder distributions and ocean freight payments are predominately denominated in U.S. dollars. To the extent New Zealand dollar costs exceed New Zealand dollar revenues (the “foreign exchange exposure”), the New Zealand subsidiary manages the foreign exchange exposure through the use of derivative financial instruments. It typically hedges a portion of export sales receipts to cover 50% to 90% of the projected foreign exchange exposure for the following 12 months, up to 75% for the forward 12 to 18 months and up to 50% for the forward 18 to 24 months. Additionally, it will occasionally hedge export sales receipts to cover up to 50% of the foreign exchange exposure for the forward 24 to 36 months and up to 25% of the foreign exchange exposure for the forward 36 to 48 months when the New Zealand dollar is at a cyclical low versus the U.S. dollar. The New Zealand subsidiary’s trading operations typically hedge a portion of export sales receipts to cover the projected foreign exchange exposure for the following three months. As of December 31, 2023, foreign currency exchange contracts and foreign currency option contracts had maturity dates through November 2026. Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously in AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS The following table contains information on the outstanding interest rate swaps as of December 31, 2023: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt (b) Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.10 % 1.70 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.26 % 1.70 % 3.96 % April 2016 10 years 100,000 Incremental Term Loan 1.50 % 1.75 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.51 % 1.75 % 3.26 % May 2021 7 years 200,000 2021 Incremental Term Loan Facility 0.67 % 1.65 % 2.32 % December 2022 5 years 100,000 2022 Incremental Term Loan Facility 3.72 % 1.70 % 5.42 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Includes the SOFR Credit Spread Adjustment component of 0.1%. (c) Rate is before estimated patronage payments. FORWARD-STARTING INTEREST RATE SWAPS In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rate swaps, resulting in slightly favorable fixed rates. In May 2023, we entered into a new $50 million forward-starting interest rate swap, benchmarked to Daily Simple SOFR. The following table contains information on the outstanding forward-starting interest rate swaps as of December 31, 2023: 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 0.78 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.64 % Term Credit Agreement August 2024 N/A May 2023 4 years 50,000 3.29 % 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 table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021: Location on Statement of Income and Comprehensive Income 2023 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($69) $5,093 ($10,939) Other operating (expense) income, net 7,522 (7,682) 2,974 Foreign currency option contracts Other comprehensive (loss) income 558 610 (2,733) Other operating (expense) income, net 446 — 1,177 Interest rate products Other comprehensive (loss) income 10,265 75,006 52,478 Interest expense, net (26,311) 2,459 14,694 During the next 12 months, the amount of the AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $23.0 million. The following table contains details of the amounts expected to be reclassified into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $368 Foreign currency option contracts 146 Interest rate products 22,454 Total estimated gain on derivatives contracts $22,968 The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022: Notional Amount 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $122,700 $138,250 Foreign currency option contracts 98,000 78,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 200,000 150,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Fair Value Assets (Liabilities) (a) Location on Balance Sheet 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,175 $25 Other assets 2,405 1,303 Other current liabilities (664) (5,457) Other non-current liabilities — (410) Foreign currency option contracts Other current assets 342 66 Other assets 2,158 2,131 Other current liabilities (139) (347) Other non-current liabilities (789) (1,281) Interest rate swaps Other current assets 5,742 — Other assets 37,983 60,843 Other non-current liabilities (546) (51) Forward-starting interest rate swaps Other assets 12,790 11,939 Other non-current liabilities (8) — Total derivative contracts: Other current assets $7,259 $91 Other assets 55,336 76,216 Total derivative assets $62,595 $76,307 Other current liabilities (803) (5,804) Other non-current liabilities (1,343) (1,742) Total derivative liabilities ($2,146) ($7,546) (a) See Note 9 — 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	12 Months Ended
	Dec. 31, 2023
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 at December 31, 2023 and 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP: December 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Asset (Liability) (a) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $207,696 $207,696 — $114,255 $114,255 — Restricted cash (b) 678 678 — 1,152 1,152 — Long-term debt (c) (1,365,773) — (1,299,951) (1,514,721) — (1,438,736) Interest rate swaps (d) 43,179 — 43,179 60,792 — 60,792 Forward-starting interest rate swaps (d) 12,782 — 12,782 11,939 — 11,939 Foreign currency exchange contracts (d) 2,916 — 2,916 (4,539) — (4,539) Foreign currency option contracts (d) 1,572 — 1,572 569 — 569 Noncontrolling interests in the operating partnership (e) 81,651 — 81,651 105,763 — 105,763 (a) We did not have Level 3 assets or liabilities at December 31, 2023 and 2022. (b) Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 21 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 7 — Debt for additional information. (d) See Note 8 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 5 — 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	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS At December 31, 2023, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Real Estate Projects (b) Commitments (c) Total 2024 $11,793 $33,364 $9,962 $55,119 2025 370 1,156 386 1,912 2026 835 1,156 42 2,033 2027 542 1,156 3 1,701 2028 317 1,156 — 1,473 Thereafter 2,721 6,966 — 9,687 $16,578 $44,954 $10,393 $71,925 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 12 — 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. (c) Commitments include $8.4 million related to pension plan termination, payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations. See Note 18 — Employee Benefit Plans for additional information on the pension plan termination.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL AND NATURAL RESOU

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	12 Months Ended
	Dec. 31, 2023
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 the owner’s property, regardless of culpability for the release. Changes in environmental and NRD liabilities from December 31, 2022 to December 31, 2023 are shown below: Port Gamble, WA Non-current portion at December 31, 2022 $14,418 Plus: Current portion 1,175 Total Balance at December 31, 2022 15,593 Expenditures charged to liabilities (436) Increase in liabilities (a) 1,421 Total Balance at December 31, 2023 16,578 Less: Current portion (11,793) Non-current portion at December 31, 2023 $4,785 (a) The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the year ended December 31, 2023. We periodically examine whether the contingent liabilities related to the environmental matters described above are probable and reasonably estimable based on experience and ongoing developments in those matters, including continued study and analysis of ongoing remediation obligations. During the year ended December 31, 2023, with the assistance of independent environmental consultants and taking into consideration inflation, investigation and remediation actions previously completed, new information available during the period and ongoing discussions with the Trustees, we completed a comprehensive long-term analysis and cost assessment related to our ongoing environmental remediation and NRD obligations. As a result of this analysis, we increased the accrual for environmental and NRD liabilities by $1.4 million, which are recorded on an undiscounted basis. It is expected that the upland millsite cleanup and NRD restoration will occur over the next one osts are subject to change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. For further information on the timing and amount of future payments related to our environmental remediation liabilities, see Note 10 — Commitments . We do not currently anticipate any material loss in excess of the amounts accrued; however we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.

GUARANTEES

GUARANTEES	12 Months Ended
	Dec. 31, 2023
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2023, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $10,124 Surety bonds (c) 9,890 Total financial commitments $20,014 (a) We have not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Approximately $9.2 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements. These letters of credit will expire at various dates during 2024 and will be renewed as required. (c) Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2024, 2025, and 2026 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [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, 2022 to December 31, 2023 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, 2022 $91,374 $23,723 $115,097 Plus: Current portion (a) 408 17,501 17,909 Total Balance at December 31, 2022 91,782 41,224 133,006 Non-cash cost of land and improved development (2,122) (16,261) (18,383) Amortization of parcel real estate development investments — (12,628) (12,628) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,732) — (1,732) Capitalized real estate development investments (b) — 30,913 30,913 Capital expenditures (silviculture) 136 — 136 Intersegment transfers 621 — 621 Total Balance at December 31, 2023 88,685 43,248 131,933 Less: Current portion (a) (1,699) (24,639) (26,338) Non-current portion at December 31, 2023 $86,986 $18,609 $105,595 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 15 — Inventory for additional information. (b) Capitalized real estate development investments includes $1.0 million of capitalized interest and $7.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of December 31, 2023 and 2022, our inventory consisted entirely of finished goods, as follows: 2023 2022 Finished goods inventory Real estate inventory (a) $26,338 $17,909 Log inventory 4,490 5,347 Carbon unit inventory (b) 189 473 Total inventory $31,017 $23,729 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. (b) Represents the basis in New Zealand carbon units intended to be sold in the next 12 months. See Note 1 — Summary of Significant Accounting Policies and Note 23 — Other Assets for additional information on carbon credits.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned lands to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of December 31, 2023, the New Zealand subsidiary has three CFLs comprising 11,000 gross acres or 9,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 31,000 gross acres or 4,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we lease properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of December 31, 2023 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2024 2025 2026 2027 2028 Thereafter Operating lease liabilities $195,999 $9,653 $8,725 $7,955 $7,761 $7,439 $154,466 Total Undiscounted Cash Flows $195,999 $9,653 $8,725 $7,955 $7,761 $7,439 $154,466 Imputed interest (100,219) Balance at December 31, 2023 $95,780 Less: Current portion (8,096) Non-current portion at December 31, 2023 $87,684 The following table details components of our lease cost for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, Lease Cost Components 2023 2022 2021 Operating lease cost $9,694 $9,332 $10,166 Variable lease cost (a) 535 757 196 Total lease cost (b) $10,229 $10,089 $10,362 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2023. The following table details components of our lease cost for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Supplemental Cash Flow Information Related to Leases: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,841 $2,571 $2,389 Investing cash flows from operating leases 6,853 6,761 7,777 Total cash flows from operating leases $9,694 $9,332 $10,166 Weighted-average remaining lease term in years - operating leases 30 30 29 Weighted-average discount rate - operating leases 6 % 5 % 5 % We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.
LEASES	LEASES TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned lands to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of December 31, 2023, the New Zealand subsidiary has three CFLs comprising 11,000 gross acres or 9,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 31,000 gross acres or 4,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we lease properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of December 31, 2023 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2024 2025 2026 2027 2028 Thereafter Operating lease liabilities $195,999 $9,653 $8,725 $7,955 $7,761 $7,439 $154,466 Total Undiscounted Cash Flows $195,999 $9,653 $8,725 $7,955 $7,761 $7,439 $154,466 Imputed interest (100,219) Balance at December 31, 2023 $95,780 Less: Current portion (8,096) Non-current portion at December 31, 2023 $87,684 The following table details components of our lease cost for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, Lease Cost Components 2023 2022 2021 Operating lease cost $9,694 $9,332 $10,166 Variable lease cost (a) 535 757 196 Total lease cost (b) $10,229 $10,089 $10,362 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2023. The following table details components of our lease cost for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Supplemental Cash Flow Information Related to Leases: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,841 $2,571 $2,389 Investing cash flows from operating leases 6,853 6,761 7,777 Total cash flows from operating leases $9,694 $9,332 $10,166 Weighted-average remaining lease term in years - operating leases 30 30 29 Weighted-average discount rate - operating leases 6 % 5 % 5 % We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

OTHER OPERATING (EXPENSE) INCOM

OTHER OPERATING (EXPENSE) INCOME, NET	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
OTHER OPERATING (EXPENSE) INCOME, NET	OTHER OPERATING (EXPENSE) INCOME, NET The following table provides the composition of Other operating (expense) income, net for the three years ended December 31: 2023 2022 2021 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($8,458) ($5,251) $6,823 Gain on sale or disposal of property plant & equipment 37 40 75 Gain on investment in Timber Funds (a) — — 7,482 Log trading marketing fees — — 6 Equity income related to Bainbridge Landing LLC joint venture (b) — 15,477 102 Miscellaneous income (expense), net 115 (562) (404) Total ($8,306) $9,704 $14,084 (a) Gain on investment in Timber Funds represents the gain recognized on the sale of rights to manage two timber funds (Funds III and IV) previously managed by the Company’s Olympic Resources Management (ORM) subsidiary, as well as its co-investment stake in both funds. (b) The year ended December 31, 2022 includes $16.0 million of equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See Note 5 — Noncontrolling Interests for additional information.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS DEFINED BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. On July 20, 2023, the Rayonier Board of Directors approved the resolution to terminate the unfunded plan and will distribute all benefits in accordance with Section 409A of the Internal Revenue Code. The unfunded plan was terminated on July 31, 2023. In the fourth quarter of 2023, distributions were made to settle the obligation with participants in the Defined Benefit Plan electing the lump sum distribution option. The settlement resulted in the recognition of a $2.0 million loss. The loss was recognized in the “Interest and other miscellaneous income, net” line item of the Consolidated Statements of Income. We expect to recognize additional pre-tax non-cash pension settlement charges related to the actuarial losses in AOCI upon settlement of the remaining obligations of the Defined Benefit and Excess Benefit Plans. These charges are currently expected to occur in 2024, with the specific timing and final amounts dependent upon several factors. See Note 24 — Accumulated Other Comprehensive Income for additional information. The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2023 2022 2023 2022 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $70,062 $93,799 $1,421 $1,890 Service cost — — 4 7 Interest cost 3,374 2,434 70 51 Actuarial loss (gain) 4,356 (22,376) 10 (513) Benefits paid (3,924) (3,609) (14) (14) Expenses paid (653) (186) — — Settlement (10,073) — — — Projected benefit obligation at end of year $63,142 $70,062 $1,491 $1,421 Change in Plan Assets Fair value of plan assets at beginning of year $62,843 $85,079 — — Actual return on plan assets 6,356 (18,527) — — Employer contributions 201 86 14 14 Benefits paid (3,924) (3,609) (14) (14) Other expense (653) (186) — — Settlement (10,073) — — — Fair value of plan assets at end of year $54,750 $62,843 — — Funded Status at End of Year: Net accrued benefit cost ($8,392) ($7,219) ($1,491) ($1,421) Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($8,392) ($86) ($52) ($50) Noncurrent liabilities — (7,133) (1,439) (1,371) Net amount recognized ($8,392) ($7,219) ($1,491) ($1,421) For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: 2023 2022 Projected benefit obligation $63,142 $70,062 Accumulated benefit obligation 63,142 70,062 Accumulated postretirement benefit obligation 1,491 1,421 Fair value of plan assets 54,750 62,843 ACTUARIAL (GAIN) LOSS PENSION Key components of the actuarial gains and losses contributing to the period change in the benefit obligation are as follows: • Changes in participant demographics resulted in an actuarial loss of approximately $0.4 million. • Changes in the discount rate resulted in an actuarial gain of approximately $0.2 million. • Changes in plan assets during the fiscal year ending December 31, 2023 resulted in an investment gain of $2.9 million, which is due to the difference between the 4.97% expected return compared to the actual return of 10.77%. • Liability adjustment of 5% for in-pay participants and 20% for not-in-pay participants resulted in an actuarial loss of approximately $4.2 million. POSTRETIREMENT The actuarial gains and losses contributing to the period change in the benefit obligation were not material. OTHER COMPREHENSIVE INCOME Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Net (losses) gains ($1,438) $362 $11,262 ($11) $512 $40 Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Amortization of losses $6 $738 $1,154 — $15 $20 Net settlement loss $2,036 — — — — — ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (“AOCI”) Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows: Pension Postretirement 2023 2022 2023 2022 Net (losses) income ($10,923) ($11,527) $85 $96 Deferred income tax benefit 1,216 1,216 6 6 AOCI ($9,707) ($10,311) $91 $102 NET PENSION AND POSTRETIREMENT BENEFIT COST (CREDIT) The following tables set forth the components of net pension and postretirement benefit cost (credit) that have been recognized during the three years ended December 31: Pension Postretirement 2023 2022 2021 2023 2022 2021 Components of Net Periodic Benefit Cost (Credit) Service cost — — — $4 $7 $8 Interest cost 3,374 2,434 2,228 70 51 45 Expected return on plan assets (3,439) (3,486) (3,746) — — — Amortization of losses 6 738 1,154 — 15 20 Settlement expense 2,036 — — — — — Net periodic benefit cost (credit) $1,977 ($314) ($364) $74 $73 $73 The service cost component of our benefit expense is recorded within the operating expense line item “Selling and general expenses” within the Consolidated Statements of Income. All other components of the benefit costs expense are included within the “Interest and other miscellaneous income, net” line item of the Consolidated Statements of Income. VALUATION ASSUMPTIONS The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: Pension Postretirement 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligations at December 31: Discount rate 4.99 % 4.96 % 2.65 % 4.81 % 5.01 % 2.75 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.96 % 2.65 % 2.26 % 5.01 % 2.75 % 2.42 % Expected long-term return on plan assets 4.97 % 4.97 % 5.72 % — — — DISCOUNT RATE At December 31, 2023, the pension plan’s weighted average discount rate was 4.99%. The discount rate for the defined benefit pension plan is derived from the Financial Times Stock Exchange (FTSE) Above Median AA Yield Curve, which serves as a proxy for interest rates used by annuity providers. The discount rate for the unfunded plan was based on the single effective interest rate that produced the same present value as that produced by the Plan’s expected benefit payments when discounted using the Internal Revenue Code Section 417(e) segment rates applicable for lump sum payments in 2024. EXPECTED LONG-TERM RETURN ON PLAN ASSETS In 2023, the expected return on plan assets was 4.97%, which is based on historical returns on current asset allocations and expected returns using the Black-Litterman method. INVESTMENT OF PLAN ASSETS Our Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program, which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. In 2020, we transitioned to a liability-driven investment (“LDI”) strategy. An LDI strategy focuses on maintaining a close to fully-funded status over the long-term with minimal funded status risk. This is achieved by investing more of the plan assets in fixed income instruments to more closely match the duration of the plan liability. The investment allocation to fixed income instruments will increase as the plans' funded status increases. Investment target allocation percentages for equity securities can range up to 80 percent. Our pension plans’ asset allocation (excluding short-term investments) at December 31, 2023 and 2022 are as follows: Percentage of Asset Category 2023 2022 Domestic equity securities 15 % 28 % International equity securities 9 % 20 % Domestic fixed income securities 75 % 50 % Real estate fund 1 % 2 % Total 100 % 100 % Investments within the equity categories may include large capitalization, small capitalization and emerging market securities. Pension assets did not include a direct investment in Rayonier common shares during the years ended December 31, 2023 and 2022. NET ASSET VALUE MEASUREMENTS Separate investment accounts are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. The following table sets forth the net asset value of the plan assets as of December 31, 2023 or 2022: December 31, 2023 December 31, 2022 Asset Category Investments at Net Asset Value: Separate Investment Accounts $54,750 $62,843 Total Investments at Net Asset Value $54,750 $62,843 CASH FLOWS Our expected benefit payments to be made for the next 10 years are as follows: Pension Postretirement 2024 $63,142 $52 2025 — 57 2026 — 63 2027 — 67 2028 — 70 2029-2033 — 414 (a) Reflects the expected settlement of the Defined Benefit Plan and Excess Benefit Plan in 2024. We expect to make cash contributions in 2024 of approximately $7.2 million in order to fund the Defined Benefit Plan on a plan termination basis. The Defined Benefit Plan will be settled upon completion of the purchase of annuity contracts. The settlement is expected to be completed by the end of June 30, 2024. The Excess Benefit Plan will be settled entirely with lump sum payments upon termination with expected cash contributions in 2024 of approximately $1.2 million. Projected cash contributions are an estimate, as actual amounts and timing are dependent upon several factors. DEFINED CONTRIBUTION PLANS

INCENTIVE STOCK PLANS

INCENTIVE STOCK PLANS	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
INCENTIVE STOCK PLANS	INCENTIVE STOCK PLANS The 2023 Rayonier Incentive Stock Plan (the “Stock Plan”) was approved by shareholders on May 18, 2023. The Stock Plan allows for up to 3.0 million shares to be granted for options, rights, performance shares, restricted stock, restricted stock units, other stock-based awards or any combination of the foregoing, subject to certain limitations. At December 31, 2023, a total of 2.5 million shares were available for future grants under the Stock Plan. Grants can no longer be made under prior plans. Under the Stock Plan, shares available for issuance may be increased by awards made under the Stock Plan, or awards granted under a prior plan, that are forfeited, terminated, expire unexercised, are settled in cash in lieu of stock, are exchanged for other awards or are released from a reserve for failure to meet the maximum payout under a program. In the event that withholding tax liabilities arising from an award under this Stock Plan, other than options or stock appreciation rights, are satisfied in shares, the shares available under the Stock Plan will be increased. We issue new common shares upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares and restricted stock units. The Stock Plan allows for the cash settlement of the required withholding tax on share or unit awards. A summary of our stock-based compensation cost is presented below: 2023 2022 2021 Selling and general expenses $12,710 $10,767 $8,255 Cost of sales 986 1,226 816 Timber and Timberlands, net (a) 306 363 206 Total stock-based compensation $14,002 $12,356 $9,277 Tax benefit recognized related to stock-based compensation expense (b) $677 $603 $487 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b) A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future. FAIR VALUE CALCULATIONS BY AWARD RESTRICTED STOCK UNITS & RESTRICTED STOCK Restricted stock units granted to employees under the Stock Plan generally vest in fourths on the first, second, third and fourth anniversary of the grant date. Periodically, other one-time restricted stock unit grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Holders of unvested restricted stock and restricted stock unit awards receive dividend equivalent payments on outstanding awards. Members of the board of directors are granted restricted stock, which vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. We have elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date. As permitted, we do not estimate a forfeiture rate for non-vested shares. Accordingly, unexpected forfeitures will lower stock-based compensation during the period in which they occur. As of December 31, 2023, there was $7.3 million of unrecognized compensation cost attributable to our restricted stock units. We expect to recognize this cost over a weighted average period of 1.9 years. As of December 31, 2023, there was no unrecognized compensation cost attributable to our restricted stock. A summary of our restricted stock units is presented below: 2023 2022 2021 Restricted stock units granted 207,006 130,213 129,290 Weighted average price of restricted stock units granted $32.93 $41.81 $33.59 Intrinsic value of restricted stock units outstanding (a) $16,068 $13,826 $15,095 Grant date fair value of restricted stock units vested 4,454 2,475 493 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested 1,665 1,063 189 (a) Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2023. 2023 Number of Weighted Non-vested Restricted Stock Units at January 1, 419,484 $32.12 Granted 207,006 32.93 Vested (142,949) 31.16 Cancelled (2,616) 35.28 Non-vested Restricted Stock Units at December 31, 480,925 $32.74 A summary of our restricted stock is presented below: 2023 2022 2021 Restricted shares granted 36,403 22,800 22,140 Weighted average price of restricted shares granted $30.22 $38.60 $37.36 Intrinsic value of restricted stock outstanding (a) $66 $620 $3,062 Grant date fair value of restricted stock vested 1,647 2,478 3,121 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested 208 708 869 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2023. 2023 Number of Weighted Non-vested Restricted Shares at January 1, 18,808 $31.58 Granted 36,403 30.22 Vested (53,238) 30.93 Non-vested Restricted Shares at December 31, 1,973 $24.01 PERFORMANCE SHARE UNITS Our performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon our total shareholder return versus selected peer group companies. The performance share payout is based on a market condition, and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period. Additionally, we do not estimate a forfeiture rate for non-vested units. As such, unexpected forfeitures will lower stock-based compensation during the period in which they occur. As of December 31, 2023, there was $4.9 million of unrecognized compensation cost related to our performance share unit awards, which is attributable to awards granted in 2021, 2022 and 2023. This cost is expected to be recognized over a weighted average period of 1.3 years. A summary of our performance share units is presented below: 2023 2022 2021 Common shares reserved for performance shares granted during year 285,863 193,333 191,203 Weighted average fair value of performance share units granted $37.77 $45.68 $36.10 Intrinsic value of outstanding performance share units (a) $12,730 $13,123 $16,360 Fair value of performance shares vested 5,863 5,549 1,738 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested 2,342 2,454 559 (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2023. 2023 Number Weighted Outstanding Performance Share units at January 1, 398,156 $35.78 Granted 163,350 37.77 Units Distributed (179,942) 29.57 Other Cancellations/Adjustments (530) 40.78 Outstanding Performance Share units at December 31, 381,034 $39.56 Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31: 2023 2022 2021 Expected volatility 29.9 % 38.1 % 35.6 % Risk-free rate 3.7 % 2.6 % 0.4 % Liquidity discount applied to grants with a post-vesting holding restriction 4.7 % 4.2 % 6.3 % NON-QUALIFIED EMPLOYEE STOCK OPTIONS The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is 10 years from the grant date. A summary of the status of our stock options as of and for the year ended December 31, 2023 is presented below: 2023 Number of Weighted Weighted Aggregate Options outstanding at January 1, 54,091 $35.15 Exercised (2,408) 31.28 Cancelled or expired (26,959) 38.53 Options outstanding at December 31, 24,724 31.83 0.10 $44 Options exercisable at December 31, 24,724 $31.83 0.10 $44 A summary of additional information pertaining to our stock options is presented below: 2023 2022 2021 Intrinsic value of options exercised (a) $2 $300 $916 Cash received from exercise of options 75 2,466 5,922 (a) Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. As of December 31, 2023, compensation cost related to stock options was fully recognized.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023, Rayonier owns a 98.4% int erest 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 unitholders (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 U.S. 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 FROM CONTINUING OPERATIONS The provision for income taxes for each of the three years ended December 31 follows: 2023 2022 2021 Current U.S. federal — ($2,797) ($1,893) State (292) (371) (536) Foreign (4,441) (2,694) (11,425) (4,733) (5,862) (13,854) Deferred U.S. federal 8,386 2,302 (6,288) State 1,187 1,693 (1,623) Foreign (388) (3,583) (2,007) 9,185 412 (9,918) Changes in valuation allowance (9,574) (3,939) 9,111 Total ($5,122) ($9,389) ($14,661) A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows: 2023 2022 2021 U.S. federal statutory income tax rate ($38,560) (21.0) % ($27,758) (21.0) % ($47,280) (21.0) % U.S. and foreign REIT income 47,616 25.9 29,732 22.5 44,316 19.7 Matariki Group and Rayonier New Zealand Ltd (3,681) (2.0) (5,038) (3.8) (12,927) (5.7) Change in valuation allowance (9,574) (5.2) (3,939) (3.0) 9,111 4.0 REIT Built-in Gain — — (2,516) (1.9) (2,215) (1.0) Foreign income tax withholding (1,148) (0.6) (1,239) (0.9) (505) (0.2) Sale of Timber Funds — — — — (2,399) (1.1) State Income Tax, Net of Federal Benefit 1,322 0.7 1,424 1.1 — — Bainbridge Landing JV, NCI — — 2,496 1.8 — — Other (1,097) (0.6) (2,551) (1.9) (2,762) (1.2) Income tax expense as reported for net income ($5,122) (2.8) % ($9,389) (7.1) % ($14,661) (6.5) % The Company’s effective tax rate is below the 21 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT. DEFERRED TAXES Deferred income taxes result from differences between the timing of recognizing revenues and expenses for financial book purposes versus income tax purposes. The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows: 2023 2022 Gross deferred tax assets: Pension, postretirement and other employee benefits $565 $489 New Zealand subsidiary 19,717 20,753 Cellulosic Biofuel Producer Credit tax credit carry forwards 13,688 13,688 Capitalized real estate costs 4,564 2,457 U.S. TRS net operating loss 30,061 23,885 Other 5,073 4,808 Total gross deferred tax assets 73,668 66,080 Less: Valuation allowance (50,418) (40,844) Total deferred tax assets after valuation allowance $23,250 $25,236 Gross deferred tax liabilities: Accelerated depreciation — (9) New Zealand subsidiary (89,899) (88,414) Other (3,616) (4,558) Total gross deferred tax liabilities (93,515) (92,981) Net deferred tax liability reported as noncurrent ($70,265) ($67,745) Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: Tax Effected Balance Expiration 2023 U.S. Federal NOL Carryforwards- Post TCJA (a) $25,948 None U.S State NOL Carryforwards (b) 4,112 Various Cellulosic Biofuel Producer Credit 13,688 2024 2022 U.S. Federal NOL Carryforwards- Post TCJA (a) $20,538 None U.S State NOL Carryforwards (b) 3,347 Various Cellulosic Biofuel Producer Credit 13,688 2024 (a) The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period. (b) The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. Since 2015, we have had a 100% valuation allowance against the U.S. taxable REIT subsidiary's deferred tax assets, net of deferred tax liabilities. During 2023, the net deferred tax assets increased by $9.6 million. As a result, we recorded a change in the valuation allowance of $9.6 million related to the U.S. TRS's deferred tax assets, net of liabilities. TAX STATUTES The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: Taxing Jurisdiction Open Tax Years U.S. Internal Revenue Service 2020 - 2022 New Zealand Inland Revenue 2018 - 2022 TAX CHARACTERISTICS OF DIVIDEND DISTRIBUTIONS The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows: 2023 2022 2021 Total dividends/distributions paid per common share/unit (a) $1.34 $1.125 $1.08 Tax characteristics: Capital gain 100 % 100 % 100 % (a)

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2023
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the two years ended December 31: 2023 2022 Restricted cash: Restricted cash deposited with LKE intermediary $2 $527 Restricted cash held in escrow 676 625 Total restricted cash shown in the Consolidated Balance Sheets 678 1,152 Cash and cash equivalents 207,696 114,255 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $208,374 $115,407

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Assets held for sale is composed of properties not included in inventory which are under contract and expected to be sold within the next 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of December 31, 2023 and December 31, 2022, the basis in properties meeting this classification was $9.9 million and $0.7 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS The following table provides the composition of Other assets for the two years ended December 31: 2023 2022 Long-term derivative contracts (a) $55,336 $76,216 Patronage equity (b) 8,292 7,872 Goodwill (b) 7,822 7,863 New Zealand long-term secondary roads (b) 5,995 6,971 Equity investments (c) 5,947 — Capitalized software costs (b) 5,427 5,795 Pacific Northwest long-term prepaid roads (b) 5,354 5,857 Rabbi trusts related to the Executive Severance Pay Plan (d) 1,962 1,869 Deferred financing costs related to revolving debt (b) 604 854 Carbon credits (e) 419 1,086 Long-term prepaid stumpage 260 713 Long-term deposits 135 212 Other 2 173 Total $97,555 $115,481 (a) See Note 1 — Summary of Significant Accounting Policies and Note 8 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets. (b) See Note 1 — Summary of Significant Accounting Policies for additional information. (c) Represents the cost basis in four joint venture entities by our New Zealand subsidiary, reflecting investments made for the establishment and enhancement of timber assets which the joint ventures will monetize upon maturation of the timber. (d) The Executive Severance Pay Plan provides benefits to eligible executives in the event of a change in control of the Company. (e) See Note 1 — Summary of Significant Accounting Policies and Note 15 — Inventory for additional information on carbon credits. Changes in goodwill for the years ended December 31, 2023 and 2022 were: 2023 2022 Balance, January 1 (net of $0 of accumulated impairment) $7,863 $8,457 Changes to carrying amount Foreign currency adjustment (41) (594) Balance, December 31 (net of $0 of accumulated impairment) $7,822 $7,863

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in AOCI by component for the years ended December 31, 2023 and 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation gains/(losses) Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation of Operating Partnership Total Rayonier Inc. Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive (loss) income before reclassifications (22,282) — 78,166 (a) 874 56,758 (1,323) 55,435 Amounts reclassified from accumulated other comprehensive income — — (1,799) 753 (b) (1,046) 1,028 (18) Net other comprehensive (loss) income (22,282) — 76,367 1,627 55,712 (295) 55,417 Balance as of December 31, 2022 ($18,067) $1,321 $67,204 ($10,209) $40,249 ($4,436) $35,813 Other comprehensive (loss) income before reclassifications (1,466) — 10,537 (a) (1,449) 7,622 (75) 7,547 Amounts reclassified from accumulated other comprehensive income — — (21,895) 2,042 (b) (19,853) 1,144 (18,709) Net other comprehensive (loss) income (1,466) — (11,358) 593 (12,231) 1,069 (11,162) Balance as of December 31, 2023 ($19,533) $1,321 $55,846 ($9,616) $28,018 ($3,367) $24,651 (a) The years ended December 31, 2023 and December 31, 2022 include $10.3 million and $75.0 million, respectively, of other comprehensive income related to interest rate products. See Note 8 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 18 — 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 years ended December 31, 2023 and 2022: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement 2023 2022 Realized loss (gain) on foreign currency exchange contracts $7,522 ($7,682) Other operating (expense) income, net Realized loss on foreign currency option contracts 446 — Other operating (expense) income, net Noncontrolling interest (1,833) 1,768 Comprehensive income attributable to noncontrolling interests Realized (gain) loss on interest rate contracts (26,311) 2,459 Interest expense Income tax effect from net (loss) gain on foreign currency contracts (1,719) 1,656 Income tax expense Net gain on cash flow hedges reclassified from accumulated other comprehensive income ($21,895) ($1,799)

RELATED PARTY

RELATED PARTY	12 Months Ended
	Dec. 31, 2023
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 exceeded agreed price thresholds (the “Mattamy Contract”). In May 2021, we entered into an amendment to the original agreement, which sold additional lots to Mattamy for an aggregate base purchase price of $1.0 million. The Mattamy contract also included 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 years ended December 31: Related Party Transaction Location on Statement of Income and Comprehensive Income 2023 2022 2021 Mattamy Contract Sales (a) — $916 $2,656 (a) The year ended December 31, 2021 excludes approximately $0.3 million of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees. All consideration due under this contract was received from Mattamy Homes as of December 31, 2022. There were no new agreements entered into with Mattamy Homes during the year ended December 31, 2023.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2023, 2022, and 2021 (In Thousands) Description Balance Additions Charged Deductions Balance Allowance for doubtful accounts: Year ended December 31, 2023 $74 $136 — $210 Year ended December 31, 2022 59 15 — 74 Year ended December 31, 2021 25 34 — 59 Deferred tax asset valuation allowance: Year ended December 31, 2023 $40,844 $9,574 (a) — $50,418 Year ended December 31, 2022 36,904 3,940 (a) — 40,844 Year ended December 31, 2021 46,015 — (9,111) (b) 36,904 (a) The 2023 and 2022 increase in the valuation allowance is due to an increase in TRS deferred tax assets. (b)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 173,493	$ 107,077	$ 152,550

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Rayonier Inc.'s Consolidated Financial Statements include the Operating Partnership, wholly-owned subsidiaries and entities in which the Company has a controlling interest. Rayonier, L.P.'s Consolidated Financial Statements include wholly-owned subsidiaries and entities in which the Operating Partnership has a controlling interest. For additional information regarding our consolidated entities with a noncontrolling interest component, see Note 5 — Noncontrolling Interests . All intercompany balances and transactions are eliminated. As of December 31, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% 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 m
PRINCIPLES OF CONSOLIDATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Rayonier Inc.'s Consolidated Financial Statements include the Operating Partnership, wholly-owned subsidiaries and entities in which the Company has a controlling interest. Rayonier, L.P.'s Consolidated Financial Statements include wholly-owned subsidiaries and entities in which the Operating Partnership has a controlling interest. For additional information regarding our consolidated entities with a noncontrolling interest component, see Note 5 — Noncontrolling Interests . All intercompany balances and transactions are eliminated. As of December 31, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% 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 m
USE OF ESTIMATES	USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash on hand and other highly liquid investments with original maturities of three months or less.
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable are primarily amounts due to us for the sale of timber and are presented net of an allowance for doubtful accounts.
INVENTORY	INVENTORY Higher and better use (“HBU”) real estate properties that are expected to be sold within one year are included in inventory at the lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information.
PREPAID LOGGING ROADS	PREPAID LOGGING ROADS
PATRONAGE DIVIDENDS	PATRONAGE DIVIDENDS As a requirement of the Farm Credit Act, borrowers in the Farm Credit System are required to purchase equity in Farm Credit lenders. The equity balance primarily represents shares of Class A common stock in CoBank valued at $100 par value. CoBank equity purchases continue annually until a balance equal to 8% of our 10-year historical average loan balance at CoBank is obtained. Initially, a minimal equity purchase was made in cash upon the receipt of loan proceeds. Subsequently, equity purchases are made annually through patronage dividends, of which approximately 90% is cash and 10% is equity. The stock has no cash value until retired. As our loans are paid in full, the stock is generally retired over a 10-year loan base period beginning in the year following loan payoff.
DEFERRED FINANCING COSTS	DEFERRED FINANCING COSTS
CAPITALIZED SOFTWARE COSTS	CAPITALIZED SOFTWARE COSTS
TIMBER AND TIMBERLANDS	TIMBER AND TIMBERLANDS Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies, are capitalized. A portion of timberland lease payments are capitalized based on the proportion of acres with merchantable timber volume remaining to be harvested under the lease term and the residual portion of the lease payments are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest and other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. We charge accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold. Upon the acquisition of timberland, we make a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar to an existing depletion pool, the cost of the acquired timber is combined and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition.
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed, with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. REAL ESTATE DEVELOPMENT INVESTMENTS Real estate development investments include capitalized costs associated with the development and construction of identified real estate projects, such as infrastructure, roadways, utilities, amenities and/or other improvements designed to enhance marketability and create parcels, pads and/or lots for sale. We capitalize interest on real estate projects under development based on the amount of underlying expenditures during the capitalization period. The period begins when activities necessary to ready a property for its intended use commence, typically when we begin the site work for land already owned, and ends when the improvement is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use is subjective and requires business judgement. As such, we determine when the capitalization period begins and ends through communication with project managers and others responsible for the tracking and oversight of individual projects. IMPAIRMENT OF HBU TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We review our higher and better use timberlands and real estate development investments for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators for each development project are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs, and projected losses on expected future sales. Development projects have extended life cycles that may last 20 to 40 years, or longer, and have few long-term contractual cash flows. Development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density and sales strategy impact the timing and amount of expected future cash flows and fair value. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as construction costs and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount less costs to sell, an impairment provision is recorded to write-down the carrying amount of the asset to its fair value.
PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION	PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. We generally depreciate our assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the sale or retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.
LEASES AND RIGHT-OF-USE ASSETS IMPAIRMENT	LEASES At inception, we determine if an arrangement is a lease and whether that lease meets the classification criteria of a finance or operating lease. Operating leases are included in right-of-use (“ROU”) assets, other current liabilities, and long-term lease liability in the Consolidated Balance Sheets. The income generated from our commercial and residential leases in Port Gamble are accounted for in accordance with Topic 842. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. RIGHT-OF-USE ASSETS IMPAIRMENT Operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease is assigned may not be recoverable. Recoverability of the asset group is evaluated based on forecasted undiscounted cash flows. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is compared to its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value. A discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate are used to estimate the fair value of the asset group.
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established 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, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. 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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. 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. 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.
ENVIRONMENTAL REMEDIATION LIABILITIES	ENVIRONMENTAL REMEDIATION LIABILITIES
GOODWILL	GOODWILL
FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT	FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT The functional currency of our New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand subsidiary are remeasured into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand subsidiary are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity.
REDEEMABLE OPERATING PARTNERSHIP UNITS	REDEEMABLE OPERATING PARTNERSHIP UNITS
RELATED PARTY	RELATED PARTY We follow ASC 850, Related Party Disclosure , for the identification of related parties and disclosure of related party transactions. A party is considered to be related to us if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which we may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.
REVENUE RECOGNITION	REVENUE RECOGNITION We recognize revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of December 31, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $19.0 million is expected to be recognized within the next twelve months, while the remaining $11.3 million is expected to be recognized as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. TIMBER SALES Revenue from the sale of timber is recognized when control passes to the buyer. We utilize two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method we employ depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with a specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. We also sell stumpage under lump-sum contracts for specified parcels where we receive cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. We retain interest in the land, slash products and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to us. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale we utilize is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, we hire third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales, control is considered passed to the buyer upon delivery onto the export vessel. The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Timing of General Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel Letter of credit from an approved bank; collection generally within 30 days of delivery NON-TIMBER SALES Non-timber sales are primarily comprised of hunting and recreational licenses, carbon credits and other auxiliary income. Hunting and recreational license sales and any related costs are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales,” respectively. Payment is generally due upon contract execution. The New Zealand Emissions Trading Scheme (“NZ ETS”) incentivizes the lowering of greenhouse gas emissions by providing carbon credits to certain organizations that lower carbon emissions. Our New Zealand segment regularly sells carbon credits and recognizes income as they are sold to other carbon emitting entities. Carbon Capture and Storage Sales Carbon capture and storage (“CCS”) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the most likely amount of consideration we expect to receive as of the reporting date. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates. We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised. LOG TRADING
REAL ESTATE AND COST OF SALES	REAL ESTATE We recognize revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed and control has passed to the buyer. A deposit of 2% to 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of development real estate containing future performance obligations, revenue is recognized using the cost input method based on development costs incurred to date relative to the total development costs allocated to the contract with the customer. The aggregate amount of the transaction price allocated to unsatisfied obligations is recorded and presented in “Deferred revenue” in the Consolidated Balance Sheets. COST OF SALES Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion), logging and transportation costs (cut and haul) and ocean freight and demurrage costs (port and freight). Depletion includes the amortization of capitalized costs (site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs). Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, carbon basis and fire prevention. Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by us. We expense closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year.
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for our defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, mortality rates and longevity of employees. See Note 18 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2023. Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Interest and other miscellaneous income, net” in the Consolidated Statements of Income and Comprehensive Income. The service cost component of net periodic benefit cost is included in “Cost of sales” and “Selling and general expenses” while the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are presented outside of income from operations in “Interest and other miscellaneous income, net.” Changes in the funded status of our plans are recorded through other comprehensive (loss) income in the year in which the changes occur. We measure plan assets and benefit obligations as of the fiscal year-end. The defined benefit pension plan and the unfunded excess pension plan were terminated in 2023. For additional information, see Note 18 — Employee Benefit Plans
INCOME TAXES	INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax benefits or consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using the enacted tax rate that is expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, we compute an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. We adjust our annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur.
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements beyond the expansion of our reportable segment disclosures.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated events occurring from December 31, 2023 to the date of issuance of these Consolidated Financial Statements for potential recognition and disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
SEGMENT AND GEOGRAPHICAL INFORMATION	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
EARNINGS PER COMMON SHARE	Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units.
EARNINGS PER UNIT	Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units.
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
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.
INCENTIVE STOCK PLANS	PERFORMANCE SHARE UNITS Our performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon our total shareholder return versus selected peer group companies. The performance share payout is based on a market condition, and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period. Additionally, we do not estimate a forfeiture rate for non-vested units. As such, unexpected forfeitures will lower stock-based compensation during the period in which they occur. NON-QUALIFIED EMPLOYEE STOCK OPTIONS The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is 10 years from the grant date.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Revenue Recognition Terms	The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Timing of General Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel Letter of credit from an approved bank; collection generally within 30 days of delivery

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables summarize the segment information for the three years ended December 31: Sales by Product Line 2023 2022 2021 Southern Timber $264,128 $264,201 $204,441 Pacific Northwest Timber 124,145 162,237 143,021 New Zealand Timber 235,481 274,076 281,158 Timber Funds (a) — — 199,402 Real Estate Improved Development 30,707 35,413 51,713 Unimproved Development 114 — 37,500 Rural 99,665 59,485 43,088 Timberland & Non-Strategic 3,347 11,400 44 Conservation Easements — — 3,855 Deferred Revenue/Other 13,930 1,239 (2,380) Large Dispositions 242,200 30,471 56,048 Total Real Estate 389,963 138,008 189,868 Trading 43,684 70,952 95,364 Intersegment eliminations (b) (468) (402) (3,657) Total Sales $1,056,933 $909,072 $1,109,597 (a) The year ended December 31, 2021 includes $159.1 million of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier. (b) The years ended December 31, 2023, 2022 and 2021 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The year ended December 31, 2021 includes 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. Operating Income (Loss) 2023 2022 2021 Southern Timber $76,256 $96,616 $66,111 Pacific Northwest Timber (a) (8,998) 15,192 6,827 New Zealand Timber (b) 26,045 30,621 51,513 Timber Funds (c) — — 63,219 Real Estate (d) 156,605 58,495 112,540 Trading 492 382 144 Corporate and other (39,116) (35,484) (30,579) Total Operating Income 211,284 165,822 269,775 Unallocated interest expense and other (e) (27,667) (33,642) (44,627) Total Income before Income Taxes $183,617 $132,180 $225,148 (a) The year ended December 31, 2022 includes $0.7 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b) The year ended December 31, 2023 includes $2.3 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c) The year ended December 31, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds. (d) The years ended December 31, 2023, 2022 and 2021 include $105.1 million, $16.6 million and $44.8 million, respectively, from Large Dispositions. The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests is recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” (e) The year ended December 31, 2023 includes $20.7 million of net recoveries associated with legal settlements, which is partially offset by a $2.0 million pension settlement charge. Gross Capital Expenditures 2023 2022 2021 Capital Expenditures (a) Southern Timber $46,506 $39,301 $35,790 Pacific Northwest Timber 17,371 16,770 16,585 New Zealand Timber 16,663 18,455 20,128 Timber Funds (b) — — 3,271 Real Estate 302 285 191 Corporate and other 605 — — Total capital expenditures $81,447 $74,811 $75,965 Timberland Acquisitions Southern Timber $10,471 $457,770 $168,188 Pacific Northwest Timber 3,591 26 — New Zealand Timber — 734 10,927 Total timberland acquisitions $14,062 $458,530 $179,115 Total Gross Capital Expenditures $95,509 $533,341 $255,080 (a) Excludes timberland acquisitions presented separately, in addition to real estate development investments of $23.1 million, $13.7 million and $12.5 million in the years ended December 31, 2023, 2022 and 2021, respectively. (b) The year ended December 31, 2021 includes $2.8 million of capital expenditures attributable to noncontrolling interests in Timber Funds. Depreciation, 2023 2022 2021 Southern Timber $79,974 $60,298 $54,116 Pacific Northwest Timber 36,924 48,024 50,487 New Zealand Timber 21,666 23,876 27,005 Timber Funds (a) — — 97,943 Real Estate (b) 109,085 22,216 17,746 Corporate and other 1,712 1,255 1,208 Total $249,361 $155,669 $248,505 (a) The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier. (b) The years ended December 31, 2023, 2022 and 2021 include $91.1 million, $8.3 million and $9.8 million, respectively, from Large Dispositions. Non-Cash Cost of Land and Improved Development 2023 2022 2021 Timber Funds (a) — — $20,239 Real Estate (b) 73,458 32,934 25,070 Total $73,458 $32,934 $45,309 (a) The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier. (b) The years ended December 31, 2023, 2022 and 2021 include $43.7 million, $4.6 million and $0.1 million, respectively, from Large Dispositions.
Schedule of Geographical Operating Information	Geographical Operating Information Sales Operating Income Identifiable Assets 2023 2022 2021 2023 2022 2021 2023 2022 United States $787,906 $576,780 $732,995 $185,156 $135,900 $217,964 $3,098,555 $3,244,128 New Zealand 269,027 332,292 376,602 26,128 29,922 51,811 549,030 545,243 Total $1,056,933 $909,072 $1,109,597 $211,284 $165,822 $269,775 $3,647,585 $3,789,371

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contracts with Customers	The following table contains contract balances recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022: Year 2023 2022 Balance Sheet Location Contract assets Trade receivables, net (a) $28,652 $27,837 Trade receivables Contract liabilities Deferred revenue, current (b) 19,012 22,762 Deferred revenue Deferred revenue, non-current (c) 11,294 6,895 Long-term deferred revenue (a) The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b) The decrease in deferred revenue, current is primarily driven by the satisfaction of post-closing obligations on real estate sales and the timing of advance payments on stumpage contracts, partially offset by increased hunting license renewals and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023. (c) The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023. Year Ended December 31, 2023 2022 Revenue recognized from contract liability balance at the beginning of the year (a) $21,187 $16,148 (a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post-closing obligations on real estate sales.
Schedule of Disaggregation of Revenue by Product	The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2023 , 2022 and 2021 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total December 31, 2023 Pulpwood $99,035 $8,410 $28,760 — — $3,961 — $140,166 Sawtimber 123,312 109,446 182,355 — — 37,894 — 453,007 Hardwood 4,279 — — — — — — 4,279 Total Timber Sales 226,626 117,856 211,115 — — 41,855 — 597,452 License Revenue, Primarily From Hunting 23,335 1,344 279 — — — — 24,958 Other Non-Timber/Carbon Revenue 14,167 4,945 24,087 — — — — 43,199 Agency Fee Income — — — — — 1,361 — 1,361 Total Non-Timber Sales 37,502 6,289 24,366 — — 1,361 — 69,518 Improved Development — — — — 30,707 — — 30,707 Unimproved Development — — — — 114 — — 114 Rural — — — — 99,665 — — 99,665 Timberland & Non-Strategic — — — — 3,347 — — 3,347 Deferred Revenue/Other (a) — — — — 12,516 — — 12,516 Large Dispositions — — — — 242,200 — — 242,200 Total Real Estate Sales — — — — 388,549 — — 388,549 Revenue from Contracts with Customers 264,128 124,145 235,481 — 388,549 43,216 — 1,055,519 Lease Revenue — — — — 1,414 — — 1,414 Intersegment — — — — — 468 (468) — Total Revenue $264,128 $124,145 $235,481 — $389,963 $43,684 ($468) $1,056,933 December 31, 2022 Pulpwood $126,884 $15,094 $34,027 — — $7,178 — $183,183 Sawtimber 92,512 141,541 219,082 — — 62,116 — 515,251 Hardwood 17,216 — — — — — — 17,216 Total Timber Sales 236,612 156,635 253,109 — — 69,294 — 715,650 License Revenue, Primarily from Hunting 21,287 1,076 341 — — — — 22,704 Other Non-Timber/Carbon Revenue 6,302 4,526 20,626 — — — — 31,454 Agency Fee Income — — — — — 1,256 — 1,256 Total Non-Timber Sales 27,589 5,602 20,967 — — 1,256 — 55,414 Improved Development — — — — 35,413 — — 35,413 Rural — — — — 59,485 — — 59,485 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — (38) — — (38) Large Dispositions — — — — 30,471 — — 30,471 Total Real Estate Sales — — — — 136,731 — — 136,731 Revenue from Contracts with Customers 264,201 162,237 274,076 — 136,731 70,550 — 907,795 Lease Revenue — — — — 1,277 — — 1,277 Intersegment — — — — — 402 (402) — Total Revenue $264,201 $162,237 $274,076 — $138,008 $70,952 ($402) $909,072 December 31, 2021 Pulpwood $95,995 $9,336 $42,836 $792 — $11,369 — $160,328 Sawtimber 79,154 127,768 237,262 38,042 — 82,276 — 564,502 Hardwood 4,671 — — — — — — 4,671 Total Timber Sales 179,820 137,104 280,098 38,834 — 93,645 — 729,501 License Revenue, Primarily from Hunting 18,116 990 385 40 — — — 19,531 Other Non-Timber/Carbon Revenue 6,505 4,927 675 439 — — — 12,546 Agency Fee Income — — — — — 1,399 — 1,399 Fund II Timberland Dispositions — — — 156,752 — — — 156,752 Total Non-Timber Sales 24,621 5,917 1,060 157,231 — 1,399 — 190,228 Improved Development — — — — 51,713 — — 51,713 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 43,088 — — 43,088 Timberland & Non-Strategic — — — — 44 — — 44 Conservation Easements — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (3,532) — — (3,532) Large Dispositions — — — — 56,048 — — 56,048 Total Real Estate Sales — — — — 188,716 — — 188,716 Revenue from Contracts with Customers 204,441 143,021 281,158 196,065 188,716 95,044 — 1,108,445 Lease Revenue — — — — 1,152 — — 1,152 Intersegment — — — 3,337 — 320 (3,657) — Total Revenue $204,441 $143,021 $281,158 $199,402 $189,868 $95,364 ($3,657) $1,109,597 (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 years ended December 31, 2023, 2022 and 2021: Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total December 31, 2023 Stumpage Pay-as-Cut $109,583 — — — — $109,583 Stumpage Lump Sum 387 2,654 — — — 3,041 Total Stumpage 109,970 2,654 — — — 112,624 Delivered Wood (Domestic) 108,354 102,533 52,535 — 523 263,945 Delivered Wood (Export) 8,302 12,669 158,580 — 41,332 220,883 Total Delivered 116,656 115,202 211,115 — 41,855 484,828 Total Timber Sales $226,626 $117,856 $211,115 — $41,855 $597,452 December 31, 2022 Stumpage Pay-as-Cut $98,967 — — — — $98,967 Stumpage Lump Sum 1,022 7,770 — — — 8,792 Total Stumpage 99,989 7,770 — — — 107,759 Delivered Wood (Domestic) 125,136 137,421 62,068 — 2,310 326,935 Delivered Wood (Export) 11,487 11,444 191,041 — 66,984 280,956 Total Delivered 136,623 148,865 253,109 — 69,294 607,891 Total Timber Sales $236,612 $156,635 $253,109 — $69,294 $715,650 December 31, 2021 Stumpage Pay-as-Cut $68,471 — — $768 — $69,239 Stumpage Lump Sum 6,890 10,769 — — — 17,659 Total Stumpage 75,361 10,769 — 768 — 86,898 Delivered Wood (Domestic) 81,803 126,335 73,543 38,066 3,731 323,478 Delivered Wood (Export) 22,656 — 206,555 — 89,914 319,125 Total Delivered 104,459 126,335 280,098 38,066 93,645 642,603 Total Timber Sales $179,820 $137,104 $280,098 $38,834 $93,645 $729,501

TIMBERLAND ACQUISITIONS (Tables

TIMBERLAND ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Timberland Acquisitions	The following table summarizes the timberland acquisitions for the years ended December 31, 2023 and 2022: 2023 2022 Cost Acres Cost Acres Alabama (a) 231 — $124,020 35,995 Florida 4,809 2,194 1,053 741 Georgia (a) 333 16 130,124 28,514 Louisiana (a) 74 — 24,373 9,110 Texas (a) 5,024 1,317 178,200 65,226 Washington 3,591 353 26 20 New Zealand — 1,156 734 1,409 Total Acquisitions $14,062 5,036 $458,530 141,015 (a) Includes costs incurred in 2023 associated with acquisitions completed in the fourth quarter of 2022.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries	The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: 2023 2022 2021 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,145 $2,966 $7,696 The following table sets forth the Company’s noncontrolling interests in the operating partnership: 2023 2022 Beginning noncontrolling interests in the operating partnership $105,763 $133,823 Adjustment of noncontrolling interests in the operating partnership 2,421 (23,155) Conversions of redeemable operating partnership units to common shares (24,917) (3,925) Net income attributable to noncontrolling interests in the operating partnership 2,905 2,393 Other comprehensive (loss) income attributable to noncontrolling interests in the operating partnership (1,069) 295 Distributions to noncontrolling interests in the operating partnership (a) (3,452) (3,668) Total noncontrolling interests in the operating partnership $81,651 $105,763 (a)

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	12 Months Ended
	Dec. 31, 2023
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 for the three years ended December 31: 2023 2022 2021 Earnings per common share - basic Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in the operating partnership (2,905) (2,393) (4,516) Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income attributable to Rayonier Inc. $173,493 $107,077 $152,550 Denominator: Denominator for basic earnings per common share - weighted average shares 148,046,673 146,209,847 140,812,882 Basic earnings per common share attributable to Rayonier Inc.: $1.17 $0.73 $1.08 Earnings per common share - diluted Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $176,398 $109,470 $157,066 Denominator: Denominator for basic earnings per common share - weighted average shares 148,046,673 146,209,847 140,812,882 Add: Dilutive effect of: Stock options 472 5,132 8,727 Performance shares, restricted shares and restricted stock units 401,351 669,501 416,527 Noncontrolling interests in operating partnership units 2,618,699 3,268,473 4,062,725 Denominator for diluted earnings per common share - adjusted weighted average shares 151,067,195 150,152,953 145,300,861 Diluted earnings per common share attributable to Rayonier Inc.: $1.17 $0.73 $1.08 2023 2022 2021 Earnings per unit - basic Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income available to unitholders $176,398 $109,470 $157,066 Denominator: Denominator for basic earnings per unit - weighted average units 150,665,372 149,478,320 144,875,607 Basic earnings per unit attributable to Rayonier, L.P.: $1.17 $0.73 $1.08 Earnings per unit - diluted Numerator: Net Income $178,495 $122,791 $210,487 Less: Net income attributable to noncontrolling interests in consolidated affiliates (2,097) (13,321) (53,421) Net income available to unitholders $176,398 $109,470 $157,066 Denominator: Denominator for basic earnings per unit - weighted average units 150,665,372 149,478,320 144,875,607 Add: Dilutive effect of unit equivalents: Stock options 472 5,132 8,727 Performance shares, restricted shares and restricted stock units 401,351 669,501 416,527 Denominator for diluted earnings per unit - adjusted weighted average units 151,067,195 150,152,953 145,300,861 Diluted earnings per unit attributable to Rayonier, L.P. $1.17 $0.73 $1.08
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	2023 2022 2021 Anti-dilutive shares excluded from computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 164,865 103,514 149,705 2023 2022 2021 Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 164,865 103,514 149,705

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt consisted of the following at December 31, 2023 and 2022: 2023 2022 Debt: Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 $450,000 2015 Term Loan Facility borrowings due 2028 at a variable interest rate of 7.03% at December 31, 2023 350,000 350,000 2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 6.98% at December 31, 2023 200,000 200,000 2016 Incremental Term Loan Facility borrowings due 2026 at a variable interest rate of 7.08% at December 31, 2023 200,000 200,000 2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 7.03% at December 31, 2023 100,000 250,000 New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% 25,453 25,586 New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% 25,453 25,586 New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% 21,817 21,931 Total principal debt 1,372,723 1,523,103 Less: Unamortized discounts (2,772) (3,104) Less: Deferred financing costs (4,178) (5,278) Total long-term debt $1,365,773 $1,514,721
Schedule of Maturities of Long-term Debt	Principal payments due during the next five years and thereafter are as follows: 2024 — 2025 21,817 2026 225,453 2027 125,453 2028 350,000 Thereafter 650,000 Total debt $1,372,723
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2023, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 11.5 to 1 9.0 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 43 % 22 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt (b) Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.10 % 1.70 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.26 % 1.70 % 3.96 % April 2016 10 years 100,000 Incremental Term Loan 1.50 % 1.75 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.51 % 1.75 % 3.26 % May 2021 7 years 200,000 2021 Incremental Term Loan Facility 0.67 % 1.65 % 2.32 % December 2022 5 years 100,000 2022 Incremental Term Loan Facility 3.72 % 1.70 % 5.42 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Includes the SOFR Credit Spread Adjustment component of 0.1%. (c) Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of December 31, 2023: 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 0.78 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.64 % Term Credit Agreement August 2024 N/A May 2023 4 years 50,000 3.29 % 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 table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021: Location on Statement of Income and Comprehensive Income 2023 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($69) $5,093 ($10,939) Other operating (expense) income, net 7,522 (7,682) 2,974 Foreign currency option contracts Other comprehensive (loss) income 558 610 (2,733) Other operating (expense) income, net 446 — 1,177 Interest rate products Other comprehensive (loss) income 10,265 75,006 52,478 Interest expense, net (26,311) 2,459 14,694 Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $368 Foreign currency option contracts 146 Interest rate products 22,454 Total estimated gain on derivatives contracts $22,968
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 at December 31, 2023 and 2022: Notional Amount 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $122,700 $138,250 Foreign currency option contracts 98,000 78,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 200,000 150,000
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 December 31, 2023 and 2022. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Fair Value Assets (Liabilities) (a) Location on Balance Sheet 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,175 $25 Other assets 2,405 1,303 Other current liabilities (664) (5,457) Other non-current liabilities — (410) Foreign currency option contracts Other current assets 342 66 Other assets 2,158 2,131 Other current liabilities (139) (347) Other non-current liabilities (789) (1,281) Interest rate swaps Other current assets 5,742 — Other assets 37,983 60,843 Other non-current liabilities (546) (51) Forward-starting interest rate swaps Other assets 12,790 11,939 Other non-current liabilities (8) — Total derivative contracts: Other current assets $7,259 $91 Other assets 55,336 76,216 Total derivative assets $62,595 $76,307 Other current liabilities (803) (5,804) Other non-current liabilities (1,343) (1,742) Total derivative liabilities ($2,146) ($7,546) (a) See Note 9 — 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)	12 Months Ended
	Dec. 31, 2023
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 at December 31, 2023 and 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP: December 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Asset (Liability) (a) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $207,696 $207,696 — $114,255 $114,255 — Restricted cash (b) 678 678 — 1,152 1,152 — Long-term debt (c) (1,365,773) — (1,299,951) (1,514,721) — (1,438,736) Interest rate swaps (d) 43,179 — 43,179 60,792 — 60,792 Forward-starting interest rate swaps (d) 12,782 — 12,782 11,939 — 11,939 Foreign currency exchange contracts (d) 2,916 — 2,916 (4,539) — (4,539) Foreign currency option contracts (d) 1,572 — 1,572 569 — 569 Noncontrolling interests in the operating partnership (e) 81,651 — 81,651 105,763 — 105,763 (a) We did not have Level 3 assets or liabilities at December 31, 2023 and 2022. (b) Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 21 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 7 — Debt for additional information. (d) See Note 8 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 5 — Noncontrolling Interests for additional information.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	At December 31, 2023, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Real Estate Projects (b) Commitments (c) Total 2024 $11,793 $33,364 $9,962 $55,119 2025 370 1,156 386 1,912 2026 835 1,156 42 2,033 2027 542 1,156 3 1,701 2028 317 1,156 — 1,473 Thereafter 2,721 6,966 — 9,687 $16,578 $44,954 $10,393 $71,925 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 12 — 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. (c) Commitments include $8.4 million related to pension plan termination, payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations. See Note 18 — Employee Benefit Plans for additional information on the pension plan termination.

ENVIRONMENTAL AND NATURAL RES_2

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2022 to December 31, 2023 are shown below: Port Gamble, WA Non-current portion at December 31, 2022 $14,418 Plus: Current portion 1,175 Total Balance at December 31, 2022 15,593 Expenditures charged to liabilities (436) Increase in liabilities (a) 1,421 Total Balance at December 31, 2023 16,578 Less: Current portion (11,793) Non-current portion at December 31, 2023 $4,785 (a)

GUARANTEES (Tables)

GUARANTEES (Tables)	12 Months Ended
	Dec. 31, 2023
Guarantees [Abstract]
Schedule of Guarantor Obligations	We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2023, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $10,124 Surety bonds (c) 9,890 Total financial commitments $20,014 (a) We have not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Approximately $9.2 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements. These letters of credit will expire at various dates during 2024 and will be renewed as required. (c) Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2024, 2025, and 2026 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERL_2

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [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, 2022 to December 31, 2023 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, 2022 $91,374 $23,723 $115,097 Plus: Current portion (a) 408 17,501 17,909 Total Balance at December 31, 2022 91,782 41,224 133,006 Non-cash cost of land and improved development (2,122) (16,261) (18,383) Amortization of parcel real estate development investments — (12,628) (12,628) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,732) — (1,732) Capitalized real estate development investments (b) — 30,913 30,913 Capital expenditures (silviculture) 136 — 136 Intersegment transfers 621 — 621 Total Balance at December 31, 2023 88,685 43,248 131,933 Less: Current portion (a) (1,699) (24,639) (26,338) Non-current portion at December 31, 2023 $86,986 $18,609 $105,595 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 15 — Inventory for additional information. (b) Capitalized real estate development investments includes $1.0 million of capitalized interest and $7.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	As of December 31, 2023 and 2022, our inventory consisted entirely of finished goods, as follows: 2023 2022 Finished goods inventory Real estate inventory (a) $26,338 $17,909 Log inventory 4,490 5,347 Carbon unit inventory (b) 189 473 Total inventory $31,017 $23,729 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. (b) Represents the basis in New Zealand carbon units intended to be sold in the next 12 months. See Note 1 — Summary of Significant Accounting Policies and Note 23 — Other Assets for additional information on carbon credits.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Operating Lease Maturities	The following table details our undiscounted lease obligations as of December 31, 2023 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2024 2025 2026 2027 2028 Thereafter Operating lease liabilities $195,999 $9,653 $8,725 $7,955 $7,761 $7,439 $154,466 Total Undiscounted Cash Flows $195,999 $9,653 $8,725 $7,955 $7,761 $7,439 $154,466 Imputed interest (100,219) Balance at December 31, 2023 $95,780 Less: Current portion (8,096) Non-current portion at December 31, 2023 $87,684
Schedule of Lease Cost	The following table details components of our lease cost for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, Lease Cost Components 2023 2022 2021 Operating lease cost $9,694 $9,332 $10,166 Variable lease cost (a) 535 757 196 Total lease cost (b) $10,229 $10,089 $10,362 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2023. The following table details components of our lease cost for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Supplemental Cash Flow Information Related to Leases: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,841 $2,571 $2,389 Investing cash flows from operating leases 6,853 6,761 7,777 Total cash flows from operating leases $9,694 $9,332 $10,166 Weighted-average remaining lease term in years - operating leases 30 30 29 Weighted-average discount rate - operating leases 6 % 5 % 5 %
Schedule of Lease, Practical Expedient	We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

OTHER OPERATING (EXPENSE) INC_2

OTHER OPERATING (EXPENSE) INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Operating Income (Expense), Net	The following table provides the composition of Other operating (expense) income, net for the three years ended December 31: 2023 2022 2021 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($8,458) ($5,251) $6,823 Gain on sale or disposal of property plant & equipment 37 40 75 Gain on investment in Timber Funds (a) — — 7,482 Log trading marketing fees — — 6 Equity income related to Bainbridge Landing LLC joint venture (b) — 15,477 102 Miscellaneous income (expense), net 115 (562) (404) Total ($8,306) $9,704 $14,084 (a) Gain on investment in Timber Funds represents the gain recognized on the sale of rights to manage two timber funds (Funds III and IV) previously managed by the Company’s Olympic Resources Management (ORM) subsidiary, as well as its co-investment stake in both funds. (b) The year ended December 31, 2022 includes $16.0 million of equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See Note 5 — Noncontrolling Interests for additional information.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Changes in Projected Benefit Obligations	The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2023 2022 2023 2022 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $70,062 $93,799 $1,421 $1,890 Service cost — — 4 7 Interest cost 3,374 2,434 70 51 Actuarial loss (gain) 4,356 (22,376) 10 (513) Benefits paid (3,924) (3,609) (14) (14) Expenses paid (653) (186) — — Settlement (10,073) — — — Projected benefit obligation at end of year $63,142 $70,062 $1,491 $1,421 Funded Status at End of Year: Net accrued benefit cost ($8,392) ($7,219) ($1,491) ($1,421)
Schedule of Changes in Fair Value of Plan Assets	Change in Plan Assets Fair value of plan assets at beginning of year $62,843 $85,079 — — Actual return on plan assets 6,356 (18,527) — — Employer contributions 201 86 14 14 Benefits paid (3,924) (3,609) (14) (14) Other expense (653) (186) — — Settlement (10,073) — — — Fair value of plan assets at end of year $54,750 $62,843 — —
Schedule of Amounts Recognized in Balance Sheet	Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($8,392) ($86) ($52) ($50) Noncurrent liabilities — (7,133) (1,439) (1,371) Net amount recognized ($8,392) ($7,219) ($1,491) ($1,421)
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value	For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: 2023 2022 Projected benefit obligation $63,142 $70,062 Accumulated benefit obligation 63,142 70,062 Accumulated postretirement benefit obligation 1,491 1,421 Fair value of plan assets 54,750 62,843
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Net (losses) gains ($1,438) $362 $11,262 ($11) $512 $40 Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: Pension Postretirement 2023 2022 2021 2023 2022 2021 Amortization of losses $6 $738 $1,154 — $15 $20 Net settlement loss $2,036 — — — — —
Schedule of Net Periodic Benefit Cost Not yet Recognized	Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows: Pension Postretirement 2023 2022 2023 2022 Net (losses) income ($10,923) ($11,527) $85 $96 Deferred income tax benefit 1,216 1,216 6 6 AOCI ($9,707) ($10,311) $91 $102
Schedule of Net Benefit Costs	The following tables set forth the components of net pension and postretirement benefit cost (credit) that have been recognized during the three years ended December 31: Pension Postretirement 2023 2022 2021 2023 2022 2021 Components of Net Periodic Benefit Cost (Credit) Service cost — — — $4 $7 $8 Interest cost 3,374 2,434 2,228 70 51 45 Expected return on plan assets (3,439) (3,486) (3,746) — — — Amortization of losses 6 738 1,154 — 15 20 Settlement expense 2,036 — — — — — Net periodic benefit cost (credit) $1,977 ($314) ($364) $74 $73 $73
Schedule of Assumptions Used	The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: Pension Postretirement 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligations at December 31: Discount rate 4.99 % 4.96 % 2.65 % 4.81 % 5.01 % 2.75 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.96 % 2.65 % 2.26 % 5.01 % 2.75 % 2.42 % Expected long-term return on plan assets 4.97 % 4.97 % 5.72 % — — —
Schedule of Allocation of Plan Assets	Our pension plans’ asset allocation (excluding short-term investments) at December 31, 2023 and 2022 are as follows: Percentage of Asset Category 2023 2022 Domestic equity securities 15 % 28 % International equity securities 9 % 20 % Domestic fixed income securities 75 % 50 % Real estate fund 1 % 2 % Total 100 % 100 % The following table sets forth the net asset value of the plan assets as of December 31, 2023 or 2022: December 31, 2023 December 31, 2022 Asset Category Investments at Net Asset Value: Separate Investment Accounts $54,750 $62,843 Total Investments at Net Asset Value $54,750 $62,843
Schedule of Expected Benefit Payments	Our expected benefit payments to be made for the next 10 years are as follows: Pension Postretirement 2024 $63,142 $52 2025 — 57 2026 — 63 2027 — 67 2028 — 70 2029-2033 — 414 (a)

INCENTIVE STOCK PLANS (Tables)

INCENTIVE STOCK PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs	A summary of our stock-based compensation cost is presented below: 2023 2022 2021 Selling and general expenses $12,710 $10,767 $8,255 Cost of sales 986 1,226 816 Timber and Timberlands, net (a) 306 363 206 Total stock-based compensation $14,002 $12,356 $9,277 Tax benefit recognized related to stock-based compensation expense (b) $677 $603 $487 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b)
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	A summary of our restricted stock units is presented below: 2023 2022 2021 Restricted stock units granted 207,006 130,213 129,290 Weighted average price of restricted stock units granted $32.93 $41.81 $33.59 Intrinsic value of restricted stock units outstanding (a) $16,068 $13,826 $15,095 Grant date fair value of restricted stock units vested 4,454 2,475 493 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested 1,665 1,063 189 (a) Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2023. 2023 Number of Weighted Non-vested Restricted Stock Units at January 1, 419,484 $32.12 Granted 207,006 32.93 Vested (142,949) 31.16 Cancelled (2,616) 35.28 Non-vested Restricted Stock Units at December 31, 480,925 $32.74 A summary of our restricted stock is presented below: 2023 2022 2021 Restricted shares granted 36,403 22,800 22,140 Weighted average price of restricted shares granted $30.22 $38.60 $37.36 Intrinsic value of restricted stock outstanding (a) $66 $620 $3,062 Grant date fair value of restricted stock vested 1,647 2,478 3,121 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested 208 708 869 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2023. 2023 Number of Weighted Non-vested Restricted Shares at January 1, 18,808 $31.58 Granted 36,403 30.22 Vested (53,238) 30.93 Non-vested Restricted Shares at December 31, 1,973 $24.01
Schedule of Nonvested Performance-based Units Activity	A summary of our performance share units is presented below: 2023 2022 2021 Common shares reserved for performance shares granted during year 285,863 193,333 191,203 Weighted average fair value of performance share units granted $37.77 $45.68 $36.10 Intrinsic value of outstanding performance share units (a) $12,730 $13,123 $16,360 Fair value of performance shares vested 5,863 5,549 1,738 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested 2,342 2,454 559 (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2023. 2023 Number Weighted Outstanding Performance Share units at January 1, 398,156 $35.78 Granted 163,350 37.77 Units Distributed (179,942) 29.57 Other Cancellations/Adjustments (530) 40.78 Outstanding Performance Share units at December 31, 381,034 $39.56 Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31: 2023 2022 2021 Expected volatility 29.9 % 38.1 % 35.6 % Risk-free rate 3.7 % 2.6 % 0.4 % Liquidity discount applied to grants with a post-vesting holding restriction 4.7 % 4.2 % 6.3 %
Schedule of Share-based Compensation, Stock Options, Activity	A summary of the status of our stock options as of and for the year ended December 31, 2023 is presented below: 2023 Number of Weighted Weighted Aggregate Options outstanding at January 1, 54,091 $35.15 Exercised (2,408) 31.28 Cancelled or expired (26,959) 38.53 Options outstanding at December 31, 24,724 31.83 0.10 $44 Options exercisable at December 31, 24,724 $31.83 0.10 $44 A summary of additional information pertaining to our stock options is presented below: 2023 2022 2021 Intrinsic value of options exercised (a) $2 $300 $916 Cash received from exercise of options 75 2,466 5,922 (a) Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes for each of the three years ended December 31 follows: 2023 2022 2021 Current U.S. federal — ($2,797) ($1,893) State (292) (371) (536) Foreign (4,441) (2,694) (11,425) (4,733) (5,862) (13,854) Deferred U.S. federal 8,386 2,302 (6,288) State 1,187 1,693 (1,623) Foreign (388) (3,583) (2,007) 9,185 412 (9,918) Changes in valuation allowance (9,574) (3,939) 9,111 Total ($5,122) ($9,389) ($14,661)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows: 2023 2022 2021 U.S. federal statutory income tax rate ($38,560) (21.0) % ($27,758) (21.0) % ($47,280) (21.0) % U.S. and foreign REIT income 47,616 25.9 29,732 22.5 44,316 19.7 Matariki Group and Rayonier New Zealand Ltd (3,681) (2.0) (5,038) (3.8) (12,927) (5.7) Change in valuation allowance (9,574) (5.2) (3,939) (3.0) 9,111 4.0 REIT Built-in Gain — — (2,516) (1.9) (2,215) (1.0) Foreign income tax withholding (1,148) (0.6) (1,239) (0.9) (505) (0.2) Sale of Timber Funds — — — — (2,399) (1.1) State Income Tax, Net of Federal Benefit 1,322 0.7 1,424 1.1 — — Bainbridge Landing JV, NCI — — 2,496 1.8 — — Other (1,097) (0.6) (2,551) (1.9) (2,762) (1.2) Income tax expense as reported for net income ($5,122) (2.8) % ($9,389) (7.1) % ($14,661) (6.5) %
Schedule of Deferred Tax Assets and Liabilities	The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows: 2023 2022 Gross deferred tax assets: Pension, postretirement and other employee benefits $565 $489 New Zealand subsidiary 19,717 20,753 Cellulosic Biofuel Producer Credit tax credit carry forwards 13,688 13,688 Capitalized real estate costs 4,564 2,457 U.S. TRS net operating loss 30,061 23,885 Other 5,073 4,808 Total gross deferred tax assets 73,668 66,080 Less: Valuation allowance (50,418) (40,844) Total deferred tax assets after valuation allowance $23,250 $25,236 Gross deferred tax liabilities: Accelerated depreciation — (9) New Zealand subsidiary (89,899) (88,414) Other (3,616) (4,558) Total gross deferred tax liabilities (93,515) (92,981) Net deferred tax liability reported as noncurrent ($70,265) ($67,745)
Schedule of Operating Loss and Tax Credit Carryforwards	Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: Tax Effected Balance Expiration 2023 U.S. Federal NOL Carryforwards- Post TCJA (a) $25,948 None U.S State NOL Carryforwards (b) 4,112 Various Cellulosic Biofuel Producer Credit 13,688 2024 2022 U.S. Federal NOL Carryforwards- Post TCJA (a) $20,538 None U.S State NOL Carryforwards (b) 3,347 Various Cellulosic Biofuel Producer Credit 13,688 2024 (a) The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period. (b) The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033.
Schedule of Income Tax Examinations	The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: Taxing Jurisdiction Open Tax Years U.S. Internal Revenue Service 2020 - 2022 New Zealand Inland Revenue 2018 - 2022
Schedule of Tax Characteristics of Dividend Distributions	The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows: 2023 2022 2021 Total dividends/distributions paid per common share/unit (a) $1.34 $1.125 $1.08 Tax characteristics: Capital gain 100 % 100 % 100 % (a)

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2023
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 two years ended December 31: 2023 2022 Restricted cash: Restricted cash deposited with LKE intermediary $2 $527 Restricted cash held in escrow 676 625 Total restricted cash shown in the Consolidated Balance Sheets 678 1,152 Cash and cash equivalents 207,696 114,255 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $208,374 $115,407

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
Schedule of Other Assets	The following table provides the composition of Other assets for the two years ended December 31: 2023 2022 Long-term derivative contracts (a) $55,336 $76,216 Patronage equity (b) 8,292 7,872 Goodwill (b) 7,822 7,863 New Zealand long-term secondary roads (b) 5,995 6,971 Equity investments (c) 5,947 — Capitalized software costs (b) 5,427 5,795 Pacific Northwest long-term prepaid roads (b) 5,354 5,857 Rabbi trusts related to the Executive Severance Pay Plan (d) 1,962 1,869 Deferred financing costs related to revolving debt (b) 604 854 Carbon credits (e) 419 1,086 Long-term prepaid stumpage 260 713 Long-term deposits 135 212 Other 2 173 Total $97,555 $115,481 (a) See Note 1 — Summary of Significant Accounting Policies and Note 8 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets. (b) See Note 1 — Summary of Significant Accounting Policies for additional information. (c) Represents the cost basis in four joint venture entities by our New Zealand subsidiary, reflecting investments made for the establishment and enhancement of timber assets which the joint ventures will monetize upon maturation of the timber. (d) The Executive Severance Pay Plan provides benefits to eligible executives in the event of a change in control of the Company. (e) See Note 1 — Summary of Significant Accounting Policies and Note 15 — Inventory for additional information on carbon credits.
Schedule of Changes in Goodwill	Changes in goodwill for the years ended December 31, 2023 and 2022 were: 2023 2022 Balance, January 1 (net of $0 of accumulated impairment) $7,863 $8,457 Changes to carrying amount Foreign currency adjustment (41) (594) Balance, December 31 (net of $0 of accumulated impairment) $7,822 $7,863

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table summarizes the changes in AOCI by component for the years ended December 31, 2023 and 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation gains/(losses) Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation of Operating Partnership Total Rayonier Inc. Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive (loss) income before reclassifications (22,282) — 78,166 (a) 874 56,758 (1,323) 55,435 Amounts reclassified from accumulated other comprehensive income — — (1,799) 753 (b) (1,046) 1,028 (18) Net other comprehensive (loss) income (22,282) — 76,367 1,627 55,712 (295) 55,417 Balance as of December 31, 2022 ($18,067) $1,321 $67,204 ($10,209) $40,249 ($4,436) $35,813 Other comprehensive (loss) income before reclassifications (1,466) — 10,537 (a) (1,449) 7,622 (75) 7,547 Amounts reclassified from accumulated other comprehensive income — — (21,895) 2,042 (b) (19,853) 1,144 (18,709) Net other comprehensive (loss) income (1,466) — (11,358) 593 (12,231) 1,069 (11,162) Balance as of December 31, 2023 ($19,533) $1,321 $55,846 ($9,616) $28,018 ($3,367) $24,651 (a) The years ended December 31, 2023 and December 31, 2022 include $10.3 million and $75.0 million, respectively, of other comprehensive income related to interest rate products. See Note 8 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 18 — Employee Benefit Plans
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the years ended December 31, 2023 and 2022: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement 2023 2022 Realized loss (gain) on foreign currency exchange contracts $7,522 ($7,682) Other operating (expense) income, net Realized loss on foreign currency option contracts 446 — Other operating (expense) income, net Noncontrolling interest (1,833) 1,768 Comprehensive income attributable to noncontrolling interests Realized (gain) loss on interest rate contracts (26,311) 2,459 Interest expense Income tax effect from net (loss) gain on foreign currency contracts (1,719) 1,656 Income tax expense Net gain on cash flow hedges reclassified from accumulated other comprehensive income ($21,895) ($1,799)

RELATED PARTY (Tables)

RELATED PARTY (Tables)	12 Months Ended
	Dec. 31, 2023
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 years ended December 31: Related Party Transaction Location on Statement of Income and Comprehensive Income 2023 2022 2021 Mattamy Contract Sales (a) — $916 $2,656 (a)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)			12 Months Ended
	Dec. 31, 2023 USD ($) method $ / shares	Oct. 01, 2022 USD ($)	Dec. 31, 2023 USD ($) method $ / shares	Dec. 31, 2022 USD ($)
Other Ownership Interests [Line Items]
Loan term (in years)			10 years
Conversion ratio on redeemable common units			1
Deferred revenue	$ 19,012,000		$ 19,012,000	$ 22,762,000
Long-term deferred revenue	$ 11,294,000		$ 11,294,000	6,895,000
Number of primary methods or sales channels | method	2		2
Contract duration (or less) (in years)			1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Other Ownership Interests [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months		12 months
Separate Investment Accounts
Other Ownership Interests [Line Items]
Net liability position	$ 8,392,000		$ 8,392,000	$ 7,219,000
New Zealand Timber
Other Ownership Interests [Line Items]
Impairment		$ 0
Minimum
Other Ownership Interests [Line Items]
Harvested in months, to be recorded as prepaid logging roads (in months)			24 months
Useful life (in years)	3 years		3 years
Life cycle of development projects (in years)			20 years
Deposit required (as a percent)	2%		2%
Minimum | Buildings
Other Ownership Interests [Line Items]
Useful life (in years)	15 years		15 years
Minimum | Land Improvements
Other Ownership Interests [Line Items]
Useful life (in years)	5 years		5 years
Maximum
Other Ownership Interests [Line Items]
Harvested in months, to be recorded as prepaid logging roads (in months)			60 months
Useful life (in years)	25 years		25 years
Life cycle of development projects (in years)			40 years
Deposit required (as a percent)	5%		5%
Maximum | Software Costs
Other Ownership Interests [Line Items]
Useful life (in years)	5 years		5 years
Maximum | Buildings
Other Ownership Interests [Line Items]
Useful life (in years)	35 years		35 years
Maximum | Land Improvements
Other Ownership Interests [Line Items]
Useful life (in years)	30 years		30 years
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (as a percent)	98.40%		98.40%
Ownership interest owned by limited partners (as a percent)	1.60%
CoBank
Other Ownership Interests [Line Items]
Percent of average loan balance (as a percent)			8%
Historical average loan (in years)			10 years
Equity purchase percentage by cash (as a percent)	90%		90%
Equity percentage equity basis (as a percent)	10%		10%
Cash value of stock until retired	$ 0		$ 0
CoBank | Class A Common Stock
Other Ownership Interests [Line Items]
Common stock (in dollars per unit) | $ / shares	$ 100		$ 100

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2023
Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation (in days)	10 days
Stumpage Pay-as-Cut | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value (as a percent)	5%
Stumpage Pay-as-Cut | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value (as a percent)	20%
Total Delivered | Delivered Wood (Domestic)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation (in days)	30 days
Total Delivered | Delivered Wood (Export)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation, letter of credit (in days)	30 days

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	5

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales	$ 1,056,933	$ 909,072	$ 1,109,597
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Sales			159,100
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Sales			125,400
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Sales			31,400
Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales	(468)	(402)	(3,657)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Sales	264,128	264,201	204,441
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Sales	124,145	162,237	143,021
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Sales	235,481	274,076	281,158
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Sales	0	0	199,402
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Sales	389,963	138,008	189,868
Operating Segments | Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Sales	242,200	30,471	56,048
Operating Segments | Real Estate | Improved Development
Segment Reporting Information [Line Items]
Sales	30,707	35,413	51,713
Operating Segments | Real Estate | Unimproved Development
Segment Reporting Information [Line Items]
Sales	114	0	37,500
Operating Segments | Real Estate | Rural
Segment Reporting Information [Line Items]
Sales	99,665	59,485	43,088
Operating Segments | Real Estate | Timberland & Non-Strategic
Segment Reporting Information [Line Items]
Sales	3,347	11,400	44
Operating Segments | Real Estate | Conservation Easements
Segment Reporting Information [Line Items]
Sales	0	0	3,855
Operating Segments | Real Estate | Deferred Revenue/Other
Segment Reporting Information [Line Items]
Sales	13,930	1,239	(2,380)
Operating Segments | Trading
Segment Reporting Information [Line Items]
Sales	43,684	70,952	95,364
Intersegment Eliminations | Timber Funds
Segment Reporting Information [Line Items]
Sales			3,337
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
Sales	468	402	320
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales	$ (468)	$ (402)	$ (3,657)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 211,284	$ 165,822	$ 269,775
Unallocated interest expense and other	(27,667)	(33,642)	(44,627)
Total Income before Income Taxes	183,617	132,180	225,148
Gain from net recovery with legal settlement	20,700
Separate Investment Accounts
Segment Reporting Information [Line Items]
Settlement expense	2,036	0	0
Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties	0	0	51,522
Pacific Northwest Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events		700
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	2,300
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
OPERATING INCOME			45,600
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties			41,200
Timber Funds, Portion Attributable To Parent | Large Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties			7,500
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties			10,300
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
OPERATING INCOME	105,100	16,600	44,800
Real Estate | Large Dispositions | Multi-Family Apartment Complex Sale
Segment Reporting Information [Line Items]
Gain on sale of properties		11,500
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	76,256	96,616	66,111
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	(8,998)	15,192	6,827
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	26,045	30,621	51,513
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
OPERATING INCOME	0	0	63,219
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
OPERATING INCOME	156,605	58,495	112,540
Operating Segments | Trading
Segment Reporting Information [Line Items]
OPERATING INCOME	492	382	144
Corporate and other
Segment Reporting Information [Line Items]
OPERATING INCOME	$ (39,116)	$ (35,484)	$ (30,579)

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Capital Expenditure (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total capital expenditures	$ 81,447	$ 74,811	$ 75,965
Purchase of timberlands	14,062	458,530	179,115
Total Gross Capital Expenditures	95,509	533,341	255,080
Real estate development investments	23,078	13,698	12,521
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total capital expenditures			2,800
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total capital expenditures	46,506	39,301	35,790
Purchase of timberlands	10,471	457,770	168,188
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total capital expenditures	17,371	16,770	16,585
Purchase of timberlands	3,591	26	0
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total capital expenditures	16,663	18,455	20,128
Purchase of timberlands	0	734	10,927
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Total capital expenditures	0	0	3,271
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total capital expenditures	302	285	191
Corporate and other
Segment Reporting Information [Line Items]
Total capital expenditures	$ 605	$ 0	$ 0

SEGMENT AND GEOGRAPHICAL INFO_7

SEGMENT AND GEOGRAPHICAL INFORMATION - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	$ 249,361	$ 155,669	$ 248,505
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization			78,900
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization			66,400
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	91,100	8,300	9,800
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization			16,600
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	79,974	60,298	54,116
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	36,924	48,024	50,487
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	21,666	23,876	27,005
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	0	0	97,943
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	109,085	22,216	17,746
Corporate and other
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	$ 1,712	$ 1,255	$ 1,208

SEGMENT AND GEOGRAPHICAL INFO_8

SEGMENT AND GEOGRAPHICAL INFORMATION - Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	$ 73,458	$ 32,934	$ 45,309
Timber Funds
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	0	0	20,239
Timber Funds | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development			20,200
Real Estate
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	73,458	32,934	25,070
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	$ 43,700	$ 4,600	100
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development			16,200
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development			$ 4,000

SEGMENT AND GEOGRAPHICAL INFO_9

SEGMENT AND GEOGRAPHICAL INFORMATION - Geographical Operating Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 1,056,933	$ 909,072	$ 1,109,597
OPERATING INCOME	211,284	165,822	269,775
Identifiable Assets	3,647,585	3,789,371
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	787,906	576,780	732,995
OPERATING INCOME	185,156	135,900	217,964
Identifiable Assets	3,098,555	3,244,128
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	269,027	332,292	376,602
OPERATING INCOME	26,128	29,922	$ 51,811
Identifiable Assets	$ 549,030	$ 545,243

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 28,652	$ 27,837
Deferred revenue, current	19,012	22,762
LONG-TERM DEFERRED REVENUE	$ 11,294	$ 6,895

REVENUE - Contract Liabilities

REVENUE - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 21,187	$ 16,148

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 1,055,519	$ 907,795	$ 1,108,445
Lease Revenue	1,414	1,277	1,152
Total Revenue	1,056,933	909,072	1,109,597
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	597,452	715,650	729,501
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	140,166	183,183	160,328
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	453,007	515,251	564,502
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,279	17,216	4,671
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,518	55,414	190,228
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,958	22,704	19,531
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,199	31,454	12,546
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,361	1,256	1,399
Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			156,752
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	388,549	136,731	188,716
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,707	35,413	51,713
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	114		37,500
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	99,665	59,485	43,088
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,347	11,400	44
Conservation Easements
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			3,855
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,516	(38)	(3,532)
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	242,200	30,471	56,048
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(468)	(402)	(3,657)
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	264,128	264,201	204,441
Total Revenue	264,128	264,201	204,441
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	226,626	236,612	179,820
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	99,035	126,884	95,995
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	123,312	92,512	79,154
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,279	17,216	4,671
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	37,502	27,589	24,621
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,335	21,287	18,116
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,167	6,302	6,505
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	124,145	162,237	143,021
Total Revenue	124,145	162,237	143,021
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	117,856	156,635	137,104
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,410	15,094	9,336
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,446	141,541	127,768
Operating Segments | Pacific Northwest Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,289	5,602	5,917
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,344	1,076	990
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,945	4,526	4,927
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	235,481	274,076	281,158
Total Revenue	235,481	274,076	281,158
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	211,115	253,109	280,098
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,760	34,027	42,836
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	182,355	219,082	237,262
Operating Segments | New Zealand Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,366	20,967	1,060
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	279	341	385
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,087	20,626	675
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			196,065
Total Revenue	0	0	199,402
Operating Segments | Timber Funds | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,834
Operating Segments | Timber Funds | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			792
Operating Segments | Timber Funds | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			38,042
Operating Segments | Timber Funds | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			0
Operating Segments | Timber Funds | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			157,231
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			40
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			439
Operating Segments | Timber Funds | Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			156,752
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	388,549	136,731	188,716
Lease Revenue	1,414	1,277	1,152
Total Revenue	389,963	138,008	189,868
Operating Segments | Real Estate | Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	388,549	136,731	188,716
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,707	35,413	51,713
Total Revenue	30,707	35,413	51,713
Operating Segments | Real Estate | Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	114		37,500
Total Revenue	114	0	37,500
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	99,665	59,485	43,088
Total Revenue	99,665	59,485	43,088
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,347	11,400	44
Operating Segments | Real Estate | Conservation Easements
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			3,855
Total Revenue	0	0	3,855
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,516	(38)	(3,532)
Total Revenue	13,930	1,239	(2,380)
Operating Segments | Real Estate | Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	242,200	30,471	56,048
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,216	70,550	95,044
Total Revenue	43,684	70,952	95,364
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,855	69,294	93,645
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,961	7,178	11,369
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	37,894	62,116	82,276
Operating Segments | Trading | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,361	1,256	1,399
Operating Segments | Trading | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Trading | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,361	1,256	1,399
Intersegment Eliminations | Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue			3,337
Intersegment Eliminations | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	468	402	320
Intersegment Eliminations | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (468)	$ (402)	$ (3,657)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 1,055,519	$ 907,795	$ 1,108,445
Southern Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	264,128	264,201	204,441
Pacific Northwest Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	124,145	162,237	143,021
New Zealand Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	235,481	274,076	281,158
Timber Funds | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			196,065
Trading | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,216	70,550	95,044
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	112,624	107,759	86,898
Total Stumpage | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,970	99,989	75,361
Total Stumpage | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,654	7,770	10,769
Total Stumpage | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Stumpage | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	768
Total Stumpage | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,583	98,967	69,239
Stumpage Pay-as-Cut | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	109,583	98,967	68,471
Stumpage Pay-as-Cut | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	768
Stumpage Pay-as-Cut | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,041	8,792	17,659
Stumpage Lump Sum | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	387	1,022	6,890
Stumpage Lump Sum | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,654	7,770	10,769
Stumpage Lump Sum | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	484,828	607,891	642,603
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	263,945	326,935	323,478
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	220,883	280,956	319,125
Total Delivered | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	116,656	136,623	104,459
Total Delivered | Southern Timber | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	108,354	125,136	81,803
Total Delivered | Southern Timber | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,302	11,487	22,656
Total Delivered | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	115,202	148,865	126,335
Total Delivered | Pacific Northwest Timber | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	102,533	137,421	126,335
Total Delivered | Pacific Northwest Timber | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,669	11,444	0
Total Delivered | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	211,115	253,109	280,098
Total Delivered | New Zealand Timber | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	52,535	62,068	73,543
Total Delivered | New Zealand Timber | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	158,580	191,041	206,555
Total Delivered | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,066
Total Delivered | Timber Funds | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,066
Total Delivered | Timber Funds | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Delivered | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,855	69,294	93,645
Total Delivered | Trading | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	523	2,310	3,731
Total Delivered | Trading | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,332	66,984	89,914
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	597,452	715,650	729,501
Total Timber Sales | Southern Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	226,626	236,612	179,820
Total Timber Sales | Pacific Northwest Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	117,856	156,635	137,104
Total Timber Sales | New Zealand Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	211,115	253,109	280,098
Total Timber Sales | Timber Funds | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	38,834
Total Timber Sales | Trading | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 41,855	$ 69,294	$ 93,645

TIMBERLAND ACQUISITIONS - Narra

TIMBERLAND ACQUISITIONS - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2023 USD ($) a transaction	Dec. 31, 2022 USD ($) a transaction
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		5,036	141,015
2022 Acquisitions
Business Acquisition [Line Items]
Additional costs | $		$ 0.9
Florida, Georgia, Texas and Washington
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		4,000
Number of acquisitions | transaction		6
Aggregate value | $		$ 13.2
New Zealand
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		1,156	1,409
New Zealand | Manulife Investment Management | Leased Land
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		1,000
New Zealand | Timberland Acquired In New Zealand
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			1,000
Aggregate value | $			$ 0.7
New Zealand | Timberland Acquired In New Zealand | Leased Land
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			400
Texas, Georgia, Alabama and Louisiana | Manulife Investment Management
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)	138,000
Aggregate value | $	$ 454.5
Alabama, Florida, Georgia And Washington
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			2,000
Number of acquisitions | transaction			5
Aggregate value | $			$ 3.3

TIMBERLAND ACQUISITIONS - Summa

TIMBERLAND ACQUISITIONS - Summary of Timberland Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Cost | $	$ 14,062	$ 458,530	$ 179,115
Acres | a	5,036	141,015
Alabama
Business Acquisition [Line Items]
Cost | $	$ 231	$ 124,020
Acres | a	0	35,995
Florida
Business Acquisition [Line Items]
Cost | $	$ 4,809	$ 1,053
Acres | a	2,194	741
Georgia
Business Acquisition [Line Items]
Cost | $	$ 333	$ 130,124
Acres | a	16	28,514
Louisiana
Business Acquisition [Line Items]
Cost | $	$ 74	$ 24,373
Acres | a	0	9,110
Texas
Business Acquisition [Line Items]
Cost | $	$ 5,024	$ 178,200
Acres | a	1,317	65,226
Washington
Business Acquisition [Line Items]
Cost | $	$ 3,591	$ 26
Acres | a	353	20
New Zealand
Business Acquisition [Line Items]
Cost | $	$ 0	$ 734
Acres | a	1,156	1,409

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity loss related to Ferncliff Investors joint venture	$ 0	$ 15,477	$ 102
Equity income attributable to Rayonier		4,500
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned | a	421,000
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Purchase price		65,500
Equity loss related to Ferncliff Investors joint venture		16,000
Equity income attributable to Rayonier		$ 4,500
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed (in acres) | a	5
Rayonier | Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77%
Rayonier New Zealand Subsidiary | Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23%
Ferncliff Investors | Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)	33.33%
Bainbridge Landing LLC | Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)	50%

NONCONTROLLING INTERESTS - Net

NONCONTROLLING INTERESTS - Net Income (Loss) Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net income attributable to noncontrolling interests in the New Zealand subsidiary	$ 2,097	$ 13,321	$ 53,421
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income attributable to noncontrolling interests in the New Zealand subsidiary	$ 2,145	$ 2,966	$ 7,696

NONCONTROLLING INTERESTS - Nonc

NONCONTROLLING INTERESTS - Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 29, 2023	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Beginning noncontrolling interests in the operating partnership		$ 105,763	$ 133,823
Adjustment of noncontrolling interests in the operating partnership		2,421	(23,155)
Conversions of redeemable operating partnership units to common shares		(24,917)	(3,925)
Net income attributable to noncontrolling interests in the operating partnership		2,905	2,393
Other comprehensive (loss) income attributable to noncontrolling interests in the operating partnership		(1,069)	295
Distributions to noncontrolling interests in the operating partnership (a)		(3,452)	(3,668)
Total noncontrolling interests in the operating partnership		81,651	105,763
Rayonier Limited Partnership
Temporary Equity [Line Items]
Beginning noncontrolling interests in the operating partnership		105,763
Total noncontrolling interests in the operating partnership		$ 81,651	$ 105,763
Cash distributions declared (in dollars per share)	$ 0.20
Cash distribution payable	$ 500

EARNINGS PER SHARE AND PER UN_3

EARNINGS PER SHARE AND PER UNIT - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,905)	(2,393)	(4,516)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 173,493	$ 107,077	$ 152,550
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,046,673	146,209,847	140,812,882
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 1.17	$ 0.73	$ 1.08
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 176,398	$ 109,470	$ 157,066
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,046,673	146,209,847	140,812,882
Add: Dilutive effect of:
Stock options (in shares)	472	5,132	8,727
Performance shares, restricted shares and restricted stock units (in shares/units)	401,351	669,501	416,527
Noncontrolling interests in Operating Partnership units (in shares)	2,618,699	3,268,473	4,062,725
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	151,067,195	150,152,953	145,300,861
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 1.17	$ 0.73	$ 1.08
Rayonier Limited Partnership
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(2,097)	(13,321)	(53,421)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 176,398	$ 109,470	$ 157,066
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,665,372	149,478,320	144,875,607
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 1.17	$ 0.73	$ 1.08
Numerator:
Net Income	$ 178,495	$ 122,791	$ 210,487
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ (2,097)	$ (13,321)	$ (53,421)
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,665,372	149,478,320	144,875,607
Add: Dilutive effect of:
Stock options (in shares)	472	5,132	8,727
Performance shares, restricted shares and restricted stock units (in shares/units)	401,351	669,501	416,527
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	151,067,195	150,152,953	145,300,861
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 1.17	$ 0.73	$ 1.08

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options, performance shares, restricted shares and restricted stock units (in shares)	164,865	103,514	149,705
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options, performance shares, restricted shares and restricted stock units (in shares)	164,865	103,514	149,705

DEBT - Long Term Debt (Details)

DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2022	May 31, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Incremental term loan	$ 1,372,723	$ 1,523,103
Less: Unamortized discounts	(2,772)	(3,104)
Less: Deferred financing costs	(4,178)	(5,278)
Total long-term debt	$ 1,365,773	1,514,721
Senior Notes Due 2031
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%			2.75%
Incremental term loan	$ 450,000	450,000
Term Credit Agreement Due 2028
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.03%
Incremental term loan	$ 350,000	350,000
Incremental Term Loan Agreement Due 2029
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.98%
Incremental term loan	$ 200,000	200,000
Incremental Term Loan Agreement Borrowings Due 2026
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.08%
Incremental term loan	$ 200,000	200,000
Incremental Term Loan Agreement Due 2027
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.03%
Incremental term loan	$ 100,000	250,000
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Incremental term loan	$ 25,453	25,586
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%		6.48%
Incremental term loan	$ 25,453	25,586
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2025 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%				2.95%
Incremental term loan	$ 21,817	$ 21,931

DEBT - Long Term Maturities (De

DEBT - Long Term Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	21,817
2026	225,453
2027	125,453
2028	350,000
Thereafter	650,000
Total debt	$ 1,372,723

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Incremental term loan		$ 1,372,723	$ 1,523,103
Debt issuance costs		$ 0	740	$ 4,846
Senior Notes Due 2031
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%	2.75%
Face amount	$ 450,000
Incremental term loan		$ 450,000	$ 450,000
Issue price (as a percent)	99.195%
Debt issuance costs	$ 3,900
Proceeds from debt	$ 442,500

DEBT - Term Credit Agreement (D

DEBT - Term Credit Agreement (Details) - Term Credit Agreement Due 2028 - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2023	Aug. 05, 2015
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 550
Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350
Debt instrument, term (in years)	9 years
Variable interest rate (as a percent)		3%
Term Loan Facility | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)		1.60%
Term Loan Facility | SOFR | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)		0.10%

DEBT - Incremental Term Loan Ag

DEBT - Incremental Term Loan Agreements (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2022	Jun. 30, 2021	Apr. 30, 2016	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Incremental term loan	$ 1,523,103				$ 1,372,723	$ 1,372,723	$ 1,523,103
Repayments of debt						150,000	531,842	$ 420,000
Issuance of debt						0	656,842	$ 446,378
Incremental Term Loan Agreement Due 2027
Debt Instrument [Line Items]
Incremental term loan	$ 250,000				100,000	100,000	250,000
Incremental Term Loan Agreement Due 2027 | 2022 Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Incremental term loan	$ 250,000				$ 100,000	$ 100,000	250,000
Variable interest rate (as a percent)					4.60%	4.60%
Incremental Term Loan Agreement Due 2027 | 2022 Incremental Term Loan Facility | U S South
Debt Instrument [Line Items]
Purchase price					$ 150,000
Incremental Term Loan Agreement Due 2027 | SOFR | 2022 Incremental Term Loan Facility
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)						1.60%
Incremental Term Loan Agreement Due 2027 | SOFR | 2022 Incremental Term Loan Facility | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)						0.10%
Incremental Term Loan Agreement Borrowings Due 2026
Debt Instrument [Line Items]
Incremental term loan	200,000				200,000	$ 200,000	200,000
Incremental Term Loan Agreement Borrowings Due 2026 | 2016 Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)				10 years
Incremental term loan				$ 300,000	$ 200,000	$ 200,000
Variable interest rate (as a percent)					2.40%	2.40%
Repayments of debt			$ 100,000
Incremental Term Loan Agreement Borrowings Due 2026 | SOFR | 2016 Incremental Term Loan Facility
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)						1.65%
Incremental Term Loan Agreement Borrowings Due 2026 | SOFR | 2016 Incremental Term Loan Facility | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)						0.10%
Incremental Term Loan Agreement Due 2029
Debt Instrument [Line Items]
Incremental term loan	$ 200,000				$ 200,000	$ 200,000	$ 200,000
Incremental Term Loan Agreement Due 2029 | 2021 Incremental Term Loan Facility
Debt Instrument [Line Items]
Variable interest rate (as a percent)					1.50%	1.50%
Advance amount			$ 200,000
Issuance of debt		$ 200,000
Incremental Term Loan Agreement Due 2029 | SOFR | 2021 Incremental Term Loan Facility
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)						1.55%
Incremental Term Loan Agreement Due 2029 | SOFR | 2021 Incremental Term Loan Facility | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)						0.10%

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300
Available borrowings	$ 289.9
Letters of credit	$ 10.1
Commitment fee (as a percent)	0.175%
SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.25%
SOFR | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%

DEBT - New Zealand Subsidiary D

DEBT - New Zealand Subsidiary Debt (Details) - USD ($)		1 Months Ended				12 Months Ended
		Jul. 31, 2023	Apr. 30, 2022	Jul. 31, 2021	Sep. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Incremental term loan						$ 1,372,723,000	$ 1,523,103,000
Noncontrolling interests in consolidated affiliates redemption of shares	[1]					$ 0	27,860,000	$ 28,119,000
Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000
Variable interest rate index term (in days)		90 days
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2025 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)					2.95%	2.95%
Incremental term loan						$ 21,817,000	21,931,000
Noncontrolling interests in consolidated affiliates redemption of shares					$ 23,300,000
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)						3.64%
Incremental term loan						$ 25,453,000	25,586,000
Noncontrolling interests in consolidated affiliates redemption of shares				$ 28,100,000
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)			6.48%			6.48%
Incremental term loan						$ 25,453,000	$ 25,586,000
Noncontrolling interests in consolidated affiliates redemption of shares			$ 27,900,000
[1] The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details) $ in Millions	Dec. 31, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	11.5
Covenant EBITDA to consolidated interest expense, Favorable	9
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.43
Covenant debt to net worth plus covenant debt, favorable	0.22
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	May 31, 2023	Dec. 31, 2022
Designated as Hedging Instrument
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,968
Foreign Currency Exchange And Option Contracts, Scale 1 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	12 months
Interest rate swaps | Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Notional Amount	$ 850,000		$ 850,000
Forward-Starting Interest Rate Swap 3 | Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Notional Amount	$ 50	$ 50,000
Minimum | Foreign Currency Exchange And Option Contracts, Scale 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50%
Minimum | Foreign Currency Exchange and Option Contracts, Scale 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	12 months
Minimum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	18 months
Minimum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	24 months
Minimum | Forecasted Sales and Purchases, term 5 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	36 months
Maximum | Foreign Currency Exchange And Option Contracts, Scale 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90%
Maximum | Foreign Currency Exchange and Option Contracts, Scale 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months (as a percent)	75%
Maximum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	24 months
Percent of forecast sales and purchases hedged for 18 to 24 months (as a percent)	50%
Maximum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	36 months
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent)	50%
Maximum | Forecasted Sales and Purchases, term 5 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	48 months
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent)	25%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives Designated as Cash Flow Hedges - Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	May 31, 2023	Dec. 31, 2022
Credit Spread Adjustment | SOFR
Derivative [Line Items]
Bank Margin on Debt	0.10%
Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed Rate of Swap	2.10%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.80%
Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed Rate of Swap	2.26%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.96%
Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.50%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.25%
Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.51%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.26%
Interest Rate Swap 5
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200
Fixed Rate of Swap	0.67%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	2.32%
Interest Rate Swap 6
Derivative [Line Items]
Term	5 years
Notional Amount	$ 100
Fixed Rate of Swap	3.72%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	5.42%
Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100
Fixed Rate of Swap	0.78%
Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50
Fixed Rate of Swap	0.64%
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 850,000		$ 850,000
Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50	$ 50,000
Fixed Rate of Swap	3.29%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ (9,957)	$ 76,039	$ 60,315
Designated as Hedging Instrument | Foreign currency exchange contracts | Other comprehensive (loss) income | Derivatives Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	(69)	5,093	(10,939)
Designated as Hedging Instrument | Foreign currency exchange contracts | Other operating (expense) income, net | Derivatives Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	7,522	(7,682)	2,974
Designated as Hedging Instrument | Foreign currency option contracts | Other comprehensive (loss) income | Derivatives Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	558	610	(2,733)
Designated as Hedging Instrument | Foreign currency option contracts | Other operating (expense) income, net | Derivatives Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	446	0	1,177
Designated as Hedging Instrument | Interest rate products | Other comprehensive (loss) income | Derivatives Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	10,265	75,006	52,478
Designated as Hedging Instrument | Interest rate products | Interest expense, net | Derivatives Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	$ (26,311)	$ 2,459	$ 14,694

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Designated as Hedging Instrument $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,968
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	368
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	146
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,454

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	$ 122,700	$ 138,250
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional amount	98,000	78,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	850,000	850,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	$ 200,000	$ 150,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 62,595	$ 76,307
Derivative liabilities	(2,146)	(7,546)
Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	7,259	91
Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	55,336	76,216
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(803)	(5,804)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1,343)	(1,742)
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	1,175	25
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	2,405	1,303
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(664)	(5,457)
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	(410)
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	342	66
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	2,158	2,131
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(139)	(347)
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(789)	(1,281)
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	5,742	0
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	37,983	60,843
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(546)	(51)
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Forward-starting interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	12,790	11,939
Designated as Hedging Instrument | Derivatives Designated as Cash Flow Hedges | Forward-starting interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (8)	$ 0

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	$ 678	$ 1,152
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	207,696	114,255
Total restricted cash shown in the Consolidated Balance Sheets	678	1,152
Long-term debt	(1,365,773)	(1,514,721)
Noncontrolling Interests in the operating partnership	81,651	105,763
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	43,179	60,792
Carrying Amount | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	12,782	11,939
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	2,916
Foreign currency contracts, liabilities		4,539
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	1,572	569
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	207,696	114,255
Total restricted cash shown in the Consolidated Balance Sheets	678	1,152
Long-term debt	0	0
Noncontrolling Interests in the operating partnership	0	0
Fair Value | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0	0
Fair Value | Level 1 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0	0
Fair Value | Level 1 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	0
Foreign currency contracts, liabilities		0
Fair Value | Level 1 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total restricted cash shown in the Consolidated Balance Sheets	0	0
Long-term debt	(1,299,951)	(1,438,736)
Noncontrolling Interests in the operating partnership	81,651	105,763
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	43,179	60,792
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	12,782	11,939
Fair Value | Level 2 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	2,916
Foreign currency contracts, liabilities		4,539
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	$ 1,572	$ 569

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
2024	$ 55,119
2025	1,912
2026	2,033
2027	1,701
2028	1,473
Thereafter	9,687
Total commitments	71,925
Environmental Remediatio
Other Commitments [Line Items]
2024	11,793
2025	370
2026	835
2027	542
2028	317
Thereafter	2,721
Total commitments	16,578
Real Estate Projects
Other Commitments [Line Items]
2024	33,364
2025	1,156
2026	1,156
2027	1,156
2028	1,156
Thereafter	6,966
Total commitments	44,954
Commitments
Other Commitments [Line Items]
2024	9,962
2025	386
2026	42
2027	3
2028	0
Thereafter	0
Total commitments	10,393
Pension Plan Termination
Other Commitments [Line Items]
Total commitments	$ 8,400

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Environmental NRD Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 14,418
Beginning balance, plus: current portion	1,175
Beginning balance	15,593
Expenditures charged to liabilities	(436)
Increase in liabilities	1,421
Ending balance	16,578
Ending balance, less: current portion	(11,793)
Ending balance, non-current portion	$ 4,785
Environmental Loss Contingency, Current, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities
Environmental Loss Contingency, Noncurrent, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Increase in liabilities		$ 1,421
Minimum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)		1 year
Minimum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	15 years
Maximum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)		2 years
Maximum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	20 years

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 20,014
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	10,124
Letter of credit for development project	9,200
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 9,890

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 115,097
Plus: Current portion, beginning balance	17,909
Total Balance, beginning	133,006
Non-cash cost of land and improved development	(18,383)
Amortization of parcel real estate development investments	(12,628)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,732)
Capitalized real estate development investments	30,913
Capital expenditures (silviculture)	136
Intersegment transfers	621
Total Balance, ending	131,933
Less: Current portion, ending balance	(26,338)
Non-current portion, ending balance	105,595
Capitalized interest	1,000
Parcel real estate development investments	7,800
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	91,374
Plus: Current portion, beginning balance	408
Total Balance, beginning	91,782
Non-cash cost of land and improved development	(2,122)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,732)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	136
Intersegment transfers	621
Total Balance, ending	88,685
Less: Current portion, ending balance	(1,699)
Non-current portion, ending balance	86,986
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	23,723
Plus: Current portion, beginning balance	17,501
Total Balance, beginning	41,224
Non-cash cost of land and improved development	(16,261)
Amortization of parcel real estate development investments	(12,628)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	30,913
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, ending	43,248
Less: Current portion, ending balance	(24,639)
Non-current portion, ending balance	$ 18,609

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Total inventory	$ 31,017	$ 23,729
Real estate inventory
Inventory [Line Items]
Total inventory	26,338	17,909
Log inventory
Inventory [Line Items]
Total inventory	4,490	5,347
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 189	$ 473

LEASES - Narrative (Details)

LEASES - Narrative (Details) a in Thousands	12 Months Ended
	Dec. 31, 2023 a lease
Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term (in years)	1 year
New Zealand | Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	3
Leases under termination notice, gross acres	11
Leases under termination notice, net plantable acres	9
New Zealand | Forestry Right
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	2
Leases under termination notice, gross acres	31
Leases under termination notice, net plantable acres	4
New Zealand | Fixed-Term Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	2
Leases under termination notice, gross acres	3
Leases under termination notice, net plantable acres	2
Minimum | Timberland Leases | Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	35 years
Minimum | Timberland Leases | Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	35 years
Minimum | United States | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	30 years
Minimum | New Zealand | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	30 years
Maximum | Timberland Leases | Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	45 years
Maximum | United States | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	65 years
Maximum | New Zealand | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	99 years

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 9,653
2025	8,725
2026	7,955
2027	7,761
2028	7,439
Thereafter	154,466
Operating lease liabilities	195,999
Imputed interest	(100,219)
Balance at December 31, 2023	$ 95,780
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities
Less: Current portion	$ (8,096)
Non-current portion at December 31, 2023	$ 87,684	$ 88,756

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 9,694	$ 9,332	$ 10,166
Variable lease cost	535	757	196
Total lease cost	$ 10,229	$ 10,089	$ 10,362

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 2,841	$ 2,571	$ 2,389
Investing cash flows from operating leases	6,853	6,761	7,777
Total cash flows from operating leases	$ 9,694	$ 9,332	$ 10,166
Weighted-average remaining lease term in years - operating leases	30 years	30 years	29 years
Weighted-average discount rate - operating leases	6%	5%	5%

OTHER OPERATING (EXPENSE) INC_3

OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	$ (8,458)	$ (5,251)	$ 6,823
Gain on sale or disposal of property plant & equipment	37	40	75
Gain on investment in Timber Funds	0	0	7,482
Log trading marketing fees	0	0	6
Equity income (loss) related to Bainbridge Landing LLC joint venture	0	15,477	102
Miscellaneous income (expense), net	115	(562)	(404)
Total	$ (8,306)	9,704	$ 14,084
Equity income from sale		16,000
Equity income attributable to Rayonier		$ 4,500

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans | plan	1
Cost recognized	$ 2,500	$ 2,500	$ 2,200
Amount of employer and related party securities included in plan assets	8,100	8,300
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Settlement expense	2,036	0	$ 0
Actuarial gain (loss)	$ (4,356)	$ 22,376
Discount rate	4.99%	4.96%	2.65%
Expected long-term return on plan assets (as a percent)	4.97%	4.97%	5.72%
Percentage of  Plan Assets	100%	100%
Pension contribution requirements in next fiscal year	$ 7,200
Pension Benefits (a) | Maximum | Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of  Plan Assets	80%
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Settlement expense	$ 0	$ 0	$ 0
Actuarial gain (loss)	$ (10)	$ 513
Discount rate	4.81%	5.01%	2.75%
Expected long-term return on plan assets (as a percent)	0%	0%	0%
Pension contribution requirements in next fiscal year	$ 1,200
Retirement Plan, Demographics | Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	(400)
Retirement Plan, Discount Rate | Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	200
Retirement Plan, Changes In Plan Assets | Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ 2,900
Expected long-term return on plan assets (as a percent)	4.97%
Actual long-term return on plan assets (as a percent)	10.77%
Retirement Plan, Liability Adjustment | Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ (4,200)
Retirement Plan, Liability Adjustment, In-Pay Participants | Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Liability adjustment percentage	5%
Retirement Plan, Liability Adjustment, Not In-Pay Participants | Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Liability adjustment percentage	20%

EMPLOYEE BENEFIT PLANS - Change

EMPLOYEE BENEFIT PLANS - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Current liabilities	$ (8,444)	$ (136)
Noncurrent liabilities	(1,441)	(8,510)
Pension Benefits (a)
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	70,062	93,799
Service cost	0	0	$ 0
Interest cost	3,374	2,434	2,228
Actuarial loss (gain)	4,356	(22,376)
Benefits paid	(3,924)	(3,609)
Expenses paid	(653)	(186)
Settlement	(10,073)	0
Projected benefit obligation at end of year	63,142	70,062	93,799
Change in Plan Assets
Fair value of plan assets at beginning of year	62,843	85,079
Actual return on plan assets	6,356	(18,527)
Employer contributions	201	86
Benefits paid	(3,924)	(3,609)
Other expense	(653)	(186)
Settlement	(10,073)	0
Fair value of plan assets at end of year	54,750	62,843	85,079
Funded Status at End of Year:
Net accrued benefit cost	(8,392)	(7,219)
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Current liabilities	(8,392)	(86)
Noncurrent liabilities	0	(7,133)
Net amount recognized	(8,392)	(7,219)
Postretirement
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	1,421	1,890
Service cost	4	7	8
Interest cost	70	51	45
Actuarial loss (gain)	10	(513)
Benefits paid	(14)	(14)
Expenses paid	0	0
Settlement	0	0
Projected benefit obligation at end of year	1,491	1,421	1,890
Change in Plan Assets
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	14	14
Benefits paid	(14)	(14)
Other expense	0	0
Settlement	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded Status at End of Year:
Net accrued benefit cost	(1,491)	(1,421)
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Current liabilities	(52)	(50)
Noncurrent liabilities	(1,439)	(1,371)
Net amount recognized	$ (1,491)	$ (1,421)

EMPLOYEE BENEFIT PLANS - Accumu

EMPLOYEE BENEFIT PLANS - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 63,142	$ 70,062
Accumulated benefit obligation	63,142	70,062
Accumulated postretirement benefit obligation	1,491	1,421
Fair value of plan assets	$ 54,750	$ 62,843

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Net (losses) gains	$ (1,438)	$ 362	$ 11,262
Amortization of losses	6	738	1,154
Settlement expense	2,036	0	0
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Net (losses) gains	(11)	512	40
Amortization of losses	0	15	20
Settlement expense	$ 0	$ 0	$ 0

EMPLOYEE BENEFIT PLANS - Accu_2

EMPLOYEE BENEFIT PLANS - Accumulated Other Comprehensive (Income) Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Net (losses) income	$ (10,923)	$ (11,527)
Deferred income tax benefit	1,216	1,216
AOCI	(9,707)	(10,311)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Net (losses) income	85	96
Deferred income tax benefit	6	6
AOCI	$ 91	$ 102

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	3,374	2,434	2,228
Expected return on plan assets	(3,439)	(3,486)	(3,746)
Amortization of losses	6	738	1,154
Settlement expense	2,036	0	0
Net periodic benefit cost (credit)	1,977	(314)	(364)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	7	8
Interest cost	70	51	45
Expected return on plan assets	0	0	0
Amortization of losses	0	15	20
Settlement expense	0	0	0
Net periodic benefit cost (credit)	$ 74	$ 73	$ 73

EMPLOYEE BENEFIT PLANS - Assump

EMPLOYEE BENEFIT PLANS - Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits (a)
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.99%	4.96%	2.65%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.96%	2.65%	2.26%
Expected long-term return on plan assets	4.97%	4.97%	5.72%
Postretirement
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.81%	5.01%	2.75%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	5.01%	2.75%	2.42%
Expected long-term return on plan assets	0%	0%	0%

EMPLOYEE BENEFIT PLANS - Invest

EMPLOYEE BENEFIT PLANS - Investment of Plan Assets (Details) - Pension Benefits (a)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	100%	100%
Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	15%	28%
International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	9%	20%
Domestic fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	75%	50%
Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	1%	2%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments at Net Asset Value:
Separate Investment Accounts	$ 54,750	$ 62,843
Pension Benefits (a)
Investments at Net Asset Value:
Separate Investment Accounts	$ 54,750	$ 62,843

EMPLOYEE BENEFIT PLANS - Expect

EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits (a)
Defined Benefit Plan Disclosure [Line Items]
2024	$ 63,142
2025	0
2026	0
2027	0
2028	0
2029-2033	0
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	52
2025	57
2026	63
2027	67
2028	70
2029-2033	$ 414

INCENTIVE STOCK PLANS - Narrati

INCENTIVE STOCK PLANS - Narrative (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term (in years)	10 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Unrecognized compensation cost	$ 4,900,000
Weighted average period for recognition (in months)	1 year 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 7,300,000
Weighted average period for recognition (in months)	1 year 10 months 24 days
Vice Presidents And Above | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award post-vest holding period (in years)	1 year
Rayonier Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized | shares	3
Granted (in shares) | shares	2.5

INCENTIVE STOCK PLANS - Stock B

INCENTIVE STOCK PLANS - Stock Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 14,002	$ 12,356	$ 9,277
Tax benefit recognized related to stock-based compensation expense	677	603	487
Timber and Timberlands, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost, capitalized amount	306	363	206
Selling and general expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	12,710	10,767	8,255
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 986	$ 1,226	$ 816

INCENTIVE STOCK PLANS - Restric

INCENTIVE STOCK PLANS - Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	36,403	22,800	22,140
Weighted average price of restricted shares granted (in dollars per share)	$ 30.22	$ 38.60	$ 37.36
Intrinsic value of restricted stock outstanding	$ 66	$ 620	$ 3,062
Grant date fair value of restricted stock vested	1,647	2,478	3,121
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 208	$ 708	$ 869
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	207,006	130,213	129,290
Weighted average price of restricted shares granted (in dollars per share)	$ 32.93	$ 41.81	$ 33.59
Intrinsic value of restricted stock outstanding	$ 16,068	$ 13,826	$ 15,095
Grant date fair value of restricted stock vested	4,454	2,475	493
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 1,665	$ 1,063	$ 189

INCENTIVE STOCK PLANS - Restr_2

INCENTIVE STOCK PLANS - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	18,808
Granted (in shares)	36,403	22,800	22,140
Vested (in shares)	(53,238)
Ending balance (in shares)	1,973	18,808
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 31.58
Granted (in dollars per share)	30.22	$ 38.60	$ 37.36
Vested (in dollars per share)	30.93
Ending balance (in dollars per share)	$ 24.01	$ 31.58

INCENTIVE STOCK PLANS - Perform

INCENTIVE STOCK PLANS - Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for performance shares granted during year (in shares)	285,863	193,333	191,203
Weighted average fair value of performance share units granted (in dollars per share)	$ 37.77	$ 45.68	$ 36.10
Intrinsic value of outstanding performance share units	$ 12,730	$ 13,123	$ 16,360
Fair value of performance shares vested	5,863	5,549	1,738
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 2,342	$ 2,454	$ 559

INCENTIVE STOCK PLANS - Perfo_2

INCENTIVE STOCK PLANS - Performance Share Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Number of Units
Beginning balance (in shares)	419,484
Granted (in shares)	207,006	130,213	129,290
Units Distributed (in shares)	(142,949)
Cancelled (in shares)	(2,616)
Ending balance (in shares)	480,925	419,484
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 32.12
Weighted average price of restricted shares granted (in dollars per share)	32.93	$ 41.81	$ 33.59
Units Distributed (in dollars per share)	31.16
Cancelled (in dollars per share)	35.28
Ending balance (in dollars per share)	$ 32.74	$ 32.12
Performance Shares
Number of Units
Beginning balance (in shares)	398,156
Granted (in shares)	163,350
Units Distributed (in shares)	(179,942)
Cancelled (in shares)	(530)
Ending balance (in shares)	381,034	398,156
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 35.78
Weighted average price of restricted shares granted (in dollars per share)	37.77	$ 45.68	$ 36.10
Units Distributed (in dollars per share)	29.57
Cancelled (in dollars per share)	40.78
Ending balance (in dollars per share)	$ 39.56	$ 35.78

INCENTIVE STOCK PLANS - Assumpt

INCENTIVE STOCK PLANS - Assumptions used for Performance Shares (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.90%	38.10%	35.60%
Risk-free rate	3.70%	2.60%	0.40%
Award vesting period (in years)	3 years
Vice Presidents And Above
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	4.70%	4.20%	6.30%

INCENTIVE STOCK PLANS - Stock O

INCENTIVE STOCK PLANS - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Options outstanding, beginning balance (in shares) | shares	54,091
Exercised (in shares) | shares	(2,408)
Cancelled or expired (in shares) | shares	(26,959)
Options outstanding, ending balance (in shares) | shares	24,724
Options exercisable (in shares) | shares	24,724
Weighted Average Exercise Price (per common share)
Options outstanding, beginning balance (in dollars per common share), Beginning Balance | $ / shares	$ 35.15
Exercised (in dollars per share) | $ / shares	31.28
Cancelled or expired (in dollars per share) | $ / shares	38.53
Options outstanding, ending balance (in dollars per common share), Ending Balance | $ / shares	31.83
Options exercisable (in dollars per common share), Options exercisable | $ / shares	$ 31.83
Weighted Average Remaining Contractual Term (in years) and Options outstanding
Weighted Average Remaining Contractual term (in years), Options outstanding	1 month 6 days
Weighted Average Remaining Contractual term (in years), Options exercisable	1 month 6 days
Aggregate Intrinsic Value, Options outstanding | $	$ 44
Aggregate Intrinsic Value, Options exercisable | $	$ 44

INCENTIVE STOCK PLANS - Additio

INCENTIVE STOCK PLANS - Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 2	$ 300	$ 916
Cash received from exercise of options	$ 75	$ 2,466	$ 5,922

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Dec. 31, 2023	Dec. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
U.S. federal statutory income tax rate (as a percent)			21%	21%	21%
Percent valuation allowance against U.S. taxable REIT deferred tax assets (as a percent)			100%
Increase in valuation allowance			$ 9.6
Dividends (in dollars per share)		$ 0.20	$ 1.34	$ 1.125	$ 1.08
Rayonier Limited Partnership
Income Tax Contingency [Line Items]
Cash distributions declared (in dollars per share)		$ 0.20
Operating Partnership
Income Tax Contingency [Line Items]
Ownership interest (as a percent)	98.40%		98.40%

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
U.S. federal	$ 0	$ (2,797)	$ (1,893)
State	(292)	(371)	(536)
Foreign	(4,441)	(2,694)	(11,425)
Total Current	(4,733)	(5,862)	(13,854)
Deferred
U.S. federal	8,386	2,302	(6,288)
State	1,187	1,693	(1,623)
Foreign	(388)	(3,583)	(2,007)
Total Deferred	9,185	412	(9,918)
Changes in valuation allowance	(9,574)	(3,939)	9,111
Total	$ (5,122)	$ (9,389)	$ (14,661)

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ (38,560)	$ (27,758)	$ (47,280)
U.S. and foreign REIT income	47,616	29,732	44,316
Matariki Group and Rayonier New Zealand Ltd	(3,681)	(5,038)	(12,927)
Change in valuation allowance	(9,574)	(3,939)	9,111
REIT Built-in Gain	0	(2,516)	(2,215)
Foreign income tax withholding	(1,148)	(1,239)	(505)
Sale of Timber Funds	0	0	(2,399)
State Income Tax, Net of Federal Benefit	1,322	1,424	0
Bainbridge Landing JV, NCI	0	2,496	0
Other	(1,097)	(2,551)	(2,762)
Income tax expense as reported for net income	$ (5,122)	$ (9,389)	$ (14,661)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	(21.00%)	(21.00%)	(21.00%)
U.S. and foreign REIT income	25.90%	22.50%	19.70%
Matariki Group and Rayonier New Zealand Ltd	(2.00%)	(3.80%)	(5.70%)
Change in valuation allowance	(5.20%)	(3.00%)	4%
REIT Built-in Gain	0%	(1.90%)	(1.00%)
Foreign income tax withholding	(0.60%)	(0.90%)	(0.20%)
Sale of Timber Funds	0%	0%	(1.10%)
State Income Tax, Net of Federal Benefit	0.70%	1.10%	0%
Bainbridge Landing JV, NCI	0%	1.80%	0%
Other	(0.60%)	(1.90%)	(1.20%)
Income tax expense as reported for net income	(2.80%)	(7.10%)	(6.50%)

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$ 565	$ 489
New Zealand subsidiary	19,717	20,753
Cellulosic Biofuel Producer Credit tax credit carry forwards	13,688	13,688
Capitalized real estate costs	4,564	2,457
U.S. TRS net operating loss	30,061	23,885
Other	5,073	4,808
Total gross deferred tax assets	73,668	66,080
Less: Valuation allowance	(50,418)	(40,844)
Total deferred tax assets after valuation allowance	23,250	25,236
Gross deferred tax liabilities:
Accelerated depreciation	0	(9)
New Zealand subsidiary	(89,899)	(88,414)
Other	(3,616)	(4,558)
Total gross deferred tax liabilities	(93,515)	(92,981)
Net deferred tax liability reported as noncurrent	$ (70,265)	$ (67,745)

INCOME TAXES - Operating Loss a

INCOME TAXES - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
NOL Carryforwards
Tax credit carryforwards	$ 13,688	$ 13,688
State and Local Jurisdiction
NOL Carryforwards
Net operating loss carryforwards	4,112	3,347
Post | Domestic Tax Authority
NOL Carryforwards
Net operating loss carryforwards	$ 25,948	$ 20,538

INCOME TAXES - Tax Characterist

INCOME TAXES - Tax Characteristics of Dividend Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Total dividends/distributions paid per common share/unit (dollars per share)	$ 1.34	$ 1.125	$ 1.08
Capital gain	100%	100%	100%

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	$ 678	$ 1,152
Cash and cash equivalents	207,696	114,255
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	208,374	115,407	$ 369,139	$ 87,482
Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	2	527
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	$ 676	$ 625

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale (Note 22)	$ 9,932,000	$ 713,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Properties Under Contract
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize (in months)	12 months
Assets held for sale (Note 22)	$ 9,900,000	$ 700,000
Asset impairment recognized	$ 0

OTHER ASSETS - Other Assets (De

OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Long-term derivative contracts (a)	$ 55,336	$ 76,216
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Patronage equity	$ 8,292	$ 7,872
Goodwill	7,822	7,863	$ 8,457
Rabbi trusts related to the Executive Severance Pay Plan	1,962	1,869
Long-term prepaid stumpage	260	713
Long-term deposits	135	212
Other	2	173
Total	97,555	115,481
Revolving Credit Facility
Finite-Lived Intangible Assets [Line Items]
Deferred financing costs related to revolving debt	604	854
Carbon Credits
Finite-Lived Intangible Assets [Line Items]
Carbon credits	419	1,086
Software Costs
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	5,427	5,795
Pacific Northwest
Finite-Lived Intangible Assets [Line Items]
Long-term prepaid roads	5,354	5,857
New Zealand
Finite-Lived Intangible Assets [Line Items]
Long-term prepaid roads	5,995	6,971
Equity investment in New Zealand Joint Ventures	$ 5,947	$ 0

OTHER ASSETS - Changes in Goodw

OTHER ASSETS - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Accumulated Impairment	$ 0	$ 0	$ 0
Goodwill [Roll Forward]
Balance, January 1 (net of $0 of accumulated impairment)	7,863	8,457
Changes to carrying amount
Foreign currency adjustment	(41)	(594)
Balance, December 31 (net of $0 of accumulated impairment)	$ 7,822	$ 7,863

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Rollforward [Roll Forward]
Beginning balance	$ 1,865,395
Other comprehensive (loss) income before reclassifications	7,547	$ 55,435
Amounts reclassified from accumulated other comprehensive income	(18,709)	(18)
Net other comprehensive (loss) income	(11,162)	55,417
Ending balance	1,860,536	1,865,395
Separate Investment Accounts
AOCI Rollforward [Roll Forward]
Settlement expense	2,036	0	$ 0
Accumulated Other Comprehensive Income (Loss)
AOCI Rollforward [Roll Forward]
Beginning balance	35,813	(19,604)
Ending balance	24,651	35,813	(19,604)
Foreign currency translation gains/(losses)
AOCI Rollforward [Roll Forward]
Beginning balance	(18,067)	4,215
Other comprehensive (loss) income before reclassifications	(1,466)	(22,282)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	(1,466)	(22,282)
Ending balance	(19,533)	(18,067)	4,215
Net investment hedges of New Zealand subsidiary
AOCI Rollforward [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321	1,321
Cash flow hedges
AOCI Rollforward [Roll Forward]
Beginning balance	67,204	(9,163)
Other comprehensive (loss) income before reclassifications	10,537	78,166
Amounts reclassified from accumulated other comprehensive income	(21,895)	(1,799)
Net other comprehensive (loss) income	(11,358)	76,367
Ending balance	55,846	67,204	(9,163)
Cash flow hedges | Interest rate swaps
AOCI Rollforward [Roll Forward]
Other comprehensive (loss) income before reclassifications	10,300	75,000
Employee benefit plans
AOCI Rollforward [Roll Forward]
Beginning balance	(10,209)	(11,836)
Other comprehensive (loss) income before reclassifications	(1,449)	874
Amounts reclassified from accumulated other comprehensive income	2,042	753
Net other comprehensive (loss) income	593	1,627
Ending balance	(9,616)	(10,209)	(11,836)
Total Rayonier, L.P.
AOCI Rollforward [Roll Forward]
Beginning balance	40,249	(15,463)
Other comprehensive (loss) income before reclassifications	7,622	56,758
Amounts reclassified from accumulated other comprehensive income	(19,853)	(1,046)
Net other comprehensive (loss) income	(12,231)	55,712
Ending balance	28,018	40,249	(15,463)
Allocation of Operating Partnership
AOCI Rollforward [Roll Forward]
Beginning balance	(4,436)	(4,141)
Other comprehensive (loss) income before reclassifications	(75)	(1,323)
Amounts reclassified from accumulated other comprehensive income	1,144	1,028
Net other comprehensive (loss) income	1,069	(295)
Ending balance	$ (3,367)	$ (4,436)	$ (4,141)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassified AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	$ 8,306	$ (9,704)	$ (14,084)
Interest expense	(48,342)	(36,207)	(44,907)
Income tax expense	(5,122)	(9,389)	(14,661)
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(178,495)	(122,791)	$ (210,487)
Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(21,895)	(1,799)
Cash flow hedges | Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense	(1,719)	1,656
Cash flow hedges | Amount reclassified from accumulated other comprehensive income | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	7,522	(7,682)
Cash flow hedges | Amount reclassified from accumulated other comprehensive income | Foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	446	0
Cash flow hedges | Amount reclassified from accumulated other comprehensive income | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	(26,311)	2,459
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income attributable to noncontrolling interests	$ (1,833)	$ 1,768

RELATED PARTY - Narrative (Deta

RELATED PARTY - Narrative (Details) - Mattamy Jacksonville LLC - Agreement To Sell Developed Lots - Related Party - USD ($) $ in Thousands	1 Months Ended
	May 31, 2021	Jan. 31, 2020
Related Party Transaction [Line Items]
Related party transaction, transaction amount	$ 1,000	$ 4,450
Related party transaction, takedown period (in years)		2 years

RELATED PARTY - Related Party T

RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Sales	$ 1,056,933	$ 909,072	$ 1,109,597
Related Party | Mattamy Jacksonville LLC
Related Party Transaction [Line Items]
Sales	$ 0	$ 916	2,656
Related Party | Reimbursement Of Local Impact Fees | Mattamy Jacksonville LLC
Related Party Transaction [Line Items]
Related party transaction, transaction amount			$ 300

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 74	$ 59	$ 25
Additions Charged to Cost and Expenses	136	15	34
Deductions	0	0	0
Balance at End of Year	210	74	59
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	40,844	36,904	46,015
Additions Charged to Cost and Expenses	9,574	3,940	0
Deductions	0	0	(9,111)
Balance at End of Year	$ 50,418	$ 40,844	$ 36,904