Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-6780 | ||
Entity Registrant Name | RAYONIER INC. | ||
Entity Incorporation, State or Country Code | NC | ||
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 | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,904,678,995 | ||
Entity Common Stock, Shares Outstanding | 129,333,462 | ||
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 2020 annual meeting of the shareholders of the registrant scheduled to be held May 14, 2020, are incorporated by reference in Part III hereof. | ||
Entity Central Index Key | 0000052827 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
SALES (NOTE 2) | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Costs and Expenses | |||||||||||
Cost of sales | (140,182) | (134,463) | (140,454) | (143,251) | (139,092) | (143,261) | (184,418) | (138,488) | (558,350) | (605,259) | (568,253) |
Selling and general expenses | (41,646) | (41,951) | (40,245) | ||||||||
Other operating (expense) income, net (Note 18) | (4,533) | 1,140 | 4,393 | ||||||||
Costs and Expenses | (604,529) | (646,070) | (604,105) | ||||||||
OPERATING (LOSS) INCOME | 107,027 | 170,068 | 215,491 | ||||||||
Interest expense | (31,716) | (32,066) | (34,071) | ||||||||
Interest and other miscellaneous income, net | 5,307 | 4,564 | 1,840 | ||||||||
INCOME BEFORE INCOME TAXES | 80,618 | 142,566 | 183,260 | ||||||||
Income tax expense (Note 10) | (12,940) | (25,236) | (21,681) | ||||||||
NET INCOME | 17,437 | 1,528 | 20,920 | 27,793 | 4,647 | 30,639 | 39,338 | 42,706 | 67,678 | 117,330 | 161,579 |
Less: Net income attributable to noncontrolling interest | (8,573) | (15,114) | (12,737) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 15,992 | $ (433) | $ 18,752 | $ 24,794 | $ 1,987 | $ 23,432 | $ 36,258 | $ 40,539 | 59,105 | 102,216 | 148,842 |
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 | 963 | (22,759) | 9,114 | ||||||||
Cash flow hedges, net of income tax | (30,482) | ||||||||||
Cash flow hedges, net of income tax effect of $1,270 and $594 | 5,029 | 5,693 | |||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $711 and $0 | (1,350) | (1,630) | (208) | ||||||||
Total other comprehensive (loss) income | (30,869) | (19,360) | 14,599 | ||||||||
COMPREHENSIVE INCOME | 36,809 | 97,970 | 176,178 | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | (9,146) | (8,931) | (14,775) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 27,663 | $ 89,039 | $ 161,403 | ||||||||
EARNINGS PER COMMON SHARE (NOTE 13) | |||||||||||
Basic earnings per share attributable to Rayonier Inc. (in dollars per share) | $ 0.12 | $ 0 | $ 0.14 | $ 0.19 | $ 0.02 | $ 0.18 | $ 0.28 | $ 0.31 | $ 0.46 | $ 0.79 | $ 1.17 |
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share) | $ 0.12 | $ 0 | $ 0.14 | $ 0.19 | $ 0.02 | $ 0.18 | $ 0.28 | $ 0.31 | $ 0.46 | $ 0.79 | $ 1.16 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, income tax (expense) benefit | $ 0 | $ 0 | $ 0 |
Cash flow hedges, income tax expense | 664 | ||
Cash flow hedges, income tax expense | 1,270 | 594 | |
Amortization of pension and postretirement plan liabilities, income tax (expense) benefit | $ 0 | $ 711 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 68,735 | $ 148,374 |
Accounts receivable, less allowance for doubtful accounts of $24 and $8 | 27,127 | 26,151 |
Inventory (Note 19) | 14,518 | 15,703 |
Prepaid logging roads | 12,128 | 11,976 |
Prepaid expenses | 2,600 | 5,040 |
Other current assets | 867 | 609 |
Total current assets | 125,975 | 207,853 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,482,047 | 2,401,327 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7) | 81,791 | 85,609 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 4,131 | 4,131 |
Buildings | 23,095 | 22,503 |
Machinery and equipment | 4,339 | 3,534 |
Construction in progress | 348 | 567 |
Total property, plant and equipment, gross | 31,913 | 30,735 |
Less—accumulated depreciation | (9,662) | (7,984) |
Total property, plant and equipment, net | 22,251 | 22,751 |
RESTRICTED CASH (NOTE 20) | 1,233 | 8,080 |
RIGHT-OF-USE ASSETS (NOTE 4) | 99,942 | 0 |
OTHER ASSETS (NOTE 21) | 47,757 | 55,046 |
TOTAL ASSETS | 2,860,996 | 2,780,666 |
CURRENT LIABILITIES | ||
Accounts payable | 18,160 | 18,019 |
Current maturities of long-term debt (Note 6) | 82,000 | 0 |
Accrued taxes | 3,032 | 3,178 |
Accrued payroll and benefits | 8,869 | 10,416 |
Accrued interest | 5,205 | 5,007 |
Deferred revenue | 11,440 | 10,447 |
Other current liabilities | 22,480 | 16,474 |
Total current liabilities | 151,186 | 63,541 |
Long-term debt, net of deferred financing costs | 973,129 | 972,567 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16) | 25,311 | 29,800 |
LONG-TERM LEASE LIABILITY (NOTE 4) | 90,481 | 0 |
OTHER NON-CURRENT LIABILITIES | 83,247 | 60,208 |
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11) | ||
SHAREHOLDERS’ EQUITY | ||
Common Shares, 480,000,000 shares authorized, 129,331,069 and 129,488,675 shares issued and outstanding | 888,177 | 884,263 |
Retained earnings | 583,006 | 672,371 |
Accumulated other comprehensive (loss) income (Note 22) | (31,202) | 239 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,439,981 | 1,556,873 |
Noncontrolling interest | 97,661 | 97,677 |
TOTAL SHAREHOLDERS’ EQUITY | 1,537,642 | 1,654,550 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,860,996 | $ 2,780,666 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 24 | $ 8 |
Common stock, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock, shares, issued (in shares) | 129,331,069 | 129,488,675 |
Common stock, shares outstanding (in shares) | 129,331,069 | 129,488,675 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest |
Beginning balance (in shares) at Dec. 31, 2016 | 122,904,368 | ||||
Beginning balance at Dec. 31, 2016 | $ 1,496,752 | $ 709,867 | $ 700,887 | $ 856 | $ 85,142 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 161,579 | 148,842 | 12,737 | ||
Dividends | (127,986) | (127,986) | |||
Issuance of shares under incentive stock plans, (in shares) | 322,314 | ||||
Issuance of shares under incentive stock plans | 4,751 | $ 4,751 | |||
Stock-based compensation | 5,396 | $ 5,396 | |||
Repurchase of common shares, (in shares) | (5,906) | ||||
Repurchase of common shares | (176) | $ (176) | |||
Actuarial change and amortization of pension and postretirement plan liabilities | (208) | (208) | |||
Foreign currency translation adjustment | 9,114 | 7,416 | 1,698 | ||
Cash flow hedges | 5,693 | 5,353 | 340 | ||
Issuance of shares under equity offering, net of costs (in shares) | 5,750,000 | ||||
Issuance of shares under equity offering, net of costs | 152,390 | $ 152,390 | |||
Ending balance (in shares) at Dec. 31, 2017 | 128,970,776 | ||||
Ending balance at Dec. 31, 2017 | 1,692,940 | $ 872,228 | 707,378 | 13,417 | 99,917 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 117,330 | 102,216 | 15,114 | ||
Dividends | (137,934) | (137,934) | |||
Issuance of shares under incentive stock plans, (in shares) | 599,422 | ||||
Issuance of shares under incentive stock plans | 8,591 | $ 8,591 | |||
Stock-based compensation | 6,428 | $ 6,428 | |||
Repurchase of common shares, (in shares) | (81,523) | ||||
Repurchase of common shares | (2,984) | $ (2,984) | |||
Actuarial change and amortization of pension and postretirement plan liabilities | (919) | (919) | |||
Foreign currency translation adjustment | (22,759) | (17,329) | (5,430) | ||
Cash flow hedges | 5,029 | 5,781 | (752) | ||
Distribution to minority shareholder | (11,172) | (11,172) | |||
Ending balance (in shares) at Dec. 31, 2018 | 129,488,675 | ||||
Ending balance at Dec. 31, 2018 | 1,654,550 | $ 884,263 | 672,371 | 239 | 97,677 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 67,678 | 59,105 | 8,573 | ||
Dividends | (140,040) | (140,040) | |||
Issuance of shares under incentive stock plans, (in shares) | 298,003 | ||||
Issuance of shares under incentive stock plans | 1,260 | $ 1,260 | |||
Stock-based compensation | 6,904 | $ 6,904 | |||
Repurchase of common shares, (in shares) | (455,609) | ||||
Repurchase of common shares | (12,680) | $ (4,250) | (8,430) | ||
Actuarial change and amortization of pension and postretirement plan liabilities | (1,350) | (1,350) | |||
Foreign currency translation adjustment | 963 | 784 | 179 | ||
Cash flow hedges | (30,482) | (30,875) | 393 | ||
Distribution to minority shareholder | (9,161) | (9,161) | |||
Ending balance (in shares) at Dec. 31, 2019 | 129,331,069 | ||||
Ending balance at Dec. 31, 2019 | $ 1,537,642 | $ 888,177 | $ 583,006 | $ (31,202) | $ 97,661 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (dollars per share) | $ 1.08 | $ 1.06 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
OPERATING ACTIVITIES | ||||
Net income | $ 67,678 | $ 117,330 | $ 161,579 | |
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 128,235 | 144,121 | 127,566 | |
Non-cash cost of land and improved development | 12,565 | 23,553 | 13,684 | |
Stock-based incentive compensation expense | 6,904 | 6,428 | 5,396 | |
Deferred income taxes | 11,314 | 22,832 | 21,980 | |
Amortization of losses from pension and postretirement plans | 449 | 675 | 465 | |
Gain on sale of large disposition of timberlands | 0 | 0 | (66,994) | |
Other | (4,999) | (2,613) | (716) | |
Changes in operating assets and liabilities: | ||||
Receivables | (849) | 765 | (6,362) | |
Inventories | 1,224 | 1,773 | (1,384) | |
Accounts payable | (1,554) | (4,626) | 3,435 | |
Income tax receivable/payable | 0 | 0 | (434) | |
All other operating activities | (6,714) | (142) | (1,931) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 214,253 | 310,096 | 256,284 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (63,996) | (62,325) | (65,345) | |
Real estate development investments | (6,803) | (9,501) | (15,784) | |
Purchase of timberlands | (142,287) | (57,608) | (242,910) | |
Net proceeds from large disposition of timberlands | 0 | 0 | 95,243 | |
Rayonier office building under construction | 0 | 0 | (6,084) | |
Other | (6,304) | (3,421) | (373) | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | (219,390) | (132,855) | (235,253) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 82,000 | 1,014 | 63,389 | |
Repayment of debt | 0 | (54,416) | (100,157) | |
Dividends paid | (141,071) | (136,772) | (127,069) | |
Proceeds from the issuance of common shares under incentive stock plan | 1,260 | 8,591 | 4,751 | |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | 0 | 152,390 | |
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (4,250) | (2,984) | (176) | |
Repurchase of common shares under repurchase program | (8,430) | 0 | 0 | |
Proceeds from shareholder distribution hedge | 135 | 2,025 | 0 | |
Distribution to minority shareholder | (9,161) | (11,172) | 0 | |
Debt issuance costs | (132) | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (79,649) | (193,714) | (6,872) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1,700) | 571 | 580 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a) | ||||
Change in cash, cash equivalents and restricted cash | [1] | (86,486) | (15,902) | 14,739 |
Balance, beginning of year | [1] | 156,454 | 172,356 | 157,617 |
Balance, end of year | [1] | 69,968 | 156,454 | 172,356 |
Cash paid during the year: | ||||
Interest | [1] | 32,782 | 33,120 | 36,041 |
Income taxes | 1,691 | 2,150 | 514 | |
Non-cash investing activity: | ||||
Capital assets purchased on account | 3,568 | 2,001 | 3,809 | |
Patronage refunds received, netted with interest paid | $ 4,000 | $ 4,100 | $ 3,000 | |
[1] | Interest paid is presented net of patronage payments received of $4.0 million , $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt . |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of March 2016, the Company maintains a 77% ownership interest in the New Zealand subsidiary, and, as such, consolidates its results of operations and Balance Sheet. The Company records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest ( 23% ) of the New Zealand subsidiary’s results of operations and equity. All intercompany balances and transactions are eliminated. RECLASSIFICATIONS During 2019, management reclassified Real Estate segment sales related to marketing fees and deferred revenue adjustments from Improved Development to Other. All prior period amounts previously reported have been reclassified. See Note 5 - Segment and Geographic Information . 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 the Company for the sale of timber and are presented net of an allowance for doubtful accounts. INVENTORY 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. See Note 19 — Inventory for additional information. PREPAID LOGGING ROADS Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. The Company charges 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 21 — 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 21 — Other Assets for additional information on deferred financing costs related to revolving debt. See Note 6 — 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. 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 or any 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. The Company charges 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, the Company makes 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, the cost of the acquired timber is combined into an existing depletion pool 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. Real estate development investments include capitalized costs for targeted infrastructure improvements, such as roadways and utilities. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 7 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company generally depreciates its 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, the Company determines 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. ROU assets represent the Company’s 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 the Company’s leases do not provide an implicit rate, the Company generally uses its 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 the Company 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. INVESTMENTS Investments at December 31, 2019 consisted of marketable equity securities. Investments are carried at fair value based on quoted prices in their active market with both the realized and unrealized gains and losses as well as interest and dividends reported in “Interest and other miscellaneous income, net.” 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. 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. The Company compares 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, 2019; 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. Note 21 — Other Assets for additional information. FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT The functional currency of the Company’s 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. REVENUE RECOGNITION The Company recognizes 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”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of December 31, 2019 are primarily due to advances on stumpage contracts and unearned hunt license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has 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. The Company utilizes two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method the Company employs 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. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. The Company retains 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 the Company. 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 the Company utilizes 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, the Company hires 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 (primarily in New Zealand), 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 Obligation Timing of Revenue Recognition General Payment Terms Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed (point-in-time) Initial payment between Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution (point-in-time) Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed (over-time) 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 (point-in-time) 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 (point-in-time) 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. Such 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. 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 the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs. REAL ESTATE The Company recognizes 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 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer. COST OF SALES Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion) and logging and transportation costs (cut and haul). 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 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 the Company. The Company expenses 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 unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for Rayonier’s 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, salary increases, mortality rates and longevity of employees. See Note 16 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2019 . 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.” At December 31, 2019 and 2018 , the Company’s pension plans were in a net liability position (underfunded) of $23.8 million and $28.6 million , respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through other comprehensive (loss) income in the year in which the changes occur. The Company measures plan assets and benefit obligations as of the fiscal year-end. See Note 16 — Employee Benefit Plans for additional information. INCOME TAXES The Company uses 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 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 rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes 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. The Company records 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, the Company computes 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. The Company adjusts its 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. The Company’s 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, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information become available. See Note 10 — Income Taxes for additional information. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), on January 1, 2019 and elected to apply the standard as of that day. The Company applied the following practical expedients in the transition to the new standard as allowed under ASC 842-10-65-1: Practical Expedient Description Reassessment of expired or existing contracts The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases. Use of hindsight The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-of-use assets. Reassessment of existing or expired land easements The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02. The Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in the first quarter ended March 31, 2019 with no material impact on the consolidated financial statements. The Company adopted ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting in the first quarter ended March 31, 2019 with no impact on the consolidated financial statements. NEW ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires companies to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate the lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model applies to all financial assets, including trade receivables. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Company does not expect a material impact on the Company’s Consolidated Financial Statements. SUBSEQUENT EVENTS Pope Resources Acquisition On January 15, 2020, the Company entered into a definitive merger agreement under which Rayonier will acquire all of the outstanding limited partnership units of Pope Resources, A Delaware Limited Partnership for consideration consisting of equity and cash. Pursuant to the terms of the agreement, elections of cash versus equity will be subject to proration to ensure that the ratio of cash and equity would be equal to the amounts issued as if every Pope Resources unit received 2.751 Rayonier common shares or Rayonier operating partnership units and $37.50 in cash. T he merger agreement also provides for Rayonier to acquire the general partner entities of Pope Resources, Pope MGP, Inc. and Pope EGP, Inc., for consideration consisting of $10 million |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Adoption of ASC 606 The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , on January 1, 2018. The Company elected to apply the modified retrospective method to contracts that were not completed at the date of adoption. The Company also elected not to retrospectively restate contracts modified prior to January 1, 2018. A cumulative effect of adoption adjustment to the opening balance of retained earnings was not recorded as there was no accounting impact to any contracts with customers not completed at the date of adoption. Contract Balances The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when the Company has 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) the Company performs under the contract. The following table summarizes revenue recognized during the years ended December 31, 2019 and 2018 that was included in the contract liability balance at the beginning of each year: Year Ended December 31, 2019 2018 Revenue recognized from contract liability balance at the beginning of the year (a) $10,039 $9,004 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2019 , 2018 and 2017 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total December 31, 2019 Pulpwood $86,537 $10,350 $32,925 — $13,351 — $143,163 Sawtimber 67,360 72,377 198,481 — 101,255 — 439,473 Hardwood 5,259 — — — — — 5,259 Total Timber Sales 159,156 82,727 231,406 — 114,606 — 587,895 License Revenue, Primarily From Hunting 18,270 717 361 — — — 19,348 Other Non-Timber/Carbon Revenue 16,685 1,970 10,094 — — — 28,749 Agency Fee Income — — — — 677 — 677 Total Non-Timber Sales 34,955 2,687 10,455 — 677 — 48,774 Improved Development — — — 5,882 — — 5,882 Unimproved Development — — — 19,476 — — 19,476 Rural — — — 29,852 — — 29,852 Timberlands & Non-Strategic — — — 19,133 — — 19,133 Other — — — 544 — — 544 Total Real Estate Sales — — — 74,887 — — 74,887 Revenue from Contracts with Customers 194,111 85,414 241,861 74,887 115,283 — 711,556 Intersegment — — — — 155 (155 ) — Total Revenue $194,111 $85,414 $241,861 $74,887 $115,438 ($155 ) $711,556 December 31, 2018 Pulpwood $80,134 $14,305 $28,737 — $13,771 — $136,947 Sawtimber 60,295 92,166 213,206 — 134,299 — 499,966 Hardwood 3,433 — — — — — 3,433 Total Timber Sales 143,863 106,471 241,943 — 148,070 — 640,347 License Revenue, Primarily from Hunting 16,285 709 401 — — — 17,395 Other Non-Timber/Carbon Revenue 9,847 2,652 6,670 — — — 19,169 Agency Fee Income — — — — 652 — 652 Total Non-Timber Sales 26,132 3,361 7,071 — 652 — 37,216 Improved Development — — — 8,336 — — 8,336 Unimproved Development — — — 8,621 — — 8,621 Rural — — — 22,689 — — 22,689 Timberlands & Non-Strategic — — — 98,872 — — 98,872 Other — — 57 — — 57 Total Real Estate Sales — — — 138,575 — — 138,575 Revenue from Contracts with Customers 169,995 109,832 249,014 138,575 148,722 — 816,138 Intersegment — — — — 92 (92 ) — Total Revenue $169,995 $109,832 $249,014 $138,575 $148,814 ($92 ) $816,138 December 31, 2017 Pulpwood $67,836 $11,242 $24,934 — $13,352 — $117,364 Sawtimber 50,891 77,477 197,521 — 137,854 — 463,743 Hardwood 3,912 — — — — — 3,912 Total Timber Sales 122,639 88,719 222,455 — 151,206 — 585,019 License Revenue, Primarily from Hunting 16,004 646 227 — — — 16,877 Other Non-Timber/Carbon Revenue 5,867 2,512 617 — — — 8,996 Agency Fee Income — — — — 1,378 — 1,378 Total Non-Timber Sales 21,871 3,158 844 — 1,378 — 27,251 Improved Development — — — 6,889 — — 6,889 Unimproved Development — — — 16,405 — — 16,405 Rural — — — 18,632 — — 18,632 Timberlands & Non-Strategic — — — 70,590 — — 70,590 Large Dispositions — — — 95,351 — — 95,351 Other — — — (541 ) — — (541 ) Total Real Estate Sales — — — 207,326 — — 207,326 Revenue from Contracts with Customers 144,510 91,877 223,299 207,326 152,584 — 819,596 Total Revenue $144,510 $91,877 $223,299 $207,326 $152,584 — $819,596 The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2019 , 2018 and 2017 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total December 31, 2019 Stumpage Pay-as-Cut $71,943 — — — $71,943 Stumpage Lump Sum 7,428 2,749 — — 10,177 Total Stumpage 79,371 2,749 — — 82,120 Delivered Wood (Domestic) 71,054 79,978 80,974 5,488 237,494 Delivered Wood (Export) 8,731 — 150,432 109,118 268,281 Total Delivered 79,785 79,978 231,406 114,606 505,775 Total Timber Sales $159,156 $82,727 $231,406 $114,606 $587,895 December 31, 2018 Stumpage Pay-as-Cut $72,385 — — — $72,385 Stumpage Lump Sum 4,988 11,854 — — 16,842 Total Stumpage 77,373 11,854 — — 89,227 Delivered Wood (Domestic) 60,931 94,617 90,631 6,141 252,320 Delivered Wood (Export) 5,559 — 151,312 141,929 298,800 Total Delivered 66,490 94,617 241,943 148,070 551,120 Total Timber Sales $143,863 $106,471 $241,943 $148,070 $640,347 December 31, 2017 Stumpage Pay-as-Cut $71,120 — — — $71,120 Stumpage Lump Sum 9,093 10,628 — — 19,721 Stumpage Agreed Volume — 1,234 — — 1,234 Total Stumpage 80,213 11,862 — — 92,075 Delivered Wood (Domestic) 42,426 76,857 84,221 6,044 209,548 Delivered Wood (Export) — — 138,234 145,162 283,396 Total Delivered 42,426 76,857 222,455 151,206 492,944 Total Timber Sales $122,639 $88,719 $222,455 $151,206 $585,019 |
TIMBERLAND ACQUISITIONS
TIMBERLAND ACQUISITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
TIMBERLAND ACQUISITIONS | TIMBERLAND ACQUISITIONS In 2019, the Company acquired approximately 62,000 acres of U.S. timberland located in Florida, Georgia, Texas, and Washington through sixteen transactions for an aggregate value of $106.3 million . Approximately $29.8 million of these acquisitions were acquired using like-kind exchange proceeds while the remaining $76.5 million were funded from operating cash flow and the use of the Company’s revolving credit facility. Additionally, during 2019, the Company acquired approximately 9,000 acres of timberland (including approximately 2,000 acres of leased land) in New Zealand for approximately $36.0 million . These acquisitions were funded from operating cash flow. In 2018, the Company acquired approximately 26,000 acres of U.S. timberland in Florida, Georgia and Texas for $45.9 million of like-kind exchange proceeds. Additionally, in two transactions during 2018, the Company acquired forestry rights covering approximately 4,000 acres of timberland in New Zealand for approximately $11.7 million . These acquisitions were funded from operating cash flow and use of the New Zealand subsidiary’s working capital facility. See Note 6 - Debt for additional information on the Company’s revolving credit facility and the New Zealand subsidiary’s working capital facility. The following table summarizes the timberland acquisitions for the years ended December 31, 2019 and 2018 : 2019 2018 Cost Acres Cost Acres Florida $71,183 42,522 $35,560 20,513 Georgia 13,395 10,271 2,532 2,232 Texas 14,349 6,643 7,851 70,919 3,279 Washington 7,340 2,260 — — New Zealand 36,020 9,223 11,665 3,833 Total Acquisitions $142,287 70,919 $57,608 29,857 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES ADOPTION OF ASC 842 For more information on the adoption of ASC 842, including required transition disclosures, see Note 1 - Summary of Significant Accounting Policies . 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, the Company 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, 2019 , the New Zealand subsidiary has two CFLs comprising 9,000 acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 32,000 acres under termination notice that are being relinquished as harvest activities are concluded in 2026 and 2030. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, the Company leases 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 the Company’s undiscounted lease obligations as of December 31, 2019 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2020 2021 2022 2023 2024 Thereafter Operating lease liabilities $193,320 $10,028 $9,293 $8,413 $8,355 $8,281 $148,950 Total Undiscounted Cash Flows $193,320 $10,028 $9,293 $8,413 $8,355 $8,281 $148,950 Imputed interest (92,796 ) Balance at December 31, 2019 100,524 Less: Current portion (10,043 ) Non-current portion at December 31, 2019 $90,481 The following table details components of the Company’s lease cost for year ended December 31, 2019: Year Ended December 31, Lease Cost Components 2019 Operating lease cost $10,870 Variable lease cost (a) 235 Total lease cost (b) $11,105 (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, 2019 . The following table details components of the Company’s lease cost for the year ended December 31, 2019 : Year Ended December 31, Supplemental cash flow information related to leases: 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,567 Investing cash flows from operating leases 8,303 Total cash flows from operating leases $10,870 Weighted-average remaining lease term in years - operating leases 28 Weighted-average discount rate - operating leases 5 % The Company applied the following practical expedients upon adoption of the new standard as allowed under ASC 842: Practical Expedient Description Short-term leases The Company does 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 The Company does 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. |
SEGMENT AND GEOGRAPHICAL INFORM
SEGMENT AND GEOGRAPHICAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. See Note 1 - Summary of Significant Accounting Policies for a discussion of the current year reclassification of Real Estate segment sales related to marketing fees and deferred revenue adjustments from Improved Development to Other. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as the company does 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 “Corporate and other.” Segment information for each of the three years ended December 31, 2019 follows: Sales by Product Line 2019 2018 2017 Southern Timber $194,111 $169,995 $144,510 Pacific Northwest Timber 85,414 109,832 91,877 New Zealand Timber 241,861 249,014 223,299 Real Estate Improved Development 5,882 8,336 6,889 Unimproved Development 19,476 8,621 16,405 Rural 29,852 22,689 18,632 Timberlands & Non-Strategic 19,133 98,872 70,590 Large Dispositions — — 95,351 Other (a) 544 57 (541 ) Total Real Estate 74,887 138,575 207,326 Trading 115,438 148,814 152,584 Intersegment eliminations (155 ) (92 ) — Total Sales $711,556 $816,138 $819,596 (a) Includes marketing fees and deferred revenue adjustments related to Improved Development sales. Operating Income (Loss) 2019 2018 2017 Southern Timber $57,804 $44,245 $42,254 Pacific Northwest Timber (12,427 ) 8,137 1,127 New Zealand Timber 48,035 62,754 57,567 Real Estate (a) 38,665 76,240 130,856 Trading 8 953 4,578 Corporate and other (25,058 ) (22,261 ) (20,891 ) Total Operating Income 107,027 170,068 215,491 Unallocated interest expense and other (26,409 ) (27,502 ) (32,231 ) Total Income before Income Taxes $80,618 $142,566 $183,260 (a) The year 2017 includes Large Dispositions of $67.0 million . Gross Capital Expenditures 2019 2018 2017 Capital Expenditures (a) Southern Timber $34,574 $35,388 $34,476 Pacific Northwest Timber 11,220 9,311 10,254 New Zealand Timber 17,357 17,318 17,046 Real Estate 204 284 1,348 Corporate and other 641 24 2,221 Total capital expenditures $63,996 $62,325 $65,345 Timberland Acquisitions Southern Timber $98,927 $45,943 $220,051 Pacific Northwest Timber 7,340 — 1,483 New Zealand Timber 36,020 11,665 21,376 Total timberland acquisitions $142,287 $57,608 $242,910 Total Gross Capital Expenditures $206,283 $119,933 $308,255 (a) Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million in 2017 and real estate development investments of $6.8 million , $9.5 million and $15.8 million in the years 2019, 2018 and 2017, respectively. Depreciation, Depletion and Amortization 2019 2018 2017 Southern Timber $61,923 $58,609 $49,357 Pacific Northwest Timber 29,165 32,779 32,008 New Zealand Timber 27,761 28,007 27,499 Real Estate (a) 8,229 23,566 36,343 Corporate and other 1,157 1,160 794 Total $128,235 $144,121 $146,001 (a) The year 2017 includes Large Dispositions of $18.4 million . Non-Cash Cost of Land and Improved Development 2019 2018 2017 Real Estate (a) $12,565 $23,553 $23,498 (a) The year 2017 includes Large Dispositions of $9.8 million . Geographical Operating Information Sales Operating Income Identifiable Assets 2019 2018 2017 2019 2018 2017 2019 2018 United States $354,395 $390,396 $419,402 $58,945 $83,357 $138,528 $2,288,642 $2,282,480 New Zealand 357,161 425,742 400,194 48,082 86,711 76,963 572,354 498,186 Total $711,556 $816,138 $819,596 $107,027 $170,068 $215,491 $2,860,996 $2,780,666 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Rayonier’s debt consisted of the following at December 31, 2019 and 2018 : 2019 2018 Term Credit Agreement due 2024 at a variable interest rate of 3.3% at December 31, 2019 $350,000 $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.6% at December 31, 2019 300,000 300,000 Revolving Credit Facility due 2020 at a variable interest rate of 3.0% at December 31, 2019 82,000 — Total debt 1,057,000 975,000 Less: Current maturities of long-term debt (82,000 ) — Less: Deferred financing costs (1,871 ) (2,433 ) Long-term debt, net of deferred financing costs $973,129 $972,567 Principal payments due during the next five years and thereafter are as follows: 2020 82,000 2021 — 2022 325,000 2023 — 2024 350,000 Thereafter 300,000 Total debt $1,057,000 TERM CREDIT AGREEMENT In August 2015, the Company 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 new credit facilities, including a nine-year $350 million term loan facility. The periodic interest rate on the term loan facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2019 , the periodic interest rate on the term loan facility was LIBOR plus 1.625% . Monthly payments of interest only are due on this loan through maturity. Following the closing of the term loan, the Company entered into several interest rate swap transactions to fix the cost of the term loan facility over its nine-year term. The term credit agreement allows the Company to receive annual patronage payments, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company estimates the effective interest rate on the term loan facility to be approximately 3.3% after consideration of the interest rate swaps and estimated patronage refunds. For additional information on the Company’s interest rate swaps see Note 14 — Derivative Financial Instruments and Hedging Activities . 3.75% SENIOR NOTES ISSUED MARCH 2012 In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022, guaranteed by certain subsidiaries. Semi-annual payments of interest only are due on these notes through maturity. See Note 24 - Consolidating Financial Statements for further information regarding the subsidiary guarantors. INCREMENTAL TERM LOAN AGREEMENT In April 2016, the Company entered into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10 -year, $300 million incremental term loan. The periodic interest rate on the incremental term loan agreement is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2019 , the periodic interest rate on the incremental term loan was LIBOR plus 1.900% . Monthly payments of interest only are due on this loan through maturity. Following the closing of the incremental term loan, the Company entered into several interest rate swap transactions to fix the cost of the facility over its 10 -year term. The Company estimates the effective interest rate on the incremental term loan facility to be approximately 2.8% after consideration of the interest rate swaps and estimated patronage payments. For additional information on the Company’s interest rate swaps see Note 14 — Derivative Financial Instruments and Hedging Activities . REVOLVING CREDIT FACILITY In August 2015, the Company entered into a five-year $200 million unsecured revolving credit facility, replacing the previous $200 million revolving credit facility and $ 100 million farm credit facility, which were scheduled to expire in April 2016 and December 2019, respectively. The periodic interest rate on the revolving credit facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2019 , the periodic interest rate on the revolving credit facility was LIBOR plus 1.250% , with an unused commitment fee of 0.175% . Monthly payments of interest only are due on this loan through maturity. At December 31, 2019 , the Company had $116.5 million of available borrowings under this facility, net of $1.5 million to secure its outstanding letters of credit. NEW ZEALAND SUBSIDIARY DEBT In April 2013, Rayonier acquired an additional 39% interest in its New Zealand subsidiary, bringing its total ownership to 65% , and as a result, the New Zealand subsidiary’s debt was consolidated effective on that date. On March 3, 2016, as a result of a capital contribution, the Company’s ownership interest in the New Zealand subsidiary increased to 77% . See Note 8 — New Zealand Subsidiary for further information. WORKING CAPITAL FACILITIES In June 2019, the New Zealand subsidiary renewed its NZ $20 million working capital facility for an additional 12 -month term. The NZ $20 million working capital 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, 2019 , the New Zealand subsidiary made no borrowings and repayments on its working capital facility. At December 31, 2019 , there was no outstanding balance on the working capital facility. DEBT COVENANTS In connection with the Company’s $350 million term credit agreement (the “Term Credit Agreement”), $300 million incremental term loan agreement (the “Incremental Term Loan Agreement”) and $200 million revolving credit facility (the “Revolving Credit Facility”), customary covenants must be met, the most significant of which include interest coverage and leverage ratios. In addition to these financial covenants listed above, the Senior Notes, Term Credit Agreement, Incremental Term Loan Agreement and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2019 , the Company was in compliance with all covenants. |
HIGHER AND BETTER USE TIMBERLAN
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS Rayonier continuously assesses potential alternative uses of its timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. The Company periodically transfers, via a sale or contribution from the REIT to taxable REIT subsidiaries (“TRS”), HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also periodically acquires 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, the Company also selectively pursues 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, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. An analysis of higher and better use timberlands and real estate development investments from December 31, 2018 to December 31, 2019 is shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2018 $59,189 $26,420 $85,609 Plus: Current portion (a) 4,239 7,680 11,919 Total Balance at December 31, 2018 63,428 34,100 97,528 Non-cash cost of land and improved development (1,916 ) (4,814 ) (6,730 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (2,866 ) — (2,866 ) Capitalized real estate development investments (b) — 6,803 6,803 Capital expenditures (silviculture) 204 — 204 Intersegment transfers (485 ) — (485 ) Total Balance at December 31, 2019 58,365 36,089 94,454 Less: Current portion (a) (274 ) (12,389 ) (12,663 ) Non-current portion at December 31, 2019 $58,091 $23,700 $81,791 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 19 — Inventory for additional information. (b) Capitalized real estate development investments includes $0.4 million of capitalized interest. |
NEW ZEALAND SUBSIDIARY
NEW ZEALAND SUBSIDIARY | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
NEW ZEALAND SUBSIDIARY | NEW ZEALAND SUBSIDIARY The Company maintains a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 414,000 legal acres of New Zealand timberland. Accordingly, the Company consolidates 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 shown separately within the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand subsidiary. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS At December 31, 2019 , the future minimum payments under non-cancellable commitments were as follows: Development Projects (a) Pension Contributions (b) Commitments (c) Total 2020 $4,403 $3,599 $2,510 $10,512 2021 178 681 2,122 2,981 2022 178 — 2,027 2,205 2023 178 — 2,007 2,185 2024 178 — 1,171 1,349 Thereafter 2,749 — — 2,749 $7,864 $4,280 $9,837 $21,981 (a) Primarily consisting of payments expected to be made on the Company’s Wildlight and Richmond Hill development projects. (b) Pension contribution requirements are based on actuarially determined estimates and IRS minimum funding requirements. (c) Commitments include payments expected to be made on foreign exchange contracts, timberland deeds and other purchase obligations. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our U.S. timber operations are primarily conducted by our REIT entity and are generally not subject to U.S. federal and state income taxation. Our New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax in New Zealand. Our non-REIT qualifying operations, which are subject to corporate-level tax, are held by various TRS entities. These operations include our log trading business and certain real estate activities, such as the sale, entitlement and development of HBU properties. PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS The provision for income taxes for each of the three years ended December 31 follows: 2019 2018 2017 Current U.S. federal $2 $2 $261 State (122 ) 37 (38 ) Foreign (1,542 ) (1,914 ) (245 ) (1,662 ) (1,875 ) (22 ) Deferred U.S. federal 465 3,803 13,028 State 17 146 — Foreign (11,278 ) (23,360 ) (21,659 ) (10,796 ) (19,411 ) (8,631 ) Changes in valuation allowance (482 ) (3,950 ) (13,028 ) Total ($12,940 ) ($25,236 ) ($21,681 ) 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: 2019 2018 2017 U.S. federal statutory income tax rate ($16,930 ) (21.0 )% ($29,939 ) (21.0 )% ($64,141 ) (35.0 )% U.S. and foreign REIT income 19,902 24.7 32,949 23.1 63,813 34.8 Matariki Group and Rayonier New Zealand Ltd (11,181 ) (13.9 ) (23,166 ) (16.2 ) (19,182 ) (10.5 ) Transition tax — — — — (3,506 ) (1.9 ) Change in valuation allowance (482 ) (0.6 ) (3,950 ) (2.8 ) (13,028 ) (7.1 ) ASU No. 2016-16 adoption impact — — — — 16,631 9.1 Deemed repatriation of unremitted foreign earnings — — — — 7,368 4.0 Reduction of deferred tax asset for statutory rate change — — — — (10,499 ) (5.7 ) Internal transfer of assets deferred (1,815 ) (2.3 ) — — — — Foreign income tax withholding (1,535 ) (1.9 ) (1,848 ) (1.3 ) — — Other (899 ) (1.1 ) 718 0.5 863 0.5 Income tax expense as reported for net income ($12,940 ) (16.1 )% ($25,236 ) (17.7 )% ($21,681 ) (11.8 )% 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: 2019 2018 Gross deferred tax assets: Pension, postretirement and other employee benefits $1,512 $1,791 New Zealand subsidiary 23,211 14,252 CBPC tax credit carry forwards 14,555 14,555 Capitalized real estate costs 6,635 7,386 U.S. TRS net operating loss 5,410 5,747 Land basis difference 10,626 11,282 Other 4,356 4,047 Total gross deferred tax assets 66,305 59,060 Less: Valuation allowance (39,320 ) (38,839 ) Total deferred tax assets after valuation allowance $26,985 $20,221 Gross deferred tax liabilities: Accelerated depreciation (23 ) (73 ) New Zealand subsidiary (87,548 ) (66,430 ) Timber installment sale — (4,823 ) Other (3,938 ) (1,272 ) Total gross deferred tax liabilities (91,509 ) (72,598 ) Net deferred tax liability reported as noncurrent ($64,524 ) ($52,377 ) Foreign net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: Gross Amount Valuation Allowance Expiration 2019 New Zealand subsidiary NOL carryforwards $11,650 — None U.S. net deferred tax asset 24,765 (24,765 ) None Cellulosic Biofuel Producer Credit (a) 14,555 (14,555 ) 2023 Total Valuation Allowance ($39,320 ) 2018 New Zealand subsidiary NOL carryforwards $31,052 — None U.S. net deferred tax asset 24,284 (24,284 ) None Cellulosic Biofuel Producer Credit (a) 14,555 (14,555 ) 2019 Total Valuation Allowance ($38,839 ) (a) The Further Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019. The Further Consolidated Appropriations Act, 2020 included the Taxpayer Certainty and Disaster Relief Act of 2019 (Tax Extenders Act), which temporarily renewed approximately two dozen credits that previously expired or were set to expire at the end of 2019. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act. UNRECOGNIZED TAX BENEFITS A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 follows: 2019 2018 2017 Balance at January 1, — — $135 Decreases related to prior year tax positions (a) — — (135 ) Increases related to prior year tax positions — — — Balance at December 31, — — — (a) Result of a lapse of the applicable statute of limitations. The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expense. The Company recorded no benefit to interest expense in 2019, 2018 and 2017, respectively and had no recorded liabilities for the payment of interest at December 31, 2019 and 2018 . 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 2016 - 2018 New Zealand Inland Revenue 2014 - 2018 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company has been named as a defendant in various lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has 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 the Company’s financial position, results of operations, or cash flow. |
GUARANTEES
GUARANTEES | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2019 , the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Payment Standby letters of credit (b) $1,509 Surety bonds (c) 3,487 Total financial commitments $4,996 (a) The Company has 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 the Company’s own performance. (b) Approximately $0.5 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2020 and will be renewed as required. (c) Rayonier issues surety bonds primarily to secure performance obligations related to various operational activities and to provide collateral for the Company’s Wildlight development project in Nassau County, Florida. These bonds expire at various dates during 2020 and are expected to be renewed as required. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier 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 convertible debt. The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31 : 2019 2018 2017 Net Income $67,678 $117,330 $161,579 Less: Net income attributable to noncontrolling interest (8,573 ) (15,114 ) (12,737 ) Net income attributable to Rayonier Inc. $59,105 $102,216 $148,842 Shares used for determining basic earnings per common share 129,257,202 129,043,627 127,367,608 Dilutive effect of: Stock options 12,209 71,276 91,956 Performance shares, restricted shares and restricted stock units 328,977 575,328 350,385 Shares used for determining diluted earnings per common share 129,598,388 129,690,231 127,809,949 Basic earnings per common share attributable to Rayonier Inc.: $0.46 $0.79 $1.17 Diluted earnings per common share attributable to Rayonier Inc.: $0.46 $0.79 $1.16 2019 2018 2017 Anti-dilutive shares excluded from computations of diluted earnings per share: Stock options, performance shares, restricted shares and restricted stock units 450,681 254,282 596,061 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. The Company uses derivative financial instruments to mitigate the financial impact of exposure to these risks. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars. Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive (loss) 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 Company’s investment in its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, 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. The Company's hedge ineffectiveness was de minimis for all periods presented. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS The functional currency of Rayonier’s wholly-owned subsidiary, Rayonier New Zealand Limited, and the New Zealand subsidiary is the New Zealand dollar. The New Zealand subsidiary is exposed to foreign currency risk on export sales and ocean freight payments, which are mainly denominated in U.S. dollars. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases less distributions and up to 75% of the forward twelve to 18 months. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of December 31, 2019 , foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2021 and March 2021, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. The Company may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive (loss) income for de-designated hedges remains in accumulated other comprehensive (loss) income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE SWAPS The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement and Incremental Term Loan (as discussed below), and uses variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, the Company reports the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassifies them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. For additional information on the Company’s interest rate swaps see Note 6 — Debt . The following table contains information on the outstanding interest rate swaps as of December 31, 2019 : Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.63 % 3.83 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.63 % 3.98 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets at certain prices. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous income, net” as the contracts do not qualify for hedge accounting treatment. As of December 31, 2019 , carbon option contracts had maturity dates through June 2020. The following table demonstrates the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019 , 2018 and 2017 . Location on Statement of Income and Comprehensive Income 2019 2018 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $2,211 ($4,357 ) $2,100 Foreign currency option contracts Other comprehensive (loss) income 159 (180 ) (52 ) Interest rate swaps Other comprehensive (loss) income (32,189 ) 8,296 4,214 Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive (loss) income — (344 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous income, net $135 $2,183 $47 Carbon options Interest and other miscellaneous income, net (105 ) (158 ) — During the next 12 months, the amount of the December 31, 2019 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $0.3 million . The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2019 and 2018 : Notional Amount 2019 2018 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $56,350 $69,950 Foreign currency option contracts 22,000 24,000 Interest rate swaps 650,000 650,000 Derivatives not designated as hedging instruments: Foreign currency exchange contracts — 9,396 Carbon options (a) 9,592 2,517 (a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of December 31, 2019 . The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2019 and 2018 . 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 2019 2018 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets 424 — Other assets 390 — Other current liabilities (172 ) (1,569 ) Foreign currency option contracts Other current assets 151 217 Other assets 209 102 Other current liabilities (27 ) (106 ) Other non-current liabilities (30 ) (68 ) Interest rate swaps Other assets 2,614 23,735 Other non-current liabilities (11,068 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other current assets — 152 Other current liabilities — (24 ) Carbon options (a) Other current liabilities (607 ) (322 ) Total derivative contracts: Other current assets $575 $369 Other assets 3,213 23,837 Total derivative assets $3,788 $24,206 Other current liabilities (806 ) (2,021 ) Other non-current liabilities (11,098 ) (68 ) Total derivative liabilities ($11,904 ) ($2,089 ) (a) See Note 15 — 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. The Company’s 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, 2019 | |
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 financial instruments held by the Company at December 31, 2019 and 2018 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: December 31, 2019 December 31, 2018 Asset (liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $68,735 $68,735 — $148,374 $148,374 — Restricted cash (b) 1,233 1,233 — 8,080 8,080 — Current maturities of long-term debt (82,000 ) — (82,000 ) — — — Long-term debt (c) (973,129 ) — (981,500 ) (972,567 ) — (975,845 ) Interest rate swaps (d) (8,454 ) — (8,454 ) 23,735 — 23,735 Foreign currency exchange contracts (d) 642 — 642 (1,442 ) — (1,442 ) Foreign currency option contracts (d) 303 — 303 145 — 145 Carbon options contracts (d) (607 ) — (607 ) (322 ) — (322 ) Marketable equity securities (e) 10,582 10,582 — — — — (a) The Company did not have Level 3 assets or liabilities at December 31, 2019 and 2018 . (b) Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for real estate development obligations. See Note 20 - Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information. (d) See Note 14 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. (e) The Company’s investments in marketable equity securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations. See Note 21 - Other Assets for additional information. Rayonier uses the following methods and assumptions in estimating the fair value of its 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. Carbon option contracts — The fair value of carbon option contracts is determined by a mark-to-market valuation using the Black-Scholes option pricing model, 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. Marketable equity securities — The fair value of marketable equity securities is determined by quoted prices in their active market. The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for 12 months or greater at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Carrying Amount Less than 12 Months 12 Months or Greater Total Carrying Amount Less than 12 Months 12 Months or Greater Total Fair value of marketable equity securities $10,582 $10,582 — $10,582 — — — — Unrealized gains — 3,043 — 3,043 — — — — |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company provides 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. 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 2019 2018 2019 2018 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $79,559 $87,986 $1,303 $1,420 Service cost — — 6 7 Interest cost 3,197 3,021 54 38 Actuarial loss (gain) 10,828 (8,160 ) 285 (149 ) Benefits paid (3,323 ) (3,288 ) (14 ) (13 ) Projected benefit obligation at end of year $90,261 $79,559 $1,634 $1,303 Change in Plan Assets Fair value of plan assets at beginning of year $50,949 $57,377 — — Actual return on plan assets 12,975 (4,638 ) — — Employer contributions 6,413 2,829 14 13 Benefits paid (3,284 ) (4,002 ) (14 ) (13 ) Other expense (593 ) (617 ) — — Fair value of plan assets at end of year $66,460 $50,949 — — Funded Status at End of Year: Net accrued benefit cost ($23,801 ) ($28,610 ) ($1,634 ) ($1,303 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($86 ) ($86 ) ($38 ) ($27 ) Noncurrent liabilities (23,715 ) (28,524 ) (1,596 ) (1,276 ) Net amount recognized ($23,801 ) ($28,610 ) ($1,634 ) ($1,303 ) Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows: Pension Postretirement 2019 2018 2017 2019 2018 2017 Net (losses) gains ($1,514 ) ($1,743 ) ($583 ) ($285 ) $149 ($89 ) 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 2019 2018 2017 2019 2018 2017 Amortization of losses (gains) $449 $673 $466 — $2 ($1 ) 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 2019 2018 2019 2018 Net losses ($24,317 ) ($23,252 ) ($292 ) ($7 ) Deferred income tax benefit 1,216 1,216 6 6 AOCI ($23,101 ) ($22,036 ) ($286 ) ($1 ) 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: 2019 2018 Projected benefit obligation $90,261 $79,559 Accumulated benefit obligation 90,261 79,559 Fair value of plan assets 66,460 50,949 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 2019 2018 2017 2019 2018 2017 Components of Net Periodic Benefit Cost (Credit) Service cost — — — $6 $7 $6 Interest cost 3,197 3,021 3,259 54 38 53 Expected return on plan assets (3,107 ) (3,934 ) (3,781 ) — — — Amortization of losses (gains) 449 673 466 — 2 (1 ) Net periodic benefit cost (credit) $539 ($240 ) ($56 ) $60 $47 $58 The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2020 are as follows: Pension Postretirement Amortization of loss $861 $8 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 2019 2018 2017 2019 2018 2017 Assumptions used to determine benefit obligations at December 31: Discount rate 3.06 % 4.11 % 3.48 % 3.16 % 4.18 % 3.56 % Rate of compensation increase — — — 4.50 % 4.50 % 4.50 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.11 % 3.48 % 4.01 % 4.18 % 3.56 % 4.12 % Expected long-term return on plan assets 5.72 % 7.17 % 7.17 % — — — Rate of compensation increase — — — 4.50 % 4.50 % 4.50 % At December 31, 2019 , the pension plan’s discount rate was 3.1% , which closely approximates interest rates on high quality, long-term obligations. In 2019 , the expected return on plan assets decreased to 5.7% , which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company utilizes this information in developing assumptions for returns, risks and correlations of asset classes, which are then used to establish the asset allocation ranges. INVESTMENT OF PLAN ASSETS The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2019 and 2018 , and target allocation ranges by asset category are as follows: Percentage of Plan Assets Target Allocation Range Asset Category 2019 2018 Domestic equity securities 41 % 39 % 35-45% International equity securities 28 % 28 % 20-30% Domestic fixed income securities 25 % 26 % 25-29% International fixed income securities 4 % 5 % 3-7% Real estate fund 2 % 2 % 2-4% Total 100 % 100 % The Company’s 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. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common shares during the years ended December 31, 2019 and 2018 . 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, 2019 or 2018 . December 31, 2019 December 31, 2018 Asset Category Investments at Net Asset Value: Separate Investment Accounts 66,460 50,949 Total Investments at Net Asset Value $66,460 $50,949 CASH FLOWS Expected benefit payments to be made by the Company for the next 10 years are as follows: Pension Benefits Postretirement Benefits 2020 $3,671 $38 2021 3,829 42 2022 4,050 45 2023 4,146 48 2024 4,318 51 2025-2029 22,752 308 The Company has approximately $3.6 million of pension contribution requirements in 2020. DEFINED CONTRIBUTION PLANS The Company provides a defined contribution plan to all of its employees. Company match contributions charged to expense for these plans were $1.0 million , $0.9 million and $0.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The defined contribution plan includes Rayonier common shares with a fair market value of $10.6 million and $9.7 million at December 31, 2019 and 2018 , respectively. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. Transfers out of the fund will continue to be permitted, but no new investments or transfers into the fund are allowed. As discussed above, the defined benefit pension plan is currently frozen. In lieu of the pension plan, employees are eligible to receive an enhanced match contribution. Company enhanced match contributions charged to expense for the years ended December 31, 2019 , 2018 and 2017 were $0.9 million , $0.8 million and $0.8 million |
INCENTIVE STOCK PLANS
INCENTIVE STOCK PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
INCENTIVE STOCK PLANS | INCENTIVE STOCK PLANS The Rayonier Incentive Stock Plan (the “Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2019 , a total of 3.8 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares and restricted stock units. A summary of the Company’s stock-based compensation cost is presented below: 2019 2018 2017 Selling and general expenses $6,416 $5,623 $4,784 Cost of sales 378 704 556 Timber and Timberlands, net (a) 110 101 56 Total stock-based compensation $6,904 $6,428 $5,396 Tax benefit recognized related to stock-based compensation expense (b) $362 $338 $249 (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 the Company does not expect to be able to realize the benefit in the future. FAIR VALUE CALCULATIONS BY AWARD RESTRICTED STOCK Restricted stock granted to employees under the Stock Plan generally vests in fourths on the first, second, third and fourth anniversary of the grant date. Restricted stock granted to senior management generally vests in thirds on the third, fourth, and fifth anniversary of the grant date. Periodically, other one-time restricted stock 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. Generally, holders of restricted stock receive dividend equivalent payments on outstanding restricted shares. Restricted stock granted to members of the board of directors generally 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. Rayonier has 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, the Company does 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, 2019 , there was $2.5 million of unrecognized compensation cost attributable to the Company’s restricted stock. The Company expects to recognize this cost over a weighted average period of 2.3 years . A summary of the Company’s restricted stock is presented below: 2019 2018 2017 Restricted shares granted — 87,924 97,643 Weighted average price of restricted shares granted — $35.44 $28.18 Intrinsic value of restricted stock outstanding (a) $5,540 $8,792 $8,906 Grant date fair value of restricted stock vested 4,579 1,582 1,198 Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested 1,610 334 176 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2019 . 2019 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Shares at January 1, 317,499 $30.64 Granted — — Vested (142,778 ) 32.07 Cancelled (5,607 ) 29.99 Non-vested Restricted Shares at December 31, 169,114 $29.45 RESTRICTED STOCK UNITS In April 2019, the Company began granting restricted stock units instead of restricted stock to both employees and members of the board of directors. All attributes of the Company’s restricted stock described herein, including vesting characteristics, dividend payments, fair value measurement and expense recognition, apply equally to restricted stock units granted under the Stock Plan. As of December 31, 2019 , there was $2.7 million of unrecognized compensation cost attributable to the Company’s restricted stock units. The Company expects to recognize this cost over a weighted average period of 3.9 years. A summary of the Company’s restricted stock units is presented below: 2019 2018 2017 Restricted stock units granted 128,226 — — Weighted average price of restricted stock units granted $31.39 — — Intrinsic value of restricted stock units outstanding (a) 3,351 — — Grant date fair value of restricted stock units vested 762 — — Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted stock units vested $1 — — (a) Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2019 . 2019 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Stock Units at January 1, — — Granted 128,226 31.39 Vested (24,664 ) 30.90 Cancelled (1,265 ) 31.77 Non-vested Restricted Stock Units at December 31, 102,297 $31.50 PERFORMANCE SHARE UNITS The Company’s 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 Rayonier’s 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, the Company does 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. The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2019 , there was $5.1 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is attributable to awards granted in 2017, 2018 and 2019. This cost is expected to be recognized over a weighted average period of 1.8 years . A summary of the Company’s performance share units is presented below: 2019 2018 2017 Common shares reserved for performance shares granted during year 232,684 213,154 226,448 Weighted average fair value of performance share units granted $35.99 $40.27 $32.17 Intrinsic value of outstanding performance share units (a) 10,758 9,229 10,414 Fair value of performance shares vested 6,387 5,670 — Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested 2,639 2,651 — (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2019 . 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding Performance Share units at January 1, 333,282 $33.60 Granted 116,342 35.99 Units Distributed (114,563 ) 28.78 Other Cancellations/Adjustments (6,675 ) 36.61 Outstanding Performance Share units at December 31, 328,386 $36.06 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. 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, 2019 : 2019 2018 2017 Expected volatility 18.4 % 20.8 % 23.3 % Risk-free rate 2.3 % 2.4 % 1.5 % 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 the Company’s stock options as of and for the year ended December 31, 2019 is presented below. 2019 Number of Shares Weighted Average Exercise Price (per common share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 510,122 $32.29 Granted — — Exercised (57,023 ) 22.09 Cancelled or expired (38,697 ) 36.50 Options outstanding at December 31, 414,402 33.30 2.9 $514 Options exercisable at December 31, 414,402 $33.30 2.9 $514 A summary of additional information pertaining to the Company’s stock options is presented below: 2019 2018 2017 Intrinsic value of options exercised (a) $475 $2,618 $1,993 Cash received from exercise of options 1,260 8,591 4,751 (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, 2019 , compensation cost related to stock options was fully recognized. |
OTHER OPERATING (EXPENSE) INCOM
OTHER OPERATING (EXPENSE) INCOME, NET | 12 Months Ended |
Dec. 31, 2019 | |
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 : 2019 2018 2017 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($3,077 ) $370 $3,044 Gain (loss) on sale or disposal of property plant & equipment 56 7 (68 ) Income from sale of unused Internet Protocol addresses — 646 — Log trading marketing fees 314 286 1,222 Income from New Zealand Timber settlement — — 420 Miscellaneous expense, net (1,826 ) (169 ) (225 ) Total ($4,533 ) $1,140 $4,393 |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY As of December 31, 2019 and 2018 , Rayonier’s inventory was solely comprised of finished goods, as follows: 2019 2018 Finished goods inventory Real estate inventory (a) $12,663 $11,919 Log inventory 1,855 3,784 Total inventory $14,518 $15,703 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 7 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2019 and 2018 , the Company had $1.2 million and $8.1 million , respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for real estate development obligations. The following table contains the amount of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the years ended December 31: 2019 2018 Restricted cash deposited with LKE intermediary $758 $7,530 Restricted cash held in escrow 475 550 Total restricted cash shown in the Consolidated Balance Sheets 1,233 8,080 Cash and cash equivalents 68,735 148,374 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $69,968 $156,454 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS Included in Other Assets are derivatives, goodwill in the New Zealand subsidiary, long-term prepaid roads, marketable equity securities and other deferred expenses including deferred financing costs related to revolving debt and capitalized software costs. See Note 14 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets. Changes in goodwill for the years ended December 31, 2019 and 2018 were: 2019 2018 Balance, January 1 (net of $0 of accumulated impairment) $8,307 $8,776 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment 304 (469 ) Balance, December 31 (net of $0 of accumulated impairment) $8,611 $8,307 See Note 1 — Summary of Significant Accounting Policies for additional information on goodwill. As of December 31, 2019 and 2018 , Rayonier’s prepaid logging and secondary roads follows: 2019 2018 Long-term and prepaid and secondary roads Pacific Northwest long-term prepaid roads $4,198 $4,000 New Zealand long-term secondary roads 4,265 3,072 Total long-term prepaid and secondary roads $8,463 $7,072 See Note 1 — Summary of Significant Accounting Policies for additional information on prepaid logging roads. As of December 31, 2019 and 2018 , Rayonier’s deferred financing costs related to revolving debt follows: 2019 2018 Deferred financing costs related to revolving debt $102 $213 See Note 1 — Summary of Significant Accounting Policies for additional information on deferred financing costs related to revolving debt. As of December 31, 2019 and 2018 , Rayonier’s capitalized software costs follows: 2019 2018 Capitalized software costs $3,605 $3,776 See Note 1 — Summary of Significant Accounting Policies for additional information on capitalized software costs. As of December 31, 2019 and 2018 , Rayonier’s investments in marketable equity securities follows: 2019 2018 Investments in marketable equity securities $10,582 — See Note 1 — Summary of Significant Accounting Policies for additional information on investments in marketable equity securities. As of December 31, 2019 , the Company’s investments in marketable equity securities consist entirely of 114,400 limited partnership units of Pope Resources, originally purchased in an open-market transaction at $65.90 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table summarizes the changes in AOCI by component for the years ended December 31, 2019 and 2018 . All amounts are presented net of tax effect and exclude portions attributable to noncontrolling interest. Foreign currency translation gains/(losses) Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2017 $15,975 $1,665 $16,184 ($20,407 ) $13,417 Other comprehensive (loss) income before reclassifications (16,985 ) (344 ) 5,944 (1,594 ) (12,979 ) Amounts reclassified from accumulated other comprehensive (loss) income — — (163 ) (36 ) (199 ) Net other comprehensive (loss) income (16,985 ) (344 ) 5,781 (1,630 ) (13,178 ) Balance as of December 31, 2018 ($1,010 ) $1,321 $21,965 ($22,037 ) $239 Other comprehensive (loss) income before reclassifications 784 — (31,547 ) (a) (1,799 ) (32,562 ) Amounts reclassified from accumulated other comprehensive (loss) income — — 672 449 (b) 1,121 Net other comprehensive (loss) income 784 — (30,875 ) (1,350 ) (31,441 ) Balance as of December 31, 2019 ($226 ) $1,321 ($8,910 ) ($23,387 ) ($31,202 ) (a) Includes $32.2 million of other comprehensive loss related to interest rate swaps. See Note 14 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension cost. See Note 16 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2019 and 2018 : Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the income statement 2019 2018 Realized (gain) loss on foreign currency exchange contracts $1,246 ($121 ) Other operating income, net Realized (gain) loss on foreign currency option contracts (33 ) (173 ) Other operating income, net Noncontrolling interest (279 ) 68 Comprehensive income (loss) attributable to noncontrolling interest Income tax expense (benefit) from foreign currency contracts (262 ) 63 Income tax expense (Note 10) Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income $672 ($163 ) |
QUARTERLY RESULTS FOR 2019 and
QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) | QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) Quarter Ended Total Year (thousands of dollars, except per share amounts) Mar. 31 June 30 Sept. 30 Dec. 31 2019 Sales $191,546 $184,800 $156,417 $178,793 $711,556 Cost of sales (143,251 ) (140,454 ) (134,463 ) (140,182 ) (558,350 ) Net Income 27,793 20,920 1,528 17,437 67,678 Net Income attributable to Rayonier Inc. 24,794 18,752 (433 ) 15,992 59,105 Basic EPS attributable to Rayonier Inc. $0.19 $0.14 — $0.12 $0.46 Diluted EPS attributable to Rayonier Inc. $0.19 $0.14 — $0.12 $0.46 2018 Sales $203,196 $245,906 $200,890 $166,146 $816,138 Cost of sales (138,488 ) (184,418 ) (143,261 ) (139,092 ) (605,259 ) Net Income 42,706 39,338 30,639 4,647 117,330 Net Income attributable to Rayonier Inc. 40,539 36,258 23,432 1,987 102,216 Basic EPS attributable to Rayonier Inc. $0.31 $0.28 $0.18 $0.02 $0.79 Diluted EPS attributable to Rayonier Inc. $0.31 $0.28 $0.18 $0.02 $0.79 |
CONSOLIDATING FINANCIAL STATEME
CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
CONSOLIDATING FINANCIAL STATEMENTS | CONSOLIDATING FINANCIAL STATEMENTS The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered . The subsidiary guarantors, Rayonier Operating Company LLC (“ROC”) and Rayonier TRS Holdings Inc., are wholly-owned by the parent company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries. CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $711,556 — $711,556 Costs and Expenses Cost of sales — (59 ) (558,291 ) — (558,350 ) Selling and general expenses — (20,560 ) (21,086 ) — (41,646 ) Other operating (expense) income, net — (1,392 ) (3,141 ) — (4,533 ) — (22,011 ) (582,518 ) — (604,529 ) OPERATING (LOSS) INCOME — (22,011 ) 129,038 — 107,027 Interest expense (12,556 ) (19,095 ) (65 ) — (31,716 ) Interest and miscellaneous income (expense), net (1,827 ) 3,061 4,073 — 5,307 Equity in income from subsidiaries 73,488 113,284 — (186,772 ) — INCOME BEFORE INCOME TAXES 59,105 75,239 133,046 (186,772 ) 80,618 Income tax expense — (1,751 ) (11,189 ) — (12,940 ) NET INCOME 59,105 73,488 121,857 (186,772 ) 67,678 Less: Net income attributable to noncontrolling interest — — (8,573 ) — (8,573 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 59,105 73,488 113,284 (186,772 ) 59,105 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax 783 (91 ) 1,054 (783 ) 963 Cash flow hedges, net of income tax (30,875 ) (32,189 ) 1,707 30,875 (30,482 ) Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax (1,350 ) (1,350 ) — 1,350 (1,350 ) Total other comprehensive (loss) income (31,442 ) (33,630 ) 2,761 31,442 (30,869 ) COMPREHENSIVE INCOME 27,663 39,858 124,618 (155,330 ) 36,809 Less: Comprehensive income attributable to noncontrolling interest — — (9,146 ) — (9,146 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $27,663 $39,858 $115,472 ($155,330 ) $27,663 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $816,138 — $816,138 Costs and Expenses Cost of sales — — (605,259 ) — (605,259 ) Selling and general expenses — (19,812 ) (22,139 ) — (41,951 ) Other operating (expense) income, net (12 ) 543 609 — 1,140 (12 ) (19,269 ) (626,789 ) — (646,070 ) OPERATING (LOSS) INCOME (12 ) (19,269 ) 189,349 — 170,068 Interest expense (12,556 ) (19,155 ) (355 ) — (32,066 ) Interest and miscellaneous income (expense), net 6,648 3,863 (5,947 ) — 4,564 Equity in income from subsidiaries 108,136 144,916 — (253,052 ) — INCOME BEFORE INCOME TAXES 102,216 110,355 183,047 (253,052 ) 142,566 Income tax expense — (2,219 ) (23,017 ) — (25,236 ) NET INCOME 102,216 108,136 160,030 (253,052 ) 117,330 Less: Net income attributable to noncontrolling interest — — (15,114 ) — (15,114 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 102,216 108,136 144,916 (253,052 ) 102,216 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (17,329 ) 386 (23,145 ) 17,329 (22,759 ) Cash flow hedges, net of income tax 5,782 8,296 (3,267 ) (5,782 ) 5,029 Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax (1,630 ) (1,630 ) — 1,630 (1,630 ) Total other comprehensive (loss) income (13,177 ) 7,052 (26,412 ) 13,177 (19,360 ) COMPREHENSIVE INCOME 89,039 115,188 133,618 (239,875 ) 97,970 Less: Comprehensive income attributable to noncontrolling interest — — (8,931 ) — (8,931 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $89,039 $115,188 $124,687 ($239,875 ) $89,039 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $819,596 — $819,596 Costs and Expenses Cost of sales — — (568,253 ) — (568,253 ) Selling and general expenses — (16,797 ) (23,448 ) — (40,245 ) Other operating (expense) income, net — (479 ) 4,872 — 4,393 — (17,276 ) (586,829 ) — (604,105 ) OPERATING (LOSS) INCOME — (17,276 ) 232,767 — 215,491 Interest expense (12,556 ) (19,699 ) (1,816 ) — (34,071 ) Interest and miscellaneous income (expense), net 9,679 2,878 (10,717 ) — 1,840 Equity in income from subsidiaries 151,719 186,388 — (338,107 ) — INCOME BEFORE INCOME TAXES 148,842 152,291 220,234 (338,107 ) 183,260 Income tax expense — (572 ) (21,109 ) — (21,681 ) NET INCOME 148,842 151,719 199,125 (338,107 ) 161,579 Less: Net income attributable to noncontrolling interest — — (12,737 ) — (12,737 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 148,842 151,719 186,388 (338,107 ) 148,842 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment, net of income tax 7,416 — 9,114 (7,416 ) 9,114 Cash flow hedges, net of income tax 5,353 4,214 1,479 (5,353 ) 5,693 Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax (208 ) (208 ) — 208 (208 ) Total other comprehensive income 12,561 4,006 10,593 (12,561 ) 14,599 COMPREHENSIVE INCOME 161,403 155,725 209,718 (350,668 ) 176,178 Less: Comprehensive income attributable to noncontrolling interest — — (14,775 ) — (14,775 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $161,403 $155,725 $194,943 ($350,668 ) $161,403 CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $303 $45,792 $22,640 — $68,735 Accounts receivable, less allowance for doubtful accounts — 4,113 23,014 — 27,127 Inventory — — 14,518 — 14,518 Prepaid logging roads — — 12,128 — 12,128 Prepaid expenses — 1,361 1,239 — 2,600 Other current assets — 111 756 — 867 Total current assets 303 51,377 74,295 — 125,975 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,482,047 — 2,482,047 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 81,791 — 81,791 NET PROPERTY, PLANT AND EQUIPMENT — 16,568 5,683 — 22,251 RESTRICTED CASH — — 1,233 — 1,233 RIGHT-OF-USE ASSETS — 32,253 67,689 — 99,942 INVESTMENT IN SUBSIDIARIES 1,709,958 3,072,304 — (4,782,262 ) — INTERCOMPANY RECEIVABLE 56,935 (643,960 ) 587,025 — — OTHER ASSETS 2 (67 ) 47,822 — 47,757 TOTAL ASSETS $1,767,198 $2,528,475 $3,347,585 ($4,782,262 ) $2,860,996 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,866 $15,294 — $18,160 Current maturities of long-term debt — 82,000 — — 82,000 Accrued taxes — 59 2,973 — 3,032 Accrued payroll and benefits — 5,585 3,284 — 8,869 Accrued interest 3,047 2,158 — — 5,205 Deferred revenue — — 11,440 — 11,440 Other current liabilities — 4,453 18,027 — 22,480 Total current liabilities 3,047 97,121 51,018 — 151,186 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 324,170 648,959 — — 973,129 PENSION AND OTHER POSTRETIREMENT BENEFITS — 25,996 (685 ) — 25,311 LONG-TERM LEASE LIABILITY — 28,001 62,480 — 90,481 OTHER NON-CURRENT LIABILITIES — 18,440 64,807 — 83,247 INTERCOMPANY PAYABLE — — — — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,439,981 1,709,958 3,072,304 (4,782,262 ) 1,439,981 Noncontrolling interest — — 97,661 — 97,661 TOTAL SHAREHOLDERS’ EQUITY 1,439,981 1,709,958 3,169,965 (4,782,262 ) 1,537,642 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,767,198 $2,528,475 $3,347,585 ($4,782,262 ) $2,860,996 CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $361 $104,777 $43,236 — $148,374 Accounts receivable, less allowance for doubtful accounts — 3,752 22,399 — 26,151 Inventory — — 15,703 — 15,703 Prepaid logging roads — — 11,976 — 11,976 Prepaid expenses — 977 4,063 — 5,040 Other current assets — 108 501 — 609 Total current assets 361 109,614 97,878 — 207,853 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,401,327 — 2,401,327 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 85,609 — 85,609 NET PROPERTY, PLANT AND EQUIPMENT — 16,940 5,811 — 22,751 RESTRICTED CASH — — 8,080 — 8,080 INVESTMENT IN SUBSIDIARIES 1,833,899 3,022,875 — (4,856,774 ) — INTERCOMPANY RECEIVABLES 49,461 (638,424 ) 588,963 — — OTHER ASSETS 2 19,244 35,800 — 55,046 TOTAL ASSETS $1,883,723 $2,530,249 $3,223,468 ($4,856,774 ) $2,780,666 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $1,616 $16,403 — $18,019 Accrued taxes — 8 3,170 — 3,178 Accrued payroll and benefits — 5,848 4,568 — 10,416 Accrued interest 3,047 1,960 — — 5,007 Deferred revenue — — 10,447 — 10,447 Other current liabilities — 216 16,258 — 16,474 Total current liabilities 3,047 9,648 50,846 — 63,541 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 323,803 648,764 — — 972,567 PENSION AND OTHER POSTRETIREMENT BENEFITS — 30,484 (684 ) — 29,800 OTHER NON-CURRENT LIABILITIES — 7,454 52,754 — 60,208 TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,556,873 1,833,899 3,022,875 (4,856,774 ) 1,556,873 Noncontrolling interest — — 97,677 — 97,677 TOTAL SHAREHOLDERS’ EQUITY 1,556,873 1,833,899 3,120,552 (4,856,774 ) 1,654,550 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,883,723 $2,530,249 $3,223,468 ($4,856,774 ) $2,780,666 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES ($21,865 ) ($12,730 ) $248,848 — $214,253 INVESTING ACTIVITIES Capital expenditures — (641 ) (63,355 ) — (63,996 ) Real estate development investments — — (6,803 ) — (6,803 ) Purchase of timberlands — — (142,287 ) — (142,287 ) Investment in subsidiaries — (406 ) — 406 — Other — (8,754 ) 2,450 — (6,304 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — (9,801 ) (209,995 ) 406 (219,390 ) FINANCING ACTIVITIES Issuance of debt — 82,000 — — 82,000 Repayment of debt — — — — — Dividends paid (139,531 ) (32,239 ) 30,699 — (141,071 ) Proceeds from the issuance of common shares under incentive stock plan 1,260 — — — 1,260 Repurchase of common shares (4,250 ) — — — (4,250 ) Proceeds used for Share Buybacks — (8,430 ) — — (8,430 ) Proceeds from shareholder distribution hedge — — 135 — 135 Distribution to minority shareholder — — (9,161 ) — (9,161 ) Issuance of intercompany notes — — — — — Debt issuance cost — (132 ) — — (132 ) Intercompany distributions 164,328 (77,653 ) (86,269 ) (406 ) — CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES 21,807 (36,454 ) (64,596 ) (406 ) (79,649 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (1,700 ) — (1,700 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash (58 ) (58,985 ) (27,443 ) — (86,486 ) Balance, beginning of year 361 104,777 51,316 — 156,454 Balance, end of year $303 $45,792 $23,873 — $69,968 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES $284,781 $182,057 ($156,742 ) — $310,096 INVESTING ACTIVITIES Capital expenditures — (59 ) (62,266 ) — (62,325 ) Real estate development investments — — (9,501 ) — (9,501 ) Purchase of timberlands — — (57,608 ) — (57,608 ) Investment in subsidiaries — 6,128 — (6,128 ) — Other — — (3,421 ) — (3,421 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 6,069 (132,796 ) (6,128 ) (132,855 ) FINANCING ACTIVITIES Issuance of debt — — 1,014 — 1,014 Repayment of debt — (50,000 ) (4,416 ) — (54,416 ) Dividends paid (136,698 ) (74 ) — — (136,772 ) Proceeds from the issuance of common shares under incentive stock plan 8,591 — — — 8,591 Repurchase of common shares (2,984 ) — — — (2,984 ) Proceeds from shareholder distribution hedge — — 2,025 — 2,025 Distribution to minority shareholder — — (11,172 ) — (11,172 ) Issuance of intercompany notes 299,715 18,961 (318,676 ) — — Intercompany distributions (501,608 ) (77,278 ) 572,758 6,128 — CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (332,984 ) (108,391 ) 241,533 6,128 (193,714 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 571 — 571 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash (48,203 ) 79,735 (47,434 ) — (15,902 ) Balance, beginning of year 48,564 25,042 98,750 — 172,356 Balance, end of year $361 $104,777 $51,316 — $156,454 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($48,104 ) $111,431 $192,957 — $256,284 INVESTING ACTIVITIES Capital expenditures — — (65,345 ) — (65,345 ) Real estate development investments — — (15,784 ) — (15,784 ) Purchase of timberlands — — (242,910 ) — (242,910 ) Net proceeds from large disposition of timberlands — — 95,243 — 95,243 Rayonier office building under construction — — (6,084 ) — (6,084 ) Investment in subsidiaries — 38,546 — (38,546 ) — Other — — (373 ) — (373 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 38,546 (235,253 ) (38,546 ) (235,253 ) FINANCING ACTIVITIES Issuance of debt — 25,000 38,389 — 63,389 Repayment of debt — (15,000 ) (85,157 ) — (100,157 ) Dividends paid (127,069 ) — — — (127,069 ) Proceeds from the issuance of common shares under incentive stock plan 4,751 — — — 4,751 Proceeds from the issuance of common shares from equity offering, net of cost 152,390 — — — 152,390 Repurchase of common shares (176 ) — — — (176 ) Issuance of intercompany notes (32,000 ) — 32,000 — — Intercompany distributions 77,319 (144,396 ) 28,531 38,546 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 75,215 (134,396 ) 13,763 38,546 (6,872 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 580 — 580 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash 27,111 15,581 (27,953 ) — 14,739 Balance, beginning of year 21,453 9,461 126,703 — 157,617 Balance, end of year $48,564 $25,042 $98,750 — $172,356 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 , and 2017 (In Thousands) Description Balance at Beginning of Year Additions Charged to Cost and Expenses Deductions Balance at End of Year Allowance for doubtful accounts: Year ended December 31, 2019 $8 16 — $24 Year ended December 31, 2018 23 — (15 ) 8 Year ended December 31, 2017 33 — (10 ) 23 Deferred tax asset valuation allowance: Year ended December 31, 2019 $38,839 481 (a) — $39,320 Year ended December 31, 2018 34,889 3,950 (a) — 38,839 Year ended December 31, 2017 21,861 13,028 (a) — 34,889 (a) The 2019, 2018 and 2017 increase is comprised of valuation allowance against the TRS deferred tax assets. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of March 2016, the Company maintains a 77% ownership interest in the New Zealand subsidiary, and, as such, consolidates its results of operations and Balance Sheet. The Company records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest ( 23% ) of the New Zealand subsidiary’s results of operations and equity. All intercompany balances and transactions are eliminated. |
Reclassifications | RECLASSIFICATIONS |
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 the Company for the sale of timber and are presented net of an allowance for doubtful accounts. |
Inventory | INVENTORY 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 Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months |
Deferred Financing Costs | DEFERRED FINANCING COSTS |
Capitalized Software Costs | CAPITALIZED SOFTWARE COSTS Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. |
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 or any 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. The Company charges 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, the Company makes 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, the cost of the acquired timber is combined into an existing depletion pool 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. |
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. The Company generally depreciates its 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, the Company determines 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. ROU assets represent the Company’s 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 the Company’s leases do not provide an implicit rate, the Company generally uses its 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 the Company 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. |
Investments | INVESTMENTS Investments at December 31, 2019 consisted of marketable equity securities. Investments are carried at fair value based on quoted prices in their active market with both the realized and unrealized gains and losses as well as interest and dividends reported in “Interest and other miscellaneous income, net.” |
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. Rayonier uses the following methods and assumptions in estimating the fair value of its 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. Carbon option contracts — The fair value of carbon option contracts is determined by a mark-to-market valuation using the Black-Scholes option pricing model, 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. 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. |
Goodwill | GOODWILL |
Foreign Currency Translation and Remeasurement | FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT The functional currency of the Company’s 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. |
Revenue Recognition | REVENUE RECOGNITION The Company recognizes 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”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of December 31, 2019 are primarily due to advances on stumpage contracts and unearned hunt license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has 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. The Company utilizes two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method the Company employs 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. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. The Company retains 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 the Company. 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 the Company utilizes 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, the Company hires 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 (primarily in New Zealand), 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 Obligation Timing of Revenue Recognition General Payment Terms Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed (point-in-time) Initial payment between Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution (point-in-time) Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed (over-time) 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 (point-in-time) 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 (point-in-time) 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. Such 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. 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 the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs. |
Real Estate and Cost of Sales | REAL ESTATE The Company recognizes 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 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer. COST OF SALES Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion) and logging and transportation costs (cut and haul). 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 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 the Company. The Company expenses 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 unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for Rayonier’s 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, salary increases, mortality rates and longevity of employees. See Note 16 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2019 . 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.” At December 31, 2019 and 2018 , the Company’s pension plans were in a net liability position (underfunded) of $23.8 million and $28.6 million , respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through other comprehensive (loss) income in the year in which the changes occur. The Company measures |
Income Taxes | INCOME TAXES The Company uses 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 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 rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes 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. The Company records 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, the Company computes 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. The Company adjusts its 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. |
Recently Adopted and New Accounting Pronouncements | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), on January 1, 2019 and elected to apply the standard as of that day. The Company applied the following practical expedients in the transition to the new standard as allowed under ASC 842-10-65-1: Practical Expedient Description Reassessment of expired or existing contracts The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases. Use of hindsight The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-of-use assets. Reassessment of existing or expired land easements The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02. The Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in the first quarter ended March 31, 2019 with no material impact on the consolidated financial statements. The Company adopted ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting in the first quarter ended March 31, 2019 with no impact on the consolidated financial statements. NEW ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), |
Subsequent Events | SUBSEQUENT EVENTS Pope Resources Acquisition On January 15, 2020, the Company entered into a definitive merger agreement under which Rayonier will acquire all of the outstanding limited partnership units of Pope Resources, A Delaware Limited Partnership for consideration consisting of equity and cash. Pursuant to the terms of the agreement, elections of cash versus equity will be subject to proration to ensure that the ratio of cash and equity would be equal to the amounts issued as if every Pope Resources unit received 2.751 Rayonier common shares or Rayonier operating partnership units and $37.50 in cash. T he merger agreement also provides for Rayonier to acquire the general partner entities of Pope Resources, Pope MGP, Inc. and Pope EGP, Inc., for consideration consisting of $10 million |
Segment and Geographical Information | Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. See Note 1 - Summary of Significant Accounting Policies for a discussion of the current year reclassification of Real Estate segment sales related to marketing fees and deferred revenue adjustments from Improved Development to Other. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as the company does 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 “Corporate and other.” |
Earnings Per Common Share | Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier 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 convertible debt. |
Derivative Financial Instruments and Hedging Activities | Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive (loss) 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 Company’s investment in its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, 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. The Company's hedge ineffectiveness was de minimis for all periods presented. |
Offsetting Derivatives | OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset. |
Incentive Stock Plans | 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. 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. RESTRICTED STOCK PERFORMANCE SHARE UNITS |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Revenue Recognition Terms | The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Obligation Timing of Revenue Recognition General Payment Terms Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed (point-in-time) Initial payment between Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution (point-in-time) Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed (over-time) 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 (point-in-time) 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 (point-in-time) Letter of credit from an approved bank; collection generally within 30 days of delivery |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Liabilities | The following table summarizes revenue recognized during the years ended December 31, 2019 and 2018 that was included in the contract liability balance at the beginning of each year: Year Ended December 31, 2019 2018 Revenue recognized from contract liability balance at the beginning of the year (a) $10,039 $9,004 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. |
Disaggregation of Revenue by Product | The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2019 , 2018 and 2017 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total December 31, 2019 Pulpwood $86,537 $10,350 $32,925 — $13,351 — $143,163 Sawtimber 67,360 72,377 198,481 — 101,255 — 439,473 Hardwood 5,259 — — — — — 5,259 Total Timber Sales 159,156 82,727 231,406 — 114,606 — 587,895 License Revenue, Primarily From Hunting 18,270 717 361 — — — 19,348 Other Non-Timber/Carbon Revenue 16,685 1,970 10,094 — — — 28,749 Agency Fee Income — — — — 677 — 677 Total Non-Timber Sales 34,955 2,687 10,455 — 677 — 48,774 Improved Development — — — 5,882 — — 5,882 Unimproved Development — — — 19,476 — — 19,476 Rural — — — 29,852 — — 29,852 Timberlands & Non-Strategic — — — 19,133 — — 19,133 Other — — — 544 — — 544 Total Real Estate Sales — — — 74,887 — — 74,887 Revenue from Contracts with Customers 194,111 85,414 241,861 74,887 115,283 — 711,556 Intersegment — — — — 155 (155 ) — Total Revenue $194,111 $85,414 $241,861 $74,887 $115,438 ($155 ) $711,556 December 31, 2018 Pulpwood $80,134 $14,305 $28,737 — $13,771 — $136,947 Sawtimber 60,295 92,166 213,206 — 134,299 — 499,966 Hardwood 3,433 — — — — — 3,433 Total Timber Sales 143,863 106,471 241,943 — 148,070 — 640,347 License Revenue, Primarily from Hunting 16,285 709 401 — — — 17,395 Other Non-Timber/Carbon Revenue 9,847 2,652 6,670 — — — 19,169 Agency Fee Income — — — — 652 — 652 Total Non-Timber Sales 26,132 3,361 7,071 — 652 — 37,216 Improved Development — — — 8,336 — — 8,336 Unimproved Development — — — 8,621 — — 8,621 Rural — — — 22,689 — — 22,689 Timberlands & Non-Strategic — — — 98,872 — — 98,872 Other — — 57 — — 57 Total Real Estate Sales — — — 138,575 — — 138,575 Revenue from Contracts with Customers 169,995 109,832 249,014 138,575 148,722 — 816,138 Intersegment — — — — 92 (92 ) — Total Revenue $169,995 $109,832 $249,014 $138,575 $148,814 ($92 ) $816,138 December 31, 2017 Pulpwood $67,836 $11,242 $24,934 — $13,352 — $117,364 Sawtimber 50,891 77,477 197,521 — 137,854 — 463,743 Hardwood 3,912 — — — — — 3,912 Total Timber Sales 122,639 88,719 222,455 — 151,206 — 585,019 License Revenue, Primarily from Hunting 16,004 646 227 — — — 16,877 Other Non-Timber/Carbon Revenue 5,867 2,512 617 — — — 8,996 Agency Fee Income — — — — 1,378 — 1,378 Total Non-Timber Sales 21,871 3,158 844 — 1,378 — 27,251 Improved Development — — — 6,889 — — 6,889 Unimproved Development — — — 16,405 — — 16,405 Rural — — — 18,632 — — 18,632 Timberlands & Non-Strategic — — — 70,590 — — 70,590 Large Dispositions — — — 95,351 — — 95,351 Other — — — (541 ) — — (541 ) Total Real Estate Sales — — — 207,326 — — 207,326 Revenue from Contracts with Customers 144,510 91,877 223,299 207,326 152,584 — 819,596 Total Revenue $144,510 $91,877 $223,299 $207,326 $152,584 — $819,596 The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2019 , 2018 and 2017 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total December 31, 2019 Stumpage Pay-as-Cut $71,943 — — — $71,943 Stumpage Lump Sum 7,428 2,749 — — 10,177 Total Stumpage 79,371 2,749 — — 82,120 Delivered Wood (Domestic) 71,054 79,978 80,974 5,488 237,494 Delivered Wood (Export) 8,731 — 150,432 109,118 268,281 Total Delivered 79,785 79,978 231,406 114,606 505,775 Total Timber Sales $159,156 $82,727 $231,406 $114,606 $587,895 December 31, 2018 Stumpage Pay-as-Cut $72,385 — — — $72,385 Stumpage Lump Sum 4,988 11,854 — — 16,842 Total Stumpage 77,373 11,854 — — 89,227 Delivered Wood (Domestic) 60,931 94,617 90,631 6,141 252,320 Delivered Wood (Export) 5,559 — 151,312 141,929 298,800 Total Delivered 66,490 94,617 241,943 148,070 551,120 Total Timber Sales $143,863 $106,471 $241,943 $148,070 $640,347 December 31, 2017 Stumpage Pay-as-Cut $71,120 — — — $71,120 Stumpage Lump Sum 9,093 10,628 — — 19,721 Stumpage Agreed Volume — 1,234 — — 1,234 Total Stumpage 80,213 11,862 — — 92,075 Delivered Wood (Domestic) 42,426 76,857 84,221 6,044 209,548 Delivered Wood (Export) — — 138,234 145,162 283,396 Total Delivered 42,426 76,857 222,455 151,206 492,944 Total Timber Sales $122,639 $88,719 $222,455 $151,206 $585,019 |
TIMBERLAND ACQUISITIONS (Tables
TIMBERLAND ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Timberland Acquisitions | The following table summarizes the timberland acquisitions for the years ended December 31, 2019 and 2018 : 2019 2018 Cost Acres Cost Acres Florida $71,183 42,522 $35,560 20,513 Georgia 13,395 10,271 2,532 2,232 Texas 14,349 6,643 7,851 70,919 3,279 Washington 7,340 2,260 — — New Zealand 36,020 9,223 11,665 3,833 Total Acquisitions $142,287 70,919 $57,608 29,857 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease Maturities | The following table details the Company’s undiscounted lease obligations as of December 31, 2019 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2020 2021 2022 2023 2024 Thereafter Operating lease liabilities $193,320 $10,028 $9,293 $8,413 $8,355 $8,281 $148,950 Total Undiscounted Cash Flows $193,320 $10,028 $9,293 $8,413 $8,355 $8,281 $148,950 Imputed interest (92,796 ) Balance at December 31, 2019 100,524 Less: Current portion (10,043 ) Non-current portion at December 31, 2019 $90,481 |
Lease Cost | The following table details components of the Company’s lease cost for year ended December 31, 2019: Year Ended December 31, Lease Cost Components 2019 Operating lease cost $10,870 Variable lease cost (a) 235 Total lease cost (b) $11,105 (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, 2019 . The following table details components of the Company’s lease cost for the year ended December 31, 2019 : Year Ended December 31, Supplemental cash flow information related to leases: 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,567 Investing cash flows from operating leases 8,303 Total cash flows from operating leases $10,870 Weighted-average remaining lease term in years - operating leases 28 Weighted-average discount rate - operating leases 5 % The Company applied the following practical expedients upon adoption of the new standard as allowed under ASC 842: Practical Expedient Description Short-term leases The Company does 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 The Company does 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. |
SEGMENT AND GEOGRAPHICAL INFO_2
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment information for each of the three years ended December 31, 2019 follows: Sales by Product Line 2019 2018 2017 Southern Timber $194,111 $169,995 $144,510 Pacific Northwest Timber 85,414 109,832 91,877 New Zealand Timber 241,861 249,014 223,299 Real Estate Improved Development 5,882 8,336 6,889 Unimproved Development 19,476 8,621 16,405 Rural 29,852 22,689 18,632 Timberlands & Non-Strategic 19,133 98,872 70,590 Large Dispositions — — 95,351 Other (a) 544 57 (541 ) Total Real Estate 74,887 138,575 207,326 Trading 115,438 148,814 152,584 Intersegment eliminations (155 ) (92 ) — Total Sales $711,556 $816,138 $819,596 (a) Includes marketing fees and deferred revenue adjustments related to Improved Development sales. Operating Income (Loss) 2019 2018 2017 Southern Timber $57,804 $44,245 $42,254 Pacific Northwest Timber (12,427 ) 8,137 1,127 New Zealand Timber 48,035 62,754 57,567 Real Estate (a) 38,665 76,240 130,856 Trading 8 953 4,578 Corporate and other (25,058 ) (22,261 ) (20,891 ) Total Operating Income 107,027 170,068 215,491 Unallocated interest expense and other (26,409 ) (27,502 ) (32,231 ) Total Income before Income Taxes $80,618 $142,566 $183,260 (a) The year 2017 includes Large Dispositions of $67.0 million . Gross Capital Expenditures 2019 2018 2017 Capital Expenditures (a) Southern Timber $34,574 $35,388 $34,476 Pacific Northwest Timber 11,220 9,311 10,254 New Zealand Timber 17,357 17,318 17,046 Real Estate 204 284 1,348 Corporate and other 641 24 2,221 Total capital expenditures $63,996 $62,325 $65,345 Timberland Acquisitions Southern Timber $98,927 $45,943 $220,051 Pacific Northwest Timber 7,340 — 1,483 New Zealand Timber 36,020 11,665 21,376 Total timberland acquisitions $142,287 $57,608 $242,910 Total Gross Capital Expenditures $206,283 $119,933 $308,255 (a) Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million in 2017 and real estate development investments of $6.8 million , $9.5 million and $15.8 million in the years 2019, 2018 and 2017, respectively. Depreciation, Depletion and Amortization 2019 2018 2017 Southern Timber $61,923 $58,609 $49,357 Pacific Northwest Timber 29,165 32,779 32,008 New Zealand Timber 27,761 28,007 27,499 Real Estate (a) 8,229 23,566 36,343 Corporate and other 1,157 1,160 794 Total $128,235 $144,121 $146,001 (a) The year 2017 includes Large Dispositions of $18.4 million . Non-Cash Cost of Land and Improved Development 2019 2018 2017 Real Estate (a) $12,565 $23,553 $23,498 (a) The year 2017 includes Large Dispositions of $9.8 million |
Schedule of Geographical Operating Information | Geographical Operating Information Sales Operating Income Identifiable Assets 2019 2018 2017 2019 2018 2017 2019 2018 United States $354,395 $390,396 $419,402 $58,945 $83,357 $138,528 $2,288,642 $2,282,480 New Zealand 357,161 425,742 400,194 48,082 86,711 76,963 572,354 498,186 Total $711,556 $816,138 $819,596 $107,027 $170,068 $215,491 $2,860,996 $2,780,666 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Rayonier’s debt consisted of the following at December 31, 2019 and 2018 : 2019 2018 Term Credit Agreement due 2024 at a variable interest rate of 3.3% at December 31, 2019 $350,000 $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 325,000 Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.6% at December 31, 2019 300,000 300,000 Revolving Credit Facility due 2020 at a variable interest rate of 3.0% at December 31, 2019 82,000 — Total debt 1,057,000 975,000 Less: Current maturities of long-term debt (82,000 ) — Less: Deferred financing costs (1,871 ) (2,433 ) Long-term debt, net of deferred financing costs $973,129 $972,567 |
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows: 2020 82,000 2021 — 2022 325,000 2023 — 2024 350,000 Thereafter 300,000 Total debt $1,057,000 |
HIGHER AND BETTER USE TIMBERL_2
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments | An analysis of higher and better use timberlands and real estate development investments from December 31, 2018 to December 31, 2019 is shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2018 $59,189 $26,420 $85,609 Plus: Current portion (a) 4,239 7,680 11,919 Total Balance at December 31, 2018 63,428 34,100 97,528 Non-cash cost of land and improved development (1,916 ) (4,814 ) (6,730 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (2,866 ) — (2,866 ) Capitalized real estate development investments (b) — 6,803 6,803 Capital expenditures (silviculture) 204 — 204 Intersegment transfers (485 ) — (485 ) Total Balance at December 31, 2019 58,365 36,089 94,454 Less: Current portion (a) (274 ) (12,389 ) (12,663 ) Non-current portion at December 31, 2019 $58,091 $23,700 $81,791 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 19 — Inventory for additional information. (b) Capitalized real estate development investments includes $0.4 million of capitalized interest. |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2019 , the future minimum payments under non-cancellable commitments were as follows: Development Projects (a) Pension Contributions (b) Commitments (c) Total 2020 $4,403 $3,599 $2,510 $10,512 2021 178 681 2,122 2,981 2022 178 — 2,027 2,205 2023 178 — 2,007 2,185 2024 178 — 1,171 1,349 Thereafter 2,749 — — 2,749 $7,864 $4,280 $9,837 $21,981 (a) Primarily consisting of payments expected to be made on the Company’s Wildlight and Richmond Hill development projects. (b) Pension contribution requirements are based on actuarially determined estimates and IRS minimum funding requirements. (c) Commitments include payments expected to be made on foreign exchange contracts, timberland deeds and other purchase obligations. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 Current U.S. federal $2 $2 $261 State (122 ) 37 (38 ) Foreign (1,542 ) (1,914 ) (245 ) (1,662 ) (1,875 ) (22 ) Deferred U.S. federal 465 3,803 13,028 State 17 146 — Foreign (11,278 ) (23,360 ) (21,659 ) (10,796 ) (19,411 ) (8,631 ) Changes in valuation allowance (482 ) (3,950 ) (13,028 ) Total ($12,940 ) ($25,236 ) ($21,681 ) |
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: 2019 2018 2017 U.S. federal statutory income tax rate ($16,930 ) (21.0 )% ($29,939 ) (21.0 )% ($64,141 ) (35.0 )% U.S. and foreign REIT income 19,902 24.7 32,949 23.1 63,813 34.8 Matariki Group and Rayonier New Zealand Ltd (11,181 ) (13.9 ) (23,166 ) (16.2 ) (19,182 ) (10.5 ) Transition tax — — — — (3,506 ) (1.9 ) Change in valuation allowance (482 ) (0.6 ) (3,950 ) (2.8 ) (13,028 ) (7.1 ) ASU No. 2016-16 adoption impact — — — — 16,631 9.1 Deemed repatriation of unremitted foreign earnings — — — — 7,368 4.0 Reduction of deferred tax asset for statutory rate change — — — — (10,499 ) (5.7 ) Internal transfer of assets deferred (1,815 ) (2.3 ) — — — — Foreign income tax withholding (1,535 ) (1.9 ) (1,848 ) (1.3 ) — — Other (899 ) (1.1 ) 718 0.5 863 0.5 Income tax expense as reported for net income ($12,940 ) (16.1 )% ($25,236 ) (17.7 )% ($21,681 ) (11.8 )% |
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: 2019 2018 Gross deferred tax assets: Pension, postretirement and other employee benefits $1,512 $1,791 New Zealand subsidiary 23,211 14,252 CBPC tax credit carry forwards 14,555 14,555 Capitalized real estate costs 6,635 7,386 U.S. TRS net operating loss 5,410 5,747 Land basis difference 10,626 11,282 Other 4,356 4,047 Total gross deferred tax assets 66,305 59,060 Less: Valuation allowance (39,320 ) (38,839 ) Total deferred tax assets after valuation allowance $26,985 $20,221 Gross deferred tax liabilities: Accelerated depreciation (23 ) (73 ) New Zealand subsidiary (87,548 ) (66,430 ) Timber installment sale — (4,823 ) Other (3,938 ) (1,272 ) Total gross deferred tax liabilities (91,509 ) (72,598 ) Net deferred tax liability reported as noncurrent ($64,524 ) ($52,377 ) |
Summary of Operating Loss and Tax Credit Carryforwards | Foreign net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: Gross Amount Valuation Allowance Expiration 2019 New Zealand subsidiary NOL carryforwards $11,650 — None U.S. net deferred tax asset 24,765 (24,765 ) None Cellulosic Biofuel Producer Credit (a) 14,555 (14,555 ) 2023 Total Valuation Allowance ($39,320 ) 2018 New Zealand subsidiary NOL carryforwards $31,052 — None U.S. net deferred tax asset 24,284 (24,284 ) None Cellulosic Biofuel Producer Credit (a) 14,555 (14,555 ) 2019 Total Valuation Allowance ($38,839 ) (a) The Further Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019. The Further Consolidated Appropriations Act, 2020 included the Taxpayer Certainty and Disaster Relief Act of 2019 (Tax Extenders Act), which temporarily renewed approximately two dozen credits that previously expired or were set to expire at the end of 2019. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act. |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 follows: 2019 2018 2017 Balance at January 1, — — $135 Decreases related to prior year tax positions (a) — — (135 ) Increases related to prior year tax positions — — — Balance at December 31, — — — (a) Result of a lapse of the applicable statute of limitations. |
Summary 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 2016 - 2018 New Zealand Inland Revenue 2014 - 2018 |
GUARANTEES (Tables)
GUARANTEES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2019 , the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Payment Standby letters of credit (b) $1,509 Surety bonds (c) 3,487 Total financial commitments $4,996 (a) The Company has 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 the Company’s own performance. (b) Approximately $0.5 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2020 and will be renewed as required. (c) Rayonier issues surety bonds primarily to secure performance obligations related to various operational activities and to provide collateral for the Company’s Wildlight development project in Nassau County, Florida. These bonds expire at various dates during 2020 and are expected to be renewed as required. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31 : 2019 2018 2017 Net Income $67,678 $117,330 $161,579 Less: Net income attributable to noncontrolling interest (8,573 ) (15,114 ) (12,737 ) Net income attributable to Rayonier Inc. $59,105 $102,216 $148,842 Shares used for determining basic earnings per common share 129,257,202 129,043,627 127,367,608 Dilutive effect of: Stock options 12,209 71,276 91,956 Performance shares, restricted shares and restricted stock units 328,977 575,328 350,385 Shares used for determining diluted earnings per common share 129,598,388 129,690,231 127,809,949 Basic earnings per common share attributable to Rayonier Inc.: $0.46 $0.79 $1.17 Diluted earnings per common share attributable to Rayonier Inc.: $0.46 $0.79 $1.16 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 2019 2018 2017 Anti-dilutive shares excluded from computations of diluted earnings per share: Stock options, performance shares, restricted shares and restricted stock units 450,681 254,282 596,061 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Interest Rate Swaps | The following table contains information on the outstanding interest rate swaps as of December 31, 2019 : Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.63 % 3.83 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.63 % 3.98 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. |
Schedule of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table demonstrates the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019 , 2018 and 2017 . Location on Statement of Income and Comprehensive Income 2019 2018 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $2,211 ($4,357 ) $2,100 Foreign currency option contracts Other comprehensive (loss) income 159 (180 ) (52 ) Interest rate swaps Other comprehensive (loss) income (32,189 ) 8,296 4,214 Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive (loss) income — (344 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous income, net $135 $2,183 $47 Carbon options Interest and other miscellaneous income, net (105 ) (158 ) — |
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, 2019 and 2018 : Notional Amount 2019 2018 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $56,350 $69,950 Foreign currency option contracts 22,000 24,000 Interest rate swaps 650,000 650,000 Derivatives not designated as hedging instruments: Foreign currency exchange contracts — 9,396 Carbon options (a) 9,592 2,517 (a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of December 31, 2019 . |
Schedule of Derivative Instruments in Statement of Financial Position | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2019 and 2018 . 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 2019 2018 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets 424 — Other assets 390 — Other current liabilities (172 ) (1,569 ) Foreign currency option contracts Other current assets 151 217 Other assets 209 102 Other current liabilities (27 ) (106 ) Other non-current liabilities (30 ) (68 ) Interest rate swaps Other assets 2,614 23,735 Other non-current liabilities (11,068 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other current assets — 152 Other current liabilities — (24 ) Carbon options (a) Other current liabilities (607 ) (322 ) Total derivative contracts: Other current assets $575 $369 Other assets 3,213 23,837 Total derivative assets $3,788 $24,206 Other current liabilities (806 ) (2,021 ) Other non-current liabilities (11,098 ) (68 ) Total derivative liabilities ($11,904 ) ($2,089 ) (a) See Note 15 — 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, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Financial Instruments | The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2019 and 2018 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: December 31, 2019 December 31, 2018 Asset (liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $68,735 $68,735 — $148,374 $148,374 — Restricted cash (b) 1,233 1,233 — 8,080 8,080 — Current maturities of long-term debt (82,000 ) — (82,000 ) — — — Long-term debt (c) (973,129 ) — (981,500 ) (972,567 ) — (975,845 ) Interest rate swaps (d) (8,454 ) — (8,454 ) 23,735 — 23,735 Foreign currency exchange contracts (d) 642 — 642 (1,442 ) — (1,442 ) Foreign currency option contracts (d) 303 — 303 145 — 145 Carbon options contracts (d) (607 ) — (607 ) (322 ) — (322 ) Marketable equity securities (e) 10,582 10,582 — — — — (a) The Company did not have Level 3 assets or liabilities at December 31, 2019 and 2018 . (b) Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for real estate development obligations. See Note 20 - Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information. (d) See Note 14 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. (e) The Company’s investments in marketable equity securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations. See Note 21 - Other Assets for additional information. |
Schedule of Marketable Securities Unrealized Gain Position | The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for 12 months or greater at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Carrying Amount Less than 12 Months 12 Months or Greater Total Carrying Amount Less than 12 Months 12 Months or Greater Total Fair value of marketable equity securities $10,582 $10,582 — $10,582 — — — — Unrealized gains — 3,043 — 3,043 — — — — As of December 31, 2019 and 2018 , Rayonier’s investments in marketable equity securities follows: 2019 2018 Investments in marketable equity securities $10,582 — |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 2019 2018 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $79,559 $87,986 $1,303 $1,420 Service cost — — 6 7 Interest cost 3,197 3,021 54 38 Actuarial loss (gain) 10,828 (8,160 ) 285 (149 ) Benefits paid (3,323 ) (3,288 ) (14 ) (13 ) Projected benefit obligation at end of year $90,261 $79,559 $1,634 $1,303 Funded Status at End of Year: Net accrued benefit cost ($23,801 ) ($28,610 ) ($1,634 ) ($1,303 ) |
Schedule of Changes in Fair Value of Plan Assets | Change in Plan Assets Fair value of plan assets at beginning of year $50,949 $57,377 — — Actual return on plan assets 12,975 (4,638 ) — — Employer contributions 6,413 2,829 14 13 Benefits paid (3,284 ) (4,002 ) (14 ) (13 ) Other expense (593 ) (617 ) — — Fair value of plan assets at end of year $66,460 $50,949 — — |
Schedule of Amounts Recognized in Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($86 ) ($86 ) ($38 ) ($27 ) Noncurrent liabilities (23,715 ) (28,524 ) (1,596 ) (1,276 ) Net amount recognized ($23,801 ) ($28,610 ) ($1,634 ) ($1,303 ) |
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 2019 2018 2017 2019 2018 2017 Net (losses) gains ($1,514 ) ($1,743 ) ($583 ) ($285 ) $149 ($89 ) 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 2019 2018 2017 2019 2018 2017 Amortization of losses (gains) $449 $673 $466 — $2 ($1 ) |
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 2019 2018 2019 2018 Net losses ($24,317 ) ($23,252 ) ($292 ) ($7 ) Deferred income tax benefit 1,216 1,216 6 6 AOCI ($23,101 ) ($22,036 ) ($286 ) ($1 ) |
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: 2019 2018 Projected benefit obligation $90,261 $79,559 Accumulated benefit obligation 90,261 79,559 Fair value of plan assets 66,460 50,949 |
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 2019 2018 2017 2019 2018 2017 Components of Net Periodic Benefit Cost (Credit) Service cost — — — $6 $7 $6 Interest cost 3,197 3,021 3,259 54 38 53 Expected return on plan assets (3,107 ) (3,934 ) (3,781 ) — — — Amortization of losses (gains) 449 673 466 — 2 (1 ) Net periodic benefit cost (credit) $539 ($240 ) ($56 ) $60 $47 $58 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2020 are as follows: Pension Postretirement Amortization of loss $861 $8 |
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 2019 2018 2017 2019 2018 2017 Assumptions used to determine benefit obligations at December 31: Discount rate 3.06 % 4.11 % 3.48 % 3.16 % 4.18 % 3.56 % Rate of compensation increase — — — 4.50 % 4.50 % 4.50 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.11 % 3.48 % 4.01 % 4.18 % 3.56 % 4.12 % Expected long-term return on plan assets 5.72 % 7.17 % 7.17 % — — — Rate of compensation increase — — — 4.50 % 4.50 % 4.50 % |
Schedule of Allocation of Plan Assets | The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2019 and 2018 , and target allocation ranges by asset category are as follows: Percentage of Plan Assets Target Allocation Range Asset Category 2019 2018 Domestic equity securities 41 % 39 % 35-45% International equity securities 28 % 28 % 20-30% Domestic fixed income securities 25 % 26 % 25-29% International fixed income securities 4 % 5 % 3-7% Real estate fund 2 % 2 % 2-4% Total 100 % 100 % The following table sets forth the net asset value of the plan assets as of December 31, 2019 or 2018 . December 31, 2019 December 31, 2018 Asset Category Investments at Net Asset Value: Separate Investment Accounts 66,460 50,949 Total Investments at Net Asset Value $66,460 $50,949 |
Schedule of Expected Benefit Payments | Expected benefit payments to be made by the Company for the next 10 years are as follows: Pension Benefits Postretirement Benefits 2020 $3,671 $38 2021 3,829 42 2022 4,050 45 2023 4,146 48 2024 4,318 51 2025-2029 22,752 308 |
INCENTIVE STOCK PLANS (Tables)
INCENTIVE STOCK PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs | A summary of the Company’s stock-based compensation cost is presented below: 2019 2018 2017 Selling and general expenses $6,416 $5,623 $4,784 Cost of sales 378 704 556 Timber and Timberlands, net (a) 110 101 56 Total stock-based compensation $6,904 $6,428 $5,396 Tax benefit recognized related to stock-based compensation expense (b) $362 $338 $249 (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 the Company does not expect to be able to realize the benefit in the future. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s restricted stock is presented below: 2019 2018 2017 Restricted shares granted — 87,924 97,643 Weighted average price of restricted shares granted — $35.44 $28.18 Intrinsic value of restricted stock outstanding (a) $5,540 $8,792 $8,906 Grant date fair value of restricted stock vested 4,579 1,582 1,198 Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested 1,610 334 176 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2019 . 2019 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Shares at January 1, 317,499 $30.64 Granted — — Vested (142,778 ) 32.07 Cancelled (5,607 ) 29.99 Non-vested Restricted Shares at December 31, 169,114 $29.45 A summary of the Company’s restricted stock units is presented below: 2019 2018 2017 Restricted stock units granted 128,226 — — Weighted average price of restricted stock units granted $31.39 — — Intrinsic value of restricted stock units outstanding (a) 3,351 — — Grant date fair value of restricted stock units vested 762 — — Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted stock units vested $1 — — (a) Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2019 . 2019 Number of Shares Weighted Average Grant Date Fair Value Non-vested Restricted Stock Units at January 1, — — Granted 128,226 31.39 Vested (24,664 ) 30.90 Cancelled (1,265 ) 31.77 Non-vested Restricted Stock Units at December 31, 102,297 $31.50 |
Schedule of Nonvested Performance-based Units Activity | A summary of the Company’s performance share units is presented below: 2019 2018 2017 Common shares reserved for performance shares granted during year 232,684 213,154 226,448 Weighted average fair value of performance share units granted $35.99 $40.27 $32.17 Intrinsic value of outstanding performance share units (a) 10,758 9,229 10,414 Fair value of performance shares vested 6,387 5,670 — Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested 2,639 2,651 — (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2019 . 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding Performance Share units at January 1, 333,282 $33.60 Granted 116,342 35.99 Units Distributed (114,563 ) 28.78 Other Cancellations/Adjustments (6,675 ) 36.61 Outstanding Performance Share units at December 31, 328,386 $36.06 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. 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, 2019 : 2019 2018 2017 Expected volatility 18.4 % 20.8 % 23.3 % Risk-free rate 2.3 % 2.4 % 1.5 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of the Company’s stock options as of and for the year ended December 31, 2019 is presented below. 2019 Number of Shares Weighted Average Exercise Price (per common share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 510,122 $32.29 Granted — — Exercised (57,023 ) 22.09 Cancelled or expired (38,697 ) 36.50 Options outstanding at December 31, 414,402 33.30 2.9 $514 Options exercisable at December 31, 414,402 $33.30 2.9 $514 A summary of additional information pertaining to the Company’s stock options is presented below: 2019 2018 2017 Intrinsic value of options exercised (a) $475 $2,618 $1,993 Cash received from exercise of options 1,260 8,591 4,751 (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. |
OTHER OPERATING (EXPENSE) INC_2
OTHER OPERATING (EXPENSE) INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income (Expense) | The following table provides the composition of Other operating (expense) income, net for the three years ended December 31 : 2019 2018 2017 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($3,077 ) $370 $3,044 Gain (loss) on sale or disposal of property plant & equipment 56 7 (68 ) Income from sale of unused Internet Protocol addresses — 646 — Log trading marketing fees 314 286 1,222 Income from New Zealand Timber settlement — — 420 Miscellaneous expense, net (1,826 ) (169 ) (225 ) Total ($4,533 ) $1,140 $4,393 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of December 31, 2019 and 2018 , Rayonier’s inventory was solely comprised of finished goods, as follows: 2019 2018 Finished goods inventory Real estate inventory (a) $12,663 $11,919 Log inventory 1,855 3,784 Total inventory $14,518 $15,703 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 7 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash | The following table contains the amount of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the years ended December 31: 2019 2018 Restricted cash deposited with LKE intermediary $758 $7,530 Restricted cash held in escrow 475 550 Total restricted cash shown in the Consolidated Balance Sheets 1,233 8,080 Cash and cash equivalents 68,735 148,374 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $69,968 $156,454 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Changes in Goodwill | Changes in goodwill for the years ended December 31, 2019 and 2018 were: 2019 2018 Balance, January 1 (net of $0 of accumulated impairment) $8,307 $8,776 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment 304 (469 ) Balance, December 31 (net of $0 of accumulated impairment) $8,611 $8,307 |
Schedule of Prepaid Logging and Secondary Roads | As of December 31, 2019 and 2018 , Rayonier’s prepaid logging and secondary roads follows: 2019 2018 Long-term and prepaid and secondary roads Pacific Northwest long-term prepaid roads $4,198 $4,000 New Zealand long-term secondary roads 4,265 3,072 Total long-term prepaid and secondary roads $8,463 $7,072 |
Schedule of Deferred Financing Costs | As of December 31, 2019 and 2018 , Rayonier’s deferred financing costs related to revolving debt follows: 2019 2018 Deferred financing costs related to revolving debt $102 $213 |
Schedule of Capitalized Software Costs | As of December 31, 2019 and 2018 , Rayonier’s capitalized software costs follows: 2019 2018 Capitalized software costs $3,605 $3,776 |
Schedule of Investment in Marketable Securities | The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for 12 months or greater at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Carrying Amount Less than 12 Months 12 Months or Greater Total Carrying Amount Less than 12 Months 12 Months or Greater Total Fair value of marketable equity securities $10,582 $10,582 — $10,582 — — — — Unrealized gains — 3,043 — 3,043 — — — — As of December 31, 2019 and 2018 , Rayonier’s investments in marketable equity securities follows: 2019 2018 Investments in marketable equity securities $10,582 — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the years ended December 31, 2019 and 2018 . All amounts are presented net of tax effect and exclude portions attributable to noncontrolling interest. Foreign currency translation gains/(losses) Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2017 $15,975 $1,665 $16,184 ($20,407 ) $13,417 Other comprehensive (loss) income before reclassifications (16,985 ) (344 ) 5,944 (1,594 ) (12,979 ) Amounts reclassified from accumulated other comprehensive (loss) income — — (163 ) (36 ) (199 ) Net other comprehensive (loss) income (16,985 ) (344 ) 5,781 (1,630 ) (13,178 ) Balance as of December 31, 2018 ($1,010 ) $1,321 $21,965 ($22,037 ) $239 Other comprehensive (loss) income before reclassifications 784 — (31,547 ) (a) (1,799 ) (32,562 ) Amounts reclassified from accumulated other comprehensive (loss) income — — 672 449 (b) 1,121 Net other comprehensive (loss) income 784 — (30,875 ) (1,350 ) (31,441 ) Balance as of December 31, 2019 ($226 ) $1,321 ($8,910 ) ($23,387 ) ($31,202 ) (a) Includes $32.2 million of other comprehensive loss related to interest rate swaps. See Note 14 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension cost. See Note 16 — Employee Benefit Plans for additional information. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2019 and 2018 : Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the income statement 2019 2018 Realized (gain) loss on foreign currency exchange contracts $1,246 ($121 ) Other operating income, net Realized (gain) loss on foreign currency option contracts (33 ) (173 ) Other operating income, net Noncontrolling interest (279 ) 68 Comprehensive income (loss) attributable to noncontrolling interest Income tax expense (benefit) from foreign currency contracts (262 ) 63 Income tax expense (Note 10) Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income $672 ($163 ) |
QUARTERLY RESULTS FOR 2019 an_2
QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended Total Year (thousands of dollars, except per share amounts) Mar. 31 June 30 Sept. 30 Dec. 31 2019 Sales $191,546 $184,800 $156,417 $178,793 $711,556 Cost of sales (143,251 ) (140,454 ) (134,463 ) (140,182 ) (558,350 ) Net Income 27,793 20,920 1,528 17,437 67,678 Net Income attributable to Rayonier Inc. 24,794 18,752 (433 ) 15,992 59,105 Basic EPS attributable to Rayonier Inc. $0.19 $0.14 — $0.12 $0.46 Diluted EPS attributable to Rayonier Inc. $0.19 $0.14 — $0.12 $0.46 2018 Sales $203,196 $245,906 $200,890 $166,146 $816,138 Cost of sales (138,488 ) (184,418 ) (143,261 ) (139,092 ) (605,259 ) Net Income 42,706 39,338 30,639 4,647 117,330 Net Income attributable to Rayonier Inc. 40,539 36,258 23,432 1,987 102,216 Basic EPS attributable to Rayonier Inc. $0.31 $0.28 $0.18 $0.02 $0.79 Diluted EPS attributable to Rayonier Inc. $0.31 $0.28 $0.18 $0.02 $0.79 |
CONSOLIDATING FINANCIAL STATE_2
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Consolidating of Income Statement | CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $711,556 — $711,556 Costs and Expenses Cost of sales — (59 ) (558,291 ) — (558,350 ) Selling and general expenses — (20,560 ) (21,086 ) — (41,646 ) Other operating (expense) income, net — (1,392 ) (3,141 ) — (4,533 ) — (22,011 ) (582,518 ) — (604,529 ) OPERATING (LOSS) INCOME — (22,011 ) 129,038 — 107,027 Interest expense (12,556 ) (19,095 ) (65 ) — (31,716 ) Interest and miscellaneous income (expense), net (1,827 ) 3,061 4,073 — 5,307 Equity in income from subsidiaries 73,488 113,284 — (186,772 ) — INCOME BEFORE INCOME TAXES 59,105 75,239 133,046 (186,772 ) 80,618 Income tax expense — (1,751 ) (11,189 ) — (12,940 ) NET INCOME 59,105 73,488 121,857 (186,772 ) 67,678 Less: Net income attributable to noncontrolling interest — — (8,573 ) — (8,573 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 59,105 73,488 113,284 (186,772 ) 59,105 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax 783 (91 ) 1,054 (783 ) 963 Cash flow hedges, net of income tax (30,875 ) (32,189 ) 1,707 30,875 (30,482 ) Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax (1,350 ) (1,350 ) — 1,350 (1,350 ) Total other comprehensive (loss) income (31,442 ) (33,630 ) 2,761 31,442 (30,869 ) COMPREHENSIVE INCOME 27,663 39,858 124,618 (155,330 ) 36,809 Less: Comprehensive income attributable to noncontrolling interest — — (9,146 ) — (9,146 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $27,663 $39,858 $115,472 ($155,330 ) $27,663 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $816,138 — $816,138 Costs and Expenses Cost of sales — — (605,259 ) — (605,259 ) Selling and general expenses — (19,812 ) (22,139 ) — (41,951 ) Other operating (expense) income, net (12 ) 543 609 — 1,140 (12 ) (19,269 ) (626,789 ) — (646,070 ) OPERATING (LOSS) INCOME (12 ) (19,269 ) 189,349 — 170,068 Interest expense (12,556 ) (19,155 ) (355 ) — (32,066 ) Interest and miscellaneous income (expense), net 6,648 3,863 (5,947 ) — 4,564 Equity in income from subsidiaries 108,136 144,916 — (253,052 ) — INCOME BEFORE INCOME TAXES 102,216 110,355 183,047 (253,052 ) 142,566 Income tax expense — (2,219 ) (23,017 ) — (25,236 ) NET INCOME 102,216 108,136 160,030 (253,052 ) 117,330 Less: Net income attributable to noncontrolling interest — — (15,114 ) — (15,114 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 102,216 108,136 144,916 (253,052 ) 102,216 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (17,329 ) 386 (23,145 ) 17,329 (22,759 ) Cash flow hedges, net of income tax 5,782 8,296 (3,267 ) (5,782 ) 5,029 Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax (1,630 ) (1,630 ) — 1,630 (1,630 ) Total other comprehensive (loss) income (13,177 ) 7,052 (26,412 ) 13,177 (19,360 ) COMPREHENSIVE INCOME 89,039 115,188 133,618 (239,875 ) 97,970 Less: Comprehensive income attributable to noncontrolling interest — — (8,931 ) — (8,931 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $89,039 $115,188 $124,687 ($239,875 ) $89,039 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $819,596 — $819,596 Costs and Expenses Cost of sales — — (568,253 ) — (568,253 ) Selling and general expenses — (16,797 ) (23,448 ) — (40,245 ) Other operating (expense) income, net — (479 ) 4,872 — 4,393 — (17,276 ) (586,829 ) — (604,105 ) OPERATING (LOSS) INCOME — (17,276 ) 232,767 — 215,491 Interest expense (12,556 ) (19,699 ) (1,816 ) — (34,071 ) Interest and miscellaneous income (expense), net 9,679 2,878 (10,717 ) — 1,840 Equity in income from subsidiaries 151,719 186,388 — (338,107 ) — INCOME BEFORE INCOME TAXES 148,842 152,291 220,234 (338,107 ) 183,260 Income tax expense — (572 ) (21,109 ) — (21,681 ) NET INCOME 148,842 151,719 199,125 (338,107 ) 161,579 Less: Net income attributable to noncontrolling interest — — (12,737 ) — (12,737 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 148,842 151,719 186,388 (338,107 ) 148,842 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment, net of income tax 7,416 — 9,114 (7,416 ) 9,114 Cash flow hedges, net of income tax 5,353 4,214 1,479 (5,353 ) 5,693 Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax (208 ) (208 ) — 208 (208 ) Total other comprehensive income 12,561 4,006 10,593 (12,561 ) 14,599 COMPREHENSIVE INCOME 161,403 155,725 209,718 (350,668 ) 176,178 Less: Comprehensive income attributable to noncontrolling interest — — (14,775 ) — (14,775 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $161,403 $155,725 $194,943 ($350,668 ) $161,403 |
Schedule of Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $303 $45,792 $22,640 — $68,735 Accounts receivable, less allowance for doubtful accounts — 4,113 23,014 — 27,127 Inventory — — 14,518 — 14,518 Prepaid logging roads — — 12,128 — 12,128 Prepaid expenses — 1,361 1,239 — 2,600 Other current assets — 111 756 — 867 Total current assets 303 51,377 74,295 — 125,975 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,482,047 — 2,482,047 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 81,791 — 81,791 NET PROPERTY, PLANT AND EQUIPMENT — 16,568 5,683 — 22,251 RESTRICTED CASH — — 1,233 — 1,233 RIGHT-OF-USE ASSETS — 32,253 67,689 — 99,942 INVESTMENT IN SUBSIDIARIES 1,709,958 3,072,304 — (4,782,262 ) — INTERCOMPANY RECEIVABLE 56,935 (643,960 ) 587,025 — — OTHER ASSETS 2 (67 ) 47,822 — 47,757 TOTAL ASSETS $1,767,198 $2,528,475 $3,347,585 ($4,782,262 ) $2,860,996 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,866 $15,294 — $18,160 Current maturities of long-term debt — 82,000 — — 82,000 Accrued taxes — 59 2,973 — 3,032 Accrued payroll and benefits — 5,585 3,284 — 8,869 Accrued interest 3,047 2,158 — — 5,205 Deferred revenue — — 11,440 — 11,440 Other current liabilities — 4,453 18,027 — 22,480 Total current liabilities 3,047 97,121 51,018 — 151,186 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 324,170 648,959 — — 973,129 PENSION AND OTHER POSTRETIREMENT BENEFITS — 25,996 (685 ) — 25,311 LONG-TERM LEASE LIABILITY — 28,001 62,480 — 90,481 OTHER NON-CURRENT LIABILITIES — 18,440 64,807 — 83,247 INTERCOMPANY PAYABLE — — — — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,439,981 1,709,958 3,072,304 (4,782,262 ) 1,439,981 Noncontrolling interest — — 97,661 — 97,661 TOTAL SHAREHOLDERS’ EQUITY 1,439,981 1,709,958 3,169,965 (4,782,262 ) 1,537,642 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,767,198 $2,528,475 $3,347,585 ($4,782,262 ) $2,860,996 CONDENSED CONSOLIDATING BALANCE SHEETS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $361 $104,777 $43,236 — $148,374 Accounts receivable, less allowance for doubtful accounts — 3,752 22,399 — 26,151 Inventory — — 15,703 — 15,703 Prepaid logging roads — — 11,976 — 11,976 Prepaid expenses — 977 4,063 — 5,040 Other current assets — 108 501 — 609 Total current assets 361 109,614 97,878 — 207,853 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,401,327 — 2,401,327 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 85,609 — 85,609 NET PROPERTY, PLANT AND EQUIPMENT — 16,940 5,811 — 22,751 RESTRICTED CASH — — 8,080 — 8,080 INVESTMENT IN SUBSIDIARIES 1,833,899 3,022,875 — (4,856,774 ) — INTERCOMPANY RECEIVABLES 49,461 (638,424 ) 588,963 — — OTHER ASSETS 2 19,244 35,800 — 55,046 TOTAL ASSETS $1,883,723 $2,530,249 $3,223,468 ($4,856,774 ) $2,780,666 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $1,616 $16,403 — $18,019 Accrued taxes — 8 3,170 — 3,178 Accrued payroll and benefits — 5,848 4,568 — 10,416 Accrued interest 3,047 1,960 — — 5,007 Deferred revenue — — 10,447 — 10,447 Other current liabilities — 216 16,258 — 16,474 Total current liabilities 3,047 9,648 50,846 — 63,541 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 323,803 648,764 — — 972,567 PENSION AND OTHER POSTRETIREMENT BENEFITS — 30,484 (684 ) — 29,800 OTHER NON-CURRENT LIABILITIES — 7,454 52,754 — 60,208 TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,556,873 1,833,899 3,022,875 (4,856,774 ) 1,556,873 Noncontrolling interest — — 97,677 — 97,677 TOTAL SHAREHOLDERS’ EQUITY 1,556,873 1,833,899 3,120,552 (4,856,774 ) 1,654,550 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,883,723 $2,530,249 $3,223,468 ($4,856,774 ) $2,780,666 |
Schedule of Condensed Consolidating Cash Flows Statement | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES ($21,865 ) ($12,730 ) $248,848 — $214,253 INVESTING ACTIVITIES Capital expenditures — (641 ) (63,355 ) — (63,996 ) Real estate development investments — — (6,803 ) — (6,803 ) Purchase of timberlands — — (142,287 ) — (142,287 ) Investment in subsidiaries — (406 ) — 406 — Other — (8,754 ) 2,450 — (6,304 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — (9,801 ) (209,995 ) 406 (219,390 ) FINANCING ACTIVITIES Issuance of debt — 82,000 — — 82,000 Repayment of debt — — — — — Dividends paid (139,531 ) (32,239 ) 30,699 — (141,071 ) Proceeds from the issuance of common shares under incentive stock plan 1,260 — — — 1,260 Repurchase of common shares (4,250 ) — — — (4,250 ) Proceeds used for Share Buybacks — (8,430 ) — — (8,430 ) Proceeds from shareholder distribution hedge — — 135 — 135 Distribution to minority shareholder — — (9,161 ) — (9,161 ) Issuance of intercompany notes — — — — — Debt issuance cost — (132 ) — — (132 ) Intercompany distributions 164,328 (77,653 ) (86,269 ) (406 ) — CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES 21,807 (36,454 ) (64,596 ) (406 ) (79,649 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (1,700 ) — (1,700 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash (58 ) (58,985 ) (27,443 ) — (86,486 ) Balance, beginning of year 361 104,777 51,316 — 156,454 Balance, end of year $303 $45,792 $23,873 — $69,968 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES $284,781 $182,057 ($156,742 ) — $310,096 INVESTING ACTIVITIES Capital expenditures — (59 ) (62,266 ) — (62,325 ) Real estate development investments — — (9,501 ) — (9,501 ) Purchase of timberlands — — (57,608 ) — (57,608 ) Investment in subsidiaries — 6,128 — (6,128 ) — Other — — (3,421 ) — (3,421 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 6,069 (132,796 ) (6,128 ) (132,855 ) FINANCING ACTIVITIES Issuance of debt — — 1,014 — 1,014 Repayment of debt — (50,000 ) (4,416 ) — (54,416 ) Dividends paid (136,698 ) (74 ) — — (136,772 ) Proceeds from the issuance of common shares under incentive stock plan 8,591 — — — 8,591 Repurchase of common shares (2,984 ) — — — (2,984 ) Proceeds from shareholder distribution hedge — — 2,025 — 2,025 Distribution to minority shareholder — — (11,172 ) — (11,172 ) Issuance of intercompany notes 299,715 18,961 (318,676 ) — — Intercompany distributions (501,608 ) (77,278 ) 572,758 6,128 — CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (332,984 ) (108,391 ) 241,533 6,128 (193,714 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 571 — 571 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash (48,203 ) 79,735 (47,434 ) — (15,902 ) Balance, beginning of year 48,564 25,042 98,750 — 172,356 Balance, end of year $361 $104,777 $51,316 — $156,454 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Rayonier Inc. Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($48,104 ) $111,431 $192,957 — $256,284 INVESTING ACTIVITIES Capital expenditures — — (65,345 ) — (65,345 ) Real estate development investments — — (15,784 ) — (15,784 ) Purchase of timberlands — — (242,910 ) — (242,910 ) Net proceeds from large disposition of timberlands — — 95,243 — 95,243 Rayonier office building under construction — — (6,084 ) — (6,084 ) Investment in subsidiaries — 38,546 — (38,546 ) — Other — — (373 ) — (373 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 38,546 (235,253 ) (38,546 ) (235,253 ) FINANCING ACTIVITIES Issuance of debt — 25,000 38,389 — 63,389 Repayment of debt — (15,000 ) (85,157 ) — (100,157 ) Dividends paid (127,069 ) — — — (127,069 ) Proceeds from the issuance of common shares under incentive stock plan 4,751 — — — 4,751 Proceeds from the issuance of common shares from equity offering, net of cost 152,390 — — — 152,390 Repurchase of common shares (176 ) — — — (176 ) Issuance of intercompany notes (32,000 ) — 32,000 — — Intercompany distributions 77,319 (144,396 ) 28,531 38,546 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 75,215 (134,396 ) 13,763 38,546 (6,872 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 580 — 580 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash 27,111 15,581 (27,953 ) — 14,739 Balance, beginning of year 21,453 9,461 126,703 — 157,617 Balance, end of year $48,564 $25,042 $98,750 — $172,356 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation and Principles of Consolidation (Details) | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 |
Other Ownership Interests [Line Items] | |||
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% | ||
Rayonier | |||
Other Ownership Interests [Line Items] | |||
Ownership percentage by parent | 77.00% | 77.00% | 65.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Prepaid Logging Roads (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Harvested in months, to be recorded as prepaid logging roads | 24 months |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Harvested in months, to be recorded as prepaid logging roads | 60 months |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Software Costs (Details) - Maximum | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Software Costs | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, Equipment and Depreciation (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 35 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($) | Oct. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | |||
Impairment | $ 0 | $ 0 | |
New Zealand Timber | |||
Segment Reporting Information [Line Items] | |||
Impairment | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2019method | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Number of primary methods or sales channels | 2 |
Contract duration (or less) | 1 year |
Stumpage Pay-as-Cut | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment period after satisfaction of obligation | 10 days |
Stumpage Pay-as-Cut | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Initial payment, percentage of estimated contract value | 5.00% |
Stumpage Pay-as-Cut | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Initial payment, percentage of estimated contract value | 20.00% |
Domestic | Total Delivered | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment period after satisfaction of obligation | 30 days |
Payment period after satisfaction of obligation, letter of credit | 30 days |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate (Details) | Dec. 31, 2019 |
Accounting Policies [Abstract] | |
Deposit required | 5.00% |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Employee Benefit Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Separate Investment Accounts | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net liability position | $ 23,801 | $ 28,610 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details) - Forecast - Pope Resources - Subsequent Event $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Subsequent Event [Line Items] | |
Equity interest issued or issuable, number of shares (in shares) | shares | 2.751 |
Business acquisition, share price (in dollars per share) | $ / shares | $ 37.50 |
Business combination, consideration transferred | $ | $ 10 |
REVENUE - Contract Liabilities
REVENUE - Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract balances, recognized during period | $ 10,039 | $ 9,004 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Large Dispositions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 95,351 | ||||||||||
Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 587,895 | 640,347 | 585,019 | ||||||||
Pulpwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 143,163 | 136,947 | 117,364 | ||||||||
Sawtimber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 439,473 | 499,966 | 463,743 | ||||||||
Hardwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 5,259 | 3,433 | 3,912 | ||||||||
Other Non-Timber/Carbon Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 28,749 | 19,169 | 8,996 | ||||||||
Total Non-Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 48,774 | 37,216 | 27,251 | ||||||||
License Revenue, Primarily from Hunting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 19,348 | 17,395 | 16,877 | ||||||||
Agency Fee Income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 677 | 652 | 1,378 | ||||||||
Improved Development | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 5,882 | 8,336 | 6,889 | ||||||||
Unimproved Development | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 19,476 | 8,621 | 16,405 | ||||||||
Rural | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 29,852 | 22,689 | 18,632 | ||||||||
Timberlands & Non-Strategic | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 19,133 | 98,872 | 70,590 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 544 | 57 | (541) | ||||||||
Southern Timber | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 159,156 | 143,863 | 122,639 | ||||||||
Pacific Northwest Timber | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 82,727 | 106,471 | 88,719 | ||||||||
New Zealand Timber | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 231,406 | 241,943 | 222,455 | ||||||||
Real Estate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 74,887 | 138,575 | 207,326 | ||||||||
Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 115,283 | 148,722 | |||||||||
Trading | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 114,606 | 148,070 | 151,206 | ||||||||
Operating Segments | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 194,111 | 169,995 | 144,510 | ||||||||
Operating Segments | Southern Timber | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 159,156 | 143,863 | 122,639 | ||||||||
Operating Segments | Southern Timber | Pulpwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 86,537 | 80,134 | 67,836 | ||||||||
Operating Segments | Southern Timber | Sawtimber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 67,360 | 60,295 | 50,891 | ||||||||
Operating Segments | Southern Timber | Hardwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 5,259 | 3,433 | 3,912 | ||||||||
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 16,685 | 9,847 | 5,867 | ||||||||
Operating Segments | Southern Timber | Total Non-Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 34,955 | 26,132 | 21,871 | ||||||||
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 18,270 | 16,285 | 16,004 | ||||||||
Operating Segments | Southern Timber | Agency Fee Income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 85,414 | 109,832 | 91,877 | ||||||||
Operating Segments | Pacific Northwest Timber | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 82,727 | 106,471 | 88,719 | ||||||||
Operating Segments | Pacific Northwest Timber | Pulpwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 10,350 | 14,305 | 11,242 | ||||||||
Operating Segments | Pacific Northwest Timber | Sawtimber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 72,377 | 92,166 | 77,477 | ||||||||
Operating Segments | Pacific Northwest Timber | Hardwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 1,970 | 2,652 | 2,512 | ||||||||
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 2,687 | 3,361 | 3,158 | ||||||||
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 717 | 709 | 646 | ||||||||
Operating Segments | Pacific Northwest Timber | Agency Fee Income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 241,861 | 249,014 | 223,299 | ||||||||
Operating Segments | New Zealand Timber | Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 231,406 | 241,943 | 222,455 | ||||||||
Operating Segments | New Zealand Timber | Pulpwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 32,925 | 28,737 | 24,934 | ||||||||
Operating Segments | New Zealand Timber | Sawtimber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 198,481 | 213,206 | 197,521 | ||||||||
Operating Segments | New Zealand Timber | Hardwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 10,094 | 6,670 | 617 | ||||||||
Operating Segments | New Zealand Timber | Total Non-Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 10,455 | 7,071 | 844 | ||||||||
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 361 | 401 | 227 | ||||||||
Operating Segments | New Zealand Timber | Agency Fee Income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | Real Estate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 74,887 | 138,575 | 207,326 | ||||||||
Operating Segments | Real Estate | Large Dispositions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 95,351 | ||||||||
Operating Segments | Real Estate | Improved Development | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 5,882 | 8,336 | 6,889 | ||||||||
Operating Segments | Real Estate | Unimproved Development | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 19,476 | 8,621 | 16,405 | ||||||||
Operating Segments | Real Estate | Rural | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 29,852 | 22,689 | 18,632 | ||||||||
Operating Segments | Real Estate | Timberlands & Non-Strategic | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 19,133 | 98,872 | 70,590 | ||||||||
Operating Segments | Real Estate | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 544 | 57 | (541) | ||||||||
Operating Segments | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 115,438 | 148,814 | 152,584 | ||||||||
Operating Segments | Trading | Pulpwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 13,351 | 13,771 | 13,352 | ||||||||
Operating Segments | Trading | Sawtimber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 101,255 | 134,299 | 137,854 | ||||||||
Operating Segments | Trading | Hardwood | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | Trading | Other Non-Timber/Carbon Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | Trading | Total Non-Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 677 | 652 | 1,378 | ||||||||
Operating Segments | Trading | License Revenue, Primarily from Hunting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Operating Segments | Trading | Agency Fee Income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 677 | 652 | 1,378 | ||||||||
Intersegment Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | $ (155) | $ (92) | $ 0 |
REVENUE - Disaggregation of R_2
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 115,283 | 148,722 | |||||||||
Domestic | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 354,395 | 390,396 | 419,402 | ||||||||
Total Timber Sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 587,895 | 640,347 | 585,019 | ||||||||
Total Timber Sales | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 159,156 | 143,863 | 122,639 | ||||||||
Total Timber Sales | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 82,727 | 106,471 | 88,719 | ||||||||
Total Timber Sales | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 231,406 | 241,943 | 222,455 | ||||||||
Total Timber Sales | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 114,606 | 148,070 | 151,206 | ||||||||
Total Timber Sales | Stumpage Pay-as-Cut | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 71,943 | 72,385 | 71,120 | ||||||||
Total Timber Sales | Stumpage Pay-as-Cut | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 71,943 | 72,385 | 71,120 | ||||||||
Total Timber Sales | Stumpage Pay-as-Cut | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Stumpage Pay-as-Cut | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Stumpage Pay-as-Cut | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Stumpage Lump Sum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 10,177 | 16,842 | 19,721 | ||||||||
Total Timber Sales | Stumpage Lump Sum | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 7,428 | 4,988 | 9,093 | ||||||||
Total Timber Sales | Stumpage Lump Sum | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 2,749 | 11,854 | 10,628 | ||||||||
Total Timber Sales | Stumpage Lump Sum | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Stumpage Lump Sum | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Stumpage Agreed Volume | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 1,234 | ||||||||||
Total Timber Sales | Stumpage Agreed Volume | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | ||||||||||
Total Timber Sales | Stumpage Agreed Volume | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 1,234 | ||||||||||
Total Timber Sales | Stumpage Agreed Volume | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | ||||||||||
Total Timber Sales | Stumpage Agreed Volume | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | ||||||||||
Total Timber Sales | Total Stumpage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 82,120 | 89,227 | 92,075 | ||||||||
Total Timber Sales | Total Stumpage | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 79,371 | 77,373 | 80,213 | ||||||||
Total Timber Sales | Total Stumpage | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 2,749 | 11,854 | 11,862 | ||||||||
Total Timber Sales | Total Stumpage | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Total Stumpage | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Total Delivered | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 505,775 | 551,120 | 492,944 | ||||||||
Total Timber Sales | Total Delivered | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 79,785 | 66,490 | 42,426 | ||||||||
Total Timber Sales | Total Delivered | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 79,978 | 94,617 | 76,857 | ||||||||
Total Timber Sales | Total Delivered | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 231,406 | 241,943 | 222,455 | ||||||||
Total Timber Sales | Total Delivered | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 114,606 | 148,070 | 151,206 | ||||||||
Total Timber Sales | Total Delivered | Domestic | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 237,494 | 252,320 | 209,548 | ||||||||
Total Timber Sales | Total Delivered | Domestic | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 71,054 | 60,931 | 42,426 | ||||||||
Total Timber Sales | Total Delivered | Domestic | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 79,978 | 94,617 | 76,857 | ||||||||
Total Timber Sales | Total Delivered | Domestic | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 80,974 | 90,631 | 84,221 | ||||||||
Total Timber Sales | Total Delivered | Domestic | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 5,488 | 6,141 | 6,044 | ||||||||
Total Timber Sales | Total Delivered | Export | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 268,281 | 298,800 | 283,396 | ||||||||
Total Timber Sales | Total Delivered | Export | Southern Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 8,731 | 5,559 | 0 | ||||||||
Total Timber Sales | Total Delivered | Export | Pacific Northwest Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Total Timber Sales | Total Delivered | Export | New Zealand Timber | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | 150,432 | 151,312 | 138,234 | ||||||||
Total Timber Sales | Total Delivered | Export | Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales | $ 109,118 | $ 141,929 | $ 145,162 |
TIMBERLAND ACQUISITIONS - Narra
TIMBERLAND ACQUISITIONS - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)aacquisition | Dec. 31, 2018USD ($)aacquisition | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||
Timberlands acquired (acres) | a | 70,919 | 29,857 | |
Payments to acquire timberlands | $ 142,287 | $ 57,608 | $ 242,910 |
Florida, Georgia, Texas And Washington | |||
Business Acquisition [Line Items] | |||
Timberlands acquired (acres) | a | 62,000 | ||
Number of acquisitions | acquisition | 16 | ||
Aggregate value | $ 106,300 | ||
Payments to acquired timberlands, paid-in-kind | 29,800 | ||
Payments to acquire timberlands | $ 76,500 | ||
New Zealand | |||
Business Acquisition [Line Items] | |||
Timberlands acquired (acres) | a | 9,223 | 3,833 | |
Number of acquisitions | acquisition | 2 | ||
Payments to acquire timberlands | $ 36,020 | $ 11,665 | |
Florida, Georgia, And Texas | |||
Business Acquisition [Line Items] | |||
Timberlands acquired (acres) | a | 26,000 | ||
Payments to acquired timberlands, paid-in-kind | $ 45,900 | ||
Property Subject to Operating Lease | New Zealand | |||
Business Acquisition [Line Items] | |||
Timberlands acquired (acres) | a | 2,000 |
TIMBERLAND ACQUISITIONS - Summa
TIMBERLAND ACQUISITIONS - Summary of Timberland Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||
Cost | $ | $ 142,287 | $ 57,608 | $ 242,910 |
Acres | a | 70,919 | 29,857 | |
Florida | |||
Business Acquisition [Line Items] | |||
Cost | $ | $ 71,183 | $ 35,560 | |
Acres | a | 42,522 | 20,513 | |
Georgia | |||
Business Acquisition [Line Items] | |||
Cost | $ | $ 13,395 | $ 2,532 | |
Acres | a | 10,271 | 2,232 | |
Texas | |||
Business Acquisition [Line Items] | |||
Cost | $ | $ 14,349 | $ 7,851 | |
Acres | a | 6,643 | 3,279 | |
Washington | |||
Business Acquisition [Line Items] | |||
Cost | $ | $ 7,340 | $ 0 | |
Acres | a | 2,260 | 0 | |
New Zealand | |||
Business Acquisition [Line Items] | |||
Cost | $ | $ 36,020 | $ 11,665 | |
Acres | a | 9,223 | 3,833 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) a in Thousands | 12 Months Ended |
Dec. 31, 2019alease | |
United States | Minimum | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 30 years |
United States | Maximum | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 65 years |
New Zealand | Minimum | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 30 years |
New Zealand | Maximum | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 99 years |
Crown Forest Licenses | |
Lessee, Lease, Description [Line Items] | |
Operating leases, renewal term | 1 year |
Crown Forest Licenses | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Lease termination period | 35 years |
Crown Forest Licenses | Minimum | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Lease termination period | 35 years |
Crown Forest Licenses | Maximum | Timberland Leases | |
Lessee, Lease, Description [Line Items] | |
Lease termination period | 45 years |
Crown Forest Licenses | New Zealand | |
Lessee, Lease, Description [Line Items] | |
Number of leases under termination notice | lease | 2 |
Leases under termination notice | a | 9 |
Number of fixed term forest leases expiring | lease | 2 |
Fixed-term forest leases expiring, Acres | a | 3 |
Number of forestry rights under termination notice | lease | 2 |
Forestry rights under termination notice | a | 32 |
LEASES - Lease Maturities (Deta
LEASES - Lease Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 10,028 | |
2021 | 9,293 | |
2022 | 8,413 | |
2023 | 8,355 | |
2024 | 8,281 | |
Thereafter | 148,950 | |
Operating lease liabilities | 193,320 | |
Imputed interest | (92,796) | |
Balance at December 31, 2019 | 100,524 | |
Less: Current portion | (10,043) | |
Non-current portion at December 31, 2019 | $ 90,481 | $ 0 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 10,870 |
Variable lease cost | 235 |
Total lease cost | $ 11,105 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 2,567 |
Investing cash flows from operating leases | 8,303 |
Total cash flows from operating leases | $ 10,870 |
Weighted-average remaining lease term in years - operating leases | 28 years |
Weighted-average discount rate - operating leases | 5.00% |
SEGMENT AND GEOGRAPHICAL INFO_3
SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
SEGMENT AND GEOGRAPHICAL INFO_4
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Total Operating Income | 107,027 | 170,068 | 215,491 | ||||||||
Unallocated interest expense and other | (26,409) | (27,502) | (32,231) | ||||||||
INCOME BEFORE INCOME TAXES | 80,618 | 142,566 | 183,260 | ||||||||
Total capital expenditures | 63,996 | 62,325 | 65,345 | ||||||||
Payments to acquire timberlands | 142,287 | 57,608 | 242,910 | ||||||||
Total Gross Capital Expenditures | 206,283 | 119,933 | 308,255 | ||||||||
Spending on office building | 0 | 0 | 6,084 | ||||||||
Real estate development investments | 6,803 | 9,501 | 15,784 | ||||||||
Depreciation, Depletion and Amortization | 128,235 | 144,121 | 146,001 | ||||||||
Improved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 5,882 | 8,336 | 6,889 | ||||||||
Unimproved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 19,476 | 8,621 | 16,405 | ||||||||
Rural | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 29,852 | 22,689 | 18,632 | ||||||||
Timberlands & Non-Strategic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 19,133 | 98,872 | 70,590 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 544 | 57 | (541) | ||||||||
Large Dispositions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 95,351 | ||||||||||
Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 74,887 | 138,575 | 207,326 | ||||||||
Real Estate | Large Dispositions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Income | 67,000 | ||||||||||
Depreciation, Depletion and Amortization | 18,400 | ||||||||||
Large Dispositions | 9,800 | ||||||||||
Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 115,283 | 148,722 | |||||||||
Operating Segments | Southern Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 194,111 | 169,995 | 144,510 | ||||||||
Total Operating Income | 57,804 | 44,245 | 42,254 | ||||||||
Total capital expenditures | 34,574 | 35,388 | 34,476 | ||||||||
Payments to acquire timberlands | 98,927 | 45,943 | 220,051 | ||||||||
Depreciation, Depletion and Amortization | 61,923 | 58,609 | 49,357 | ||||||||
Operating Segments | Pacific Northwest Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 85,414 | 109,832 | 91,877 | ||||||||
Total Operating Income | (12,427) | 8,137 | 1,127 | ||||||||
Total capital expenditures | 11,220 | 9,311 | 10,254 | ||||||||
Payments to acquire timberlands | 7,340 | 0 | 1,483 | ||||||||
Depreciation, Depletion and Amortization | 29,165 | 32,779 | 32,008 | ||||||||
Operating Segments | New Zealand Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 241,861 | 249,014 | 223,299 | ||||||||
Total Operating Income | 48,035 | 62,754 | 57,567 | ||||||||
Total capital expenditures | 17,357 | 17,318 | 17,046 | ||||||||
Payments to acquire timberlands | 36,020 | 11,665 | 21,376 | ||||||||
Depreciation, Depletion and Amortization | 27,761 | 28,007 | 27,499 | ||||||||
Operating Segments | Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 74,887 | 138,575 | 207,326 | ||||||||
Total Operating Income | 38,665 | 76,240 | 130,856 | ||||||||
Total capital expenditures | 204 | 284 | 1,348 | ||||||||
Depreciation, Depletion and Amortization | 8,229 | 23,566 | 36,343 | ||||||||
Non-Cash Cost of Land and Improved Development | 12,565 | 23,553 | 23,498 | ||||||||
Operating Segments | Real Estate | Improved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 5,882 | 8,336 | 6,889 | ||||||||
Operating Segments | Real Estate | Unimproved Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 19,476 | 8,621 | 16,405 | ||||||||
Operating Segments | Real Estate | Rural | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 29,852 | 22,689 | 18,632 | ||||||||
Operating Segments | Real Estate | Timberlands & Non-Strategic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 19,133 | 98,872 | 70,590 | ||||||||
Operating Segments | Real Estate | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 544 | 57 | (541) | ||||||||
Operating Segments | Real Estate | Large Dispositions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 95,351 | ||||||||
Operating Segments | Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 115,438 | 148,814 | 152,584 | ||||||||
Total Operating Income | 8 | 953 | 4,578 | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Income | (25,058) | (22,261) | (20,891) | ||||||||
Total capital expenditures | 641 | 24 | 2,221 | ||||||||
Depreciation, Depletion and Amortization | 1,157 | 1,160 | 794 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ (155) | $ (92) | $ 0 |
SEGMENT AND GEOGRAPHICAL INFO_5
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Geographical Operating Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Operating Income | 107,027 | 170,068 | 215,491 | ||||||||
Identifiable Assets | 2,860,996 | 2,780,666 | 2,860,996 | 2,780,666 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 354,395 | 390,396 | 419,402 | ||||||||
Operating Income | 58,945 | 83,357 | 138,528 | ||||||||
Identifiable Assets | 2,288,642 | 2,282,480 | 2,288,642 | 2,282,480 | |||||||
New Zealand | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 357,161 | 425,742 | 400,194 | ||||||||
Operating Income | 48,082 | 86,711 | $ 76,963 | ||||||||
Identifiable Assets | $ 572,354 | $ 498,186 | $ 572,354 | $ 498,186 |
DEBT - Schedule of Long-Term De
DEBT - Schedule of Long-Term Debt (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2016 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 1,057,000,000 | $ 975,000,000 | ||
Less: Current maturities of long-term debt | (82,000,000) | 0 | ||
Less: Deferred financing costs | (1,871,000) | (2,433,000) | ||
Long-term debt, net of deferred financing costs | 973,129,000 | 972,567,000 | ||
Term Credit Agreement due 2024 at a variable interest rate of 3.3% at December 31, 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 350,000,000 | 350,000,000 | ||
Fixed interest rate | 3.30% | |||
Senior Notes due 2022 at a fixed interest rate of 3.75% | ||||
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 325,000,000 | 325,000,000 | ||
Fixed interest rate | 3.75% | 3.75% | ||
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.6% at December 31, 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | |
Fixed interest rate | 3.60% | |||
Revolving Credit Facility due 2020 at a variable interest rate of 3.0% at December 31, 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt, carrying amount | $ 82,000,000 | $ 0 | ||
Fixed interest rate | 3.00% |
DEBT - Schedule of Maturities o
DEBT - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 82,000 | |
2021 | 0 | |
2022 | 325,000 | |
2023 | 0 | |
2024 | 350,000 | |
Thereafter | 300,000 | |
Total debt | $ 1,057,000 | $ 975,000 |
DEBT - Term Credit Agreement (N
DEBT - Term Credit Agreement (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2015 | Dec. 31, 2019 | Aug. 05, 2015 | |
New credit facilities | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 550,000,000 | ||
Term Credit Agreement | Term loan facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 350,000,000 | ||
Debt instrument, term | 9 years | ||
Basis spread on variable rate | 1.625% | ||
Effective interest rate | 3.30% |
DEBT - 3.75% Senior Notes Issue
DEBT - 3.75% Senior Notes Issued March 2012 (Narrative) (Details) - 3.75% Senior Notes issued March 2012 - USD ($) | Dec. 31, 2019 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.75% | 3.75% |
Face amount | $ 325,000,000 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.75% | |
Face amount | $ 325,000,000 |
DEBT - Incremental Term Loan Ag
DEBT - Incremental Term Loan Agreement (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Incremental term loan | $ 1,057,000,000 | $ 975,000,000 | |
Incremental term loan agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 10 years | ||
Incremental term loan | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 |
Basis spread on variable rate | 1.90% | ||
Variable interest rate | 2.80% |
DEBT - Revolving Credit Facilit
DEBT - Revolving Credit Facility (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Dec. 31, 2019 | |
Unsecured revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, term | 5 years | |
Maximum borrowing capacity | $ 200,000,000 | |
Basis spread on variable rate | 1.25% | |
Commitment fee (as a percent) | 0.175% | |
Available borrowings | $ 116,500,000 | |
Unsecured revolving credit facility | Letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 1,500,000 | |
Previous revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 200,000,000 | |
Farm credit facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 |
DEBT - Joint Venture Debt (Narr
DEBT - Joint Venture Debt (Narrative) (Details) - Rayonier | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 |
Other Ownership Interests [Line Items] | |||
Additional interest acquired (as a percent) | 39.00% | ||
Ownership interest (as a percent) | 77.00% | 77.00% | 65.00% |
DEBT - Working Capital Faciliti
DEBT - Working Capital Facilities (Narrative) (Details) - Working Capital Facility - New Zealand JV | 1 Months Ended | 12 Months Ended |
Jun. 30, 2019NZD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||
Debt instrument, term | 12 months | |
Maximum borrowing capacity | $ 20,000,000 | |
Variable interest rate index term | 90 days | |
Borrowings | $ 0 | |
Repayments | 0 | |
Outstanding balance | $ 0 |
DEBT - Debt Covenants (Narrativ
DEBT - Debt Covenants (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2016 | Aug. 31, 2015 | Aug. 05, 2015 |
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 1,057,000,000 | $ 975,000,000 | |||
Term Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | 350,000,000 | 350,000,000 | |||
Incremental Term Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||
Term Loan Facility | Term Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt, carrying amount | $ 350,000,000 | ||||
Maximum borrowing capacity | $ 350,000,000 | ||||
Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 200,000,000 |
HIGHER AND BETTER USE TIMBERL_3
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | $ 85,609 |
Plus: Current portion, beginning balance | 11,919 |
Total Balance, beginning | 97,528 |
Non-cash cost of land and improved development | (6,730) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (2,866) |
Capitalized real estate development investments | 6,803 |
Capital expenditures (silviculture) | 204 |
Intersegment transfers | (485) |
Total Balance, ending | 94,454 |
Less: Current portion, ending balance | (12,663) |
Non-current portion, ending balance | 81,791 |
Capitalized interest | 400 |
Land and Timber | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 59,189 |
Plus: Current portion, beginning balance | 4,239 |
Total Balance, beginning | 63,428 |
Non-cash cost of land and improved development | (1,916) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (2,866) |
Capitalized real estate development investments | 0 |
Capital expenditures (silviculture) | 204 |
Intersegment transfers | (485) |
Total Balance, ending | 58,365 |
Less: Current portion, ending balance | (274) |
Non-current portion, ending balance | 58,091 |
Development Investments | |
Real Estate, Land and Land Development Costs [Roll Forward] | |
Non-current portion, beginning balance | 26,420 |
Plus: Current portion, beginning balance | 7,680 |
Total Balance, beginning | 34,100 |
Non-cash cost of land and improved development | (4,814) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 |
Capitalized real estate development investments | 6,803 |
Capital expenditures (silviculture) | 0 |
Intersegment transfers | 0 |
Total Balance, ending | 36,089 |
Less: Current portion, ending balance | (12,389) |
Non-current portion, ending balance | $ 23,700 |
NEW ZEALAND SUBSIDIARY (Details
NEW ZEALAND SUBSIDIARY (Details) - a a in Thousands | Dec. 31, 2019 | Mar. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2013 |
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% | |||
Rayonier | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage by parent | 77.00% | 77.00% | 65.00% | |
Rayonier | Matariki Forestry Group | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage by parent | 77.00% | |||
New Zealand | ||||
Noncontrolling Interest [Line Items] | ||||
Acres of timberland owned | 414 | |||
Non-controlling Interest | Matariki Forestry Group | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest ownership percentage by noncontrolling owners | 23.00% |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Other Commitments [Line Items] | |
2020 | $ 10,512 |
2021 | 2,981 |
2022 | 2,205 |
2023 | 2,185 |
2024 | 1,349 |
Thereafter | 2,749 |
Total commitments | 21,981 |
Development Projects | |
Other Commitments [Line Items] | |
2020 | 4,403 |
2021 | 178 |
2022 | 178 |
2023 | 178 |
2024 | 178 |
Thereafter | 2,749 |
Total commitments | 7,864 |
Separate Investment Accounts | |
Other Commitments [Line Items] | |
2020 | 3,599 |
2021 | 681 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total commitments | 4,280 |
Commitments | |
Other Commitments [Line Items] | |
2020 | 2,510 |
2021 | 2,122 |
2022 | 2,027 |
2023 | 2,007 |
2024 | 1,171 |
Thereafter | 0 |
Total commitments | $ 9,837 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
U.S. federal | $ 2 | $ 2 | $ 261 |
State | (122) | 37 | (38) |
Foreign | (1,542) | (1,914) | (245) |
Total Current | (1,662) | (1,875) | (22) |
Deferred | |||
U.S. federal | 465 | 3,803 | 13,028 |
State | 17 | 146 | 0 |
Foreign | (11,278) | (23,360) | (21,659) |
Total Deferred | (10,796) | (19,411) | (8,631) |
Changes in valuation allowance | (482) | (3,950) | (13,028) |
Income tax (expense) benefit | $ (12,940) | $ (25,236) | $ (21,681) |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal statutory income tax rate | $ (16,930) | $ (29,939) | $ (64,141) |
U.S. and foreign REIT income | 19,902 | 32,949 | 63,813 |
Matariki Group and Rayonier New Zealand Ltd | (11,181) | (23,166) | (19,182) |
Transition tax | 0 | 0 | (3,506) |
Change in valuation allowance | (482) | (3,950) | (13,028) |
ASU No. 2016-16 adoption impact | 0 | 0 | 16,631 |
Deemed repatriation of unremitted foreign earnings | 0 | 0 | 7,368 |
Reduction of deferred tax asset for statutory rate change | 0 | 0 | (10,499) |
Internal transfer of assets deferred | (1,815) | 0 | 0 |
Foreign income tax withholding | (1,535) | (1,848) | 0 |
Other | (899) | 718 | 863 |
Income tax expense as reported for net income | $ (12,940) | $ (25,236) | $ (21,681) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | (21.00%) | (21.00%) | (35.00%) |
U.S. and foreign REIT income | 24.70% | 23.10% | 34.80% |
Matariki Group and Rayonier New Zealand Ltd | (13.90%) | (16.20%) | (10.50%) |
Transition tax | 0 | 0 | (0.019) |
Change in valuation allowance | (0.60%) | (2.80%) | (7.10%) |
ASU No. 2016-16 adoption impact | 0.00% | 0.00% | 9.10% |
Deemed repatriation of unremitted foreign earnings | 0.00% | 0.00% | 4.00% |
Reduction of deferred tax asset for statutory rate change | 0.00% | 0.00% | (5.70%) |
Internal transfer of assets deferred | (2.30%) | 0.00% | 0.00% |
Foreign income tax withholding | (1.90%) | (1.30%) | 0.00% |
Other | (1.10%) | 0.50% | 0.50% |
Income tax expense as reported for net income | (16.10%) | (17.70%) | (11.80%) |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross deferred tax assets: | ||
Pension, postretirement and other employee benefits | $ 1,512 | $ 1,791 |
New Zealand subsidiary | 23,211 | 14,252 |
CBPC tax credit carry forwards | 14,555 | 14,555 |
Capitalized real estate costs | 6,635 | 7,386 |
U.S. TRS net operating loss | 5,410 | 5,747 |
Land basis difference | 10,626 | 11,282 |
Other | 4,356 | 4,047 |
Total gross deferred tax assets | 66,305 | 59,060 |
Less: Valuation allowance | (39,320) | (38,839) |
Total deferred tax assets after valuation allowance | 26,985 | 20,221 |
Gross deferred tax liabilities: | ||
Accelerated depreciation | (23) | (73) |
New Zealand subsidiary | (87,548) | (66,430) |
Timber installment sale | 0 | (4,823) |
Other | (3,938) | (1,272) |
Total gross deferred tax liabilities | (91,509) | (72,598) |
Net deferred tax liability reported as noncurrent | $ (64,524) | $ (52,377) |
INCOME TAXES - Summary of Opera
INCOME TAXES - Summary of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
NOL Carryforwards | ||
Deferred Tax Asset, Nontaxable Entities, Gross Amount | $ 24,765 | $ 24,284 |
Valuation Allowance, Nontaxable Entities | (24,765) | (24,284) |
Total Valuation Allowance | (39,320) | (38,839) |
Cellulosic Biofuel Producer Credit (a) | ||
NOL Carryforwards | ||
Gross Amount, Tax Credits | 14,555 | 14,555 |
Valuation Allowance, Tax Credits | (14,555) | (14,555) |
New Zealand JV | New Zealand subsidiary NOL carryforwards | ||
NOL Carryforwards | ||
Gross Amount, NOL Carryforwards | 11,650 | 31,052 |
Valuation Allowance, NOL Carryforwards | $ 0 | $ 0 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, interest on income taxes accrued | $ 0 | $ 0 |
INCOME TAXES - Summary of Incom
INCOME TAXES - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 0 | $ 0 | $ 135 |
Decreases related to prior year tax positions | 0 | 0 | (135) |
Increases related to prior year tax positions | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
GUARANTEES (Details)
GUARANTEES (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 4,996 |
Standy letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 1,509 |
Letter of credit for development project | 500 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 3,487 |
EARNINGS PER COMMON SHARE - Sch
EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income | $ 17,437 | $ 1,528 | $ 20,920 | $ 27,793 | $ 4,647 | $ 30,639 | $ 39,338 | $ 42,706 | $ 67,678 | $ 117,330 | $ 161,579 |
Less: Net income attributable to noncontrolling interest | (8,573) | (15,114) | (12,737) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 15,992 | $ (433) | $ 18,752 | $ 24,794 | $ 1,987 | $ 23,432 | $ 36,258 | $ 40,539 | $ 59,105 | $ 102,216 | $ 148,842 |
Shares used for determining basic earnings per common share (in shares) | 129,257,202 | 129,043,627 | 127,367,608 | ||||||||
Dilutive effect of: | |||||||||||
Stock options (in shares) | 12,209 | 71,276 | 91,956 | ||||||||
Performance shares, restricted shares and restricted stock units (in shares) | 328,977 | 575,328 | 350,385 | ||||||||
Shares used for determining diluted earnings per common share (in shares) | 129,598,388 | 129,690,231 | 127,809,949 | ||||||||
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.12 | $ 0 | $ 0.14 | $ 0.19 | $ 0.02 | $ 0.18 | $ 0.28 | $ 0.31 | $ 0.46 | $ 0.79 | $ 1.17 |
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.12 | $ 0 | $ 0.14 | $ 0.19 | $ 0.02 | $ 0.18 | $ 0.28 | $ 0.31 | $ 0.46 | $ 0.79 | $ 1.16 |
EARNINGS PER COMMON SHARE - Ant
EARNINGS PER COMMON SHARE - Antidilutive Shares Excluded from the Computation (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock options, performance shares, restricted shares and restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares) | 450,681 | 254,282 | 596,061 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Minimum | |
Derivative [Line Items] | |
Foreign currency exposure hedged for forecasted sales in next twelve months, percent | 50.00% |
Maximum | |
Derivative [Line Items] | |
Foreign currency exposure hedged for forecasted sales in next twelve months, percent | 90.00% |
Foreign currency exposure hedged for forecasted sales in next 12 to 18 months, percent | 75.00% |
Designated as Hedging Instrument | Cash Flow Hedging | |
Derivative [Line Items] | |
Gain expected to be reclassified in next twelve months | $ 0.3 |
Foreign Currency Exchange and Option Contracts, Scale 1 | |
Derivative [Line Items] | |
Maximum foreign currency cash flow hedge, period (in months) | 12 months |
Foreign Currency Exchange and Option Contracts, Scale 2 | Minimum | |
Derivative [Line Items] | |
Foreign currency cash flow hedge, period (in months) | 12 months |
Foreign Currency Exchange and Option Contracts, Scale 2 | Maximum | |
Derivative [Line Items] | |
Foreign currency cash flow hedge, period (in months) | 18 months |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument | 12 Months Ended |
Dec. 31, 2019USD ($) | |
August 2015 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 170,000 |
Fixed Rate of Swap | 2.20% |
Bank Margin on Debt | 1.63% |
Total Effective Interest Rate | 3.83% |
August 2015 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 180,000 |
Fixed Rate of Swap | 2.35% |
Bank Margin on Debt | 1.63% |
Total Effective Interest Rate | 3.98% |
April 2016 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.90% |
Total Effective Interest Rate | 3.50% |
April 2016 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.90% |
Total Effective Interest Rate | 3.50% |
July 2016 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.26% |
Bank Margin on Debt | 1.90% |
Total Effective Interest Rate | 3.16% |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other comprehensive (loss) income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | $ 2,211 | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | $ (4,357) | $ 2,100 | |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other comprehensive (loss) income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | 159 | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | (180) | (52) | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other comprehensive (loss) income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | (32,189) | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | 8,296 | 4,214 | |
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency exchange contracts | Other comprehensive (loss) income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged item, gain (loss) recognized in other comprehensive income | (344) | 0 | |
Designated hedged item, gain (loss) recognized in other comprehensive income | 0 | ||
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Interest and other miscellaneous income, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | 135 | 2,183 | 47 |
Not Designated as Hedging Instrument | Carbon options | Interest and other miscellaneous income, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-designated hedged item, gain (loss) recognized in income | $ (105) | $ (158) | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of Outstanding Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 56,350 | $ 69,950 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 22,000 | 24,000 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 650,000 | 650,000 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 9,396 |
Not Designated as Hedging Instrument | Carbon options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 9,592 | $ 2,517 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 3,788 | $ 24,206 |
Derivative Liability | (11,904) | (2,089) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 575 | 369 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3,213 | 23,837 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (806) | (2,021) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (11,098) | (68) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 424 | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 390 | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (172) | (1,569) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 151 | 217 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 209 | 102 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (27) | (106) |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (30) | (68) |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 2,614 | 23,735 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (11,068) | 0 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 152 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | (24) |
Not Designated as Hedging Instrument | Carbon options | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ (607) | $ (322) |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Less: Current maturities of long-term debt | $ (82,000) | $ 0 |
Long-term debt | (973,129) | (972,567) |
Marketable equity securities | 10,582 | 0 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 68,735 | 148,374 |
Restricted cash | 1,233 | 8,080 |
Less: Current maturities of long-term debt | (82,000) | 0 |
Long-term debt | (973,129) | (972,567) |
Marketable equity securities | 10,582 | 0 |
Carrying Amount | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 23,735 | |
Derivative liability | (8,454) | |
Carrying Amount | Foreign currency exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 642 | |
Derivative liability | (1,442) | |
Carrying Amount | Foreign currency option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 303 | 145 |
Carrying Amount | Carbon options | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | (607) | (322) |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 68,735 | 148,374 |
Restricted cash | 1,233 | 8,080 |
Less: Current maturities of long-term debt | 0 | 0 |
Long-term debt | 0 | 0 |
Marketable equity securities | 10,582 | 0 |
Fair Value | Level 1 | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Fair Value | Level 1 | Foreign currency exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Fair Value | Level 1 | Foreign currency option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 0 | 0 |
Fair Value | Level 1 | Carbon options | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Less: Current maturities of long-term debt | (82,000) | 0 |
Long-term debt | (981,500) | (975,845) |
Marketable equity securities | 0 | 0 |
Fair Value | Level 2 | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 23,735 | |
Derivative liability | (8,454) | |
Fair Value | Level 2 | Foreign currency exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 642 | |
Derivative liability | (1,442) | |
Fair Value | Level 2 | Foreign currency option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 303 | 145 |
Fair Value | Level 2 | Carbon options | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | $ (607) | $ (322) |
FAIR VALUE MEASUREMENTS - Marke
FAIR VALUE MEASUREMENTS - Marketable Securities Unrealized Gain Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of marketable equity securities | ||
Carrying Amount | $ 10,582 | $ 0 |
Less than 12 Months | 10,582 | 0 |
12 Months or Greater | 0 | 0 |
Total | 10,582 | 0 |
Unrealized gains | ||
Unrealized gains | 0 | 0 |
Less than 12 Months | 3,043 | 0 |
12 Months or Greater | 0 | 0 |
Total | $ 3,043 | $ 0 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)pension_plan | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Number of qualified defined benefit plans | pension_plan | 1 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contribution requirements in next fiscal year | $ | $ 3.6 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.06% | 4.11% | 3.48% |
Expected long-term return on plan assets | 5.72% | 7.17% | 7.17% |
EMPLOYEE BENEFIT PLANS - Change
EMPLOYEE BENEFIT PLANS - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts Recognized in the Consolidated Balance Sheets Consist of:: | |||
Noncurrent liabilities | $ (25,311) | $ (29,800) | |
Pension Benefits | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 79,559 | 87,986 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 3,197 | 3,021 | 3,259 |
Actuarial loss (gain) | 10,828 | (8,160) | |
Benefits paid | (3,323) | (3,288) | |
Projected benefit obligation at end of year | 90,261 | 79,559 | 87,986 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 50,949 | 57,377 | |
Actual return on plan assets | 12,975 | (4,638) | |
Employer contributions | 6,413 | 2,829 | |
Benefits paid | (3,284) | (4,002) | |
Other expense | (593) | (617) | |
Fair value of plan assets at end of year | 66,460 | 50,949 | 57,377 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Net accrued benefit cost | (23,801) | (28,610) | |
Amounts Recognized in the Consolidated Balance Sheets Consist of:: | |||
Current liabilities | (86) | (86) | |
Noncurrent liabilities | (23,715) | (28,524) | |
Net amount recognized | (23,801) | (28,610) | |
Postretirement | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 1,303 | 1,420 | |
Service cost | 6 | 7 | 6 |
Interest cost | 54 | 38 | 53 |
Actuarial loss (gain) | 285 | (149) | |
Benefits paid | (14) | (13) | |
Projected benefit obligation at end of year | 1,634 | 1,303 | 1,420 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 14 | 13 | |
Benefits paid | (14) | (13) | |
Other expense | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Net accrued benefit cost | (1,634) | (1,303) | |
Amounts Recognized in the Consolidated Balance Sheets Consist of:: | |||
Current liabilities | (38) | (27) | |
Noncurrent liabilities | (1,596) | (1,276) | |
Net amount recognized | $ (1,634) | $ (1,303) |
EMPLOYEE BENEFIT PLANS - Other
EMPLOYEE BENEFIT PLANS - Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net (losses) gains | $ (1,514) | $ (1,743) | $ (583) |
Amortization of losses (gains) | 449 | 673 | 466 |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net (losses) gains | (285) | 149 | (89) |
Amortization of losses (gains) | $ 0 | $ 2 | $ (1) |
EMPLOYEE BENEFIT PLANS - Accumu
EMPLOYEE BENEFIT PLANS - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net losses | $ (24,317) | $ (23,252) |
Deferred income tax benefit | 1,216 | 1,216 |
AOCI | (23,101) | (22,036) |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net losses | (292) | (7) |
Deferred income tax benefit | 6 | 6 |
AOCI | $ (286) | $ (1) |
EMPLOYEE BENEFIT PLANS - Accu_2
EMPLOYEE BENEFIT PLANS - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 90,261 | $ 79,559 |
Accumulated benefit obligation | 90,261 | 79,559 |
Fair value of plan assets | $ 66,460 | $ 50,949 |
EMPLOYEE BENEFIT PLANS - Net Pe
EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 3,197 | 3,021 | 3,259 |
Expected return on plan assets | (3,107) | (3,934) | (3,781) |
Amortization of losses (gains) | 449 | 673 | 466 |
Net periodic benefit cost (credit) | 539 | (240) | (56) |
Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 6 | 7 | 6 |
Interest cost | 54 | 38 | 53 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of losses (gains) | 0 | 2 | (1) |
Net periodic benefit cost (credit) | $ 60 | $ 47 | $ 58 |
EMPLOYEE BENEFIT PLANS - AOCI A
EMPLOYEE BENEFIT PLANS - AOCI Amortization in Next Fiscal Year (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss | $ 861 |
Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss | $ 8 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions Used in Calculations (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.06% | 4.11% | 3.48% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (post-spin off), percent | 4.11% | 3.48% | 4.01% |
Expected long-term return on plan assets | 5.72% | 7.17% | 7.17% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Postretirement | |||
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.16% | 4.18% | 3.56% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (post-spin off), percent | 4.18% | 3.56% | 4.12% |
Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
EMPLOYEE BENEFIT PLANS - Invest
EMPLOYEE BENEFIT PLANS - Investment of Plan Assets (Details) - Pension Benefits | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Domestic equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 41.00% | 39.00% |
International equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 28.00% | 28.00% |
Domestic fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 25.00% | 26.00% |
International fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 4.00% | 5.00% |
Real estate fund | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 2.00% | 2.00% |
Minimum | Domestic equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 35.00% | |
Minimum | International equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 20.00% | |
Minimum | Domestic fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 25.00% | |
Minimum | International fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 3.00% | |
Minimum | Real estate fund | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 2.00% | |
Maximum | Domestic equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 45.00% | |
Maximum | International equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 30.00% | |
Maximum | Domestic fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 29.00% | |
Maximum | International fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 7.00% | |
Maximum | Real estate fund | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation Range | 4.00% |
EMPLOYEE BENEFIT PLANS - Fair V
EMPLOYEE BENEFIT PLANS - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments at Net Asset Value: | ||
Separate Investment Accounts | $ 66,460 | $ 50,949 |
Pension Benefits | ||
Investments at Net Asset Value: | ||
Separate Investment Accounts | $ 66,460 | $ 50,949 |
EMPLOYEE BENEFIT PLANS - Expect
EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 3,671 |
2021 | 3,829 |
2022 | 4,050 |
2023 | 4,146 |
2024 | 4,318 |
2025 - 2029 | 22,752 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 38 |
2021 | 42 |
2022 | 45 |
2023 | 48 |
2024 | 51 |
2025 - 2029 | $ 308 |
EMPLOYEE BENEFIT PLANS - Define
EMPLOYEE BENEFIT PLANS - Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Cost recognized | $ 1 | $ 0.9 | $ 0.8 |
Amount of employer and related party securities included in plan assets | 10.6 | 9.7 | |
Contributions for 401k plan enhancement | $ 0.9 | $ 0.8 | $ 0.8 |
INCENTIVE STOCK PLANS - Narrati
INCENTIVE STOCK PLANS - Narrative (Details) | Dec. 31, 2019shares |
Rayonier Incentive Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized | 15,800,000 |
Number of shares available for future grant | 3,800,000 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction of shares available for issuance | 1 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction of shares available for issuance | 2.27 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reduction of shares available for issuance | 2.27 |
INCENTIVE STOCK PLANS - Schedul
INCENTIVE STOCK PLANS - Schedule of Stock Based Compensation Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | $ 6,904 | $ 6,428 | $ 5,396 |
Tax benefit recognized related to stock-based compensation expense | 362 | 338 | 249 |
Timber and Timberlands, net | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation cost, capitalized amount | 110 | 101 | 56 |
Selling and general expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation cost | 6,416 | 5,623 | 4,784 |
Cost of sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation cost | $ 378 | $ 704 | $ 556 |
INCENTIVE STOCK PLANS - Restric
INCENTIVE STOCK PLANS - Restricted Stock - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 2.5 |
Weighted average period for recognition, years | 2 years 3 months 18 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 2.7 |
Weighted average period for recognition, years | 3 years 10 months 24 days |
INCENTIVE STOCK PLANS - Summary
INCENTIVE STOCK PLANS - Summary of Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted (in shares) | 0 | 87,924 | 97,643 |
Weighted average price of restricted shares granted (in dollars per share) | $ 0 | $ 35.44 | $ 28.18 |
Intrinsic value of restricted stock outstanding | $ 5,540 | $ 8,792 | $ 8,906 |
Grant date fair value of restricted stock vested | 4,579 | 1,582 | 1,198 |
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested | $ 1,610 | $ 334 | $ 176 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted (in shares) | 128,226 | 0 | 0 |
Weighted average price of restricted shares granted (in dollars per share) | $ 31.39 | $ 0 | $ 0 |
Intrinsic value of restricted stock outstanding | $ 3,351 | $ 0 | $ 0 |
Grant date fair value of restricted stock vested | 762 | 0 | 0 |
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested | $ 1 | $ 0 | $ 0 |
INCENTIVE STOCK PLANS - Sched_2
INCENTIVE STOCK PLANS - Schedule of Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock | |||
Number of Shares | |||
Beginning Balance (in shares) | 317,499 | ||
Granted (in shares) | 0 | 87,924 | 97,643 |
Vested (in shares) | (142,778) | ||
Cancelled (in shares) | (5,607) | ||
Ending Balance (in shares) | 169,114 | 317,499 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance (in dollars per share) | $ 30.64 | ||
Granted (in dollars per share) | 0 | $ 35.44 | $ 28.18 |
Vested (in dollars per share) | 32.07 | ||
Cancelled (in dollars per share) | 29.99 | ||
Ending Balance (in dollars per share) | $ 29.45 | $ 30.64 | |
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
Beginning Balance (in shares) | 0 | ||
Granted (in shares) | 128,226 | 0 | 0 |
Vested (in shares) | (24,664) | ||
Cancelled (in shares) | (1,265) | ||
Ending Balance (in shares) | 102,297 | 0 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 31.39 | $ 0 | $ 0 |
Vested (in dollars per share) | 30.90 | ||
Cancelled (in dollars per share) | 31.77 | ||
Ending Balance (in dollars per share) | $ 31.50 | $ 0 |
INCENTIVE STOCK PLANS - Perform
INCENTIVE STOCK PLANS - Performance Share Units - Narrative (Details) - Performance Shares $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Unrecognized compensation cost | $ 5.1 |
Weighted average period for recognition, years | 1 year 9 months 18 days |
INCENTIVE STOCK PLANS - Summa_2
INCENTIVE STOCK PLANS - Summary of Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for performance shares granted during year (in shares) | 232,684 | 213,154 | 226,448 |
Weighted average fair value of performance share units granted (in dollars per share) | $ 35.99 | $ 40.27 | $ 32.17 |
Intrinsic value of outstanding performance share units | $ 10,758 | $ 9,229 | $ 10,414 |
Fair value of performance shares vested | 6,387 | 5,670 | 0 |
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested | $ 2,639 | $ 2,651 | $ 0 |
INCENTIVE STOCK PLANS - Sched_3
INCENTIVE STOCK PLANS - Schedule of Performance Share Activity (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Units | |||
Beginning Balance (in shares) | 333,282 | ||
Granted (in shares) | 116,342 | ||
Units Distributed (in shares) | (114,563) | ||
Other Cancellations/Adjustments (in shares) | (6,675) | ||
Ending Balance (in shares) | 328,386 | 333,282 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance (in dollars per share) | $ 33.60 | ||
Weighted average price of restricted shares granted (in dollars per share) | 35.99 | $ 40.27 | $ 32.17 |
Units Distributed (in dollars per share) | 28.78 | ||
Other Cancellations/Adjustments (in dollars per share) | 36.61 | ||
Ending Balance (in dollars per share) | $ 36.06 | $ 33.60 |
INCENTIVE STOCK PLANS - Sched_4
INCENTIVE STOCK PLANS - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 18.40% | 20.80% | 23.30% |
Risk-free rate | 2.30% | 2.40% | 1.50% |
INCENTIVE STOCK PLANS - Non-Qua
INCENTIVE STOCK PLANS - Non-Qualified Employee Stock Options - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum term (in years) | 10 years |
INCENTIVE STOCK PLANS - Sched_5
INCENTIVE STOCK PLANS - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | |
Options outstanding, beginning balance (in shares) | shares | 510,122 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (57,023) |
Cancelled or expired (in shares) | shares | (38,697) |
Options outstanding, ending balance (in shares) | shares | 414,402 |
Options exercisable (in shares) | shares | 414,402 |
Weighted Average Exercise Price (per common share) | |
Options outstanding, beginning balance (in dollars per common share), Beginning Balance | $ / shares | $ 32.29 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 22.09 |
Cancelled or expired (in dollars per share) | $ / shares | 36.50 |
Options outstanding, ending balance (in dollars per common share), Ending Balance | $ / shares | 33.30 |
Options exercisable (in dollars per common share), Options exercisable | $ / shares | $ 33.30 |
Weighted Average Remaining Contractual Term (in years) and Options outstanding | |
Weighted Average Remaining Contractual term (in years), Options outstanding | 2 years 10 months 24 days |
Weighted Average Remaining Contractual term (in years), Options exercisable | 2 years 10 months 24 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 514 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 514 |
INCENTIVE STOCK PLANS - Summa_3
INCENTIVE STOCK PLANS - Summary of Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 475 | $ 2,618 | $ 1,993 |
Cash received from exercise of options | $ 1,260 | $ 8,591 | $ 4,751 |
OTHER OPERATING (EXPENSE) INC_3
OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
(Loss) gain on foreign currency remeasurement, net of cash flow hedges | $ (3,077) | $ 370 | $ 3,044 |
Gain (loss) on sale or disposal of property plant & equipment | 56 | 7 | (68) |
Income from sale of unused Internet Protocol addresses | 0 | 646 | 0 |
Log trading marketing fees | 314 | 286 | 1,222 |
Income from New Zealand Timber settlement | 0 | 0 | 420 |
Miscellaneous expense, net | (1,826) | (169) | (225) |
Total | $ (4,533) | $ 1,140 | $ 4,393 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 14,518 | $ 15,703 |
Real Estate Inventory | ||
Inventory [Line Items] | ||
Inventory | 12,663 | 11,919 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 1,855 | $ 3,784 |
RESTRICTED CASH - Narrative (De
RESTRICTED CASH - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Cash and Investments [Abstract] | ||
Time period proceeds from LKE sale are maintained with third party intermediary | 180 days | |
Restricted cash | $ 1,233 | $ 8,080 |
RESTRICTED CASH - Restricted Ca
RESTRICTED CASH - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 1,233 | $ 8,080 | |||
Cash and cash equivalents | 68,735 | 148,374 | |||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | [1] | 69,968 | 156,454 | $ 172,356 | $ 157,617 |
Restricted cash deposited with LKE intermediary | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted cash | 758 | 7,530 | |||
Restricted cash held in escrow | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 475 | $ 550 | |||
[1] | Interest paid is presented net of patronage payments received of $4.0 million , $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt . |
OTHER ASSETS - Changes in Goodw
OTHER ASSETS - Changes in Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Goodwill Beginning Balance (net of $0 of accumulated impairment) | $ 8,307,000 | $ 8,776,000 | |
Changes to carrying amount | |||
Acquisitions | 0 | 0 | |
Impairment | 0 | 0 | |
Foreign currency adjustment | 304,000 | (469,000) | |
Goodwill Ending Balance (net of $0 accumulated impairment) | 8,611,000 | 8,307,000 | |
Accumulated Impairment | $ 0 | $ 0 | $ 0 |
OTHER ASSETS - Asset Balances (
OTHER ASSETS - Asset Balances (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Long-term and prepaid and secondary roads | $ 8,463 | $ 7,072 |
Deferred financing costs related to revolving debt | 102 | 213 |
Investments in marketable equity securities | $ 10,582 | 0 |
Pope Resources | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of limited partnership units (in shares) | 114,400 | |
Original share price (in dollars per share) | $ 65.90 | |
Pacific Northwest | ||
Finite-Lived Intangible Assets [Line Items] | ||
Long-term and prepaid and secondary roads | $ 4,198 | 4,000 |
New Zealand | ||
Finite-Lived Intangible Assets [Line Items] | ||
Long-term and prepaid and secondary roads | 4,265 | 3,072 |
Software Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized software costs | $ 3,605 | $ 3,776 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,654,550 | $ 1,692,940 | $ 1,496,752 |
Total other comprehensive (loss) income | (30,869) | (19,360) | 14,599 |
Ending balance | 1,537,642 | 1,654,550 | 1,692,940 |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 239 | 13,417 | 856 |
Other comprehensive (loss) income before reclassifications | (32,562) | (12,979) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 1,121 | (199) | |
Total other comprehensive (loss) income | (31,441) | (13,178) | |
Ending balance | (31,202) | 239 | 13,417 |
Foreign currency translation gains/(losses) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1,010) | 15,975 | |
Other comprehensive (loss) income before reclassifications | 784 | (16,985) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Total other comprehensive (loss) income | 784 | (16,985) | |
Ending balance | (226) | (1,010) | 15,975 |
Net investment hedges of New Zealand JV | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 1,321 | 1,665 | |
Other comprehensive (loss) income before reclassifications | 0 | (344) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Total other comprehensive (loss) income | 0 | (344) | |
Ending balance | 1,321 | 1,321 | 1,665 |
Cash flow hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 21,965 | 16,184 | |
Other comprehensive (loss) income before reclassifications | 5,944 | ||
Amounts reclassified from accumulated other comprehensive (loss) income | (163) | ||
Total other comprehensive (loss) income | 5,781 | ||
Ending balance | 21,965 | 16,184 | |
Cash flow hedges | Interest rate swaps | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (loss) income before reclassifications | (32,200) | ||
Cash flow hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (loss) income before reclassifications | (31,547) | ||
Amounts reclassified from accumulated other comprehensive (loss) income | 672 | ||
Total other comprehensive (loss) income | (30,875) | ||
Ending balance | (8,910) | ||
Employee benefit plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (22,037) | (20,407) | |
Other comprehensive (loss) income before reclassifications | (1,799) | (1,594) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 449 | (36) | |
Total other comprehensive (loss) income | (1,350) | (1,630) | |
Ending balance | $ (23,387) | $ (22,037) | $ (20,407) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Other operating (expense) income, net | $ 4,533 | $ (1,140) | $ (4,393) | ||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 9,146 | 8,931 | 14,775 | ||||||||
Income tax expense (Note 10) | 12,940 | 25,236 | 21,681 | ||||||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | $ (17,437) | $ (1,528) | $ (20,920) | $ (27,793) | $ (4,647) | $ (30,639) | $ (39,338) | $ (42,706) | (67,678) | (117,330) | $ (161,579) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | 672 | (163) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | (279) | 68 | |||||||||
Income tax expense (Note 10) | (262) | 63 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Realized (gain) loss on foreign currency exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Other operating (expense) income, net | 1,246 | (121) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Realized (gain) loss on foreign currency option contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Other operating (expense) income, net | $ (33) | $ (173) |
QUARTERLY RESULTS FOR 2019 an_3
QUARTERLY RESULTS FOR 2019 and 2018 (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Cost of sales | (140,182) | (134,463) | (140,454) | (143,251) | (139,092) | (143,261) | (184,418) | (138,488) | (558,350) | (605,259) | (568,253) |
Net Income | 17,437 | 1,528 | 20,920 | 27,793 | 4,647 | 30,639 | 39,338 | 42,706 | 67,678 | 117,330 | 161,579 |
Net Income attributable to Rayonier Inc. | $ 15,992 | $ (433) | $ 18,752 | $ 24,794 | $ 1,987 | $ 23,432 | $ 36,258 | $ 40,539 | $ 59,105 | $ 102,216 | $ 148,842 |
Basic EPS attributable to Rayonier Inc. (in dollars per share) | $ 0.12 | $ 0 | $ 0.14 | $ 0.19 | $ 0.02 | $ 0.18 | $ 0.28 | $ 0.31 | $ 0.46 | $ 0.79 | $ 1.17 |
Diluted EPS attributable to Rayonier Inc. (in dollars per share) | $ 0.12 | $ 0 | $ 0.14 | $ 0.19 | $ 0.02 | $ 0.18 | $ 0.28 | $ 0.31 | $ 0.46 | $ 0.79 | $ 1.16 |
CONSOLIDATING FINANCIAL STATE_3
CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% - USD ($) | Dec. 31, 2019 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||
Face amount | $ 325,000,000 | |
Fixed interest rate | 3.75% | 3.75% |
CONSOLIDATING FINANCIAL STATE_4
CONSOLIDATING FINANCIAL STATEMENTS - Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | $ 178,793 | $ 156,417 | $ 184,800 | $ 191,546 | $ 166,146 | $ 200,890 | $ 245,906 | $ 203,196 | $ 711,556 | $ 816,138 | $ 819,596 |
Costs and Expenses | |||||||||||
Cost of sales | (140,182) | (134,463) | (140,454) | (143,251) | (139,092) | (143,261) | (184,418) | (138,488) | (558,350) | (605,259) | (568,253) |
Selling and general expenses | (41,646) | (41,951) | (40,245) | ||||||||
Other operating (expense) income, net | (4,533) | 1,140 | 4,393 | ||||||||
Costs and Expenses | (604,529) | (646,070) | (604,105) | ||||||||
OPERATING (LOSS) INCOME | 107,027 | 170,068 | 215,491 | ||||||||
Interest expense | (31,716) | (32,066) | (34,071) | ||||||||
Interest and miscellaneous income (expense), net | 5,307 | 4,564 | 1,840 | ||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | ||||||||
INCOME BEFORE INCOME TAXES | 80,618 | 142,566 | 183,260 | ||||||||
Income tax (expense) benefit | (12,940) | (25,236) | (21,681) | ||||||||
NET INCOME | 17,437 | 1,528 | 20,920 | 27,793 | 4,647 | 30,639 | 39,338 | 42,706 | 67,678 | 117,330 | 161,579 |
Less: Net income attributable to noncontrolling interest | (8,573) | (15,114) | (12,737) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 15,992 | $ (433) | $ 18,752 | $ 24,794 | $ 1,987 | $ 23,432 | $ 36,258 | $ 40,539 | 59,105 | 102,216 | 148,842 |
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 | 963 | (22,759) | 9,114 | ||||||||
Cash flow hedges, net of income tax | (30,482) | ||||||||||
Cash flow hedges, net of income tax | 5,029 | 5,693 | |||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax | (1,350) | (1,630) | (208) | ||||||||
Total other comprehensive (loss) income | (30,869) | (19,360) | 14,599 | ||||||||
COMPREHENSIVE INCOME | 36,809 | 97,970 | 176,178 | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | (9,146) | (8,931) | (14,775) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 27,663 | 89,039 | 161,403 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling and general expenses | 0 | 0 | 0 | ||||||||
Other operating (expense) income, net | 0 | 0 | 0 | ||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||
OPERATING (LOSS) INCOME | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest and miscellaneous income (expense), net | 0 | 0 | 0 | ||||||||
Equity in income from subsidiaries | (186,772) | (253,052) | (338,107) | ||||||||
INCOME BEFORE INCOME TAXES | (186,772) | (253,052) | (338,107) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
NET INCOME | (186,772) | (253,052) | (338,107) | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | (186,772) | (253,052) | (338,107) | ||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 | (783) | 17,329 | (7,416) | ||||||||
Cash flow hedges, net of income tax | 30,875 | ||||||||||
Cash flow hedges, net of income tax | (5,782) | (5,353) | |||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax | 1,350 | 1,630 | 208 | ||||||||
Total other comprehensive (loss) income | 31,442 | 13,177 | (12,561) | ||||||||
COMPREHENSIVE INCOME | (155,330) | (239,875) | (350,668) | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | (155,330) | (239,875) | (350,668) | ||||||||
Rayonier Inc. (Parent Issuer) | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling and general expenses | 0 | 0 | 0 | ||||||||
Other operating (expense) income, net | 0 | (12) | 0 | ||||||||
Costs and Expenses | 0 | (12) | 0 | ||||||||
OPERATING (LOSS) INCOME | 0 | (12) | 0 | ||||||||
Interest expense | (12,556) | (12,556) | (12,556) | ||||||||
Interest and miscellaneous income (expense), net | (1,827) | 6,648 | 9,679 | ||||||||
Equity in income from subsidiaries | 73,488 | 108,136 | 151,719 | ||||||||
INCOME BEFORE INCOME TAXES | 59,105 | 102,216 | 148,842 | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
NET INCOME | 59,105 | 102,216 | 148,842 | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 59,105 | 102,216 | 148,842 | ||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 | 783 | (17,329) | 7,416 | ||||||||
Cash flow hedges, net of income tax | (30,875) | ||||||||||
Cash flow hedges, net of income tax | 5,782 | 5,353 | |||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax | (1,350) | (1,630) | (208) | ||||||||
Total other comprehensive (loss) income | (31,442) | (13,177) | 12,561 | ||||||||
COMPREHENSIVE INCOME | 27,663 | 89,039 | 161,403 | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 27,663 | 89,039 | 161,403 | ||||||||
Subsidiary Guarantors | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | (59) | 0 | 0 | ||||||||
Selling and general expenses | (20,560) | (19,812) | (16,797) | ||||||||
Other operating (expense) income, net | (1,392) | 543 | (479) | ||||||||
Costs and Expenses | (22,011) | (19,269) | (17,276) | ||||||||
OPERATING (LOSS) INCOME | (22,011) | (19,269) | (17,276) | ||||||||
Interest expense | (19,095) | (19,155) | (19,699) | ||||||||
Interest and miscellaneous income (expense), net | 3,061 | 3,863 | 2,878 | ||||||||
Equity in income from subsidiaries | 113,284 | 144,916 | 186,388 | ||||||||
INCOME BEFORE INCOME TAXES | 75,239 | 110,355 | 152,291 | ||||||||
Income tax (expense) benefit | (1,751) | (2,219) | (572) | ||||||||
NET INCOME | 73,488 | 108,136 | 151,719 | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 73,488 | 108,136 | 151,719 | ||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 | (91) | 386 | 0 | ||||||||
Cash flow hedges, net of income tax | (32,189) | ||||||||||
Cash flow hedges, net of income tax | 8,296 | 4,214 | |||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax | (1,350) | (1,630) | (208) | ||||||||
Total other comprehensive (loss) income | (33,630) | 7,052 | 4,006 | ||||||||
COMPREHENSIVE INCOME | 39,858 | 115,188 | 155,725 | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 39,858 | 115,188 | 155,725 | ||||||||
Non- guarantors | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 711,556 | 816,138 | 819,596 | ||||||||
Costs and Expenses | |||||||||||
Cost of sales | (558,291) | (605,259) | (568,253) | ||||||||
Selling and general expenses | (21,086) | (22,139) | (23,448) | ||||||||
Other operating (expense) income, net | (3,141) | 609 | 4,872 | ||||||||
Costs and Expenses | (582,518) | (626,789) | (586,829) | ||||||||
OPERATING (LOSS) INCOME | 129,038 | 189,349 | 232,767 | ||||||||
Interest expense | (65) | (355) | (1,816) | ||||||||
Interest and miscellaneous income (expense), net | 4,073 | (5,947) | (10,717) | ||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | ||||||||
INCOME BEFORE INCOME TAXES | 133,046 | 183,047 | 220,234 | ||||||||
Income tax (expense) benefit | (11,189) | (23,017) | (21,109) | ||||||||
NET INCOME | 121,857 | 160,030 | 199,125 | ||||||||
Less: Net income attributable to noncontrolling interest | (8,573) | (15,114) | (12,737) | ||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 113,284 | 144,916 | 186,388 | ||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0 | 1,054 | (23,145) | 9,114 | ||||||||
Cash flow hedges, net of income tax | 1,707 | ||||||||||
Cash flow hedges, net of income tax | (3,267) | 1,479 | |||||||||
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax | 0 | 0 | 0 | ||||||||
Total other comprehensive (loss) income | 2,761 | (26,412) | 10,593 | ||||||||
COMPREHENSIVE INCOME | 124,618 | 133,618 | 209,718 | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | (9,146) | (8,931) | (14,775) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ 115,472 | $ 124,687 | $ 194,943 |
CONSOLIDATING FINANCIAL STATE_5
CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 68,735 | $ 148,374 | ||
Accounts receivable, less allowance for doubtful accounts | 27,127 | 26,151 | ||
Inventory | 14,518 | 15,703 | ||
Prepaid logging roads | 12,128 | 11,976 | ||
Prepaid expenses | 2,600 | 5,040 | ||
Other current assets | 867 | 609 | ||
Total current assets | 125,975 | 207,853 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,482,047 | 2,401,327 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7) | 81,791 | 85,609 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 22,251 | 22,751 | ||
RESTRICTED CASH | 1,233 | 8,080 | ||
RIGHT-OF-USE ASSETS | 99,942 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY RECEIVABLE | 0 | 0 | ||
OTHER ASSETS | 47,757 | 55,046 | ||
TOTAL ASSETS | 2,860,996 | 2,780,666 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 18,160 | 18,019 | ||
Current maturities of long-term debt | 82,000 | 0 | ||
Accrued taxes | 3,032 | 3,178 | ||
Accrued payroll and benefits | 8,869 | 10,416 | ||
Accrued interest | 5,205 | 5,007 | ||
Deferred revenue | 11,440 | 10,447 | ||
Other current liabilities | 22,480 | 16,474 | ||
Total current liabilities | 151,186 | 63,541 | ||
LONG-TERM DEBT | 973,129 | 972,567 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 25,311 | 29,800 | ||
LONG-TERM LEASE LIABILITY (NOTE 4) | 90,481 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 83,247 | 60,208 | ||
INTERCOMPANY PAYABLE | 0 | |||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,439,981 | 1,556,873 | ||
Noncontrolling interest | 97,661 | 97,677 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,537,642 | 1,654,550 | $ 1,692,940 | $ 1,496,752 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,860,996 | 2,780,666 | ||
Consolidating Adjustments | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7) | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
RESTRICTED CASH | 0 | 0 | ||
RIGHT-OF-USE ASSETS | 0 | |||
INVESTMENT IN SUBSIDIARIES | (4,782,262) | (4,856,774) | ||
INTERCOMPANY RECEIVABLE | 0 | 0 | ||
OTHER ASSETS | 0 | 0 | ||
TOTAL ASSETS | (4,782,262) | (4,856,774) | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | |||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
LONG-TERM DEBT | 0 | 0 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
LONG-TERM LEASE LIABILITY (NOTE 4) | 0 | |||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | 0 | |||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | (4,782,262) | (4,856,774) | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | (4,782,262) | (4,856,774) | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | (4,782,262) | (4,856,774) | ||
Rayonier Inc. (Parent Issuer) | Reportable Legal Entities | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 303 | 361 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 303 | 361 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7) | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
RESTRICTED CASH | 0 | 0 | ||
RIGHT-OF-USE ASSETS | 0 | |||
INVESTMENT IN SUBSIDIARIES | 1,709,958 | 1,833,899 | ||
INTERCOMPANY RECEIVABLE | 56,935 | 49,461 | ||
OTHER ASSETS | 2 | 2 | ||
TOTAL ASSETS | 1,767,198 | 1,883,723 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | |||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 3,047 | 3,047 | ||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 3,047 | 3,047 | ||
LONG-TERM DEBT | 324,170 | 323,803 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
LONG-TERM LEASE LIABILITY (NOTE 4) | 0 | |||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | 0 | |||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,439,981 | 1,556,873 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,439,981 | 1,556,873 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,767,198 | 1,883,723 | ||
Subsidiary Guarantors | Reportable Legal Entities | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 45,792 | 104,777 | ||
Accounts receivable, less allowance for doubtful accounts | 4,113 | 3,752 | ||
Inventory | 0 | 0 | ||
Prepaid logging roads | 0 | 0 | ||
Prepaid expenses | 1,361 | 977 | ||
Other current assets | 111 | 108 | ||
Total current assets | 51,377 | 109,614 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7) | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 16,568 | 16,940 | ||
RESTRICTED CASH | 0 | 0 | ||
RIGHT-OF-USE ASSETS | 32,253 | |||
INVESTMENT IN SUBSIDIARIES | 3,072,304 | 3,022,875 | ||
INTERCOMPANY RECEIVABLE | (643,960) | (638,424) | ||
OTHER ASSETS | (67) | 19,244 | ||
TOTAL ASSETS | 2,528,475 | 2,530,249 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 2,866 | 1,616 | ||
Current maturities of long-term debt | 82,000 | |||
Accrued taxes | 59 | 8 | ||
Accrued payroll and benefits | 5,585 | 5,848 | ||
Accrued interest | 2,158 | 1,960 | ||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 4,453 | 216 | ||
Total current liabilities | 97,121 | 9,648 | ||
LONG-TERM DEBT | 648,959 | 648,764 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 25,996 | 30,484 | ||
LONG-TERM LEASE LIABILITY (NOTE 4) | 28,001 | |||
OTHER NON-CURRENT LIABILITIES | 18,440 | 7,454 | ||
INTERCOMPANY PAYABLE | 0 | |||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,709,958 | 1,833,899 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,709,958 | 1,833,899 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,528,475 | 2,530,249 | ||
Non- guarantors | Reportable Legal Entities | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 22,640 | 43,236 | ||
Accounts receivable, less allowance for doubtful accounts | 23,014 | 22,399 | ||
Inventory | 14,518 | 15,703 | ||
Prepaid logging roads | 12,128 | 11,976 | ||
Prepaid expenses | 1,239 | 4,063 | ||
Other current assets | 756 | 501 | ||
Total current assets | 74,295 | 97,878 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,482,047 | 2,401,327 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 7) | 81,791 | 85,609 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 5,683 | 5,811 | ||
RESTRICTED CASH | 1,233 | 8,080 | ||
RIGHT-OF-USE ASSETS | 67,689 | |||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY RECEIVABLE | 587,025 | 588,963 | ||
OTHER ASSETS | 47,822 | 35,800 | ||
TOTAL ASSETS | 3,347,585 | 3,223,468 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 15,294 | 16,403 | ||
Current maturities of long-term debt | 0 | |||
Accrued taxes | 2,973 | 3,170 | ||
Accrued payroll and benefits | 3,284 | 4,568 | ||
Accrued interest | 0 | 0 | ||
Deferred revenue | 11,440 | 10,447 | ||
Other current liabilities | 18,027 | 16,258 | ||
Total current liabilities | 51,018 | 50,846 | ||
LONG-TERM DEBT | 0 | 0 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | (685) | (684) | ||
LONG-TERM LEASE LIABILITY (NOTE 4) | 62,480 | |||
OTHER NON-CURRENT LIABILITIES | 64,807 | 52,754 | ||
INTERCOMPANY PAYABLE | 0 | |||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 3,072,304 | 3,022,875 | ||
Noncontrolling interest | 97,661 | 97,677 | ||
TOTAL SHAREHOLDERS’ EQUITY | 3,169,965 | 3,120,552 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,347,585 | $ 3,223,468 |
CONSOLIDATING FINANCIAL STATE_6
CONSOLIDATING FINANCIAL STATEMENTS - Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ 214,253 | $ 310,096 | $ 256,284 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (63,996) | (62,325) | (65,345) | |
Real estate development investments | (6,803) | (9,501) | (15,784) | |
Purchase of timberlands | (142,287) | (57,608) | (242,910) | |
Net proceeds from large disposition of timberlands | 0 | 0 | 95,243 | |
Rayonier office building under construction | 0 | 0 | (6,084) | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Other | (6,304) | (3,421) | (373) | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | (219,390) | (132,855) | (235,253) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 82,000 | 1,014 | 63,389 | |
Repayment of debt | 0 | (54,416) | (100,157) | |
Dividends paid | (141,071) | (136,772) | (127,069) | |
Proceeds from the issuance of common shares under incentive stock plan | 1,260 | 8,591 | 4,751 | |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | 0 | 152,390 | |
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (4,250) | (2,984) | (176) | |
Proceeds used for Share Buybacks | (8,430) | 0 | 0 | |
Proceeds from shareholder distribution hedge | 135 | 2,025 | 0 | |
Distribution to minority shareholder | (9,161) | (11,172) | 0 | |
Issuance of intercompany notes | 0 | 0 | 0 | |
Debt issuance cost | (132) | 0 | 0 | |
Intercompany distributions | 0 | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (79,649) | (193,714) | (6,872) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1,700) | 571 | 580 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a) | ||||
Change in cash, cash equivalents and restricted cash | [1] | (86,486) | (15,902) | 14,739 |
Balance, beginning of year | [1] | 156,454 | 172,356 | 157,617 |
Balance, end of year | [1] | 69,968 | 156,454 | 172,356 |
Consolidating Adjustments | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 0 | 0 | 0 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | 0 | 0 | |
Real estate development investments | 0 | 0 | 0 | |
Purchase of timberlands | 0 | 0 | 0 | |
Net proceeds from large disposition of timberlands | 0 | |||
Rayonier office building under construction | 0 | |||
Investment in Subsidiaries | 406 | (6,128) | (38,546) | |
Other | 0 | 0 | 0 | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | 406 | (6,128) | (38,546) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 0 | 0 | 0 | |
Repayment of debt | 0 | 0 | 0 | |
Dividends paid | 0 | 0 | 0 | |
Proceeds from the issuance of common shares under incentive stock plan | 0 | 0 | 0 | |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | |||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | 0 | 0 | 0 | |
Proceeds used for Share Buybacks | 0 | |||
Proceeds from shareholder distribution hedge | 0 | 0 | ||
Distribution to minority shareholder | 0 | 0 | ||
Issuance of intercompany notes | 0 | 0 | 0 | |
Debt issuance cost | 0 | |||
Intercompany distributions | (406) | 6,128 | 38,546 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (406) | 6,128 | 38,546 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a) | ||||
Change in cash, cash equivalents and restricted cash | 0 | 0 | 0 | |
Balance, beginning of year | 0 | 0 | 0 | |
Balance, end of year | 0 | 0 | 0 | |
Rayonier Inc. (Parent Issuer) | Reportable Legal Entities | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | (21,865) | 284,781 | (48,104) | |
INVESTING ACTIVITIES | ||||
Capital expenditures | 0 | 0 | 0 | |
Real estate development investments | 0 | 0 | 0 | |
Purchase of timberlands | 0 | 0 | 0 | |
Net proceeds from large disposition of timberlands | 0 | |||
Investment in Subsidiaries | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | 0 | 0 | 0 | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 0 | 0 | 0 | |
Repayment of debt | 0 | 0 | 0 | |
Dividends paid | (139,531) | (136,698) | (127,069) | |
Proceeds from the issuance of common shares under incentive stock plan | 1,260 | 8,591 | 4,751 | |
Proceeds from the issuance of common shares from equity offering, net of costs | 152,390 | |||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (4,250) | (2,984) | (176) | |
Proceeds used for Share Buybacks | 0 | |||
Proceeds from shareholder distribution hedge | 0 | 0 | ||
Distribution to minority shareholder | 0 | 0 | ||
Issuance of intercompany notes | 0 | 299,715 | (32,000) | |
Debt issuance cost | 0 | |||
Intercompany distributions | 164,328 | (501,608) | 77,319 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 21,807 | (332,984) | 75,215 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a) | ||||
Change in cash, cash equivalents and restricted cash | (58) | (48,203) | 27,111 | |
Balance, beginning of year | 361 | 48,564 | 21,453 | |
Balance, end of year | 303 | 361 | 48,564 | |
Subsidiary Guarantors | Reportable Legal Entities | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | (12,730) | 182,057 | 111,431 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (641) | (59) | 0 | |
Real estate development investments | 0 | 0 | 0 | |
Purchase of timberlands | 0 | 0 | 0 | |
Net proceeds from large disposition of timberlands | 0 | |||
Investment in Subsidiaries | (406) | 6,128 | 38,546 | |
Other | (8,754) | 0 | 0 | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | (9,801) | 6,069 | 38,546 | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 82,000 | 0 | 25,000 | |
Repayment of debt | 0 | (50,000) | (15,000) | |
Dividends paid | (32,239) | (74) | 0 | |
Proceeds from the issuance of common shares under incentive stock plan | 0 | 0 | 0 | |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | |||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | 0 | 0 | 0 | |
Proceeds used for Share Buybacks | (8,430) | |||
Proceeds from shareholder distribution hedge | 0 | 0 | ||
Distribution to minority shareholder | 0 | 0 | ||
Issuance of intercompany notes | 0 | 18,961 | 0 | |
Debt issuance cost | (132) | |||
Intercompany distributions | (77,653) | (77,278) | (144,396) | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (36,454) | (108,391) | (134,396) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a) | ||||
Change in cash, cash equivalents and restricted cash | (58,985) | 79,735 | 15,581 | |
Balance, beginning of year | 104,777 | 25,042 | 9,461 | |
Balance, end of year | 45,792 | 104,777 | 25,042 | |
Non- guarantors | Reportable Legal Entities | ||||
Consolidated Statements of Cash Flows [Abstract] | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 248,848 | (156,742) | 192,957 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (63,355) | (62,266) | (65,345) | |
Real estate development investments | (6,803) | (9,501) | (15,784) | |
Purchase of timberlands | (142,287) | (57,608) | (242,910) | |
Net proceeds from large disposition of timberlands | 95,243 | |||
Rayonier office building under construction | (6,084) | |||
Investment in Subsidiaries | 0 | 0 | 0 | |
Other | 2,450 | (3,421) | (373) | |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | (209,995) | (132,796) | (235,253) | |
FINANCING ACTIVITIES | ||||
Issuance of debt | 0 | 1,014 | 38,389 | |
Repayment of debt | 0 | (4,416) | (85,157) | |
Dividends paid | 30,699 | 0 | 0 | |
Proceeds from the issuance of common shares under incentive stock plan | 0 | 0 | 0 | |
Proceeds from the issuance of common shares from equity offering, net of costs | 0 | |||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | 0 | 0 | 0 | |
Proceeds used for Share Buybacks | 0 | |||
Proceeds from shareholder distribution hedge | 135 | 2,025 | ||
Distribution to minority shareholder | (9,161) | (11,172) | ||
Issuance of intercompany notes | 0 | (318,676) | 32,000 | |
Debt issuance cost | 0 | |||
Intercompany distributions | (86,269) | 572,758 | 28,531 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (64,596) | 241,533 | 13,763 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1,700) | 571 | 580 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a) | ||||
Change in cash, cash equivalents and restricted cash | (27,443) | (47,434) | (27,953) | |
Balance, beginning of year | 51,316 | 98,750 | 126,703 | |
Balance, end of year | $ 23,873 | $ 51,316 | $ 98,750 | |
[1] | Interest paid is presented net of patronage payments received of $4.0 million , $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt . |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additions Charged to Cost and Expenses | $ (482) | $ (3,950) | $ (13,028) |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 8 | 23 | 33 |
Additions Charged to Cost and Expenses | 16 | 0 | 0 |
Deductions | 0 | (15) | (10) |
Balance at End of Year | 24 | 8 | 23 |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 38,839 | 34,889 | 21,861 |
Additions Charged to Cost and Expenses | 481 | 3,950 | 13,028 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | $ 39,320 | $ 38,839 | $ 34,889 |
Uncategorized Items - q4rayonie
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (14,365,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (711,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 711,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (14,365,000) |