Rayonier (RYN) 10-Q 2 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		136,518,249
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		4,444,910
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
SALES	$ 198,875	$ 156,417	$ 653,635	$ 532,764
Costs and Expenses
Cost of sales	(180,944)	(134,463)	(545,333)	(418,169)
Selling and general expenses	(14,498)	(10,102)	(37,036)	(30,896)
Other operating expense, net (Note 19)	(1,653)	(865)	(19,247)	(2,799)
Costs and expenses	(197,095)	(145,430)	(601,616)	(451,864)
OPERATING INCOME	1,780	10,987	52,019	80,900
Interest expense	(10,421)	(7,996)	(28,457)	(23,629)
Interest and other miscellaneous (expense) income, net	(137)	788	1,232	3,178
(LOSS) INCOME BEFORE INCOME TAXES	(8,778)	3,779	24,794	60,449
Income tax expense (Note 10)	(720)	(2,251)	(7,416)	(10,208)
NET (LOSS) INCOME	(9,498)	1,528	17,378	50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	0	(195)	0
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. COMMON UNITHOLDERS	(758)	(433)	26,830	43,112
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0	12,476	(28,524)	(8,290)	(28,095)
Cash flow hedges, net of income tax effect of $645, $888, $530 and $644	7,861	(12,424)	(82,890)	(42,629)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	217	112	652	337
Total other comprehensive income (loss)	20,554	(40,836)	(90,528)	(70,387)
COMPREHENSIVE INCOME (LOSS)	11,056	(39,308)	(73,150)	(20,146)
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(508)	0	(1,184)	0
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	5,017	5,169	10,761	(197)
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS	$ 15,565	$ (34,139)	$ (63,573)	$ (20,343)
EARNINGS PER COMMON SHARE / UNIT (NOTE 14)
Basic (loss) earnings per share attributable to Rayonier Inc. (in dollars per share)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Diluted (loss) earnings per share attributable to Rayonier Inc. (in dollars per share)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Rayonier Limited Partnership
SALES	$ 198,875	$ 156,417	$ 653,635	$ 532,764
Costs and Expenses
Cost of sales	(180,944)	(134,463)	(545,333)	(418,169)
Selling and general expenses	(14,498)	(10,102)	(37,036)	(30,896)
Other operating expense, net (Note 19)	(1,653)	(865)	(19,247)	(2,799)
Costs and expenses	(197,095)	(145,430)	(601,616)	(451,864)
OPERATING INCOME	1,780	10,987	52,019	80,900
Interest expense	(10,421)	(7,996)	(28,457)	(23,629)
Interest and other miscellaneous (expense) income, net	(137)	788	1,232	3,178
(LOSS) INCOME BEFORE INCOME TAXES	(8,778)	3,779	24,794	60,449
Income tax expense (Note 10)	(720)	(2,251)	(7,416)	(10,208)
NET (LOSS) INCOME	(9,498)	1,528	17,378	50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715	(1,961)	9,647	(7,129)
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. COMMON UNITHOLDERS	(783)	(433)	27,025	43,112
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0	12,476	(28,524)	(8,290)	(28,095)
Cash flow hedges, net of income tax effect of $645, $888, $530 and $644	7,861	(12,424)	(82,890)	(42,629)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	217	112	652	337
Total other comprehensive income (loss)	20,554	(40,836)	(90,528)	(70,387)
COMPREHENSIVE INCOME (LOSS)	11,056	(39,308)	(73,150)	(20,146)
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	5,017	5,169	10,761	(197)
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS	$ 16,073	$ (34,139)	$ (62,389)	$ (20,343)
(LOSS) EARNINGS PER COMMON UNIT (NOTE 14)
Basic (loss) earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Diluted (loss) earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, income tax (expense) benefit	645	888	530	644
Amortization of pension and postretirement plans, tax expense	0	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0	0
Cash flow hedges, income tax (expense) benefit	645	888	530	644
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Total cash and cash equivalents	$ 78,151	$ 68,735
Accounts receivable, less allowance for doubtful accounts of $41 and $24	45,439	27,127
Inventory (Note 21)	13,767	14,518
Prepaid expenses	19,342	14,728
Assets held for sale	9,727	0
Other current assets	2,388	867
Total current assets	168,814	125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,284,695	2,482,047
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 8)	108,286	81,791
PROPERTY, PLANT AND EQUIPMENT
Land	5,566	4,131
Buildings	29,221	23,095
Machinery and equipment	4,686	4,339
Construction in progress	404	348
Total property, plant and equipment, gross	39,877	31,913
Less — accumulated depreciation	(11,087)	(9,662)
Total property, plant and equipment, net	28,790	22,251
RESTRICTED CASH (NOTE 22)	475	1,233
RIGHT-OF-USE ASSETS (NOTE 4)	100,297	99,942
OTHER ASSETS	35,642	47,757
TOTAL ASSETS	3,726,999	2,860,996
CURRENT LIABILITIES
Accounts payable	24,645	18,160
Accrued taxes	8,067	3,032
Accrued payroll and benefits	10,028	8,869
Accrued interest	9,203	5,205
Deferred revenue	15,673	11,440
Other current liabilities	24,450	22,480
Total current liabilities	92,066	151,186
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,378,596
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17)	21,765	25,311
LONG-TERM LEASE LIABILITY (NOTE 4)	91,122	90,481
OTHER NON-CURRENT LIABILITIES	174,772	83,247
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 4,446,153 and 0 Common Units outstanding, respectively	117,530	0
SHAREHOLDERS’ EQUITY
Common stock	1,065,188	888,177
Retained earnings	485,636	583,006
Accumulated other comprehensive loss (Note 23)	(121,605)	(31,202)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,429,219	1,439,981
Noncontrolling interests in consolidated affiliates (Note 5)	421,929	97,661
TOTAL SHAREHOLDERS’ EQUITY	1,851,148	1,537,642
CAPITAL
Accumulated other comprehensive loss (Note 23)	(121,605)	(31,202)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,726,999	2,860,996
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	75,178	68,735
CURRENT LIABILITIES
Current maturities of long-term debt, excluding Timber Funds (Note 7)	0	82,000
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,318,205	973,129
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	2,973	0
CURRENT LIABILITIES
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	60,391	0
Rayonier Limited Partnership
CURRENT ASSETS
Total cash and cash equivalents	78,151	68,735
Accounts receivable, less allowance for doubtful accounts of $41 and $24	45,439	27,127
Inventory (Note 21)	13,767	14,518
Prepaid expenses	19,342	14,728
Assets held for sale	9,727	0
Other current assets	2,388	867
Total current assets	168,814	125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,284,695	2,482,047
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 8)	108,286	81,791
PROPERTY, PLANT AND EQUIPMENT
Land	5,566	4,131
Buildings	29,221	23,095
Machinery and equipment	4,686	4,339
Construction in progress	404	348
Total property, plant and equipment, gross	39,877	31,913
Less — accumulated depreciation	(11,087)	(9,662)
Total property, plant and equipment, net	28,790	22,251
RESTRICTED CASH (NOTE 22)	475	1,233
RIGHT-OF-USE ASSETS (NOTE 4)	100,297	99,942
OTHER ASSETS	35,642	47,757
TOTAL ASSETS	3,726,999	2,860,996
CURRENT LIABILITIES
Accounts payable	24,645	18,160
Accrued taxes	8,067	3,032
Accrued payroll and benefits	10,028	8,869
Accrued interest	9,203	5,205
Deferred revenue	15,673	11,440
Other current liabilities	24,450	22,480
Total current liabilities	92,066	151,186
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17)	21,765	25,311
LONG-TERM LEASE LIABILITY (NOTE 4)	91,122	90,481
OTHER NON-CURRENT LIABILITIES	174,772	83,247
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 4,446,153 and 0 Common Units outstanding, respectively	117,530	0
SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss (Note 23)	(120,616)	(31,202)
CAPITAL
General partners’ capital	15,498	14,712
Limited partners’ capital	1,534,337	1,456,471
Accumulated other comprehensive loss (Note 23)	(120,616)	(31,202)
TOTAL CONTROLLING INTEREST CAPITAL	1,429,219	1,439,981
Noncontrolling interests in consolidated affiliates (Note 5)	421,929	97,661
TOTAL CAPITAL	1,851,148	1,537,642
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,726,999	2,860,996
Rayonier Limited Partnership | Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	75,178	68,735
CURRENT LIABILITIES
Current maturities of long-term debt, excluding Timber Funds (Note 7)	0	82,000
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,318,205	973,129
Rayonier Limited Partnership | Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	2,973	0
CURRENT LIABILITIES
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	$ 60,391	$ 0

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Allowance for doubtful accounts	$ 41	$ 24
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	136,518,006	136,518,006
Common shares, shares outstanding (in shares)	129,331,069	129,331,069
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 41	$ 24
Common units outstanding (in shares)	4,445,153	0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2018			129,488,675
Beginning balance at Dec. 31, 2018		$ 1,654,550	$ 884,263	$ 672,371	$ 239	$ 97,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		27,793		24,794		2,999
Dividends ($0.27 per share)		(35,049)		(35,049)
Issuance of shares under incentive stock plans (in shares)			26,031
Issuance of shares under incentive stock plans		597	$ 597
Stock-based compensation		1,477	$ 1,477
Repurchase of common shares made under repurchase program (in shares)			(1,140)
Repurchase of common shares made under repurchase program		(33)	$ (33)
Amortization of pension and postretirement plan liabilities		112			112
Foreign currency translation adjustment		6,033			4,680	1,353
Cash flow hedges		(10,686)			(10,884)	198
Distributions to noncontrolling interests in consolidated affiliates		(3,594)				(3,594)
Ending balance (in shares) at Mar. 31, 2019			129,513,566
Ending balance at Mar. 31, 2019		1,641,200	$ 886,304	662,116	(5,853)	98,633
Beginning balance (in shares) at Dec. 31, 2018			129,488,675
Beginning balance at Dec. 31, 2018		1,654,550	$ 884,263	672,371	239	97,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership		0
Amortization of pension and postretirement plan liabilities		337
Foreign currency translation adjustment		(28,095)
Ending balance (in shares) at Sep. 30, 2019			129,311,893
Ending balance at Sep. 30, 2019		1,515,621	$ 886,229	602,051	(63,216)	90,557
Beginning balance (in shares) at Mar. 31, 2019			129,513,566
Beginning balance at Mar. 31, 2019		1,641,200	$ 886,304	662,116	(5,853)	98,633
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		20,920		18,752		2,168
Dividends ($0.27 per share)		(35,125)		(35,125)
Issuance of shares under incentive stock plans (in shares)			250,344
Issuance of shares under incentive stock plans		177	$ 177
Stock-based compensation		2,344	$ 2,344
Repurchase of common shares made under repurchase program (in shares)			(134,194)
Repurchase of common shares made under repurchase program		(4,207)	$ (4,207)
Amortization of pension and postretirement plan liabilities		112			112
Foreign currency translation adjustment		(5,604)			(4,305)	(1,299)
Cash flow hedges		(19,519)			(19,465)	(54)
Ending balance (in shares) at Jun. 30, 2019			129,629,716
Ending balance at Jun. 30, 2019		1,600,298	$ 884,618	645,743	(29,511)	99,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,528		(433)		1,961
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership		0
Dividends ($0.27 per share)		(34,829)		(34,829)
Issuance of shares under incentive stock plans (in shares)			2,423
Issuance of shares under incentive stock plans		57	$ 57
Stock-based compensation		1,562	$ 1,562
Repurchase of common shares made under repurchase program (in shares)			(320,246)
Repurchase of common shares made under repurchase program		(8,438)	$ (8)	(8,430)
Amortization of pension and postretirement plan liabilities		112			112
Foreign currency translation adjustment		(28,524)			(21,918)	(6,606)
Cash flow hedges		(12,424)			(11,899)	(525)
Distributions to noncontrolling interests in consolidated affiliates		(3,721)				(3,721)
Ending balance (in shares) at Sep. 30, 2019			129,311,893
Ending balance at Sep. 30, 2019		1,515,621	$ 886,229	602,051	(63,216)	90,557
Beginning balance (in shares) at Dec. 31, 2019			129,331,069
Beginning balance at Dec. 31, 2019		1,537,642	$ 888,177	583,006	(31,202)	97,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		26,421		25,854		567
Dividends ($0.27 per share)		(34,813)		(34,813)
Issuance of shares under incentive stock plans (in shares)			2,407
Issuance of shares under incentive stock plans		66	$ 66
Stock-based compensation		1,510	$ 1,510
Repurchase of common shares made under repurchase program (in shares)			(152,237)
Repurchase of common shares made under repurchase program		(3,152)		(3,152)
Amortization of pension and postretirement plan liabilities		217			217
Foreign currency translation adjustment		(44,023)			(33,894)	(10,129)
Cash flow hedges		(83,475)			(82,376)	(1,099)
Distributions to noncontrolling interests in consolidated affiliates		(725)				(725)
Ending balance (in shares) at Mar. 31, 2020			129,181,239
Ending balance at Mar. 31, 2020		1,399,668	$ 889,753	570,895	(147,255)	86,275
Beginning balance (in shares) at Dec. 31, 2019			129,331,069
Beginning balance at Dec. 31, 2019		1,537,642	$ 888,177	583,006	(31,202)	97,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership		(195)
Amortization of pension and postretirement plan liabilities		652
Foreign currency translation adjustment		(8,290)
Ending balance (in shares) at Sep. 30, 2020			136,518,006
Ending balance at Sep. 30, 2020		1,851,148	$ 1,065,188	485,636	(121,605)	421,929
Beginning balance (in shares) at Mar. 31, 2020			129,181,239
Beginning balance at Mar. 31, 2020		1,399,668	$ 889,753	570,895	(147,255)	86,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of shares associated with the merger with Pope Resources (in shares)			7,181,071
Issuances of shares associated with the merger with Pope Resources		172,418	$ 172,418
Net income (loss)		455		1,954		(1,499)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership		(219)		(219)
Dividends ($0.27 per share)	[1]	(36,957)		(36,957)
Issuance of shares under incentive stock plans (in shares)			215,970
Issuance of shares under incentive stock plans		222	$ 222
Stock-based compensation		2,668	$ 2,668
Repurchase of common shares made under repurchase program (in shares)			(66,168)
Repurchase of common shares made under repurchase program		(1,572)	$ (1,572)
Acquisition of noncontrolling interests in consolidated affiliates		372,381				372,381
Adjustment of noncontrolling interest in the Operating Partnership		(3,992)		(3,992)
Amortization of pension and postretirement plan liabilities		217			217
Foreign currency translation adjustment		23,258			17,872	5,386
Cash flow hedges		(7,276)			(8,306)	1,030
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership		(457)			(457)
Distributions to noncontrolling interests in consolidated affiliates		(6,856)				(6,856)
Ending balance (in shares) at Jun. 30, 2020			136,512,112
Ending balance at Jun. 30, 2020		1,913,958	$ 1,063,489	531,681	(137,929)	456,717
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(9,498)		(783)		(8,715)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership		25		25
Dividends ($0.27 per share)	[1]	(37,257)		(37,257)
Costs associated with the “At-the-Market” (ATM) offering program		(456)	$ (456)
Issuance of shares under incentive stock plans (in shares)			6,079
Issuance of shares under incentive stock plans		167	$ 167
Stock-based compensation		1,965	$ 1,965
Repurchase of common shares made under repurchase program (in shares)			(1,185)
Repurchase of common shares made under repurchase program		(4)	$ (4)
Measurement period adjustment of noncontrolling interests in consolidated affiliates		(701)				(701)
Adjustment of noncontrolling interest in the Operating Partnership		(8,030)		(8,030)
Conversion of common units to common shares (in shares)			1,000
Conversion of common units to common shares		27	$ 27
Amortization of pension and postretirement plan liabilities		217			217
Foreign currency translation adjustment		12,476			9,160	3,316
Cash flow hedges		7,861			7,479	382
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership		(532)			(532)
Distributions to noncontrolling interests in consolidated affiliates		(667)				(667)
Noncontrolling interests in consolidated affiliates redemption of shares		(28,403)				(28,403)
Ending balance (in shares) at Sep. 30, 2020			136,518,006
Ending balance at Sep. 30, 2020		$ 1,851,148	$ 1,065,188	$ 485,636	$ (121,605)	$ 421,929
[1]	For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests .

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Partners' Capital [Roll Forward]
Costs associated with the “At-the-Market” (ATM) program	$ (456)
Net (loss) income	(9,498)			$ 1,528			$ 17,378	$ 50,241
Acquisition of noncontrolling interests in consolidated affiliates		$ 372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Amortization of pension and postretirement plan liabilities	217	217	$ 217	112	$ 112	$ 112	652	337
Foreign currency translation adjustment	12,476	23,258	(44,023)	(28,524)	(5,604)	6,033	(8,290)	(28,095)
Cash flow hedges	7,861	(7,276)	(83,475)	(12,424)	(19,519)	(10,686)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(28,403)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,913,958	1,399,668	1,537,642	1,600,298	1,641,200	1,654,550	1,537,642	1,654,550
Conversion of common units to common shares	27
Issuance of common units associated with the merger with Pope Resources		172,418
Distributions on common units ($0.27 per common unit)	(38,457)	(38,157)	(34,813)	(34,829)	(35,125)	(35,049)
Costs associated with the “At-the-Market” (ATM) program	(456)
Issuance of common units under incentive stock plans	167	222	66	57	177	597
Stock-based compensation	1,965	2,668	1,510	1,562	2,344	1,477
Repurchase of common units made under repurchase program	(4)	(1,572)	(3,152)	(8,438)	(4,207)	(33)
Adjustment of Redeemable Common Units	(7,337)	(3,468)
Net (loss) income	(9,498)	455	26,421	1,528	20,920	27,793	17,378	50,241
Acquisition of noncontrolling interests in consolidated affiliates		372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Amortization of pension and postretirement plan liabilities	217	217	217	112	112	112	652	337
Foreign currency translation adjustment	12,476	23,258	(44,023)	(28,524)	(5,604)	6,033	(8,290)	(28,095)
Cash flow hedges	7,861	(7,276)	(83,475)	(12,424)	(19,519)	(10,686)
Distributions to noncontrolling interests in consolidated affiliates	(667)	(6,856)	(725)	(3,721)		(3,594)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(28,403)
Ending balance	1,851,148	1,913,958	1,399,668	1,515,621	1,600,298	1,641,200	1,851,148	1,515,621
Rayonier Limited Partnership | Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(137,472)	(147,255)	(31,202)	(29,511)	(5,853)	239	(31,202)	239
Amortization of pension and postretirement plan liabilities	217	217	217	112	112	112
Foreign currency translation adjustment	9,160	17,872	(33,894)	(21,918)	(4,305)	4,680
Cash flow hedges	7,479	(8,306)	(82,376)	(11,899)	(19,465)	(10,884)
Ending balance	(120,616)	(137,472)	(147,255)	(63,216)	(29,511)	(5,853)	(120,616)	(63,216)
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	456,717	86,275	97,661	99,448	98,633	97,677	97,661	97,677
Net (loss) income	(8,715)	(1,499)	567	1,961	2,168	2,999
Acquisition of noncontrolling interests in consolidated affiliates		372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Foreign currency translation adjustment	3,316	5,386	(10,129)	(6,606)	(1,299)	1,353
Cash flow hedges	382	1,030	(1,099)	(525)	(54)	198
Distributions to noncontrolling interests in consolidated affiliates	(667)	(6,856)	(725)	(3,721)		(3,594)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(28,403)
Ending balance	421,929	456,717	86,275	90,557	99,448	98,633	421,929	90,557
Rayonier Limited Partnership | General Partners’ Capital | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	15,947	14,606	14,712	15,304	15,484	15,566	14,712	15,566
Issuance of common units associated with the merger with Pope Resources		1,724
Distributions on common units ($0.27 per common unit)	(385)	(382)	(349)	(348)	(351)	(351)
Costs associated with the “At-the-Market” (ATM) program	(5)
Issuance of common units under incentive stock plans	2	2	1	1	2	6
Stock-based compensation	20	27	15	15	23	15
Repurchase of common units made under repurchase program		(15)	(32)	(85)	(42)
Adjustment of Redeemable Common Units	(73)	(35)
Net (loss) income	(8)	20	259	(4)	188	248
Ending balance	15,498	15,947	14,606	14,883	15,304	15,484	15,498	14,883
Rayonier Limited Partnership | Limited Partners’ Capital | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,578,766	1,446,042	1,456,471	1,515,057	1,532,936	1,541,068	1,456,471	1,541,068
Conversion of common units to common shares	27
Issuance of common units associated with the merger with Pope Resources		170,694
Distributions on common units ($0.27 per common unit)	(38,072)	(37,775)	(34,464)	(34,481)	(34,774)	(34,698)
Costs associated with the “At-the-Market” (ATM) program	(451)
Issuance of common units under incentive stock plans	165	220	65	56	175	591
Stock-based compensation	1,945	2,641	1,495	1,547	2,321	1,462
Repurchase of common units made under repurchase program	(4)	(1,557)	(3,120)	(8,353)	(4,165)	(33)
Adjustment of Redeemable Common Units	(7,264)	(3,433)
Net (loss) income	(775)	1,934	25,595	(429)	18,564	24,546
Ending balance	1,534,337	1,578,766	1,446,042	1,473,397	1,515,057	1,532,936	$ 1,534,337	$ 1,473,397
Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital [Roll Forward]
Amortization of pension and postretirement plan liabilities	217	217	217	112	112	112
Foreign currency translation adjustment	9,160	17,872	(33,894)	(21,918)	(4,305)	4,680
Cash flow hedges	7,479	(8,306)	(82,376)	(11,899)	(19,465)	(10,884)
Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Acquisition of noncontrolling interests in consolidated affiliates		372,381
Measurement period adjustment of noncontrolling interests in consolidated affiliates	(701)
Foreign currency translation adjustment	3,316	5,386	(10,129)	(6,606)	(1,299)	1,353
Cash flow hedges	382	$ 1,030	$ (1,099)	$ (525)	$ (54)	$ 198
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	$ (28,403)

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net (loss) income		$ 17,378	$ 50,241
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		119,479	91,939
Non-cash cost of land and improved development		20,701	9,985
Stock-based incentive compensation expense		6,143	5,383
Deferred income taxes		10,267	8,133
Amortization of losses from pension and postretirement plans		652	337
Timber write-offs due to casualty events		15,203	0
Gain on sale of large disposition of timberlands		(28,655)	0
Other		(6,986)	(760)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(14,089)	(1,839)
Inventories		(2,310)	(1,107)
Accounts payable		6,553	2,021
All other operating activities		(6,352)	(140)
CASH PROVIDED BY OPERATING ACTIVITIES		137,984	164,193
INVESTING ACTIVITIES
Capital expenditures		(44,679)	(45,271)
Real estate development investments		(5,448)	(3,349)
Purchase of timberlands		(24,379)	(81,913)
Net proceeds from large disposition of timberlands		115,666	0
Net cash consideration for merger with Pope Resources		(231,068)	0
Other		5,127	(2,219)
CASH USED FOR INVESTING ACTIVITIES		(184,781)	(132,752)
FINANCING ACTIVITIES
Issuance of debt		320,000	0
Repayment of debt		(132,000)	0
Dividends paid on common stock		(109,136)	(106,125)
Distributions to noncontrolling interests in the Operating Partnership		(2,401)	0
Proceeds from the issuance of common shares under incentive stock plan		233	831
Repurchase of common shares		(1,577)	(4,249)
Debt issuance costs		(2,483)	0
Offering issuance costs		(456)	0
Repurchase of common shares made under repurchase program		(3,152)	(8,430)
Proceeds from shareholder distribution hedge		0	135
Noncontrolling interests in consolidated affiliates redemption of shares		(5,113)	0
Distributions to noncontrolling interest in consolidated affiliates		(8,247)	(7,315)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		55,668	(125,153)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(213)	(2,808)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		8,658	(96,520)
Balance, beginning of year		69,968	156,454
Balance, end of period		78,626	59,934
Cash paid during the period:
Interest	[1]	25,546	20,578
Income taxes		621	1,352
Non-cash investing activity
Capital assets purchased on account		3,250	2,271
Non-cash financing activity:
Equity consideration for merger with Pope Resources		172,640	0
Redeemable Common Unit consideration for merger with Pope Resources		106,752	0
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net (loss) income		17,378	50,241
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		119,479	91,939
Non-cash cost of land and improved development		20,701	9,985
Stock-based incentive compensation expense		6,143	5,383
Deferred income taxes		10,267	8,133
Amortization of losses from pension and postretirement plans		652	337
Timber write-offs due to casualty events		15,203	0
Gain on sale of large disposition of timberlands		(28,655)	0
Other		(6,986)	(760)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(14,089)	(1,839)
Inventories		(2,310)	(1,107)
Accounts payable		6,553	2,021
All other operating activities		(6,352)	(140)
CASH PROVIDED BY OPERATING ACTIVITIES		137,984	164,193
INVESTING ACTIVITIES
Capital expenditures		(44,679)	(45,271)
Real estate development investments		(5,448)	(3,349)
Purchase of timberlands		(24,379)	(81,913)
Net proceeds from large disposition of timberlands		115,666	0
Net cash consideration for merger with Pope Resources		(231,068)	0
Other		5,127	(2,219)
CASH USED FOR INVESTING ACTIVITIES		(184,781)	(132,752)
FINANCING ACTIVITIES
Issuance of debt		320,000	0
Repayment of debt		(132,000)	0
Distribution on common units		(111,537)	(106,125)
Proceeds from the issuance of common units under incentive stock plan		233	831
Repurchase of common units		(1,577)	(4,249)
Debt issuance costs		(2,483)	0
Offering issuance costs		(456)	0
Repurchase of common shares made under repurchase program		(3,152)	(8,430)
Proceeds from shareholder distribution hedge		0	135
Noncontrolling interests in consolidated affiliates redemption of shares		(5,113)	0
Distributions to noncontrolling interest in consolidated affiliates		(8,247)	(7,315)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		55,668	(125,153)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(213)	(2,808)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		8,658	(96,520)
Balance, beginning of year		69,968	156,454
Balance, end of period		78,626	59,934
Cash paid during the period:
Interest	[2]	25,546	20,578
Income taxes		621	1,352
Non-cash investing activity
Capital assets purchased on account		3,250	2,271
Non-cash financing activity:
Redeemable Common Unit consideration for merger with Pope Resources		106,752	0
Common unit consideration for merger with Pope Resources		$ 172,640	$ 0
[1]	Interest paid is presented net of patronage paymen ts received of $4.7 million an d $4.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.
[2]	Interest paid is presented net of patronage paymen ts received of $4.7 million an d $4.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Patronage refunds received, netted with interest paid	$ 4.7	$ 4
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 4.7	$ 4

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC (the “2019 Form 10-K”). On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, which constituted the transfer of all or substantially all of Rayonier’s assets under the terms of the Indenture, dated March 5, 2012 (as supplemented and amended from time to time, the “Indenture”), between Rayonier, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, Rayonier, L.P. expressly assumed all the obligations of Rayonier under the Indenture, including obligations with respect to the outstanding $325 million in aggregate principal amount of 3.750% Senior Notes due 2022 (the “2022 Notes”) issued thereunder. On May 7, 2020, Rayonier, Rayonier, L.P., the subsidiary guarantors party thereto and the Trustee entered into the Third Supplemental Indenture, pursuant to which (1) Rayonier, L.P. succeeded to and became substituted for the Company under the Indenture and 2022 Notes and expressly assumed all the obligations of the Company under the Indenture, including obligations with respect to the 2022 Notes, and (2) Rayonier agreed to irrevocably, fully and unconditionally guarantee, jointly and severally, the obligations of Rayonier, L.P. under Indenture, including the 2022 Notes. On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. The acquisition occurred pursuant to a series of mergers (the “Mergers”) provided for in Agreement and Plan of Merger, dated as of January 14, 2020, as amended by Amendment No. 1, dated as of April 1, 2020 (as amended, the “Merger Agreement”), by and among Rayonier Inc., Rayonier, L.P., Rayonier Operating Company LLC, Rayonier Operating Company Holdings, LLC, Pacific GP Merger Sub I, LLC, Pacific GP Merger Sub II, LLC, Pacific LP Merger Sub III, LLC, Pope Resources, Pope EGP, Inc. and Pope MGP, Inc. As of September 30, 2020, the Company owned a 96.8% interest in the Operating Partnership, with the remaining 3.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. The Rayonier, L.P. year-end balance sheet information was derived from the separate historical unaudited financial statements of Rayonier Operating Company LLC not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020. The Contribution was accounted for as a change in reporting entity between entities under common control in accordance with ASC 250-10-45-21. A change in reporting entity requires retrospective application for all periods as if the Contribution had been in effect since inception of common control. As a result, the unaudited consolidated financial statements and notes thereto for Rayonier, L.P. in this combined report have been prepared as if the change in reporting entity occurred on January 1, 2019. The effect of the change in reporting entity on Rayonier L.P.’s operating income, net income attributable to Rayonier, L.P. and per unit amounts for the three and nine months ended September 30, 2020 and 2019, are presented below (in thousands, except per unit amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating income — — — — Net income attributable to Rayonier, L.P. (a) ($3,596) ($3,596) ($10,788) ($10,788) Basic earnings per unit attributable to Rayonier, L.P. ($0.03) ($0.03) ($0.08) ($0.08) Diluted earnings per unit attributable to Rayonier, L.P. ($0.03) ($0.03) ($0.08) ($0.08) (a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES REDEEMABLE COMMON UNITS Limited partners holding Redeemable Common Units have the right to put any and all of the common units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Common Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets. The recorded value of the Redeemable Common Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier common stock on the balance sheet date multiplied by the total number of Redeemable Common Units outstanding. For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in the Company’s 2019 Form 10-K and Note 1 — S ummary of Significant Accounting Policies in the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020. MERGER WITH POPE RESOURCES On May 8, 2020, we completed the acquisition of Pope Resources. Therefore, Pope Resources’ balance sheet and results of operations are included in our consolidated financial statements from and after the date of acquisition. See Note 2 - Merger with Pope Resources , Note 7 - Debt , and Note 20 - Charges for Integration and Restructuring for further information pertaining to the merger. As a result of the Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds. Please see Note 6 - Segment and Geographical information for more information about our revised business segments. NEW REAL ESTATE SALES CATEGORY Effective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land. See Note 3 - Revenue for further information. RECENTLY ADOPTED STANDARDS We adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, with no material impact on the consolidated financial statements. On March 2, 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, as well for affiliates whose securities collateralize a registrant’s securities. The amendments revise Rules 3-10 and 3-16 of Regulation S-X, and relocate part of Rule 3-10 and all of Rule 3-16 to the new Article 13 in Regulation S-X, which is comprised of new Rules 13-01 and 13-02. We early adopted the requirements of the amendments on April 1, 2020, which included replacing guarantor condensed consolidating financial information with summarized financial information for the consolidated obligor group (Parent, Issuer, and Guarantor Subsidiaries) as well as no longer requiring guarantor cash flow information, financial information for non-guarantor subsidiaries, and a reconciliation to the consolidated results. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. The guidance in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We do not expect a material impact on our Consolidated Financial Statements as a result of the new standard. SUBSEQUENT EVENTS

MERGER WITH POPE RESOURCES

MERGER WITH POPE RESOURCES	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
MERGER WITH POPE RESOURCES	MERGER WITH POPE RESOURCES On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources in connection with the Mergers. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. The merger added approximately 124,000 acres of high-quality, predominantly Douglas-fir timberlands to our Pacific Northwest timberland portfolio as well as a private equity timber fund business with three funds comprising approximately 141,000 acres. Additionally, we believe the Mergers augmented our higher-and-better-use real estate pipeline with rural and conservation land sale opportunities and high-potential improved development projects in the West Puget Sound area. Under the merger agreement, each outstanding unit representing limited partnership interests of Pope Resources was, at the option of its holder, exchanged for either: • 3.929 shares of Rayonier Inc. common stock • 3.929 units representing limited partnership interests of Rayonier, L.P. • $125.00 in cash Holders of Pope Resources units who did not make a valid election received shares of Rayonier common stock. The elections were subject to proration to ensure that the aggregate amount of Rayonier shares and Rayonier, L.P. units, on the one hand, and cash, on the other hand, issued in the merger equaled the amounts issued as if every Pope Resources unit converted into merger consideration received 2.751 shares of Rayonier common stock or Rayonier, L.P. units and $37.50 in cash. Upon consummation of the merger, all outstanding Pope Resources restricted units were converted into equivalent equity awards with respect to Rayonier common shares. Pope Resources directors and some executive employees of Pope Resources held restricted Pope Resources units that were subject to accelerated vesting in connection with the merger. Since a portion of these Pope Resources units relate to services rendered to Pope Resources prior to the merger, a portion of the replacement Rayonier restricted stock awards’ fair value is included in the consideration transferred. See additional details about the replacement restricted stock awards in Note 18 — Incentive Stock Plans . The following table summarizes the total consideration transferred by Rayonier in the merger (dollars in thousands, except per share and per unit data): Cash consideration: Pope Resources units outstanding as of May 8, 2020 4,366,636 Less: Pope Resources units held by us (114,400) Units outstanding, net 4,252,236 Cash consideration (per Pope Resources unit) $37.50 Cash consideration for elections $159,463 General partner interest 10,000 Repayment of Pope Resources debt 65,943 Prepayment penalty and accrued interest on Pope Resources’ debt 2,275 Closing costs paid on behalf of Pope Resources 9,637 Cash consideration transferred $247,318 Equity consideration: Rayonier common shares issued 7,181,071 Rayonier share price (a) $24.01 Equity consideration for elections $172,418 Pope Resources replacement awards (b)(c) 222 Equity consideration transferred $172,640 Redeemable Common Unit consideration: Redeemable Common Units issued 4,446,153 Rayonier share price (a) $24.01 Redeemable Common Unit consideration transferred $106,752 Fair value of Pope Resources units held by us (d) $11,211 Total consideration $537,921 (a) The closing price of Rayonier common stock on the NYSE on May 7, 2020. (b) See Note 18 — Incentive Stock Plans for additional details. (c) Represents the fair value of Rayonier replacement restricted stock awards for restricted Pope Resources units held by employees that relate to pre-merger services rendered to Pope Resources. (d) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020. The following table contains the amounts of cash transferred in the merger and net cash consideration shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2020: September 30, 2020 Cash consideration transferred $247,318 Less: Cash assumed in merger (16,250) Net cash consideration shown in the Consolidated Statements of Cash Flows $231,068 We recognized approximately $2.5 million, $13.5 million, and $0.4 million of merger-related costs that were expensed during the first, second and third quarters of 2020, respectively. See Note 20 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs. The acquisition of Pope Resources has been accounted for as a business combination under ASC 805, Business Combinations , (“ASC 805”). Under ASC 805, assets acquired and liabilities assumed in a business combination must be recorded at their fair value as of the acquisition date. Recorded fair valuation of assets acquired and liabilities assumed related to the acquisition of Pope Resources is preliminary and will be completed as soon as practicable, but no later than one year after the consummation of the transaction. Pursuant to ASC 805, the financial statements will not be retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, we will recognize any provisional amount adjustments during the reporting period in which the adjustments are determined. We will also be required to record, in the same period's financial statements, the effect on earnings of changes in depletion, depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Our consolidated financial statements as of and for the nine months ended September 30, 2020, include results of operations for Pope Resources from May 8, 2020 through September 30, 2020. The preliminary estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as we obtain additional information related to those estimates during the applicable measurement periods (up to one year from the acquisition date). The most significant open items necessary to complete are related to timberlands, property, plant and equipment, higher and better use timberlands and real estate development investments, long-term debt instruments, environmental liabilities, intangible assets and tax related matters. The preliminary fair value estimates were generally based on significant inputs that are not observable in the market and thus represent Level 3 measurements as defined in ASC 820, Fair Value Measurement , (“ASC 820”) with the exception of certain long-term debt instruments assumed in the merger that can be valued using observable market inputs and are therefore Level 2 measurements. See Note 16 — Fair Value Measurements for further information on the fair value hierarchy. The following summarizes the fair value methodology utilized in our preliminary fair value estimates for significant assets and liabilities: Income Approach — Estimates fair value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flows are discounted at rates of return that reflect the relative risk of achieving the cash flows and the time value of money. This approach was primarily used to value acquired timberlands in both our Pacific Northwest and Timber Funds segment. Cost Approach — Estimates value by determining the current cost of replacing an asset with another of equivalent economic utility. This approach was primarily used for property and equipment. Market Approach — Estimates fair value for an asset based on values of recent comparable transactions. This approach was primarily used to value higher and better use timberlands and real estate developments investments, certain land and building assets and long-term debt instruments. The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of May 8, 2020, and is as follows (in thousands): Core Timberlands Timber Funds Total Timberland and Real Estate Business Cash $7,380 $8,870 $16,250 Accounts receivable 2,265 1,794 4,059 Other current assets 651 499 1,150 Timber and Timberlands 515,541 471,900 987,441 Higher and Better Use Timberlands and Real Estate Development Investments 27,722 — 27,722 Property, plant and equipment 8,307 — 8,307 Other assets 4,297 — 4,297 Total identifiable assets acquired $566,163 $483,063 $1,049,226 Accounts payable 274 293 567 Current maturities of long-term debt — 25,084 25,084 Accrued interest 244 275 519 Other current liabilities 7,203 1,940 9,143 Long-term debt 53,502 35,759 89,261 Long-term environmental liabilities 11,000 — 11,000 Other non-current liabilities (a) 4,051 — 4,051 Total liabilities assumed $76,274 $63,351 $139,625 Net identifiable assets $489,889 $419,712 $909,601 Less: noncontrolling interest (3,307) (368,373) (371,680) Total net assets acquired $486,582 $51,339 $537,921 (a) Other non-current liabilities includes a $4.0 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities. These estimated fair values are preliminary in nature and subject to adjustments, which could be material. We have not identified any material unrecorded pre-merger contingencies where the related asset, liability or impairment is probable and the amount can be reasonably estimated. Our valuations will be finalized when certain information arranged to be obtained has been received and our review of that information has been completed. Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that such events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation. In September 2020, fires in Oregon burned approximately 6,700 acres of land owned by ORM Timber Fund II, which we manage and in which we hold a 20% ownership interest, and approximately 400 acres of land owned by ORM Timber Fund IV, which we manage and in which we hold a 15% ownership interest. As a result, we wrote off $8.8 million and $0.4 million of non-salvageable timber basis in Timber Fund II and Timber Fund IV, of which $1.8 million and $0.1 million was attributable to Rayonier, respectively. The amounts of these write-offs are based on preliminary fair value estimates of the underlying basis in the respective Funds’ timberlands and are subject to adjustments, which could be material. Once the purchase price allocation is finalized, the amounts of the write-offs will more than likely change. The amount of revenue of Pope Resources included in our Consolidated Statements of Income and Comprehensive Income from the date of the merger to September 30, 2020 is approximately $28.8 million. The net income effect resulting from the merger with Pope Resources for the three and nine months ended September 30, 2020 is impracticable to determine, as we immediately integrated Pope Resources into our ongoing operations. Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and nine months ended September 30, 2020 and 2019, assuming the acquisition had occurred as of January 1, 2019, are presented below (in thousands, except per share and unit amounts): Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Sales $198,975 $184,300 $684,900 $613,800 Net income (loss) attributable to Rayonier Inc. ($342) ($7,975) $28,317 $25,722 Basic earnings (loss) per share attributable to Rayonier Inc. — ($0.06) $0.21 $0.19 Diluted earnings (loss) per share attributable to Rayonier Inc. — ($0.06) $0.21 $0.19 Net income (loss) attributable to Rayonier, L.P. ($353) ($8,235) $29,240 $26,560 Basic earnings (loss) per unit attributable to Rayonier, L.P. — ($0.06) $0.21 $0.19 Diluted earnings (loss) per unit attributable to Rayonier, L.P. — ($0.06) $0.21 $0.19 The unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2019, including the following: • additional depletion expense that would have been recognized relating to the basis increase in the acquired Timber and Timberlands; • adjustment to interest expense to reflect the removal of Pope Resources debt and the additional borrowings we incurred in conjunction with the acquisition; and • a reduction in expenses for the three and nine months ended September 30, 2020 of $0.4 million and $31.6 million, respectively, for acquisition-related transaction costs. Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE RECLASSIFICATIONS Effective April 1, 2020, we changed the composition of our Rural and Timberland & Non-Strategic Real Estate sales categories to better align with the way management internally evaluates real estate sales. The Rural category now includes all real estate sales (excluding development sales) representing a demonstrable premium above timberland value. The Timberland & Non-Strategic category now includes all real estate sales representing little to no premium to timberland value. This category consists primarily of sales of property that management views as non-strategic to our long-term portfolio as well as sales of property for capital allocation purposes that do not fit the definition of a Large Disposition. All prior period amounts have been reclassified to reflect the new composition of these two sales categories. The Improved Development, Unimproved Development and Large Disposition categories remain unchanged, and this reclassification had no impact on overall segment results. NEW REAL ESTATE SALES CATEGORY Effective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land. PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of September 30, 2020 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table summarizes revenue recognized during the three and nine months ended September 30, 2020 and 2019 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue recognized from contract liability balance at the beginning of the year (a) $690 $874 $10,296 $9,670 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $22,061 $1,963 $7,943 $227 — $2,534 — $34,728 Sawtimber 19,356 25,513 51,400 8,397 — 19,575 — 124,241 Hardwood 760 — — — — — — 760 Total Timber Sales 42,177 27,476 59,343 8,624 — 22,109 — 159,729 License Revenue, Primarily from Hunting 4,461 252 60 (6) — — — 4,767 Other Non-Timber/Carbon Revenue 1,015 1,157 3,401 15 — — — 5,588 Total Non-Timber Sales 5,476 1,409 3,461 9 — — — 10,355 Improved Development — — — — 1,344 — — 1,344 Unimproved Development — — — — — — — — Rural — — — — 23,245 — — 23,245 Timberland & Non-Strategic — — — — 42 — — 42 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (b) — — — — 737 — — 737 Total Real Estate Sales — — — — 28,467 — — 28,467 Revenue from Contracts with Customers 47,653 28,885 62,804 8,633 28,467 22,109 — 198,551 Lease Revenue — — — — 324 — — 324 Intersegment — — — 1,274 — 92 (1,366) — Total Revenue $47,653 $28,885 $62,804 $9,907 $28,791 $22,201 ($1,366) $198,875 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2019 Pulpwood $19,093 $2,109 $7,930 — — $2,795 — $31,927 Sawtimber 11,581 16,064 51,415 — — 22,214 — 101,274 Hardwood 2,338 — — — — — — 2,338 Total Timber Sales 33,012 18,173 59,345 — — 25,009 — 135,539 License Revenue, Primarily from Hunting 4,351 199 91 — — — — 4,641 Other Non-Timber/Carbon Revenue 3,919 394 2,563 — — — — 6,876 Agency Fee Income — — — — — 149 — 149 Total Non-Timber Sales 8,270 593 2,654 — — 149 — 11,666 Improved Development — — — — 4,492 — — 4,492 Unimproved Development — — — — — — — — Rural (a) — — — — 4,212 — — 4,212 Timberland & Non-Strategic (a) — — — — 57 — — 57 Deferred Revenue/Other (b) — — — — 451 — — 451 Total Real Estate Sales — — — — 9,212 — — 9,212 Revenue from Contracts with Customers 41,282 18,766 61,999 — 9,212 25,158 — 156,417 Intersegment — — — — — 34 (34) — Total Revenue $41,282 $18,766 $61,999 — $9,212 $25,192 ($34) $156,417 (a) The three months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. (b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $74,239 $8,253 $18,545 $555 — $7,527 — $109,119 Sawtimber 55,224 75,255 117,157 14,701 — 57,493 — 319,830 Hardwood 1,752 — — — — — — 1,752 Total Timber Sales 131,215 83,508 135,702 15,256 — 65,020 — 430,701 License Revenue, Primarily From Hunting 13,386 444 200 4 — — — 14,034 Other Non-Timber/Carbon Revenue 2,801 2,179 6,210 19 — — — 11,209 Agency Fee Income — — — — — 327 — 327 Total Non-Timber Sales 16,187 2,623 6,410 23 — 327 — 25,570 Improved Development — — — — 7,771 — — 7,771 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 52,876 — — 52,876 Timberland & Non-Strategic — — — — 9,647 — — 9,647 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (b) — — — — (879) — — (879) Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 196,967 — — 196,967 Revenue from Contracts with Customers 147,402 86,131 142,112 15,279 196,967 65,347 — 653,238 Lease Revenue — — — — 397 — — 397 Intersegment — — — 2,152 — 158 (2,310) — Total Revenue $147,402 $86,131 $142,112 $17,431 $197,364 $65,505 ($2,310) $653,635 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2019 Pulpwood $65,202 $7,196 $25,278 — — $10,947 — $108,623 Sawtimber 51,019 48,748 149,705 — — 81,104 — 330,576 Hardwood 4,816 — — — — — — 4,816 Total Timber Sales 121,037 55,944 174,983 — — 92,051 — 444,015 License Revenue, Primarily from Hunting 12,772 404 287 — — — — 13,463 Other Non-Timber/Carbon Revenue 14,516 1,508 5,987 — — — — 22,011 Agency Fee Income — — — — — 531 — 531 Total Non-Timber Sales 27,288 1,912 6,274 — — 531 — 36,005 Improved Development — — — — 5,007 — — 5,007 Unimproved Development — — — — 15,430 — — 15,430 Rural (a) — — — — 30,525 — — 30,525 Timberland & Non-Strategic (a) — — — — 1,263 — — 1,263 Deferred Revenue/Other (b) — — — — 519 — — 519 Total Real Estate Sales — — — — 52,744 — — 52,744 Revenue from Contracts with Customers 148,325 57,856 181,257 — 52,744 92,582 — 532,764 Intersegment — — — — — 137 (137) — Total Revenue $148,325 $57,856 $181,257 — $52,744 $92,719 ($137) $532,764 (a) The nine months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. (b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2020 Stumpage Pay-as-Cut $14,518 — — $754 — $15,272 Stumpage Lump Sum 310 472 — — — 782 Total Stumpage 14,828 472 — 754 — 16,054 Delivered Wood (Domestic) 21,976 27,004 20,127 7,870 362 77,339 Delivered Wood (Export) 5,373 — 39,216 — 21,747 66,336 Total Delivered 27,349 27,004 59,343 7,870 22,109 143,675 Total Timber Sales $42,177 $27,476 $59,343 $8,624 $22,109 $159,729 September 30, 2019 Stumpage Pay-as-Cut $13,077 — — — — $13,077 Stumpage Lump Sum 1,677 — — — — 1,677 Total Stumpage 14,754 — — — — 14,754 Delivered Wood (Domestic) 16,597 18,173 22,722 — 624 58,116 Delivered Wood (Export) 1,661 — 36,623 — 24,385 62,669 Total Delivered 18,258 18,173 59,345 — 25,009 120,785 Total Timber Sales $33,012 $18,173 $59,345 — $25,009 $135,539 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2020 Stumpage Pay-as-Cut $56,141 — — $1,285 — $57,426 Stumpage Lump Sum 1,561 5,929 — — — 7,490 Total Stumpage 57,702 5,929 — 1,285 — 64,916 Delivered Wood (Domestic) 64,473 77,579 45,944 13,971 1,296 203,263 Delivered Wood (Export) 9,040 — 89,758 — 63,724 162,522 Total Delivered 73,513 77,579 135,702 13,971 65,020 365,785 Total Timber Sales $131,215 $83,508 $135,702 $15,256 $65,020 $430,701 September 30, 2019 Stumpage Pay-as-Cut $56,257 — — — — $56,257 Stumpage Lump Sum 4,353 — — — — 4,353 Total Stumpage 60,610 — — — — 60,610 Delivered Wood (Domestic) 52,977 55,944 65,161 — 5,417 179,499 Delivered Wood (Export) 7,450 — 109,822 — 86,634 203,906 Total Delivered 60,427 55,944 174,983 — 92,051 383,405 Total Timber Sales $121,037 $55,944 $174,983 — $92,051 $444,015

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
LEASES	LEASES TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned land to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of September 30, 2020, the New Zealand subsidiary has two CFLs comprising 9,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 32,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we have leased properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of September 30, 2020 by type of lease and year of expiration: Year of Expiration Lease obligations Total Remaining 2020 2021 2022 2023 2024 Thereafter Operating lease liabilities $185,030 $4,107 $9,278 $8,384 $8,293 $8,176 $146,792 Total Undiscounted Cash Flows $185,030 $4,107 $9,278 $8,384 $8,293 $8,176 $146,792 Imputed interest (84,705) Balance at September 30, 2020 100,325 Less: Current portion (9,203) Non-current portion at September 30, 2020 $91,122 The following table details components of our lease cost for the three and nine months ended September 30, 2020 and September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, Lease Cost Components 2020 2019 2020 2019 Operating lease cost $1,550 $1,959 $4,989 $6,791 Variable lease cost (a) 85 54 299 211 Total lease cost (b) $1,635 $2,013 $5,288 $7,002 (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 nine months ended September 30, 2020. The following table provides supplemental cash flow information related to our leases for the nine months ended September 30, 2020 and September 30, 2019: Nine Months Ended September 30, Supplemental cash flow information related to leases: 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $1,516 $2,152 Investing cash flows from operating leases 3,473 4,639 Total cash flows from operating leases $4,989 $6,791 Weighted-average remaining lease term in years - operating leases 28 28 Weighted-average discount rate - operating leases 5 % 5 % Lessor lease information In the Mergers, we acquired income generating commercial and residential leases primarily concentrated in Port Gamble, Washington. Each of these are classified as operating leases. The following table details our lease income for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended Lease Income Components 2020 2020 Operating lease income $324 $397 Total lease income $324 $397 Future lease income as of September 30, 2020 , based on payments due by period under the lease contracts, are presented in the following table: Year of Expiration Lease assets Total Remaining 2020 2021 2022 2023 2024 Thereafter Operating lease Income $649 $84 $198 $173 $137 $57 — We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.
LEASES	LEASES TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned land to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of September 30, 2020, the New Zealand subsidiary has two CFLs comprising 9,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 32,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we have leased properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of September 30, 2020 by type of lease and year of expiration: Year of Expiration Lease obligations Total Remaining 2020 2021 2022 2023 2024 Thereafter Operating lease liabilities $185,030 $4,107 $9,278 $8,384 $8,293 $8,176 $146,792 Total Undiscounted Cash Flows $185,030 $4,107 $9,278 $8,384 $8,293 $8,176 $146,792 Imputed interest (84,705) Balance at September 30, 2020 100,325 Less: Current portion (9,203) Non-current portion at September 30, 2020 $91,122 The following table details components of our lease cost for the three and nine months ended September 30, 2020 and September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, Lease Cost Components 2020 2019 2020 2019 Operating lease cost $1,550 $1,959 $4,989 $6,791 Variable lease cost (a) 85 54 299 211 Total lease cost (b) $1,635 $2,013 $5,288 $7,002 (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 nine months ended September 30, 2020. The following table provides supplemental cash flow information related to our leases for the nine months ended September 30, 2020 and September 30, 2019: Nine Months Ended September 30, Supplemental cash flow information related to leases: 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $1,516 $2,152 Investing cash flows from operating leases 3,473 4,639 Total cash flows from operating leases $4,989 $6,791 Weighted-average remaining lease term in years - operating leases 28 28 Weighted-average discount rate - operating leases 5 % 5 % Lessor lease information In the Mergers, we acquired income generating commercial and residential leases primarily concentrated in Port Gamble, Washington. Each of these are classified as operating leases. The following table details our lease income for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended Lease Income Components 2020 2020 Operating lease income $324 $397 Total lease income $324 $397 Future lease income as of September 30, 2020 , based on payments due by period under the lease contracts, are presented in the following table: Year of Expiration Lease assets Total Remaining 2020 2021 2022 2023 2024 Thereafter Operating lease Income $649 $84 $198 $173 $137 $57 — We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES Matariki Forestry Group We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 416,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. In September 2020, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests. A portion of this capital distribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of September 30, 2020, the outstanding balance on the shareholder loan is $22.7 million. See Note 7 — Debt for further information. The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Net income attributable to noncontrolling interest in the New Zealand subsidiary $2,066 $1,961 $3,326 $7,129 ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) Upon completion of the Mergers, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. Loss attributed to third-party investors is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.” The following table sets forth the (loss) attributable to the Funds’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Net (loss) attributable to noncontrolling interest in the Funds: ($10,627) — ($12,773) — Prior to the Mergers, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a specified term from the end of its respective investment period: 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II is scheduled to terminate in March 2021, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in December 2034. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership. Ferncliff Investors We also acquired in the Mergers an ownership interest in a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, which is developing a five-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. The obligations of Ferncliff Investors do not have any recourse to the Company or the Operating Partnership. Bainbridge Landing LLC is considered a voting interests entity. Ferncliff Investors accounts for its interest in the joint venture entity under the equity method because neither it nor the other member can exercise control over Bainbridge Landing LLC. Under the equity method, Ferncliff Investors records its share of the net income or loss of Bainbridge Landing LLC. To date, this activity has been a loss and is included in Other operating expense, net in the Real Estate segment. The portion of Ferncliff Investors’ loss attributed to third-party investors is shown within the Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.” The following table sets forth the (loss) attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Net (loss) attributable to noncontrolling interest in the Ferncliff Investors: ($153) — ($199) — NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Common Units. Net (loss) income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Common Units outstanding during the period as a percentage of the weighted average total common units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a common unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption. The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended September 30, Nine Months Ended 2020 2020 Beginning noncontrolling interests in the Operating Partnership $110,220 — Issuances of Redeemable Common Units — 106,752 Adjustment of noncontrolling interests in the Operating Partnership 8,030 12,022 Conversions of Common Units to Common Shares (27) (27) Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership (25) 195 Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership 532 989 Distributions to noncontrolling interests in the Operating Partnership (1,200) (2,401) Total noncontrolling interests in the Operating Partnership $117,530 $117,530

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION As a result of the Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 5 - Noncontrolling Interests , the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation. We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, SALES 2020 2019 2020 2019 Southern Timber $47,653 $41,282 $147,402 $148,325 Pacific Northwest Timber 28,885 18,766 86,131 57,856 New Zealand Timber 62,804 61,999 142,112 181,257 Timber Funds (a) 9,907 — 17,431 — Real Estate (b) 28,791 9,212 197,364 52,744 Trading 22,201 25,192 65,505 92,719 Intersegment Eliminations (c) (1,366) (34) (2,310) (137) Total $198,875 $156,417 $653,635 $532,764 (a) The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million, respectively, of sales attributable to noncontrolling interest in Timber Funds. (b) The nine months ended September 30, 2020 includes $116.0 million from a Large Disposition. (c) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended September 30, Nine Months Ended September 30, OPERATING INCOME (LOSS) 2020 2019 2020 2019 Southern Timber (a) $5,090 $9,512 $31,368 $45,773 Pacific Northwest Timber (1,825) (3,567) (9,453) (11,123) New Zealand Timber 10,720 10,104 21,142 38,621 Timber Funds (b) (12,370) — (14,262) — Real Estate (c) 9,459 425 61,081 25,920 Trading (557) (37) (474) 271 Corporate and Other (d) (8,737) (5,450) (37,383) (18,562) Total Operating Income 1,780 10,987 52,019 80,900 Unallocated interest expense and other (10,558) (7,208) (27,225) (20,451) Total (Loss) Income before Income Taxes ($8,778) $3,779 $24,794 $60,449 (a) The three and nine months ended September 30, 2020 include $6.0 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b) The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c) The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition. (d) The three and nine months ended September 30, 2020 include $0.4 million and $16.4 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 20 — Charges for Integration and Restructuring for additional details. Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2020 2019 2020 2019 Southern Timber $14,954 $13,025 $48,368 $45,633 Pacific Northwest Timber 10,912 6,299 32,221 19,170 New Zealand Timber 7,345 7,563 17,062 21,071 Timber Funds (a) 4,170 — 8,239 — Real Estate (b) 5,527 668 47,950 5,202 Corporate and Other 375 291 1,011 863 Total $43,283 $27,846 $154,851 $91,939 (a) The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds. (b) The nine months ended September 30, 2020 includes $35.4 million from a Large Disposition. Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2020 2019 2020 2019 Real Estate (a) $7,259 $4,339 $72,340 $9,985 Total $7,259 $4,339 $72,340 $9,985 (a) The nine months ended September 30, 2020 includes $51.6 million from a Large Disposition.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at September 30, 2020: September 30, 2020 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at September 30, 2020 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at September 30, 2020 (b) 300,000 2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at September 30, 2020 (c) 250,000 Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020 20,000 New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% 22,735 Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches (d) Due 2025 at a fixed interest rate of 6.1% 11,690 Due 2028 at a fixed interest rate of 4.1% 12,052 Due 2033 at a fixed interest rate of 5.3% 19,497 Due 2036 at a fixed interest rate of 5.4% 9,898 Total debt, excluding Timber Funds 1,320,872 Less: Deferred financing costs, excluding Timber Funds (2,667) Long-term debt, net of deferred financing costs, excluding Timber Funds 1,318,205 Debt, Timber Funds: Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest Due 2022 at a fixed interest rate of 2.0% (e) 11,000 Due 2022 at a fixed interest rate of 2.0% (e) 14,000 Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest Due 2023 at a fixed interest rate of 5.1% 19,695 Due 2024 at a fixed interest rate of 4.5% 15,708 Total debt, Timber Funds 60,403 Less: Deferred financing costs, Timber Funds (12) Long-term debt, net of deferred financing costs, Timber Funds 60,391 Long-term debt, net of deferred financing costs $1,378,596 (a) As of September 30, 2020, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.2% after consideration of interest rate swaps and estimated patronage refunds. (b) As of September 30, 2020, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.900%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds. (c) As of September 30, 2020, the periodic interest rate on the 2020 incremental term loan (the “2020 Incremental Term Loan Facility”) was LIBOR plus 1.850%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.3% after consideration of interest rate swaps and estimated patronage refunds. (d) See the section below labeled “Long-Term Debt Assumed in the Pope Resources Merger” for additional details. (e) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%. Principal payments due during the next five years and thereafter are as follows: Excluding Timber Funds Timber Funds Total 2020 — — — 2021 — — — 2022 325,000 25,000 350,000 2023 — 17,980 17,980 2024 — 14,400 14,400 Thereafter 987,735 — 987,735 Total Debt $1,312,735 $57,380 $1,370,115 2020 DEBT ACTIVITY U.S. Debt — Excluding Timber Funds On April 1, 2020, we entered into a Second Amendment to Credit Agreement to increase the limit on our Revolving Credit Facility from $200 million to $250 million and extend its maturity date from August 5, 2020 to April 1, 2025. Additionally, the maturity date of the Term Credit Agreement was extended from August 5, 2024 to April 1, 2028. In connection herewith, we recorded deferred financing costs in the amount of $0.5 million which are being amortized over the term of the Term Credit Agreement. On April 13, 2020, we entered into an Accordion Increase Agreement to further increase the limit on the Revolving Credit Facility from $250 million to $300 million. In connection herewith, we recorded deferred financing costs in the amount of $1.2 million which are being amortized over the term of the Revolving Credit Facility. On April 16, 2020, we entered into a Third Amendment and Incremental Term Loan Agreement, which provided for the advancement of a five-year $250 million senior unsecured incremental term loan facility. In connection herewith, we recorded deferred financing costs in the amount of $0.8 million which are being amortized over the term of the 2020 Incremental Term Loan Facility. The proceeds from the 2020 Incremental Term Loan Facility were used to fund our acquisition of Pope Resources. During the nine months ended September 30, 2020, we made borrowings of $70.0 million and repayments of $132.0 million on our Revolving Credit Facility . At September 30, 2020, we had available borrowings of $279.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit. U.S. Debt — Timber Funds On September 1, 2020, we entered into an agreement to extend the maturity date of the Fund II Mortgages Payable from September 2020 to September 2022. Additionally, the fixed interest rates on both the $11 million tranche and the $14 million tranche were changed to 2.0%, from 4.9% and 3.8%, respectively. Beginning January 1, 2021, this fixed rate will transition to a variable rate of 3-month LIBOR plus 1.700%. New Zealand In June 2020, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the nine months ended September 30, 2020, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At September 30, 2020, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. In September 2020, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests. A portion of this capital distribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of September 30, 2020, the outstanding balance on the shareholder loan is $22.7 million. See Note 5 — Noncontrolling Interests for more information regarding the New Zealand subsidiary. LONG-TERM DEBT ASSUMED IN THE POPE RESOURCES MERGER Northwest Farm Credit Services Credit Facility We assumed five tranches of a credit facility payable to Northwest Farm Credit Services (the “NWFCS Credit Facility”) totaling $45.0 million. Quarterly payments of interest only are due on the NWFCS Credit Facility through the respective maturity of each tranche. The NWFCS Credit Facility is collateralized by a portion of the Pacific Northwest timberlands acquired in the merger with Pope Resources. The NWFCS Credit Facility allows us 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 pertinent details of each tranche of the NWFCS Credit Facility we assumed are as follows: Tranche Stated Fixed Interest Rate Effective Fixed Interest Rate (a) Stated Principal Amount Est. Fair Value at Merger Date (b) Tranche 2 (Due 2025) 6.1 % 4.8 % $10,000 $11,838 Tranche 4 (Due 2028) 4.1 % 3.1 % 11,000 12,108 Tranches 6 & 7 (Due 2033) 5.3 % 4.2 % 16,000 19,609 Tranche 8 (Due 2036) 5.4 % 4.3 % 8,000 9,947 Total NWFCS Credit Facility assumed $45,000 $53,502 (a) Estimated effective fixed interest rates as of September 30, 2020 after consideration of estimated patronage refunds. (b) The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each tranche. Fund II Mortgage Payable We assumed Fund II's two mortgages payable (the “Fund II Mortgages Payable”) to MetLife totaling $25.0 million. Quarterly payments of interest only are due on the Fund II Mortgages Payable through their respective maturities. The Fund II Mortgages Payable are collateralized by Fund II Timberlands and do not have any recourse to the Company or the Operating Partnership. The pertinent details of the Fund II Mortgages Payable are as follows: Maturity Date Stated Fixed Interest Rate (a) Stated Principal Amount Est. Fair Value at Merger Date (b) September 2022 2.0 % $11,000 $11,061 September 2022 2.0 % 14,000 14,023 $25,000 $25,084 (a) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%. (b) The fair market value premium has been amortized as a benefit to interest expense over the original maturity term of each mortgage. Fund III Mortgage Payable We assumed Fund III’s two mortgages payable (the “Fund III Mortgages Payable”) to NWFCS totaling $32.4 million. Quarterly payments of interest only are due on the Fund III Mortgages Payable through their respective maturities. The Fund III Mortgages Payable are collateralized by Fund III Timberlands and do not have any recourse to the Company or the Operating Partnership. The pertinent details of the Fund III Mortgages Payable are as follows: Maturity Date Stated Fixed Interest Rate Effective Fixed Interest Rate (a) Stated Principal Amount Est. Fair Value at Merger Date (b) December 2023 5.1 % 3.9 % $17,980 $19,915 October 2024 4.5 % 3.2 % 14,400 15,844 $32,380 $35,759 (a) Estimated effective fixed interest rates as of September 30, 2020 after consideration of estimated patronage refunds. (b) The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage. DEBT COVENANTS — EXCLUDING TIMBER FUNDS In connection with our $350 million Term Credit Agreement, $300 million Incremental Term Loan Agreement, $250 million 2020 Incremental Term Loan Agreement and $300 million Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2020, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 9.42 to 1 6.92 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 48 % 17 % In connection with our $45 million NWFCS Credit Facility, customary covenants must be met, the most significant of which include interest coverage and debt-to-capitalization ratios. The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2020, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant loan-to-appraised value shall not exceed 50% 11% 39 % Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 9.42 to 1 6.92 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 48 % 17 % In addition to these financial covenants listed above, the 2022 Notes, Term Credit Agreement, Incremental Term Loan Agreement, 2020 Incremental Term Loan Facility, Revolving Credit Facility, and NWFCS Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2020, we were in compliance with all applicable covenants. DEBT COVENANTS — TIMBER FUNDS The Fund II Mortgages Payable to MetLife contains a requirement to maintain a loan-to-value ratio of less than 50%, with the denominator defined as fair market value of the timberland pledged as collateral. The Fund III Mortgages Payable to NWFCS contain a requirement to maintain a minimum interest coverage ratio of 1.5:1, minimum working capital of $500,000, and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We continuously assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. In the merger with Pope Resources, we acquired HBU properties with an estimated fair value of $27.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to September 30, 2020 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2019 $58,091 $23,700 $81,791 Plus: Current portion (a) 274 12,389 12,663 Total Balance at December 31, 2019 58,365 36,089 94,454 Non-cash cost of land and improved development (882) (4,947) (5,829) Timber depletion from harvesting activities and basis of timber sold in real estate sales (619) — (619) Capitalized real estate development investments (b) — 5,448 5,448 HBU properties acquired in merger with Pope Resources (c) 27,722 — 27,722 Capital expenditures (silviculture) 211 — 211 Intersegment transfers (3,979) — (3,979) Total Balance at September 30, 2020 80,818 36,590 117,408 Less: Current portion (a) (326) (8,796) (9,122) Non-current portion at September 30, 2020 $80,492 $27,794 $108,286 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 21 — Inventory for additional information. (b) Capitalized real estate development investments include $0.4 million of capitalized interest. (c) Based on preliminary estimates of fair value as of May 8, 2020. See Note 2 - Merger with Pope Resources

COMMITMENTS

COMMITMENTS	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS At September 30, 2020, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2020 $460 $5,190 $3,644 $9,294 2021 3,238 161 14,289 17,688 2022 1,786 220 17,210 19,216 2023 1,775 232 17,946 19,953 2024 1,775 232 15,036 17,043 Thereafter 2,684 2,770 39,350 44,804 $11,718 $8,805 $107,475 $127,998 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination in Port Gamble, Washington. (b) Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. Through the Mergers, Rayonier transferred all of its assets to the Operating Partnership on May 8, 2020. See N ote 1 - B asis of Presentation for more information. As a result, Rayonier owns a 96.8% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes. PROVISION FOR INCOME TAXES The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Income tax expense ($720) ($2,251) ($7,416) ($10,208) ANNUAL EFFECTIVE TAX RATE The Company’s effective tax rate after discrete items is over the 21.0% U.S. statutory rate due to a higher proportion of our taxable income resulting from New Zealand operations. The following table contains the Company’s annualized effective tax rate after discrete items: Nine Months Ended 2020 2019 Annualized effective tax rate after discrete items 29.9 % 16.6 %

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL REMEDIATION LIABI

ENVIRONMENTAL REMEDIATION LIABILITIES	9 Months Ended
	Sep. 30, 2020
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL REMEDIATION LIABILITIES	ENVIRONMENTAL REMEDIATION LIABILITIES Various federal and state environmental laws in the states in which we operate place liability for environmental contamination on the current and former owners of real estate on which contamination is discovered. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of hazardous substances. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of hazardous substances on the owner’s property, regardless of culpability for the release. In connection to the merger with Pope Resources, we assumed ownership of certain real estate in Port Gamble, Washington where hazardous substances had previously been discovered, requiring environmental remediation under these laws. Prior to the merger, Pope Resources had completed required remediation on the Port Gamble Bay, performed remedial investigation and drafted a cleanup action plan for the Port Gamble millsite, and started discussions relating to alleged natural resource damages. Since completing the merger with Pope Resources, we have made $0.2 million in payments associated with our environmental remediation efforts. As of September 30, 2020, we have accrued $11.7 million for environmental remediation, which represents our current estimate of the fair value of remaining cleanup cost and most likely outcome to various contingencies. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. See Note 2 - Merger with P ope Resources for information regarding our preliminary estimates of fair value. It is expected that the millsite cleanup and NRD restoration will occur over the next two Note 9 - Commitments .

GUARANTEES

GUARANTEES	9 Months Ended
	Sep. 30, 2020
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 30, 2020, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 9,324 Total financial commitments $10,209 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2020, 2021 and 2022 and are expected to be renewed as required. In conjunction with the Contribution discussed in Note 1 - Basis of Presentation , the 2022 Notes assumed by the Operating Partnership are fully and unconditionally guaranteed on a joint and several basis by Rayonier Inc. and Rayonier TRS Holdings, Inc. Financial Commitments Maximum Potential Senior Notes due 2022 (a) $325,000 Total financial commitments $325,000 (a) The Senior Notes due 2022 are classified as Long-Term Debt in our Consolidated Balance Sheets. See Note 7 - Debt for additional information.

(LOSS) EARNINGS PER SHARE AND P

(LOSS) EARNINGS PER SHARE AND PER UNIT	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
(LOSS) EARNINGS PER SHARE AND PER UNIT	(LOSS) EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted (loss) earnings per common share of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Loss) Earnings per common share - basic Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership 25 — (195) — Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Net (loss) income attributable to Rayonier Inc. ($758) ($433) $26,830 $43,112 Denominator: Denominator for basic (loss) earnings per common share - weighted average shares 136,351,271 129,325,181 132,948,124 129,293,562 Basic (loss) earnings per common share attributable to Rayonier Inc.: ($0.01) — $0.20 $0.33 (Loss) Earnings per common share - diluted Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership 25 (a) — — — Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted ($758) ($433) $27,025 $43,112 Denominator: Denominator for basic (loss) earnings per common share - weighted average shares 136,351,271 129,325,181 132,948,124 129,293,562 Add: Dilutive effect of: Stock options — — 492 13,405 Performance shares, restricted shares and restricted stock units — — 159,018 345,495 Noncontrolling interests in common units — (a) — 2,352,822 — Denominator for diluted (loss) earnings per common share - adjusted weighted average shares 136,351,271 129,325,181 135,460,456 129,652,462 Diluted (loss) earnings per common share attributable to Rayonier Inc.: ($0.01) — $0.20 $0.33 (a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interest in the Operating Partnership was included in the numerator for diluted (loss) earnings per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in common units were excluded from the denominator of diluted loss per share. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share: Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units (a) 5,038,514 611,740 471,999 421,853 Total 5,038,514 611,740 471,999 421,853 (a) For the three months ended September 30, 2020 and September 30, 2019, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect. The following table provides details of the calculations of basic and diluted (loss) earnings per common unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Loss) earnings per common unit - basic Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Net (loss) income available to unitholders ($783) ($433) $27,025 $43,112 Denominator: Denominator for basic (loss) earnings per common unit - weighted average units 140,797,217 129,325,181 135,300,946 129,293,562 Basic (loss) earnings per common unit attributable to Rayonier, L.P.: ($0.01) — $0.20 $0.33 (Loss) earnings per common unit - diluted Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Net (loss) income available to unitholders ($783) ($433) $27,025 $43,112 Denominator: Denominator for basic (loss) earnings per common unit - weighted average units 140,797,217 129,325,181 135,300,946 129,293,562 Add: Dilutive effect of unit equivalents: Stock options — — 492 13,405 Performance shares, restricted shares and restricted stock units — — 159,018 345,495 Denominator for diluted (loss) earnings per common unit - adjusted weighted average units 140,797,217 129,325,181 135,460,456 129,652,462 Diluted (loss) earnings per common unit attributable to Rayonier, L.P.: ($0.01) — $0.20 $0.33 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Anti-dilutive unit equivalents excluded from the computations of diluted (loss) earnings per common unit: Stock options, performance shares, restricted shares and restricted stock units (a) 592,568 611,740 471,999 421,853 Total 592,568 611,740 471,999 421,853 (a) For the three months ended September 30, 2020 and September 30, 2019, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging , (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive loss (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS The functional currency of Rayonier New Zealand Limited, and the New Zealand subsidiary is the New Zealand dollar. The New Zealand subsidiary is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases, less distributions, and up to 75% of the forward 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of September 30, 2020, foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2022 and August 2021, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive loss for de-designated hedges remains in accumulated other comprehensive loss until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE SWAPS We are exposed to cash flow interest rate risk on our variable-rate Term Credit Agreement, Incremental Term Loan Agreement and 2020 Incremental Term Loan Facility and use variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. The following table contains information on the outstanding interest rate swaps as of September 30, 2020: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap (b) Bank Margin on Debt Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % June 2020 10 years 250,000 2020 Incremental Term Loan 1.10 % 1.85 % 2.95 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The interest rate swap entered in June 2020, was an off-market derivative, meaning it contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap. (c) Rate is before estimated patronage payments. TREASURY LOCKS During the first quarter, we entered into treasury lock agreements, which were designated and qualified as cash flow hedges. These derivative instruments hedged the impact of changes in the benchmark interest rate to future interest payments associated with anticipated debt issuances. Prior to expiration, we de-designated and settled the treasury locks by converting them into interest rate swap lock agreements (discussed below). To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive loss and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. Amounts recorded in accumulated other comprehensive loss in connection with the settled treasury locks were ($20.8) million which will be reclassified to earnings through interest expense over the life of the anticipated issued debt. The following table contains information on the expired treasury lock agreements entered into during the nine months ended September 30, 2020: Converted Treasury Rate Locks (a) Date Entered Into Term Notional Amount Rate Related Debt Facility (b) Expiration Date January 2020 10 years $100,000 1.53% 2020 Incremental Term Loan Facility March 30, 2020 January 2020 10 years 100,000 1.53% 2020 Incremental Term Loan Facility March 31, 2020 February 2020 10 years 50,000 1.35% 2020 Incremental Term Loan Facility March 31, 2020 (a) At inception, all treasury locks were designated as interest rate cash flow hedges and qualified for hedge accounting. (b) See Note 7 — Debt for more information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity. INTEREST RATE SWAP LOCKS Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements to hedge the risk of changes in the interest payments attributable to changes in the benchmark LIBOR interest rate associated with anticipated issuances of debt. The interest rate swap locks were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into interest rate swap agreements. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive loss and is amortized using the straight- line method through interest expense over the remaining life of the hedged item. Incremental a mounts recorded in accumulated other comprehensive loss in connection with the settled interest rate swap locks were ($1.4) million, which will be reclassified to earnings through interest expense over the life of the anticipated issued debt. The following table contains information on the terminated interest rate swap lock agreements as of September 30, 2020: Converted Interest Rate Swap Locks (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Lock (b) Related Debt Facility (c) Termination Date March 2020 10 years $100,000 1.56% 2020 Incremental Term Loan Facility June 30, 2020 March 2020 10 years 100,000 1.59% 2020 Incremental Term Loan Facility June 30, 2020 March 2020 10 years 50,000 1.41% 2020 Incremental Term Loan Facility June 30, 2020 (a) All interest rate swap locks have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) These interest rate swap locks were off-market derivatives, meaning they contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap lock. (c) See Note 7 — Debt for information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity. FORWARD-STARTING INTEREST RATE SWAPS We are exposed to cash flow interest rate risk on anticipated debt issuances and use forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the anticipated issuance date. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 2020: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date February 2020 10 years $325,000 1.40 % Anticipated refinancing of Senior Notes due 2022 April 2022 April 2022 March 2020 4 years 100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets at certain prices. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous (expense) income, net” as the contracts do not qualify for hedge accounting treatment. As of September 30, 2020, all existing carbon option contracts have expired. The following tables demonstrate the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Income Statement Location 2020 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,946 ($2,870) Foreign currency option contracts Other comprehensive income (loss) 358 (300) Interest rate products Other comprehensive income (loss) 2,417 (9,592) Interest Expense 3,783 (549) Nine Months Ended Income Statement Location 2020 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,806 ($1,971) Foreign currency option contracts Other comprehensive income (loss) 85 (330) Interest rate products Other comprehensive income (loss) (91,203) (38,558) Interest Expense 6,951 (2,414) Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous (expense) income, net — 135 Carbon option contracts Interest and other miscellaneous income, net 563 414 During the next 12 months, the amount of the September 30, 2020 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 $1.1 million. The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $47,650 $56,350 Foreign currency option contracts 32,000 22,000 Interest rate swaps 900,000 650,000 Forward-starting interest rate swaps 475,000 — Derivative not designated as a hedging instrument: Carbon options (a) — 9,592 (a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of the end of the period. The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,252 $424 Other assets 1,293 390 Other current liabilities (96) (172) Foreign currency option contracts Other current assets 563 151 Other assets — 209 Other current liabilities (174) (27) Other non-current liabilities — (30) Interest rate swaps Other assets — 2,614 Other non-current liabilities (61,308) (11,068) Forward-starting interest rate swaps Other non-current liabilities (20,980) — Derivative not designated as a hedging instrument: Carbon options Other current liabilities — (607) Total derivative contracts: Other current assets $1,815 $575 Other assets 1,293 3,213 Total derivative assets $3,108 $3,788 Other current liabilities (270) (806) Other non-current liabilities (82,288) (11,098) Total derivative liabilities ($82,558) ($11,904) (a) See Note 16 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2020 and December 31, 2019, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 30, 2020 December 31, 2019 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $75,178 $75,178 — $68,735 $68,735 — Cash and cash equivalents, Timber Funds 2,973 2,973 — — — — Restricted cash (b) 475 475 — 1,233 1,233 — Current maturities of long-term debt, excluding Timber Funds — — — (82,000) — (82,000) Long-term debt, excluding Timber Funds (c) (1,318,205) — (1,325,204) (973,129) — (981,500) Long-term debt, Timber Funds (c) (60,391) — (60,628) — — — Interest rate swaps (d) (61,308) — (61,308) (8,454) — (8,454) Forward-starting interest rate swaps (d) (20,980) — (20,980) — — — Foreign currency exchange contracts (d) 2,449 — 2,449 642 — 642 Foreign currency option contracts (d) 389 — 389 303 — 303 Carbon option contracts (d) — — — (607) — (607) Marketable equity securities (e) — — — 10,582 10,582 — Noncontrolling Interests in the Operating Partnership (f) 117,530 117,530 — — — — (a) We did not have Level 3 assets or liabilities at September 30, 2020 and December 31, 2019. (b) Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 22 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 7 — Debt for additional information. (d) See Note 15 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations. (f) Noncontrolling Interests in the Operating Partnership is neither an asset or liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. Common Units by various individuals and entities other than the Company. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. 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. Noncontrolling Interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined based on the period-end closing price of Rayonier Inc. common shares. The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for more than 12 months or greater at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 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 (losses) gains — — — — — 3,043 — 3,043

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. As of September 30, 2020, we have pai d $2.9 million in pension contributions. These contributions, in conjunction with improvements in plan asset performance have improved the plan’s funding status so that we are no longer required to make mandatory 2020 pension contributions. The net pension and postretirement benefit costs (credits) that have been recorded are shown in the following table: Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2020 2019 2020 2019 Service cost Selling and general expenses — — $2 $1 Interest cost Interest and other miscellaneous (expense) income, net 677 799 13 13 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (876) (777) — — Amortization of losses Interest and other miscellaneous (expense) income, net 215 112 2 — Net periodic benefit cost $16 $134 $17 $14 Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2020 2019 2020 2019 Service cost Selling and general expenses — — $5 $4 Interest cost Interest and other miscellaneous (expense) income, net 2,029 2,398 38 40 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (2,628) (2,330) — — Amortization of losses Interest and other miscellaneous (expense) income, net 646 337 6 — Net periodic benefit cost $47 $405 $49 $44 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2020 net periodic benefit cost for pension benefit s is 5.7% DEFINED CONTRIBUTION PLANS

INCENTIVE STOCK PLANS

INCENTIVE STOCK PLANS	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
INCENTIVE STOCK PLANS	INCENTIVE STOCK PLANS REPLACEMENT RESTRICTED STOCK AWARDS FROM THE MERGERS As a result of the Mergers, Rayonier issued 69,176 shares of restricted stock awards (“replacement awards”) in connection with unvested Pope Resources restricted units. Eligible outstanding Pope Resources restricted units were canceled and exchanged for replacement awards, pursuant to an exchange ratio in the merger agreement designed to maintain the intrinsic value of the awards immediately prior to the exchange. In accordance with ASC 805, these awards are considered to be replacement awards. Exchanges of share-based payment awards in conjunction with a business combination are modifications in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). As a result, the portion of the fair-value of replacement awards attributable to pre-merger services were included in measuring the consideration transferred in the business combination. The fair value of the replacement awards was estimated to be approximately $1.7 million of which $0.2 million was attributable to pre-merger services. See Note 2 — Merger with Pope Resources for additional information. REPLACEMENT AWARD EXPENSE The replacement awards issued have similar vesting provisions as the terms of existing Rayonier restricted stock. Expense for the replacement awards that were not fully vested prior to the date of the merger will continue to be recognized over a weighted average remaining service period of approximately 21 months unless a qualifying termination occurs. A qualifying termination of an awardee will result in the acceleration of vesting and expense recognition in the period that the qualifying termination occurs. Qualifying terminations during the three and nine months ended September 30, 2020 resulted in the accelerated vesting of 3,973 and 15,049 of the replacement awards and recognition of approximately $0.1 million and $0.3 million of expense, respectively. This accelerated vesting expense is included in merger-related integration costs as described in Note 20 — Charges for Integration and Restructuring . A summary of the replacement awards granted as a result of the Mergers is presented below: Three Months Ended September 30, Nine Months Ended 2020 2020 Replacement restricted shares granted — 69,176 Weighted average price of replacement restricted shares granted — $24.01 Replacement restricted shares vested as a result of acceleration due to qualifying terminations 3,973 15,049 Grant date fair value of replacement restricted shares vested $24.01 $24.01 Intrinsic value of replacement restricted shares outstanding (a) $1,431 $1,431 Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements — $44 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at September 30, 2020. For additional information related to our incentive stock plans, see Note 17 — Incentive Stock Plans in the Company’s 2019 Form 10-K.

OTHER OPERATING EXPENSE, NET

OTHER OPERATING EXPENSE, NET	9 Months Ended
	Sep. 30, 2020
Other Income and Expenses [Abstract]
OTHER OPERATING EXPENSE, NET	OTHER OPERATING EXPENSE, NET Other operating expense, net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Loss on foreign currency remeasurement, net of cash flow hedges ($976) ($895) ($2,263) ($1,585) Gain on sale or disposal of property and equipment 19 — 26 56 Log trading marketing fees — 102 50 239 Costs related to the merger with Pope Resources (a) (430) — (16,415) — Miscellaneous expense, net (266) (72) (645) (1,509) Total ($1,653) ($865) ($19,247) ($2,799) (a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 20 - Charges for Integration and Restructuring for additional information.

CHARGES FOR INTEGRATION AND RES

CHARGES FOR INTEGRATION AND RESTRUCTURING	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
CHARGES FOR INTEGRATION AND RESTRUCTURING	CHARGES FOR INTEGRATION AND RESTRUCTURING During 2020, we have incurred and accrued for termination benefits (primarily severance) and accelerated share-based payment costs based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made concurrent with and subsequent to the Mergers. We have also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to the Mergers. A summary of the charges for integration and restructuring related to the Mergers is presented below: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Termination benefits $70 $651 Acceleration of share-based compensation related to qualifying terminations ( Note 18 ) 92 324 Professional services 239 13,553 Other integration and restructuring costs 29 1,887 Total integration and restructuring charges related to the Mergers $430 $16,415 Changes in accrued severance related to restructuring during the nine months ended September 30, 2020 were as follows: Nine Months Ended September 30, 2020 Accrued severance as of March 31, 2020 — Charges 581 Payments (334) Accrued severance as of June 30, 2020 $247 Charges 70 Payments (71) Accrued severance as of September 30, 2020 $246 Accrued severance is recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. The majority of the accrued severance balance as of September 30, 2020 is expected to be paid within one year.

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of September 30, 2020 and December 31, 2019, our inventory consisted entirely of finished goods, as follows: September 30, 2020 December 31, 2019 Finished goods inventory Real estate inventory (a) $9,122 $12,663 Log inventory 4,645 1,855 Total inventory $13,767 $14,518 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 8 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Sep. 30, 2020
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 LKE purchases are not completed, the proceeds are returned to us after 180 days and reclassified as available cash. As of September 30, 2020 and December 31, 2019, we had $0.5 million and $1.2 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 a real estate sale. The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2020: September 30, 2020 Restricted cash held in escrow $475 Total restricted cash shown in the Consolidated Balance Sheets 475 Cash and cash equivalents 78,151 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $78,626

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2020 and the year ended December 31, 2019. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2018 ($1,010) $1,321 $21,965 ($22,037) $239 — $239 Other comprehensive (loss) income before reclassifications 784 — (29,251) (1,799) (30,266) — (30,266) Amounts reclassified from accumulated other comprehensive (loss) income — — (1,624) 449 (b) (1,175) — (1,175) Net other comprehensive (loss) income 784 — (30,875) (1,350) (31,441) — (31,441) Balance as of December 31, 2019 ($226) $1,321 ($8,910) ($23,387) ($31,202) — ($31,202) Other comprehensive loss before reclassifications (6,862) — (88,723) (a) — (95,585) — (95,585) Amounts reclassified from accumulated other comprehensive (loss) income — — 5,519 652 (b) 6,171 (989) 5,182 Net other comprehensive (loss) income (6,862) — (83,204) 652 (89,414) (989) (90,403) Balance as of ($7,088) $1,321 ($92,114) ($22,735) ($120,616) ($989) ($121,605) (a) Includes $91.2 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 15 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 17 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2020 and September 30, 2019: Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the income statement September 30, 2020 September 30, 2019 Realized (gain) loss on foreign currency exchange contracts ($2,568) $580 Other operating expense, net Realized loss (gain) on foreign currency option contracts (15) (71) Other operating expense, net Noncontrolling interest 594 (117) Comprehensive (loss) income attributable to noncontrolling interest Realized loss (gain) on interest rate contracts 6,951 (2,414) Interest expense Income tax expense from net gain on foreign currency contracts 557 (110) Income tax expense Net loss (gain) from accumulated other comprehensive income $5,519 ($2,132)

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) In the Mergers, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 5 — Noncontrolling Interests . The assets, liabilities and equity of the Funds as of September 30, 2020, were as follows: Timber Funds September 30, 2020 Assets: Cash and cash equivalents $2,973 Accounts receivable 4,437 Prepaid expenses 38 Other current assets 361 Total current assets 7,809 Timber and timberlands, net of depletion and amortization 452,777 Total assets $460,586 Liabilities and Equity: Accounts payable $907 Intercompany payable (a) 552 Accrued taxes 353 Accrued interest 432 Deferred revenue 275 Other current liabilities 732 Total current liabilities 3,251 Long-term debt, net of deferred financing costs 60,391 Funds’ equity 396,944 Total liabilities and equity $460,586 (a) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. Ferncliff Investors We also acquired in the Mergers an ownership interest in a real estate joint venture entity. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 5 — Noncontrolling Interests . The assets, liabilities and equity of Ferncliff Investors as of September 30, 2020, were as follows: Ferncliff Investors September 30, 2020 Assets: Cash and cash equivalents $2 Prepaid expenses 740 Total current assets 742 Investment in real estate joint venture entity 2,927 Advances to real estate joint venture entity 1,000 Total assets $4,669 Liabilities and equity: Intercompany payable (a) $8 Total current liabilities 8 Ferncliff Investors’ equity 4,661 Total liabilities and equity $4,669 (a) Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for sale criteria in accordance with ASC 360-10-45-9. As of September 30, 2020, the basis in properties meeting this classification was $9.7 million. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. As of December 31, 2019, there were no properties classified as assets held for sale.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC (the “2019 Form 10-K”). On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, which constituted the transfer of all or substantially all of Rayonier’s assets under the terms of the Indenture, dated March 5, 2012 (as supplemented and amended from time to time, the “Indenture”), between Rayonier, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, Rayonier, L.P. expressly assumed all the obligations of Rayonier under the Indenture, including obligations with respect to the outstanding $325 million in aggregate principal amount of 3.750% Senior Notes due 2022 (the “2022 Notes”) issued thereunder. On May 7, 2020, Rayonier, Rayonier, L.P., the subsidiary guarantors party thereto and the Trustee entered into the Third Supplemental Indenture, pursuant to which (1) Rayonier, L.P. succeeded to and became substituted for the Company under the Indenture and 2022 Notes and expressly assumed all the obligations of the Company under the Indenture, including obligations with respect to the 2022 Notes, and (2) Rayonier agreed to irrevocably, fully and unconditionally guarantee, jointly and severally, the obligations of Rayonier, L.P. under Indenture, including the 2022 Notes. On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. The acquisition occurred pursuant to a series of mergers (the “Mergers”) provided for in Agreement and Plan of Merger, dated as of January 14, 2020, as amended by Amendment No. 1, dated as of April 1, 2020 (as amended, the “Merger Agreement”), by and among Rayonier Inc., Rayonier, L.P., Rayonier Operating Company LLC, Rayonier Operating Company Holdings, LLC, Pacific GP Merger Sub I, LLC, Pacific GP Merger Sub II, LLC, Pacific LP Merger Sub III, LLC, Pope Resources, Pope EGP, Inc. and Pope MGP, Inc. As of September 30, 2020, the Company owned a 96.8% interest in the Operating Partnership, with the remaining 3.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. The Rayonier, L.P. year-end balance sheet information was derived from the separate historical unaudited financial statements of Rayonier Operating Company LLC not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020.
Redeemable Common Units	REDEEMABLE COMMON UNITS Limited partners holding Redeemable Common Units have the right to put any and all of the common units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Common Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets. The recorded value of the Redeemable Common Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier common stock on the balance sheet date multiplied by the total number of Redeemable Common Units outstanding. For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in the Company’s 2019 Form 10-K and Note 1 — S ummary of Significant Accounting Policies in the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020.
Merger with Pope Resources	MERGER WITH POPE RESOURCES On May 8, 2020, we completed the acquisition of Pope Resources. Therefore, Pope Resources’ balance sheet and results of operations are included in our consolidated financial statements from and after the date of acquisition. See Note 2 - Merger with Pope Resources , Note 7 - Debt , and Note 20 - Charges for Integration and Restructuring for further information pertaining to the merger.
New Real Estate Sales Category	NEW REAL ESTATE SALES CATEGORYEffective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land.
Recently Adopted Standards and New Accounting Standards	RECENTLY ADOPTED STANDARDS We adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, with no material impact on the consolidated financial statements. On March 2, 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, as well for affiliates whose securities collateralize a registrant’s securities. The amendments revise Rules 3-10 and 3-16 of Regulation S-X, and relocate part of Rule 3-10 and all of Rule 3-16 to the new Article 13 in Regulation S-X, which is comprised of new Rules 13-01 and 13-02. We early adopted the requirements of the amendments on April 1, 2020, which included replacing guarantor condensed consolidating financial information with summarized financial information for the consolidated obligor group (Parent, Issuer, and Guarantor Subsidiaries) as well as no longer requiring guarantor cash flow information, financial information for non-guarantor subsidiaries, and a reconciliation to the consolidated results. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. The guidance in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We do not expect a material impact on our Consolidated Financial Statements as a result of the new standard.
Subsequent Events	SUBSEQUENT EVENTSWe have evaluated events occurring from September 30, 2020 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
Revenue Recognition	PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of September 30, 2020 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
Segment Reporting	As a result of the Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 5 - Noncontrolling Interests , the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation. We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
Derivatives	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging
Offsetting Derivatives	OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.
Fair Value of Financial Instruments	Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive loss for de-designated hedges remains in accumulated other comprehensive loss until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. 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. Noncontrolling Interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined based on the period-end closing price of Rayonier Inc. common shares. The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for more than 12 months or greater at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 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 (losses) gains — — — — — 3,043 — 3,043

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Operating Income and Net Income Attributable to Rayonier. L.P	The effect of the change in reporting entity on Rayonier L.P.’s operating income, net income attributable to Rayonier, L.P. and per unit amounts for the three and nine months ended September 30, 2020 and 2019, are presented below (in thousands, except per unit amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating income — — — — Net income attributable to Rayonier, L.P. (a) ($3,596) ($3,596) ($10,788) ($10,788) Basic earnings per unit attributable to Rayonier, L.P. ($0.03) ($0.03) ($0.08) ($0.08) Diluted earnings per unit attributable to Rayonier, L.P. ($0.03) ($0.03) ($0.08) ($0.08) (a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes.

MERGER WITH POPE RESOURCES (Tab

MERGER WITH POPE RESOURCES (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Total Consideration Transferred by Rayonier in the Merger	The following table summarizes the total consideration transferred by Rayonier in the merger (dollars in thousands, except per share and per unit data): Cash consideration: Pope Resources units outstanding as of May 8, 2020 4,366,636 Less: Pope Resources units held by us (114,400) Units outstanding, net 4,252,236 Cash consideration (per Pope Resources unit) $37.50 Cash consideration for elections $159,463 General partner interest 10,000 Repayment of Pope Resources debt 65,943 Prepayment penalty and accrued interest on Pope Resources’ debt 2,275 Closing costs paid on behalf of Pope Resources 9,637 Cash consideration transferred $247,318 Equity consideration: Rayonier common shares issued 7,181,071 Rayonier share price (a) $24.01 Equity consideration for elections $172,418 Pope Resources replacement awards (b)(c) 222 Equity consideration transferred $172,640 Redeemable Common Unit consideration: Redeemable Common Units issued 4,446,153 Rayonier share price (a) $24.01 Redeemable Common Unit consideration transferred $106,752 Fair value of Pope Resources units held by us (d) $11,211 Total consideration $537,921 (a) The closing price of Rayonier common stock on the NYSE on May 7, 2020. (b) See Note 18 — Incentive Stock Plans for additional details. (c) Represents the fair value of Rayonier replacement restricted stock awards for restricted Pope Resources units held by employees that relate to pre-merger services rendered to Pope Resources. (d) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020. The following table contains the amounts of cash transferred in the merger and net cash consideration shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2020: September 30, 2020 Cash consideration transferred $247,318 Less: Cash assumed in merger (16,250) Net cash consideration shown in the Consolidated Statements of Cash Flows $231,068
Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed	The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of May 8, 2020, and is as follows (in thousands): Core Timberlands Timber Funds Total Timberland and Real Estate Business Cash $7,380 $8,870 $16,250 Accounts receivable 2,265 1,794 4,059 Other current assets 651 499 1,150 Timber and Timberlands 515,541 471,900 987,441 Higher and Better Use Timberlands and Real Estate Development Investments 27,722 — 27,722 Property, plant and equipment 8,307 — 8,307 Other assets 4,297 — 4,297 Total identifiable assets acquired $566,163 $483,063 $1,049,226 Accounts payable 274 293 567 Current maturities of long-term debt — 25,084 25,084 Accrued interest 244 275 519 Other current liabilities 7,203 1,940 9,143 Long-term debt 53,502 35,759 89,261 Long-term environmental liabilities 11,000 — 11,000 Other non-current liabilities (a) 4,051 — 4,051 Total liabilities assumed $76,274 $63,351 $139,625 Net identifiable assets $489,889 $419,712 $909,601 Less: noncontrolling interest (3,307) (368,373) (371,680) Total net assets acquired $486,582 $51,339 $537,921 (a) Other non-current liabilities includes a $4.0 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities.
Schedule of Unaudited Pro Forma Information	Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and nine months ended September 30, 2020 and 2019, assuming the acquisition had occurred as of January 1, 2019, are presented below (in thousands, except per share and unit amounts): Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Sales $198,975 $184,300 $684,900 $613,800 Net income (loss) attributable to Rayonier Inc. ($342) ($7,975) $28,317 $25,722 Basic earnings (loss) per share attributable to Rayonier Inc. — ($0.06) $0.21 $0.19 Diluted earnings (loss) per share attributable to Rayonier Inc. — ($0.06) $0.21 $0.19 Net income (loss) attributable to Rayonier, L.P. ($353) ($8,235) $29,240 $26,560 Basic earnings (loss) per unit attributable to Rayonier, L.P. — ($0.06) $0.21 $0.19 Diluted earnings (loss) per unit attributable to Rayonier, L.P. — ($0.06) $0.21 $0.19

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Liabilities	The following table summarizes revenue recognized during the three and nine months ended September 30, 2020 and 2019 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue recognized from contract liability balance at the beginning of the year (a) $690 $874 $10,296 $9,670 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.
Disaggregation of Revenue by Product	The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $22,061 $1,963 $7,943 $227 — $2,534 — $34,728 Sawtimber 19,356 25,513 51,400 8,397 — 19,575 — 124,241 Hardwood 760 — — — — — — 760 Total Timber Sales 42,177 27,476 59,343 8,624 — 22,109 — 159,729 License Revenue, Primarily from Hunting 4,461 252 60 (6) — — — 4,767 Other Non-Timber/Carbon Revenue 1,015 1,157 3,401 15 — — — 5,588 Total Non-Timber Sales 5,476 1,409 3,461 9 — — — 10,355 Improved Development — — — — 1,344 — — 1,344 Unimproved Development — — — — — — — — Rural — — — — 23,245 — — 23,245 Timberland & Non-Strategic — — — — 42 — — 42 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (b) — — — — 737 — — 737 Total Real Estate Sales — — — — 28,467 — — 28,467 Revenue from Contracts with Customers 47,653 28,885 62,804 8,633 28,467 22,109 — 198,551 Lease Revenue — — — — 324 — — 324 Intersegment — — — 1,274 — 92 (1,366) — Total Revenue $47,653 $28,885 $62,804 $9,907 $28,791 $22,201 ($1,366) $198,875 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2019 Pulpwood $19,093 $2,109 $7,930 — — $2,795 — $31,927 Sawtimber 11,581 16,064 51,415 — — 22,214 — 101,274 Hardwood 2,338 — — — — — — 2,338 Total Timber Sales 33,012 18,173 59,345 — — 25,009 — 135,539 License Revenue, Primarily from Hunting 4,351 199 91 — — — — 4,641 Other Non-Timber/Carbon Revenue 3,919 394 2,563 — — — — 6,876 Agency Fee Income — — — — — 149 — 149 Total Non-Timber Sales 8,270 593 2,654 — — 149 — 11,666 Improved Development — — — — 4,492 — — 4,492 Unimproved Development — — — — — — — — Rural (a) — — — — 4,212 — — 4,212 Timberland & Non-Strategic (a) — — — — 57 — — 57 Deferred Revenue/Other (b) — — — — 451 — — 451 Total Real Estate Sales — — — — 9,212 — — 9,212 Revenue from Contracts with Customers 41,282 18,766 61,999 — 9,212 25,158 — 156,417 Intersegment — — — — — 34 (34) — Total Revenue $41,282 $18,766 $61,999 — $9,212 $25,192 ($34) $156,417 (a) The three months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. (b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2020 Pulpwood $74,239 $8,253 $18,545 $555 — $7,527 — $109,119 Sawtimber 55,224 75,255 117,157 14,701 — 57,493 — 319,830 Hardwood 1,752 — — — — — — 1,752 Total Timber Sales 131,215 83,508 135,702 15,256 — 65,020 — 430,701 License Revenue, Primarily From Hunting 13,386 444 200 4 — — — 14,034 Other Non-Timber/Carbon Revenue 2,801 2,179 6,210 19 — — — 11,209 Agency Fee Income — — — — — 327 — 327 Total Non-Timber Sales 16,187 2,623 6,410 23 — 327 — 25,570 Improved Development — — — — 7,771 — — 7,771 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 52,876 — — 52,876 Timberland & Non-Strategic — — — — 9,647 — — 9,647 Conservation Easement — — — — 3,099 — — 3,099 Deferred Revenue/Other (b) — — — — (879) — — (879) Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 196,967 — — 196,967 Revenue from Contracts with Customers 147,402 86,131 142,112 15,279 196,967 65,347 — 653,238 Lease Revenue — — — — 397 — — 397 Intersegment — — — 2,152 — 158 (2,310) — Total Revenue $147,402 $86,131 $142,112 $17,431 $197,364 $65,505 ($2,310) $653,635 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total September 30, 2019 Pulpwood $65,202 $7,196 $25,278 — — $10,947 — $108,623 Sawtimber 51,019 48,748 149,705 — — 81,104 — 330,576 Hardwood 4,816 — — — — — — 4,816 Total Timber Sales 121,037 55,944 174,983 — — 92,051 — 444,015 License Revenue, Primarily from Hunting 12,772 404 287 — — — — 13,463 Other Non-Timber/Carbon Revenue 14,516 1,508 5,987 — — — — 22,011 Agency Fee Income — — — — — 531 — 531 Total Non-Timber Sales 27,288 1,912 6,274 — — 531 — 36,005 Improved Development — — — — 5,007 — — 5,007 Unimproved Development — — — — 15,430 — — 15,430 Rural (a) — — — — 30,525 — — 30,525 Timberland & Non-Strategic (a) — — — — 1,263 — — 1,263 Deferred Revenue/Other (b) — — — — 519 — — 519 Total Real Estate Sales — — — — 52,744 — — 52,744 Revenue from Contracts with Customers 148,325 57,856 181,257 — 52,744 92,582 — 532,764 Intersegment — — — — — 137 (137) — Total Revenue $148,325 $57,856 $181,257 — $52,744 $92,719 ($137) $532,764 (a) The nine months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. (b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2020 Stumpage Pay-as-Cut $14,518 — — $754 — $15,272 Stumpage Lump Sum 310 472 — — — 782 Total Stumpage 14,828 472 — 754 — 16,054 Delivered Wood (Domestic) 21,976 27,004 20,127 7,870 362 77,339 Delivered Wood (Export) 5,373 — 39,216 — 21,747 66,336 Total Delivered 27,349 27,004 59,343 7,870 22,109 143,675 Total Timber Sales $42,177 $27,476 $59,343 $8,624 $22,109 $159,729 September 30, 2019 Stumpage Pay-as-Cut $13,077 — — — — $13,077 Stumpage Lump Sum 1,677 — — — — 1,677 Total Stumpage 14,754 — — — — 14,754 Delivered Wood (Domestic) 16,597 18,173 22,722 — 624 58,116 Delivered Wood (Export) 1,661 — 36,623 — 24,385 62,669 Total Delivered 18,258 18,173 59,345 — 25,009 120,785 Total Timber Sales $33,012 $18,173 $59,345 — $25,009 $135,539 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total September 30, 2020 Stumpage Pay-as-Cut $56,141 — — $1,285 — $57,426 Stumpage Lump Sum 1,561 5,929 — — — 7,490 Total Stumpage 57,702 5,929 — 1,285 — 64,916 Delivered Wood (Domestic) 64,473 77,579 45,944 13,971 1,296 203,263 Delivered Wood (Export) 9,040 — 89,758 — 63,724 162,522 Total Delivered 73,513 77,579 135,702 13,971 65,020 365,785 Total Timber Sales $131,215 $83,508 $135,702 $15,256 $65,020 $430,701 September 30, 2019 Stumpage Pay-as-Cut $56,257 — — — — $56,257 Stumpage Lump Sum 4,353 — — — — 4,353 Total Stumpage 60,610 — — — — 60,610 Delivered Wood (Domestic) 52,977 55,944 65,161 — 5,417 179,499 Delivered Wood (Export) 7,450 — 109,822 — 86,634 203,906 Total Delivered 60,427 55,944 174,983 — 92,051 383,405 Total Timber Sales $121,037 $55,944 $174,983 — $92,051 $444,015

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Operating Lease Maturities	The following table details our undiscounted lease obligations as of September 30, 2020 by type of lease and year of expiration: Year of Expiration Lease obligations Total Remaining 2020 2021 2022 2023 2024 Thereafter Operating lease liabilities $185,030 $4,107 $9,278 $8,384 $8,293 $8,176 $146,792 Total Undiscounted Cash Flows $185,030 $4,107 $9,278 $8,384 $8,293 $8,176 $146,792 Imputed interest (84,705) Balance at September 30, 2020 100,325 Less: Current portion (9,203) Non-current portion at September 30, 2020 $91,122
Lease Cost	The following table details components of our lease cost for the three and nine months ended September 30, 2020 and September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, Lease Cost Components 2020 2019 2020 2019 Operating lease cost $1,550 $1,959 $4,989 $6,791 Variable lease cost (a) 85 54 299 211 Total lease cost (b) $1,635 $2,013 $5,288 $7,002 (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 nine months ended September 30, 2020. The following table provides supplemental cash flow information related to our leases for the nine months ended September 30, 2020 and September 30, 2019: Nine Months Ended September 30, Supplemental cash flow information related to leases: 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $1,516 $2,152 Investing cash flows from operating leases 3,473 4,639 Total cash flows from operating leases $4,989 $6,791 Weighted-average remaining lease term in years - operating leases 28 28 Weighted-average discount rate - operating leases 5 % 5 %
Operating Lease, Lease Income	The following table details our lease income for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended Lease Income Components 2020 2020 Operating lease income $324 $397 Total lease income $324 $397
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Future lease income as of September 30, 2020 , based on payments due by period under the lease contracts, are presented in the following table: Year of Expiration Lease assets Total Remaining 2020 2021 2022 2023 2024 Thereafter Operating lease Income $649 $84 $198 $173 $137 $57 —
Lease, Practical Expedient	We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries	The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Net income attributable to noncontrolling interest in the New Zealand subsidiary $2,066 $1,961 $3,326 $7,129 The following table sets forth the (loss) attributable to the Funds’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Net (loss) attributable to noncontrolling interest in the Funds: ($10,627) — ($12,773) — The following table sets forth the (loss) attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 2019 Net (loss) attributable to noncontrolling interest in the Ferncliff Investors: ($153) — ($199) — The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended September 30, Nine Months Ended 2020 2020 Beginning noncontrolling interests in the Operating Partnership $110,220 — Issuances of Redeemable Common Units — 106,752 Adjustment of noncontrolling interests in the Operating Partnership 8,030 12,022 Conversions of Common Units to Common Shares (27) (27) Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership (25) 195 Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership 532 989 Distributions to noncontrolling interests in the Operating Partnership (1,200) (2,401) Total noncontrolling interests in the Operating Partnership $117,530 $117,530

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize the segment information for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, SALES 2020 2019 2020 2019 Southern Timber $47,653 $41,282 $147,402 $148,325 Pacific Northwest Timber 28,885 18,766 86,131 57,856 New Zealand Timber 62,804 61,999 142,112 181,257 Timber Funds (a) 9,907 — 17,431 — Real Estate (b) 28,791 9,212 197,364 52,744 Trading 22,201 25,192 65,505 92,719 Intersegment Eliminations (c) (1,366) (34) (2,310) (137) Total $198,875 $156,417 $653,635 $532,764 (a) The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million, respectively, of sales attributable to noncontrolling interest in Timber Funds. (b) The nine months ended September 30, 2020 includes $116.0 million from a Large Disposition. (c) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended September 30, Nine Months Ended September 30, OPERATING INCOME (LOSS) 2020 2019 2020 2019 Southern Timber (a) $5,090 $9,512 $31,368 $45,773 Pacific Northwest Timber (1,825) (3,567) (9,453) (11,123) New Zealand Timber 10,720 10,104 21,142 38,621 Timber Funds (b) (12,370) — (14,262) — Real Estate (c) 9,459 425 61,081 25,920 Trading (557) (37) (474) 271 Corporate and Other (d) (8,737) (5,450) (37,383) (18,562) Total Operating Income 1,780 10,987 52,019 80,900 Unallocated interest expense and other (10,558) (7,208) (27,225) (20,451) Total (Loss) Income before Income Taxes ($8,778) $3,779 $24,794 $60,449 (a) The three and nine months ended September 30, 2020 include $6.0 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b) The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c) The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition. (d) The three and nine months ended September 30, 2020 include $0.4 million and $16.4 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 20 — Charges for Integration and Restructuring for additional details. Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2020 2019 2020 2019 Southern Timber $14,954 $13,025 $48,368 $45,633 Pacific Northwest Timber 10,912 6,299 32,221 19,170 New Zealand Timber 7,345 7,563 17,062 21,071 Timber Funds (a) 4,170 — 8,239 — Real Estate (b) 5,527 668 47,950 5,202 Corporate and Other 375 291 1,011 863 Total $43,283 $27,846 $154,851 $91,939 (a) The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds. (b) The nine months ended September 30, 2020 includes $35.4 million from a Large Disposition. Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2020 2019 2020 2019 Real Estate (a) $7,259 $4,339 $72,340 $9,985 Total $7,259 $4,339 $72,340 $9,985 (a) The nine months ended September 30, 2020 includes $51.6 million from a Large Disposition.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Our debt consisted of the following at September 30, 2020: September 30, 2020 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at September 30, 2020 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at September 30, 2020 (b) 300,000 2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at September 30, 2020 (c) 250,000 Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020 20,000 New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% 22,735 Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches (d) Due 2025 at a fixed interest rate of 6.1% 11,690 Due 2028 at a fixed interest rate of 4.1% 12,052 Due 2033 at a fixed interest rate of 5.3% 19,497 Due 2036 at a fixed interest rate of 5.4% 9,898 Total debt, excluding Timber Funds 1,320,872 Less: Deferred financing costs, excluding Timber Funds (2,667) Long-term debt, net of deferred financing costs, excluding Timber Funds 1,318,205 Debt, Timber Funds: Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest Due 2022 at a fixed interest rate of 2.0% (e) 11,000 Due 2022 at a fixed interest rate of 2.0% (e) 14,000 Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest Due 2023 at a fixed interest rate of 5.1% 19,695 Due 2024 at a fixed interest rate of 4.5% 15,708 Total debt, Timber Funds 60,403 Less: Deferred financing costs, Timber Funds (12) Long-term debt, net of deferred financing costs, Timber Funds 60,391 Long-term debt, net of deferred financing costs $1,378,596 (a) As of September 30, 2020, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.2% after consideration of interest rate swaps and estimated patronage refunds. (b) As of September 30, 2020, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.900%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds. (c) As of September 30, 2020, the periodic interest rate on the 2020 incremental term loan (the “2020 Incremental Term Loan Facility”) was LIBOR plus 1.850%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.3% after consideration of interest rate swaps and estimated patronage refunds. (d) See the section below labeled “Long-Term Debt Assumed in the Pope Resources Merger” for additional details. (e) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: Excluding Timber Funds Timber Funds Total 2020 — — — 2021 — — — 2022 325,000 25,000 350,000 2023 — 17,980 17,980 2024 — 14,400 14,400 Thereafter 987,735 — 987,735 Total Debt $1,312,735 $57,380 $1,370,115
Schedule of Credit Facilities	The pertinent details of each tranche of the NWFCS Credit Facility we assumed are as follows: Tranche Stated Fixed Interest Rate Effective Fixed Interest Rate (a) Stated Principal Amount Est. Fair Value at Merger Date (b) Tranche 2 (Due 2025) 6.1 % 4.8 % $10,000 $11,838 Tranche 4 (Due 2028) 4.1 % 3.1 % 11,000 12,108 Tranches 6 & 7 (Due 2033) 5.3 % 4.2 % 16,000 19,609 Tranche 8 (Due 2036) 5.4 % 4.3 % 8,000 9,947 Total NWFCS Credit Facility assumed $45,000 $53,502 (a) Estimated effective fixed interest rates as of September 30, 2020 after consideration of estimated patronage refunds. (b) The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each tranche.
Schedule of Mortgages Payable	The pertinent details of the Fund II Mortgages Payable are as follows: Maturity Date Stated Fixed Interest Rate (a) Stated Principal Amount Est. Fair Value at Merger Date (b) September 2022 2.0 % $11,000 $11,061 September 2022 2.0 % 14,000 14,023 $25,000 $25,084 (a) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%. (b) The fair market value premium has been amortized as a benefit to interest expense over the original maturity term of each mortgage. The pertinent details of the Fund III Mortgages Payable are as follows: Maturity Date Stated Fixed Interest Rate Effective Fixed Interest Rate (a) Stated Principal Amount Est. Fair Value at Merger Date (b) December 2023 5.1 % 3.9 % $17,980 $19,915 October 2024 4.5 % 3.2 % 14,400 15,844 $32,380 $35,759 (a) Estimated effective fixed interest rates as of September 30, 2020 after consideration of estimated patronage refunds. (b) The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2020, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 9.42 to 1 6.92 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 48 % 17 % The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2020, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant loan-to-appraised value shall not exceed 50% 11% 39 % Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 9.42 to 1 6.92 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 48 % 17 %

HIGHER AND BETTER USE TIMBERL_2

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Costs for Land, Timber and Real Estate Development	Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to September 30, 2020 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2019 $58,091 $23,700 $81,791 Plus: Current portion (a) 274 12,389 12,663 Total Balance at December 31, 2019 58,365 36,089 94,454 Non-cash cost of land and improved development (882) (4,947) (5,829) Timber depletion from harvesting activities and basis of timber sold in real estate sales (619) — (619) Capitalized real estate development investments (b) — 5,448 5,448 HBU properties acquired in merger with Pope Resources (c) 27,722 — 27,722 Capital expenditures (silviculture) 211 — 211 Intersegment transfers (3,979) — (3,979) Total Balance at September 30, 2020 80,818 36,590 117,408 Less: Current portion (a) (326) (8,796) (9,122) Non-current portion at September 30, 2020 $80,492 $27,794 $108,286 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 21 — Inventory for additional information. (b) Capitalized real estate development investments include $0.4 million of capitalized interest. (c) Based on preliminary estimates of fair value as of May 8, 2020. See Note 2 - Merger with Pope Resources for additional information.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments	At September 30, 2020, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2020 $460 $5,190 $3,644 $9,294 2021 3,238 161 14,289 17,688 2022 1,786 220 17,210 19,216 2023 1,775 232 17,946 19,953 2024 1,775 232 15,036 17,043 Thereafter 2,684 2,770 39,350 44,804 $11,718 $8,805 $107,475 $127,998 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination in Port Gamble, Washington. (b) Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Income tax expense ($720) ($2,251) ($7,416) ($10,208)
Schedule of Effective Income Tax Rate Reconciliation	The following table contains the Company’s annualized effective tax rate after discrete items: Nine Months Ended 2020 2019 Annualized effective tax rate after discrete items 29.9 % 16.6 %

GUARANTEES (Tables)

GUARANTEES (Tables)	9 Months Ended
	Sep. 30, 2020
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of September 30, 2020, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 9,324 Total financial commitments $10,209 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2020, 2021 and 2022 and are expected to be renewed as required. In conjunction with the Contribution discussed in Note 1 - Basis of Presentation , the 2022 Notes assumed by the Operating Partnership are fully and unconditionally guaranteed on a joint and several basis by Rayonier Inc. and Rayonier TRS Holdings, Inc. Financial Commitments Maximum Potential Senior Notes due 2022 (a) $325,000 Total financial commitments $325,000 (a) The Senior Notes due 2022 are classified as Long-Term Debt in our Consolidated Balance Sheets. See Note 7 - Debt for additional information.

(LOSS) EARNINGS PER SHARE AND_2

(LOSS) EARNINGS PER SHARE AND PER UNIT (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of (Loss) Earnings Per Share and Per Unit, Basic and Diluted	The following table provides details of the calculations of basic and diluted (loss) earnings per common share of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Loss) Earnings per common share - basic Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership 25 — (195) — Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Net (loss) income attributable to Rayonier Inc. ($758) ($433) $26,830 $43,112 Denominator: Denominator for basic (loss) earnings per common share - weighted average shares 136,351,271 129,325,181 132,948,124 129,293,562 Basic (loss) earnings per common share attributable to Rayonier Inc.: ($0.01) — $0.20 $0.33 (Loss) Earnings per common share - diluted Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership 25 (a) — — — Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted ($758) ($433) $27,025 $43,112 Denominator: Denominator for basic (loss) earnings per common share - weighted average shares 136,351,271 129,325,181 132,948,124 129,293,562 Add: Dilutive effect of: Stock options — — 492 13,405 Performance shares, restricted shares and restricted stock units — — 159,018 345,495 Noncontrolling interests in common units — (a) — 2,352,822 — Denominator for diluted (loss) earnings per common share - adjusted weighted average shares 136,351,271 129,325,181 135,460,456 129,652,462 Diluted (loss) earnings per common share attributable to Rayonier Inc.: ($0.01) — $0.20 $0.33 (a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interest in the Operating Partnership was included in the numerator for diluted (loss) earnings per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in common units were excluded from the denominator of diluted loss per share. The following table provides details of the calculations of basic and diluted (loss) earnings per common unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Loss) earnings per common unit - basic Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Net (loss) income available to unitholders ($783) ($433) $27,025 $43,112 Denominator: Denominator for basic (loss) earnings per common unit - weighted average units 140,797,217 129,325,181 135,300,946 129,293,562 Basic (loss) earnings per common unit attributable to Rayonier, L.P.: ($0.01) — $0.20 $0.33 (Loss) earnings per common unit - diluted Numerator: Net (Loss) Income ($9,498) $1,528 $17,378 $50,241 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 8,715 (1,961) 9,647 (7,129) Net (loss) income available to unitholders ($783) ($433) $27,025 $43,112 Denominator: Denominator for basic (loss) earnings per common unit - weighted average units 140,797,217 129,325,181 135,300,946 129,293,562 Add: Dilutive effect of unit equivalents: Stock options — — 492 13,405 Performance shares, restricted shares and restricted stock units — — 159,018 345,495 Denominator for diluted (loss) earnings per common unit - adjusted weighted average units 140,797,217 129,325,181 135,460,456 129,652,462 Diluted (loss) earnings per common unit attributable to Rayonier, L.P.: ($0.01) — $0.20 $0.33
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share: Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units (a) 5,038,514 611,740 471,999 421,853 Total 5,038,514 611,740 471,999 421,853 (a) For the three months ended September 30, 2020 and September 30, 2019, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Anti-dilutive unit equivalents excluded from the computations of diluted (loss) earnings per common unit: Stock options, performance shares, restricted shares and restricted stock units (a) 592,568 611,740 471,999 421,853 Total 592,568 611,740 471,999 421,853

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table contains information on the outstanding interest rate swaps as of September 30, 2020: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap (b) Bank Margin on Debt Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % June 2020 10 years 250,000 2020 Incremental Term Loan 1.10 % 1.85 % 2.95 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The interest rate swap entered in June 2020, was an off-market derivative, meaning it contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap. (c) Rate is before estimated patronage payments. The following table contains information on the expired treasury lock agreements entered into during the nine months ended September 30, 2020: Converted Treasury Rate Locks (a) Date Entered Into Term Notional Amount Rate Related Debt Facility (b) Expiration Date January 2020 10 years $100,000 1.53% 2020 Incremental Term Loan Facility March 30, 2020 January 2020 10 years 100,000 1.53% 2020 Incremental Term Loan Facility March 31, 2020 February 2020 10 years 50,000 1.35% 2020 Incremental Term Loan Facility March 31, 2020 (a) At inception, all treasury locks were designated as interest rate cash flow hedges and qualified for hedge accounting. (b) See Note 7 — Debt for more information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity. The following table contains information on the terminated interest rate swap lock agreements as of September 30, 2020: Converted Interest Rate Swap Locks (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Lock (b) Related Debt Facility (c) Termination Date March 2020 10 years $100,000 1.56% 2020 Incremental Term Loan Facility June 30, 2020 March 2020 10 years 100,000 1.59% 2020 Incremental Term Loan Facility June 30, 2020 March 2020 10 years 50,000 1.41% 2020 Incremental Term Loan Facility June 30, 2020 (a) All interest rate swap locks have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) These interest rate swap locks were off-market derivatives, meaning they contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap lock. (c) See Note 7 — Debt for information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity. The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 2020: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date February 2020 10 years $325,000 1.40 % Anticipated refinancing of Senior Notes due 2022 April 2022 April 2022 March 2020 4 years 100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables demonstrate the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Income Statement Location 2020 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,946 ($2,870) Foreign currency option contracts Other comprehensive income (loss) 358 (300) Interest rate products Other comprehensive income (loss) 2,417 (9,592) Interest Expense 3,783 (549) Nine Months Ended Income Statement Location 2020 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,806 ($1,971) Foreign currency option contracts Other comprehensive income (loss) 85 (330) Interest rate products Other comprehensive income (loss) (91,203) (38,558) Interest Expense 6,951 (2,414) Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous (expense) income, net — 135 Carbon option contracts Interest and other miscellaneous income, net 563 414
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $47,650 $56,350 Foreign currency option contracts 32,000 22,000 Interest rate swaps 900,000 650,000 Forward-starting interest rate swaps 475,000 — Derivative not designated as a hedging instrument: Carbon options (a) — 9,592
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,252 $424 Other assets 1,293 390 Other current liabilities (96) (172) Foreign currency option contracts Other current assets 563 151 Other assets — 209 Other current liabilities (174) (27) Other non-current liabilities — (30) Interest rate swaps Other assets — 2,614 Other non-current liabilities (61,308) (11,068) Forward-starting interest rate swaps Other non-current liabilities (20,980) — Derivative not designated as a hedging instrument: Carbon options Other current liabilities — (607) Total derivative contracts: Other current assets $1,815 $575 Other assets 1,293 3,213 Total derivative assets $3,108 $3,788 Other current liabilities (270) (806) Other non-current liabilities (82,288) (11,098) Total derivative liabilities ($82,558) ($11,904) (a) See Note 16 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, by Balance Sheet Grouping	The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2020 and December 31, 2019, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 30, 2020 December 31, 2019 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $75,178 $75,178 — $68,735 $68,735 — Cash and cash equivalents, Timber Funds 2,973 2,973 — — — — Restricted cash (b) 475 475 — 1,233 1,233 — Current maturities of long-term debt, excluding Timber Funds — — — (82,000) — (82,000) Long-term debt, excluding Timber Funds (c) (1,318,205) — (1,325,204) (973,129) — (981,500) Long-term debt, Timber Funds (c) (60,391) — (60,628) — — — Interest rate swaps (d) (61,308) — (61,308) (8,454) — (8,454) Forward-starting interest rate swaps (d) (20,980) — (20,980) — — — Foreign currency exchange contracts (d) 2,449 — 2,449 642 — 642 Foreign currency option contracts (d) 389 — 389 303 — 303 Carbon option contracts (d) — — — (607) — (607) Marketable equity securities (e) — — — 10,582 10,582 — Noncontrolling Interests in the Operating Partnership (f) 117,530 117,530 — — — — (a) We did not have Level 3 assets or liabilities at September 30, 2020 and December 31, 2019. (b) Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 22 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 7 — Debt for additional information. (d) See Note 15 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations.
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 more than 12 months or greater at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 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 (losses) gains — — — — — 3,043 — 3,043

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The net pension and postretirement benefit costs (credits) that have been recorded are shown in the following table: Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2020 2019 2020 2019 Service cost Selling and general expenses — — $2 $1 Interest cost Interest and other miscellaneous (expense) income, net 677 799 13 13 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (876) (777) — — Amortization of losses Interest and other miscellaneous (expense) income, net 215 112 2 — Net periodic benefit cost $16 $134 $17 $14 Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2020 2019 2020 2019 Service cost Selling and general expenses — — $5 $4 Interest cost Interest and other miscellaneous (expense) income, net 2,029 2,398 38 40 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (2,628) (2,330) — — Amortization of losses Interest and other miscellaneous (expense) income, net 646 337 6 — Net periodic benefit cost $47 $405 $49 $44 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2020 net periodic benefit cost for pension benefit s is 5.7%

INCENTIVE STOCK PLANS (Tables)

INCENTIVE STOCK PLANS (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards Granted as a Result of Merger	A summary of the replacement awards granted as a result of the Mergers is presented below: Three Months Ended September 30, Nine Months Ended 2020 2020 Replacement restricted shares granted — 69,176 Weighted average price of replacement restricted shares granted — $24.01 Replacement restricted shares vested as a result of acceleration due to qualifying terminations 3,973 15,049 Grant date fair value of replacement restricted shares vested $24.01 $24.01 Intrinsic value of replacement restricted shares outstanding (a) $1,431 $1,431 Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements — $44 (a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at September 30, 2020.

OTHER OPERATING EXPENSE, NET (T

OTHER OPERATING EXPENSE, NET (Tables)	9 Months Ended
	Sep. 30, 2020
Other Income and Expenses [Abstract]
Other Operating Expense Net	Other operating expense, net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Loss on foreign currency remeasurement, net of cash flow hedges ($976) ($895) ($2,263) ($1,585) Gain on sale or disposal of property and equipment 19 — 26 56 Log trading marketing fees — 102 50 239 Costs related to the merger with Pope Resources (a) (430) — (16,415) — Miscellaneous expense, net (266) (72) (645) (1,509) Total ($1,653) ($865) ($19,247) ($2,799) (a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 20 - Charges for Integration and Restructuring for additional information.

CHARGES FOR INTEGRATION AND R_2

CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Integration and Restructuring Related Cost	A summary of the charges for integration and restructuring related to the Mergers is presented below: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Termination benefits $70 $651 Acceleration of share-based compensation related to qualifying terminations ( Note 18 ) 92 324 Professional services 239 13,553 Other integration and restructuring costs 29 1,887 Total integration and restructuring charges related to the Mergers $430 $16,415
Schedule of Changes in Accrued Severance Related to Restructuring	Changes in accrued severance related to restructuring during the nine months ended September 30, 2020 were as follows: Nine Months Ended September 30, 2020 Accrued severance as of March 31, 2020 — Charges 581 Payments (334) Accrued severance as of June 30, 2020 $247 Charges 70 Payments (71) Accrued severance as of September 30, 2020 $246

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	As of September 30, 2020 and December 31, 2019, our inventory consisted entirely of finished goods, as follows: September 30, 2020 December 31, 2019 Finished goods inventory Real estate inventory (a) $9,122 $12,663 Log inventory 4,645 1,855 Total inventory $13,767 $14,518 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 8 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
	Sep. 30, 2020
Restricted Cash and Investments [Abstract]
Schedule of Restricted Cash	The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2020: September 30, 2020 Restricted cash held in escrow $475 Total restricted cash shown in the Consolidated Balance Sheets 475 Cash and cash equivalents 78,151 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $78,626
Schedule of Cash and Cash Equivalents	The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2020: September 30, 2020 Restricted cash held in escrow $475 Total restricted cash shown in the Consolidated Balance Sheets 475 Cash and cash equivalents 78,151 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $78,626

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2020 and the year ended December 31, 2019. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2018 ($1,010) $1,321 $21,965 ($22,037) $239 — $239 Other comprehensive (loss) income before reclassifications 784 — (29,251) (1,799) (30,266) — (30,266) Amounts reclassified from accumulated other comprehensive (loss) income — — (1,624) 449 (b) (1,175) — (1,175) Net other comprehensive (loss) income 784 — (30,875) (1,350) (31,441) — (31,441) Balance as of December 31, 2019 ($226) $1,321 ($8,910) ($23,387) ($31,202) — ($31,202) Other comprehensive loss before reclassifications (6,862) — (88,723) (a) — (95,585) — (95,585) Amounts reclassified from accumulated other comprehensive (loss) income — — 5,519 652 (b) 6,171 (989) 5,182 Net other comprehensive (loss) income (6,862) — (83,204) 652 (89,414) (989) (90,403) Balance as of ($7,088) $1,321 ($92,114) ($22,735) ($120,616) ($989) ($121,605) (a) Includes $91.2 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 15 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 17 — Employee Benefit Plans
Reclassification out of Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2020 and September 30, 2019: Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the income statement September 30, 2020 September 30, 2019 Realized (gain) loss on foreign currency exchange contracts ($2,568) $580 Other operating expense, net Realized loss (gain) on foreign currency option contracts (15) (71) Other operating expense, net Noncontrolling interest 594 (117) Comprehensive (loss) income attributable to noncontrolling interest Realized loss (gain) on interest rate contracts 6,951 (2,414) Interest expense Income tax expense from net gain on foreign currency contracts 557 (110) Income tax expense Net loss (gain) from accumulated other comprehensive income $5,519 ($2,132)

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The assets, liabilities and equity of the Funds as of September 30, 2020, were as follows: Timber Funds September 30, 2020 Assets: Cash and cash equivalents $2,973 Accounts receivable 4,437 Prepaid expenses 38 Other current assets 361 Total current assets 7,809 Timber and timberlands, net of depletion and amortization 452,777 Total assets $460,586 Liabilities and Equity: Accounts payable $907 Intercompany payable (a) 552 Accrued taxes 353 Accrued interest 432 Deferred revenue 275 Other current liabilities 732 Total current liabilities 3,251 Long-term debt, net of deferred financing costs 60,391 Funds’ equity 396,944 Total liabilities and equity $460,586 (a) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. The assets, liabilities and equity of Ferncliff Investors as of September 30, 2020, were as follows: Ferncliff Investors September 30, 2020 Assets: Cash and cash equivalents $2 Prepaid expenses 740 Total current assets 742 Investment in real estate joint venture entity 2,927 Advances to real estate joint venture entity 1,000 Total assets $4,669 Liabilities and equity: Intercompany payable (a) $8 Total current liabilities 8 Ferncliff Investors’ equity 4,661 Total liabilities and equity $4,669 (a) Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

BASIS OF PRESENTATION (Narrativ

BASIS OF PRESENTATION (Narrative) (Details)	May 08, 2020segment	May 07, 2020USD ($)	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Conversion ratio on redeemable common units			1
Number of additional reportable segments | segment	1
Senior Notes due 2022 at a fixed interest rate of 3.75%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated Principal Amount | $		$ 325,000,000
Stated Fixed Interest Rate		3.75%
Rayonier Operating Company LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		100.00%
Operating Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest	96.80%
Ownership interest owned by limited partners	3.20%

BASIS OF PRESENTATION (Summary

BASIS OF PRESENTATION (Summary of Change in Reporting Entity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 1,780	$ 10,987	$ 52,019	$ 80,900
Net income (loss) attributable to parent	(758)	(433)	26,830	43,112
Rayonier Limited Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	1,780	10,987	52,019	80,900
Net income (loss) attributable to parent	$ (783)	$ (433)	$ 27,025	$ 43,112
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Diluted earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)	$ 0	$ 0.20	$ 0.33
Rayonier Limited Partnership | Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 0	$ 0	$ 0	$ 0
Net income (loss) attributable to parent	$ (3,596)	$ (3,596)	$ (10,788)	$ (10,788)
Basic earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.03)	$ (0.03)	$ (0.08)	$ (0.08)
Diluted earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.03)	$ (0.03)	$ (0.08)	$ (0.08)

MERGER WITH POPE RESOURCES (Nar

MERGER WITH POPE RESOURCES (Narrative) (Details) $ / shares in Units, $ in Thousands	May 08, 2020afund$ / sharesshares	Sep. 30, 2020USD ($)afund	Sep. 30, 2020USD ($)afund	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)afund	Sep. 30, 2020USD ($)afund	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Costs related to the merger with Pope Resources			$ 430			$ 0				$ 16,415	$ 0
Net income (loss)			$ (9,498)			1,528				$ 17,378	50,241
Variable Interest Entity, Primary Beneficiary | ORM Timber Fund II | ORM Timber Funds
Business Acquisition [Line Items]
Ownership interest										20.00%
Variable Interest Entity, Primary Beneficiary | ORM Timber Fund IV | ORM Timber Funds
Business Acquisition [Line Items]
Ownership interest										15.00%
Oregon Wildfires | ORM Timber Fund II | ORM Timber Funds
Business Acquisition [Line Items]
Timber write-offs from casualty events		$ 8,800
Oregon Wildfires | ORM Timber Fund IV | ORM Timber Funds
Business Acquisition [Line Items]
Timber write-offs from casualty events		$ 400
Oregon Wildfires | Variable Interest Entity, Primary Beneficiary | ORM Timber Fund II | ORM Timber Funds
Business Acquisition [Line Items]
Area of land | a		6,700	6,700						6,700	6,700
Ownership interest		20.00%
Timber write-offs from casualty events		$ 1,800
Oregon Wildfires | Variable Interest Entity, Primary Beneficiary | ORM Timber Fund IV | ORM Timber Funds
Business Acquisition [Line Items]
Area of land | a		400	400						400	400
Ownership interest		15.00%
Timber write-offs from casualty events		$ 100
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net income (loss)			$ (9,498)	$ 455	$ 26,421	$ 1,528	$ 20,920	$ 27,793		$ 17,378	$ 50,241
Merger with Pope Resources
Business Acquisition [Line Items]
Number of timber funds acquired | fund	3	3	3						3	3
Cash consideration (in dollars per share) | $ / shares	$ 37.50
Costs related to the merger with Pope Resources			$ 400	$ 13,500	$ 2,500
Amount of revenue included, subsequent to merger									$ 28,800
Merger with Pope Resources | Acquisition-related Transaction Costs
Business Acquisition [Line Items]
Net income (loss)			$ 400							$ 31,600
Merger with Pope Resources | Limited Partnership Interest Of Pope
Business Acquisition [Line Items]
Cash consideration (in dollars per share) | $ / shares	125
Merger with Pope Resources | Holders Of Pope Resources Units With No Valid Election
Business Acquisition [Line Items]
Cash consideration (in dollars per share) | $ / shares	$ 37.50
Merger with Pope Resources | Common Stock
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) | shares	3.929
Merger with Pope Resources | Common Stock | Holders Of Pope Resources Units With No Valid Election
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) | shares	2.751
Merger with Pope Resources | Partnership Interest | Rayonier Limited Partnership
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) | shares	3.929
Merger with Pope Resources | Pacific Northwest Timber
Business Acquisition [Line Items]
Number of acres of high-quality land acquired | a	124,000
Merger with Pope Resources | Timber Funds
Business Acquisition [Line Items]
Number of acres of Timber Fund land acquired | a	141,000

MERGER WITH POPE RESOURCES (Sum

MERGER WITH POPE RESOURCES (Summary of Consideration Transferred) (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands	May 08, 2020	May 07, 2020	Sep. 30, 2020
Business Acquisition [Line Items]
Pope Resources units outstanding (in shares)	4,366,636
Less: Pope Resources units held by us (in shares)	(114,400)
Units outstanding, net (in shares)	4,252,236
Cash consideration (in dollars per share)	$ 37.50
Cash consideration for elections	$ 159,463
General partner interest	10,000
Repayment of Pope Resources debt	65,943
Prepayment penalty and accrued interest on Pope Resources’ debt	2,275
Closing costs paid on behalf of Pope Resources	9,637
Cash consideration transferred	247,318		$ 247,318
Rayonier share price (in dollars per share)		$ 24.01
Equity consideration for elections	172,418
Pope Resources replacement awards	222
Equity consideration transferred	172,640
Redeemable Common Unit consideration transferred	106,752
Fair value of Pope Resources units held by us		$ 11,211
Total consideration	$ 537,921
Common Stock
Business Acquisition [Line Items]
Rayonier common shares issued (in shares)	7,181,071
Redeemable Common Units
Business Acquisition [Line Items]
Rayonier common shares issued (in shares)	4,446,153

MERGER WITH POPE RESOURCES (S_2

MERGER WITH POPE RESOURCES (Summary of Cash Consideration) (Details) - USD ($) $ in Thousands	May 08, 2020	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Net cash consideration shown in the Consolidated Statements of Cash Flows		$ 231,068	$ 0
Merger with Pope Resources
Business Acquisition [Line Items]
Cash consideration transferred	$ 247,318	247,318
Less: Cash assumed in merger		(16,250)
Net cash consideration shown in the Consolidated Statements of Cash Flows		$ 231,068

MERGER WITH POPE RESOURCES (Fai

MERGER WITH POPE RESOURCES (Fair Value of Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	May 08, 2020
Merger with Pope Resources
Restructuring Cost and Reserve [Line Items]
Cash		$ 16,250
Accounts receivable		4,059
Other current assets		1,150
Timber and Timberlands		987,441
Higher and Better Use Timberlands and Real Estate Development Investments		27,722
Property, plant and equipment		8,307
Other assets		4,297
Total identifiable assets acquired		1,049,226
Accounts payable		567
Current maturities of long-term debt		25,084
Accrued interest		519
Other current liabilities		9,143
Long-term debt		89,261
Long-term environmental liabilities		11,000
Other non-current liabilities		4,051
Total liabilities assumed		139,625
Net identifiable assets		909,601
Less: noncontrolling interest		(371,680)
Total net assets acquired		537,921
Deferred income tax liability	$ 4,000
Core Timberlands
Restructuring Cost and Reserve [Line Items]
Cash		7,380
Accounts receivable		2,265
Other current assets		651
Timber and Timberlands		515,541
Higher and Better Use Timberlands and Real Estate Development Investments		27,722
Property, plant and equipment		8,307
Other assets		4,297
Total identifiable assets acquired		566,163
Accounts payable		274
Current maturities of long-term debt		0
Accrued interest		244
Other current liabilities		7,203
Long-term debt		53,502
Long-term environmental liabilities		11,000
Other non-current liabilities		4,051
Total liabilities assumed		76,274
Net identifiable assets		489,889
Less: noncontrolling interest		(3,307)
Total net assets acquired		486,582
Timber Funds
Restructuring Cost and Reserve [Line Items]
Cash		8,870
Accounts receivable		1,794
Other current assets		499
Timber and Timberlands		471,900
Higher and Better Use Timberlands and Real Estate Development Investments		0
Property, plant and equipment		0
Other assets		0
Total identifiable assets acquired		483,063
Accounts payable		293
Current maturities of long-term debt		25,084
Accrued interest		275
Other current liabilities		1,940
Long-term debt		35,759
Long-term environmental liabilities		0
Other non-current liabilities		0
Total liabilities assumed		63,351
Net identifiable assets		419,712
Less: noncontrolling interest		(368,373)
Total net assets acquired		$ 51,339

MERGER WITH POPE RESOURCES (Sch

MERGER WITH POPE RESOURCES (Schedule of Unaudited Pro Forma Information) (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Sales	$ 198,975	$ 184,300	$ 684,900	$ 613,800
Net income (loss)	$ (342)	$ (7,975)	$ 28,317	$ 25,722
Basic earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19
Diluted earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net income (loss)	$ (353)	$ (8,235)	$ 29,240	$ 26,560
Basic earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19
Diluted earnings (loss) per share/unit (in dollars per share/unit)	$ 0	$ (0.06)	$ 0.21	$ 0.19

REVENUE REMAINING PERFORMANCE O

REVENUE REMAINING PERFORMANCE OBLIGATION (Narrative) (Details)	Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to Satisfaction, period	12 months

REVENUE (Contract Liability) (D

REVENUE (Contract Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 690	$ 874	$ 10,296	$ 9,670

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 198,551	$ 156,417	$ 653,238	$ 532,764
Lease Revenue	324		397
Total Revenue	198,875	156,417	653,635	532,764
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,728	31,927	109,119	108,623
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	124,241	101,274	319,830	330,576
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	760	2,338	1,752	4,816
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	159,729	135,539	430,701	444,015
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,767	4,641	14,034	13,463
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,588	6,876	11,209	22,011
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		149	327	531
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,355	11,666	25,570	36,005
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,344	4,492	7,771	5,007
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	8,426	15,430
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,245	4,212	52,876	30,525
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42	57	9,647	1,263
Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,099		3,099
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	737	451	(879)	519
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			116,027
Total Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,467	9,212	196,967	52,744
Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,633		15,279
Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,109	25,158	65,347	92,582
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(1,366)	(34)	(2,310)	(137)
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,653	41,282	147,402	148,325
Total Revenue	47,653	41,282	147,402	148,325
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,061	19,093	74,239	65,202
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,356	11,581	55,224	51,019
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	760	2,338	1,752	4,816
Operating Segments | Southern Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,177	33,012	131,215	121,037
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,461	4,351	13,386	12,772
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,015	3,919	2,801	14,516
Operating Segments | Southern Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,476	8,270	16,187	27,288
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,885	18,766	86,131	57,856
Total Revenue	28,885	18,766	86,131	57,856
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,963	2,109	8,253	7,196
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,513	16,064	75,255	48,748
Operating Segments | Pacific Northwest Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Pacific Northwest Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,476	18,173	83,508	55,944
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	252	199	444	404
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,157	394	2,179	1,508
Operating Segments | Pacific Northwest Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,409	593	2,623	1,912
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,804	61,999	142,112	181,257
Total Revenue	62,804	61,999	142,112	181,257
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,943	7,930	18,545	25,278
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,400	51,415	117,157	149,705
Operating Segments | New Zealand Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | New Zealand Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,343	59,345	135,702	174,983
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60	91	200	287
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,401	2,563	6,210	5,987
Operating Segments | New Zealand Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,461	2,654	6,410	6,274
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Total Revenue	9,907	0	17,431	0
Operating Segments | Timber Funds | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	227	0	555	0
Operating Segments | Timber Funds | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,397	0	14,701	0
Operating Segments | Timber Funds | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Timber Funds | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,624	0	15,256	0
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(6)	0	4	0
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15	0	19	0
Operating Segments | Timber Funds | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0	0	0
Operating Segments | Timber Funds | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9	0	23	0
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,467	9,212	196,967	52,744
Lease Revenue	324		397
Total Revenue	28,791	9,212	197,364	52,744
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,344	4,492	7,771	5,007
Operating Segments | Real Estate | Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	8,426	15,430
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,245	4,212	52,876	30,525
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42	57	9,647	1,263
Operating Segments | Real Estate | Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,099		3,099
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	737	451	(879)	519
Operating Segments | Real Estate | Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			116,027
Operating Segments | Real Estate | Total Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,467	9,212	196,967	52,744
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	22,201	25,192	65,505	92,719
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,534	2,795	7,527	10,947
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,575	22,214	57,493	81,104
Operating Segments | Trading | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Trading | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,109	25,009	65,020	92,051
Operating Segments | Trading | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Trading | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		149	327	531
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	149	327	531
Intersegment | Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	1,274		2,152
Intersegment | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	92	34	158	137
Intersegment | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (1,366)	$ (34)	$ (2,310)	$ (137)

REVENUE (Disaggregation of Re_2

REVENUE (Disaggregation of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 198,551	$ 156,417	$ 653,238	$ 532,764
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,272	13,077	57,426	56,257
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	782	1,677	7,490	4,353
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,054	14,754	64,916	60,610
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	143,675	120,785	365,785	383,405
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	77,339	58,116	203,263	179,499
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,336	62,669	162,522	203,906
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	159,729	135,539	430,701	444,015
Southern Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,518	13,077	56,141	56,257
Southern Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	310	1,677	1,561	4,353
Southern Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,828	14,754	57,702	60,610
Southern Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,349	18,258	73,513	60,427
Southern Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,976	16,597	64,473	52,977
Southern Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,373	1,661	9,040	7,450
Pacific Northwest Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Pacific Northwest Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	472	0	5,929	0
Pacific Northwest Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	472	0	5,929	0
Pacific Northwest Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,004	18,173	77,579	55,944
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,004	18,173	77,579	55,944
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,343	59,345	135,702	174,983
New Zealand Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,127	22,722	45,944	65,161
New Zealand Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	39,216	36,623	89,758	109,822
Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,633		15,279
Timber Funds | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	754	0	1,285	0
Timber Funds | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Timber Funds | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	754	0	1,285	0
Timber Funds | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,870	0	13,971	0
Timber Funds | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,870	0	13,971	0
Timber Funds | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,109	25,158	65,347	92,582
Trading | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,109	25,009	65,020	92,051
Trading | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	362	624	1,296	5,417
Trading | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,747	24,385	63,724	86,634
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,653	41,282	147,402	148,325
Operating Segments | Southern Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,177	33,012	131,215	121,037
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,885	18,766	86,131	57,856
Operating Segments | Pacific Northwest Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,476	18,173	83,508	55,944
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,804	61,999	142,112	181,257
Operating Segments | New Zealand Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,343	59,345	135,702	174,983
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Operating Segments | Timber Funds | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,624	0	15,256	0
Operating Segments | Trading | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 22,109	$ 25,009	$ 65,020	$ 92,051

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) a in Thousands	9 Months Ended
	Sep. 30, 2020aleasefund
Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	1 year
Minimum | Timberland Leases | Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Minimum | Timberland Leases | Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Maximum | Timberland Leases | Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period	45 years
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 | Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | fund	2
Leases under termination notice, gross acres	9
Leases under termination notice, net plantable acres	8
New Zealand | Forestry Right
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	2
Leases under termination notice, gross acres	32
Leases under termination notice, net plantable acres	8
New Zealand | Fixed-Term Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	2
Leases under termination notice, gross acres	3
Leases under termination notice, net plantable acres	2
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

LEASES (Lease Maturities) (Deta

LEASES (Lease Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Remaining 2020	$ 4,107
2021	9,278
2022	8,384
2023	8,293
2024	8,176
Thereafter	146,792
Operating lease liabilities	185,030
Imputed interest	(84,705)
Balance at September 30, 2020	100,325
Less: Current portion	(9,203)
Non-current portion at September 30, 2020	$ 91,122	$ 90,481

LEASES (Lease Cost) (Details)

LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1,550	$ 1,959	$ 4,989	$ 6,791
Variable lease cost	85	54	299	211
Total lease cost	$ 1,635	$ 2,013	$ 5,288	$ 7,002

LEASES (Supplemental Cash Flow)

LEASES (Supplemental Cash Flow) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,516	$ 2,152
Investing cash flows from operating leases	3,473	4,639
Total cash flows from operating leases	$ 4,989	$ 6,791
Weighted-average remaining lease term in years - operating leases	28 years	28 years
Weighted-average discount rate - operating leases	5.00%	5.00%

LEASES (Lease Income) (Details)

LEASES (Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Leases [Abstract]
Operating lease income	$ 324	$ 397
Total lease income	$ 324	$ 397

LEASES (Lease Contracts) (Detai

LEASES (Lease Contracts) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
Total	$ 649
Remaining 2020	84
2021	198
2022	173
2023	137
2024	57
Thereafter	$ 0

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) $ in Thousands, $ in Millions	May 08, 2020afund	Sep. 30, 2020USD ($)afund	Sep. 30, 2020NZD ($)	Sep. 30, 2020USD ($)afund	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)afund
Schedule of Equity Method Investments [Line Items]
Distributions to noncontrolling interests in the Operating Partnership				$ 667	$ 6,856	$ 725	$ 3,721	$ 3,594
Merger with Pope Resources
Schedule of Equity Method Investments [Line Items]
Number of timber funds acquired | fund	3	3		3					3
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres) | a		416,000		416,000					416,000
Distributions to noncontrolling interests in the Operating Partnership		$ 5,100
Matariki Forestry Group | Minority Shareholder Due 2025 At 2.95%
Schedule of Equity Method Investments [Line Items]
Redeemable determinated price		$ 23,300		$ 23,300					$ 23,300
Stated fixed interest rate		2.95%		2.95%					2.95%
Advance from minority shareholder			$ 22.7
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed | a	5
Rayonier | Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage		77.00%		77.00%					77.00%
Rayonier New Zealand Subsidiary | Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners		23.00%		23.00%					23.00%
ORM Timber Fund II
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund II | ORM Timber Funds | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest									20.00%
ORM Timber Fund III
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund III | ORM Timber Funds | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest									5.00%
ORM Timber Fund IV
Schedule of Equity Method Investments [Line Items]
Operating agreement term	15 years
ORM Timber Fund IV | ORM Timber Funds | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest									15.00%
Ferncliff Investors | Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners	33.33%
Bainbridge Landing LLC | Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners	50.00%

NONCONTROLLING INTERESTS (Sched

NONCONTROLLING INTERESTS (Schedule of Net Income (Loss) Attributable to Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (8,715)	$ 1,961	$ (9,647)	$ 7,129
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	2,066	1,961	3,326	7,129
ORM Timber Funds
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	(10,627)	0	(12,773)	0
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (153)	$ 0	$ (199)	$ 0

NONCONTROLLING INTERESTS (Sch_2

NONCONTROLLING INTERESTS (Schedule of Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 110,220	$ 0
Issuances of Redeemable Common Units	0	106,752
Adjustment of noncontrolling interests in the Operating Partnership	8,030	12,022
Conversions of Common Units to Common Shares	(27)	(27)
Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership	(25)	195
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership	532	989
Distributions to noncontrolling interests in the Operating Partnership	(1,200)	(2,401)
Total noncontrolling interests in the Operating Partnership	$ 117,530	$ 117,530

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION (Narrative) (Details)	9 Months Ended
	Sep. 30, 2020segmentfund	May 08, 2020segmentfund
Segment Reporting Information [Line Items]
Number of additional reportable segments		1
Number of reportable segments	6
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | ORM Timber Fund II
Segment Reporting Information [Line Items]
Ownership interest	20.00%
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | ORM Timber Fund III
Segment Reporting Information [Line Items]
Ownership interest	5.00%
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | ORM Timber Fund IV
Segment Reporting Information [Line Items]
Ownership interest	15.00%
Merger with Pope Resources
Segment Reporting Information [Line Items]
Number of timber funds acquired | fund	3	3

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
SALES	$ 198,875	$ 156,417	$ 653,635	$ 532,764
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES	7,700		13,500
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
SALES			116,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(1,366)	(34)	(2,310)	(137)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	47,653	41,282	147,402	148,325
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	28,885	18,766	86,131	57,856
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	62,804	61,999	142,112	181,257
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
SALES	9,907	0	17,431	0
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	28,791	9,212	197,364	52,744
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	22,201	25,192	65,505	92,719
Intersegment Eliminations | Timber Funds
Segment Reporting Information [Line Items]
SALES	1,274		2,152
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
SALES	92	34	158	137
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (1,366)	$ (34)	$ (2,310)	$ (137)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total Operating Income	$ 1,780	$ 10,987	$ 52,019	$ 80,900
Unallocated interest expense and other	(10,558)	(7,208)	(27,225)	(20,451)
Total (Loss) Income before Income Taxes	(8,778)	3,779	24,794	60,449
Charges	430		16,415
Southern Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	6,000		6,000
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income	10,300		12,300
Timber write-offs from casualty events	7,300		7,300
Timber Funds, Portion Attributable To Parent
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	1,800		1,800
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Total Operating Income			28,700
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	5,090	9,512	31,368	45,773
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(1,825)	(3,567)	(9,453)	(11,123)
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	10,720	10,104	21,142	38,621
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	(12,370)	0	(14,262)	0
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	9,459	425	61,081	25,920
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	(557)	(37)	(474)	271
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (8,737)	$ (5,450)	$ (37,383)	$ (18,562)

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 43,283	$ 27,846	$ 154,851	$ 91,939
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	3,700		7,200
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION			35,400
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	14,954	13,025	48,368	45,633
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	10,912	6,299	32,221	19,170
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,345	7,563	17,062	21,071
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,170	0	8,239	0
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,527	668	47,950	5,202
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 375	$ 291	$ 1,011	$ 863

SEGMENT AND GEOGRAPHICAL INFO_7

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 7,259	$ 4,339	$ 72,340	$ 9,985
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 7,259	$ 4,339	72,340	$ 9,985
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT			$ 51,600

DEBT (Schedule of Long Term Deb

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	Jan. 01, 2021	Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	May 07, 2020	Apr. 16, 2020	Apr. 01, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, net of deferred financing costs		$ 1,378,596
Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		1,320,872
Less: Deferred financing costs		(2,667)
Long-term debt, net of deferred financing costs		1,318,205						$ 973,129
Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		60,403
Less: Deferred financing costs		(12)
Long-term debt, net of deferred financing costs		$ 60,391						$ 0
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate during period		3.20%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020 | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate		1.60%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at June 30, 2020 | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 350,000
Less: Deferred financing costs							$ (500)
Effective fixed interest rate		1.80%
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Stated fixed interest rate					3.75%
Senior Notes due 2022 at a fixed interest rate of 3.75% | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 325,000
Stated fixed interest rate		3.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate during period		2.80%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020 | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate		1.90%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at June 30, 2020 | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 300,000
Effective fixed interest rate		2.10%
2020 Incremental Term Loan Agreement borrowings due 2025 at an average variable interest rate of 2.05% at June 30, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate during period		2.30%
2020 Incremental Term Loan Agreement borrowings due 2025 at an average variable interest rate of 2.05% at June 30, 2020 | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate		1.85%
2020 Incremental Term Loan Agreement borrowings due 2025 at an average variable interest rate of 2.05% at June 30, 2020 | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 250,000
Less: Deferred financing costs						$ (800)
Effective fixed interest rate		2.00%
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020 | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 20,000
Effective fixed interest rate		1.70%
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 22,735
Stated fixed interest rate		2.95%
Due 2025 at a fixed interest rate of 6.1% | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 11,690
Stated fixed interest rate		6.10%
Due 2028 at a fixed interest rate of 4.1% | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 12,052
Stated fixed interest rate		4.10%
Due 2033 at a fixed interest rate of 5.3% | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 19,497
Stated fixed interest rate		5.30%
Due 2036 at a fixed interest rate of 5.4% | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 9,898
Stated fixed interest rate		5.40%
Due 2022 at a fixed interest rate of 2.0% | Timber Funds | LIBOR | Forecast
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Fund II Mortgages Payable, Due September 2022 At 2.0% One | Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 11,000	$ 11,000
Stated fixed interest rate		2.00%	2.00%	4.90%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two | Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 14,000	$ 14,000
Stated fixed interest rate		2.00%	2.00%	3.80%
Due 2023 at a fixed interest rate of 5.1% | Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 19,695
Stated fixed interest rate		5.10%
Due 2024 at a fixed interest rate of 4.5% | Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds		$ 15,708
Stated fixed interest rate		4.50%

DEBT (Schedule of Long Term Mat

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
2020	$ 0
2021	0
2022	350,000
2023	17,980
2024	14,400
Thereafter	987,735
Total Debt	1,370,115
Excluding Timber Funds
Debt Instrument [Line Items]
2020	0
2021	0
2022	325,000
2023	0
2024	0
Thereafter	987,735
Total Debt	1,312,735
Timber Funds
Debt Instrument [Line Items]
2020	0
2021	0
2022	25,000
2023	17,980
2024	14,400
Thereafter	0
Total Debt	$ 57,380

DEBT (Narrative and Debt Conven

DEBT (Narrative and Debt Convenants) (Details) $ in Millions	Jan. 01, 2021	May 08, 2020USD ($)mortgage_payable	Sep. 30, 2020USD ($)	Sep. 30, 2020NZD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)tranche	Sep. 30, 2020NZD ($)	Sep. 01, 2020USD ($)	Aug. 31, 2020	Apr. 16, 2020USD ($)	Apr. 13, 2020USD ($)	Apr. 12, 2020USD ($)	Apr. 01, 2020USD ($)
Debt Instrument [Line Items]
Distributions to noncontrolling interests in the Operating Partnership					$ 667,000	$ 6,856,000	$ 725,000	$ 3,721,000	$ 3,594,000
Debt instrument, number of tranches | tranche										5
Matariki Forestry Group
Debt Instrument [Line Items]
Distributions to noncontrolling interests in the Operating Partnership			$ 5,100,000
Excluding Timber Funds
Debt Instrument [Line Items]
Deferred financing costs			2,667,000		2,667,000					$ 2,667,000
Total debt, excluding Timber Funds			1,320,872,000		1,320,872,000					1,320,872,000
Timber Funds
Debt Instrument [Line Items]
Deferred financing costs			12,000		12,000					12,000
Total debt, excluding Timber Funds			60,403,000		60,403,000					60,403,000
Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount		$ 25,000,000	25,000,000		25,000,000					$ 25,000,000
Debt instrument, number of mortgages payable | mortgage_payable		2
Fund II Mortgages Payable | Timber Funds
Debt Instrument [Line Items]
Loan-to-value ratio, percentage										50.00%
Fund III Mortgages Payable
Debt Instrument [Line Items]
Face amount		$ 32,400,000	$ 32,380,000		$ 32,380,000					$ 32,380,000
Debt instrument, number of mortgages payable | mortgage_payable		2
Fund III Mortgages Payable | Timber Funds
Debt Instrument [Line Items]
Loan-to-value ratio, percentage										50.00%
Ratio of minimum interest coverage			1.5		1.5					1.5	1.5
Working capital										$ 500,000
2020 Incremental Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate										1.85%
2020 Incremental Term Loan Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Deferred financing costs														$ 800,000
Debt term														5 years
Face amount														$ 250,000,000
Total debt, excluding Timber Funds			$ 250,000,000		$ 250,000,000					$ 250,000,000
Working Capital Facility
Debt Instrument [Line Items]
Debt term						12 months
Proceeds from lines of credit										$ 0
Remaining borrowing capacity											$ 20
Minority Shareholder Due 2025 At 2.95% | Matariki Forestry Group
Debt Instrument [Line Items]
Stated Fixed Interest Rate			2.95%		2.95%					2.95%	2.95%
Redeemable determinated price			$ 23,300,000		$ 23,300,000					$ 23,300,000
Advance from minority shareholder				$ 22.7
Term Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate										1.60%
Term Credit Agreement | Excluding Timber Funds
Debt Instrument [Line Items]
Deferred financing costs																	$ 500,000
Total debt, excluding Timber Funds			$ 350,000,000		$ 350,000,000					$ 350,000,000
Covenant EBITDA to consolidated interest expense, Covenant Requirement			2.5		2.5					2.5	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio			9.42		9.42					9.42	9.42
Covenant EBITDA to consolidated interest expense, Favorable			6.92		6.92					6.92	6.92
Covenant debt to net worth plus covenant debt, Covenant Requirement			0.65		0.65					0.65	0.65
Covenant debt to net worth plus covenant debt, Actual ratio			0.48		0.48					0.48	0.48
Covenant debt to net worth plus covenant debt, favorable			0.17		0.17					0.17	0.17
Incremental Term Loan Agreement borrowings due 2026 | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate										1.90%
Incremental Term Loan Agreement borrowings due 2026 | Excluding Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds			$ 300,000,000		$ 300,000,000					$ 300,000,000
Due 2022 at a fixed interest rate of 2.0% | Timber Funds | LIBOR | Forecast
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Fund II Mortgages Payable, Due September 2022 At 2.0% One | Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds			$ 11,000,000		$ 11,000,000					$ 11,000,000		$ 11,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%	2.00%	4.90%
Fund II Mortgages Payable, Due September 2022 At 2.0% One | Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount			$ 11,000,000		$ 11,000,000					$ 11,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two | Timber Funds
Debt Instrument [Line Items]
Total debt, excluding Timber Funds			$ 14,000,000		$ 14,000,000					$ 14,000,000		$ 14,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%	2.00%	3.80%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two | Fund II Mortgages Payable
Debt Instrument [Line Items]
Face amount			$ 14,000,000		$ 14,000,000					$ 14,000,000
Stated Fixed Interest Rate			2.00%		2.00%					2.00%	2.00%
Revolving Credit Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300,000,000		$ 300,000,000		$ 200,000,000			$ 300,000,000					$ 300,000,000	$ 250,000,000	$ 250,000,000
Deferred financing costs															$ 1,200,000
Proceeds from lines of credit										70,000,000
Repayments of lines of credit										132,000,000
Remaining borrowing capacity			279,100,000		279,100,000					279,100,000
Amount to secure outstanding letters of credit			900,000		900,000					900,000
Northwest Farm Credit Services Credit Facility
Debt Instrument [Line Items]
Face amount		$ 45,000,000	45,000,000		45,000,000					45,000,000
Northwest Farm Credit Services Credit Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Long-term debt fair value			$ 45,000,000		$ 45,000,000					$ 45,000,000
Covenant EBITDA to consolidated interest expense, Covenant Requirement			2.5		2.5					2.5	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio			9.42		9.42					9.42	9.42
Covenant EBITDA to consolidated interest expense, Favorable			6.92		6.92					6.92	6.92
Covenant debt to net worth plus covenant debt, Covenant Requirement			0.65		0.65					0.65	0.65
Covenant debt to net worth plus covenant debt, Actual ratio			0.48		0.48					0.48	0.48
Covenant debt to net worth plus covenant debt, favorable			0.17		0.17					0.17	0.17
Ratio of loan To appraised value, Covenant Requirement			50		50					50	50
Ratio of loan to appraised value requirement actual			11		11					11	11
Ratio of loan to appraised value, favorable			0.39		0.39					0.39	0.39

DEBT (Credit Facility) (Details

DEBT (Credit Facility) (Details) - Northwest Farm Credit Services Credit Facility - USD ($)	Sep. 30, 2020	May 08, 2020
Debt Instrument [Line Items]
Stated Principal Amount	$ 45,000,000	$ 45,000,000
Est. Fair Value at Merger Date	$ 53,502,000
Tranche 2 (Due 2025)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	6.10%
Effective Fixed Interest Rate	4.80%
Stated Principal Amount	$ 10,000,000
Est. Fair Value at Merger Date	$ 11,838,000
Tranche 4 (Due 2028)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	4.10%
Effective Fixed Interest Rate	3.10%
Stated Principal Amount	$ 11,000,000
Est. Fair Value at Merger Date	$ 12,108,000
Tranches 6 & 7 (Due 2033)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	5.30%
Effective Fixed Interest Rate	4.20%
Stated Principal Amount	$ 16,000,000
Est. Fair Value at Merger Date	$ 19,609,000
Tranche 8 (Due 2036)
Debt Instrument [Line Items]
Stated Fixed Interest Rate	5.40%
Effective Fixed Interest Rate	4.30%
Stated Principal Amount	$ 8,000,000
Est. Fair Value at Merger Date	$ 9,947,000

DEBT (Mortgages Payable) (Detai

DEBT (Mortgages Payable) (Details) - USD ($)	Jan. 01, 2021	Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	May 08, 2020
Due 2022 at a fixed interest rate of 2.0% | Forecast | Timber Funds | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.70%
Fund II Mortgages Payable, Due September 2022 At 2.0% One | Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%	2.00%	4.90%
Fund II Mortgages Payable, Due September 2022 At 2.0% Two | Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%	2.00%	3.80%
Due 2023 at a fixed interest rate of 5.1% | Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		5.10%
Due 2024 at a fixed interest rate of 4.5% | Timber Funds
Debt Instrument [Line Items]
Stated Fixed Interest Rate		4.50%
Fund II Mortgages Payable
Debt Instrument [Line Items]
Stated Principal Amount		$ 25,000,000			$ 25,000,000
Est. Fair Value at Merger Date		$ 25,084,000
Fund II Mortgages Payable | Fund II Mortgages Payable, Due September 2022 At 2.0% One
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%
Stated Principal Amount		$ 11,000,000
Est. Fair Value at Merger Date		$ 11,061,000
Fund II Mortgages Payable | Fund II Mortgages Payable, Due September 2022 At 2.0% Two
Debt Instrument [Line Items]
Stated Fixed Interest Rate		2.00%
Stated Principal Amount		$ 14,000,000
Est. Fair Value at Merger Date		14,023,000
Fund III Mortgages Payable
Debt Instrument [Line Items]
Stated Principal Amount		32,380,000			$ 32,400,000
Est. Fair Value at Merger Date		$ 35,759,000
Fund III Mortgages Payable | Due 2023 at a fixed interest rate of 5.1%
Debt Instrument [Line Items]
Stated Fixed Interest Rate		5.10%
Effective Fixed Interest Rate		3.90%
Stated Principal Amount		$ 17,980,000
Est. Fair Value at Merger Date		$ 19,915,000
Fund III Mortgages Payable | Due 2024 at a fixed interest rate of 4.5%
Debt Instrument [Line Items]
Stated Fixed Interest Rate		4.50%
Effective Fixed Interest Rate		3.20%
Stated Principal Amount		$ 14,400,000
Est. Fair Value at Merger Date		$ 15,844,000

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	$ 81,791
Plus: Current portion, Beginning Balance	12,663
Total Balance, Beginning Balance	94,454
Non-cash cost of land and improved development	(5,829)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(619)
Capitalized real estate development investments	5,448
HBU properties acquired in merger with Pope Resources	27,722
Capital expenditures (silviculture)	211
Intersegment transfers	(3,979)
Total Balance, Ending Balance	117,408
Less: Current portion, Ending Balance	(9,122)
Non-current portion, Ending Balance	108,286
Capitalized interest	400
Merger with Pope Resources
Real Estate, Land and Land Development Costs [Roll Forward]
HBU properties acquired in merger with Pope Resources	27,700
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	58,091
Plus: Current portion, Beginning Balance	274
Total Balance, Beginning Balance	58,365
Non-cash cost of land and improved development	(882)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(619)
Capitalized real estate development investments	0
HBU properties acquired in merger with Pope Resources	27,722
Capital expenditures (silviculture)	211
Intersegment transfers	(3,979)
Total Balance, Ending Balance	80,818
Less: Current portion, Ending Balance	(326)
Non-current portion, Ending Balance	80,492
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	23,700
Plus: Current portion, Beginning Balance	12,389
Total Balance, Beginning Balance	36,089
Non-cash cost of land and improved development	(4,947)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	5,448
HBU properties acquired in merger with Pope Resources	0
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	36,590
Less: Current portion, Ending Balance	(8,796)
Non-current portion, Ending Balance	$ 27,794

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Thousands	Sep. 30, 2020USD ($)
Commitments
Remaining 2020	$ 9,294
2021	17,688
2022	19,216
2023	19,953
2024	17,043
Thereafter	44,804
Commitments, total	127,998
Environmental Remediation
Commitments
Remaining 2020	460
2021	3,238
2022	1,786
2023	1,775
2024	1,775
Thereafter	2,684
Commitments, total	11,718
Development Projects
Commitments
Remaining 2020	5,190
2021	161
2022	220
2023	232
2024	232
Thereafter	2,770
Commitments, total	8,805
Commitments
Commitments
Remaining 2020	3,644
2021	14,289
2022	17,210
2023	17,946
2024	15,036
Thereafter	39,350
Commitments, total	$ 107,475

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	May 08, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Taxes
Income tax expense		$ (720)	$ (2,251)	$ (7,416)	$ (10,208)
Annualized effective tax rate after discrete items				29.90%	16.60%
Operating Partnership
Income Taxes
Ownership interest	96.80%

ENVIRONMENTAL REMEDIATION LIA_2

ENVIRONMENTAL REMEDIATION LIABILITIES (Details) $ in Millions	5 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Property, Plant and Equipment [Line Items]
Payments for ongoing environmental remediation efforts	$ 0.2
Accrual for environmental remediation	$ 11.7	$ 11.7
Minimum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		2 years
Minimum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		10 years
Maximum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		3 years
Maximum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term		15 years

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Sep. 30, 2020USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 10,209
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	885
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	9,324
Financial Commitment from Operating Partnership
Guarantor Obligations [Line Items]
Maximum Potential Payment	325,000
Financial Commitment from Operating Partnership | Senior Notes due 2022
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 325,000

(LOSS) EARNINGS PER SHARE AND_3

(LOSS) EARNINGS PER SHARE AND PER UNIT (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net (loss) income	$ (9,498)			$ 1,528			$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25	$ (219)		0			(195)	0
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715			(1,961)			9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	$ (758)			$ (433)			$ 26,830	$ 43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares (in shares)	136,351,271			129,325,181			132,948,124	129,293,562
Basic (loss) earnings per common share attributable to Rayonier Inc (in dollars per share)	$ (0.01)			$ 0			$ 0.20	$ 0.33
Numerator:
Net (loss) income	$ (9,498)			$ 1,528			$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715			(1,961)			9,647	(7,129)
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership	25			0			0	0
Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted	$ (758)			$ (433)			$ 27,025	$ 43,112
Denominator:
Denominator for basic (loss) earnings per common share - weighted average shares (in shares)	136,351,271			129,325,181			132,948,124	129,293,562
Add: Dilutive effect of:
Stock options (in shares/units)	0			0			492	13,405
Performance shares,restricted shares and restricted stock units (in shares/units)	0			0			159,018	345,495
Noncontrolling interest in common units (in shares)	0			0			2,352,822	0
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	136,351,271			129,325,181			135,460,456	129,652,462
Diluted (loss) earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ (0.01)			$ 0			$ 0.20	$ 0.33
Rayonier Limited Partnership
Numerator:
Net (loss) income	$ (9,498)	455	$ 26,421	$ 1,528	$ 20,920	$ 27,793	$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	8,715			(1,961)			9,647	(7,129)
Net (loss) income attributable to Rayonier Inc.	$ (783)			$ (433)			$ 27,025	$ 43,112
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units (in units)	140,797,217			129,325,181			135,300,946	129,293,562
Basic (loss) earnings per common unit attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)			$ 0			$ 0.20	$ 0.33
Numerator:
Net (loss) income	$ (9,498)	$ 455	$ 26,421	$ 1,528	$ 20,920	$ 27,793	$ 17,378	$ 50,241
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	$ 8,715			$ (1,961)			$ 9,647	$ (7,129)
Denominator:
Denominator for basic (loss) earnings per common unit - weighted average units (in units)	140,797,217			129,325,181			135,300,946	129,293,562
Add: Dilutive effect of:
Stock options (in shares/units)	0			0			492	13,405
Performance shares,restricted shares and restricted stock units (in shares/units)	0			0			159,018	345,495
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	140,797,217			129,325,181			135,460,456	129,652,462
Diluted earnings (loss) per share attributable to Rayonier, L.P. (in dollars per unit)	$ (0.01)			$ 0			$ 0.20	$ 0.33

(LOSS) EARNINGS PER SHARE AND_4

(LOSS) EARNINGS PER SHARE AND PER UNIT (Antidilutive Securities) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share (in shares/units)	5,038,514	611,740	471,999	421,853
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share (in shares/units)	592,568	611,740	471,999	421,853

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Interest rate swap locks
Derivative [Line Items]
Amount de-designated and partially cash settled	$ 11.1
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Treasury locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI	(20.8)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swap locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI	(1.4)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Carbon option contracts
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax	$ 1.1
New Zealand JV | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	50.00%
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
New Zealand JV | Minimum | Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	90.00%
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months	75.00%
New Zealand JV | Maximum | Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 18 to 48 months	50.00%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Interest Rate Products) (Details) - USD ($)	Apr. 16, 2020	Sep. 30, 2020
Treasury locks | 2020 Incremental Term Loan Facility
Derivative [Line Items]
Term of extension	5 years
Interest rate swap locks | 2020 Incremental Term Loan Facility
Derivative [Line Items]
Term of extension	5 years
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 1
Derivative [Line Items]
Term		9 years
Notional Amount		$ 170,000
Fixed Rate of Swap		2.20%
Bank Margin on Debt		1.60%
Total Effective Interest Rate		3.80%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 2
Derivative [Line Items]
Term		9 years
Notional Amount		$ 180,000
Fixed Rate of Swap		2.35%
Bank Margin on Debt		1.60%
Total Effective Interest Rate		3.95%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 3
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed Rate of Swap		1.60%
Bank Margin on Debt		1.90%
Total Effective Interest Rate		3.50%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 4
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed Rate of Swap		1.60%
Bank Margin on Debt		1.90%
Total Effective Interest Rate		3.50%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 5
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed Rate of Swap		1.26%
Bank Margin on Debt		1.90%
Total Effective Interest Rate		3.16%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 6
Derivative [Line Items]
Term		10 years
Notional Amount		$ 250,000
Fixed Rate of Swap		1.10%
Bank Margin on Debt		1.85%
Total Effective Interest Rate		2.95%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Treasury locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI		$ (20,800,000)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Treasury Lock 1
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.53%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Treasury Lock 2
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.53%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Treasury Lock 3
Derivative [Line Items]
Term		10 years
Notional Amount		$ 50,000
Fixed rate on derivative		1.35%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap Lock 1
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.56%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap Lock 2
Derivative [Line Items]
Term		10 years
Notional Amount		$ 100,000
Fixed rate on derivative		1.59%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap Lock 3
Derivative [Line Items]
Term		10 years
Notional Amount		$ 50,000
Fixed rate on derivative		1.41%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swap locks
Derivative [Line Items]
Gain (loss) on treasury lock recorded to AOCI		$ (1,400,000)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term		10 years
Notional Amount		$ 325,000
Fixed rate on derivative		1.40%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term		4 years
Notional Amount		$ 100,000
Fixed rate on derivative		0.88%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term		4 years
Notional Amount		$ 50,000
Fixed rate on derivative		0.74%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Income Statement Location) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	$ 7,861	$ (7,276)	$ (83,475)	$ (12,424)	$ (19,519)	$ (10,686)
Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss) | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	1,946			(2,870)			$ 1,806	$ (1,971)
Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss) | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	358			(300)			85	(330)
Derivatives designated as cash flow hedges | Interest rate products | Other comprehensive income (loss) | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	2,417			(9,592)			(91,203)	(38,558)
Derivatives designated as cash flow hedges | Interest rate products | Interest expense | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as hedging instrument	$ 3,783			$ (549)			6,951	(2,414)
Derivative not designated as a hedging instrument | Foreign currency exchange contracts | Interest and other miscellaneous (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income							0	135
Derivative not designated as a hedging instrument | Carbon option contracts | Interest and other miscellaneous (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income							$ 563	$ 414

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 47,650,000	$ 56,350,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	32,000,000	22,000,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	900,000,000	650,000,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	475,000,000	0
Derivative not designated as a hedging instrument | Carbon options
Derivatives, Fair Value [Line Items]
Notional Amount	$ 0	$ 9,592,000

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 3,108	$ 3,788
Fair value, derivative liability	(82,558)	(11,904)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,815	575
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,293	3,213
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(270)	(806)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(82,288)	(11,098)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,252	424
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,293	390
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(96)	(172)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	563	151
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	209
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(174)	(27)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(30)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	2,614
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(61,308)	(11,068)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(20,980)	0
Derivative not designated as a hedging instrument | Carbon options | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (607)

FAIR VALUE MEASUREMENTS (Carryi

FAIR VALUE MEASUREMENTS (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	$ (82,558)	$ (11,904)
Marketable equity securities	0	10,582
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interests in the Operating Partnership		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interests in the Operating Partnership		0
Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt, excluding Timber Funds	0	(82,000)
Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	475	1,233
Marketable equity securities	0	10,582
Noncontrolling Interests in the Operating Partnership	117,530	0
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(61,308)	(8,454)
Carrying Amount | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(20,980)	0
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	2,449	642
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	389	303
Carrying Amount | Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	(607)
Carrying Amount | Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	75,178	68,735
Current maturities of long-term debt, excluding Timber Funds	0	(82,000)
Long-term debt	(1,318,205)	(973,129)
Carrying Amount | Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,973	0
Long-term debt	(60,391)	0
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	475	1,233
Marketable equity securities	0	10,582
Noncontrolling Interests in the Operating Partnership	117,530
Fair Value | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	0	0
Fair Value | Level 1 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	0	0
Fair Value | Level 1 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value | Level 1 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value | Level 1 | Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Marketable equity securities	0	0
Noncontrolling Interests in the Operating Partnership	0
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(61,308)	(8,454)
Fair Value | Level 2 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(20,980)	0
Fair Value | Level 2 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	2,449	642
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	389	303
Fair Value | Level 2 | Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	(607)
Fair Value | Excluding Timber Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	75,178	68,735
Current maturities of long-term debt, excluding Timber Funds	0	0
Long-term debt	0	0
Fair Value | Excluding Timber Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Current maturities of long-term debt, excluding Timber Funds	0	(82,000)
Long-term debt	(1,325,204)	(981,500)
Fair Value | Timber Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,973	0
Long-term debt	0	0
Fair Value | Timber Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Long-term debt	$ (60,628)	$ 0

FAIR VALUE MEASUREMENTS (Unreal

FAIR VALUE MEASUREMENTS (Unrealized Gain Position) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value of marketable equity securities, Carrying Amount	$ 0	$ 10,582
Fair value of marketable securities, Less then 12 Months	0	10,582
Fair value of marketable securities, 12 Months or Greater	0	0
Fair value of marketable securities, Total	0	10,582
Unrealized (losses) gains, Carrying Amount	0	0
Unrealized (losses) gains, Less than 12 Months	0	3,043
Unrealized (losses) gains, 12 Months or Greater	0	0
Unrealized (losses) gains, Total	$ 0	$ 3,043

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)pension_plan	Sep. 30, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans | pension_plan			1
Weighted-average expected long-term rate of return on plan assets			5.70%
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension contributions paid			$ 2,900
Service cost	$ 0	$ 0	0	$ 0
Interest cost	677	799	2,029	2,398
Expected return on plan assets	(876)	(777)	(2,628)	(2,330)
Amortization of losses	215	112	646	337
Net periodic benefit cost	16	134	47	405
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	1	5	4
Interest cost	13	13	38	40
Expected return on plan assets	0	0	0	0
Amortization of losses	2	0	6	0
Net periodic benefit cost	$ 17	$ 14	$ 49	$ 44

INCENTIVE STOCK PLANS (Narrativ

INCENTIVE STOCK PLANS (Narrative) (Details) - Replacement Restricted Stock Awards - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement restricted shares granted (in shares)	0	69,176
Fair value of awards granted		$ 1.7
Fair value of awards granted, portion attributable to pre-merger services		$ 0.2
Weighted average remaining service period		21 months
Accelerated vesting (in shares)	3,973	15,049
Cost of accelerated vesting	$ 0.1	$ 0.3

INCENTIVE STOCK PLANS (Summary

INCENTIVE STOCK PLANS (Summary of Restricted Stock Awards) (Details) - Replacement Restricted Stock Awards $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement restricted shares granted (in shares) | shares	0	69,176
Weighted average price of replacement restricted shares granted (in dollars per share) | $ / shares	$ 0	$ 24.01
Replacement restricted shares vested as a result of acceleration due to qualifying terminations (in shares) | shares	3,973	15,049
Grant date fair value of replacement restricted shares vested (in dollars per share) | $ / shares	$ 24.01	$ 24.01
Intrinsic value of replacement restricted stock outstanding | $	$ 1,431	$ 1,431
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements | $	$ 0	$ 44

OTHER OPERATING EXPENSE, NET (D

OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Loss on foreign currency remeasurement, net of cash flow hedges	$ (976)	$ (895)	$ (2,263)	$ (1,585)
Gain on sale or disposal of property and equipment	19	0	26	56
Log trading marketing fees	0	102	50	239
Costs related to the merger with Pope Resources	(430)	0	(16,415)	0
Miscellaneous expense, net	(266)	(72)	(645)	(1,509)
Total	$ (1,653)	$ (865)	$ (19,247)	$ (2,799)

CHARGES FOR INTEGRATION AND R_3

CHARGES FOR INTEGRATION AND RESTRUCTURING (Summary of Charges) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Termination benefits	$ 70	$ 651
Acceleration of share-based compensation related to qualifying terminations (Note 18)	92	324
Professional services	239	13,553
Other integration and restructuring costs	29	1,887
Total integration and restructuring charges related to the Mergers	$ 430	$ 16,415

CHARGES FOR INTEGRATION AND R_4

CHARGES FOR INTEGRATION AND RESTRUCTURING (Changes in Accrued Severance) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Charges	$ 430		$ 16,415
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	247	$ 0
Charges	70	581
Payments	(71)	(334)
Ending balance	$ 246	$ 247	$ 246

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventory	$ 13,767	$ 14,518
Real estate inventory
Inventory [Line Items]
Inventory	9,122	12,663
Log inventory
Inventory [Line Items]
Inventory	$ 4,645	$ 1,855

RESTRICTED CASH (Narrative) (De

RESTRICTED CASH (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 0.5	$ 1.2

RESTRICTED CASH (Schedule of Re

RESTRICTED CASH (Schedule of Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 475	$ 1,233
Cash and cash equivalents	78,151	68,735
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	78,626	$ 69,968	$ 59,934	$ 156,454
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 475

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Components) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,537,642	$ 1,654,550
Other comprehensive (loss) income before reclassifications	(95,585)	(30,266)
Amounts reclassified from accumulated other comprehensive (loss) income	5,182	(1,175)
Net other comprehensive (loss) income	(90,403)	(31,441)
Ending balance	1,851,148	1,537,642
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(31,202)	239
Ending balance	(121,605)	(31,202)
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(226)	(1,010)
Other comprehensive (loss) income before reclassifications	(6,862)	784
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss) income	(6,862)	784
Ending balance	(7,088)	(226)
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(8,910)	21,965
Other comprehensive (loss) income before reclassifications	(88,723)	(29,251)
Amounts reclassified from accumulated other comprehensive (loss) income	5,519	(1,624)
Net other comprehensive (loss) income	(83,204)	(30,875)
Ending balance	(92,114)	(8,910)
Cash flow hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss) income before reclassifications	91,200
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(23,387)	(22,037)
Other comprehensive (loss) income before reclassifications	0	(1,799)
Amounts reclassified from accumulated other comprehensive (loss) income	652	449
Net other comprehensive (loss) income	652	(1,350)
Ending balance	(22,735)	(23,387)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(31,202)	239
Other comprehensive (loss) income before reclassifications	(95,585)	(30,266)
Amounts reclassified from accumulated other comprehensive (loss) income	6,171	(1,175)
Net other comprehensive (loss) income	(89,414)	(31,441)
Ending balance	(120,616)	(31,202)
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	0
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss) income	(989)	0
Net other comprehensive (loss) income	(989)	0
Ending balance	$ (989)	$ 0

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ 1,653	$ 865	$ 19,247	$ 2,799
Interest expense	(10,421)	(7,996)	(28,457)	(23,629)
Income tax expense	(720)	(2,251)	(7,416)	(10,208)
Net loss (gain) from accumulated other comprehensive income	$ 9,498	$ (1,528)	(17,378)	(50,241)
Amount reclassified from accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss (gain) from accumulated other comprehensive income			5,519	(2,132)
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense			557	(110)
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive (loss) income | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			(2,568)	580
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive (loss) income | Realized loss (gain) on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			(15)	(71)
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive (loss) income | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense			6,951	(2,414)
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			$ 594	$ (117)

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - fund	9 Months Ended
	Sep. 30, 2020	May 08, 2020
ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
Variable Interest Entity [Line Items]
Ownership interest	20.00%
ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
Variable Interest Entity [Line Items]
Ownership interest	5.00%
ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
Variable Interest Entity [Line Items]
Ownership interest	15.00%
Merger with Pope Resources
Variable Interest Entity [Line Items]
Number of timber funds acquired	3	3

VARIABLE INTEREST ENTITIES (Sum

VARIABLE INTEREST ENTITIES (Summary of VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 78,151	$ 68,735
Accounts receivable	45,439	27,127
Prepaid expenses	19,342	14,728
Other current assets	2,388	867
Total current assets	168,814	125,975
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,284,695	2,482,047
TOTAL ASSETS	3,726,999	2,860,996
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
Accounts payable	24,645	18,160
Accrued taxes	8,067	3,032
Accrued interest	9,203	5,205
Deferred revenue	15,673	11,440
Other current liabilities	24,450	22,480
Total current liabilities	92,066	151,186
Long-term debt, net of deferred financing costs	1,378,596
Equity	1,429,219	1,439,981
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,726,999	$ 2,860,996
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
ASSETS
Cash and cash equivalents	2,973
Accounts receivable	4,437
Prepaid expenses	38
Other current assets	361
Total current assets	7,809
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	452,777
TOTAL ASSETS	460,586
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
Accounts payable	907
Intercompany payable	552
Accrued taxes	353
Accrued interest	432
Deferred revenue	275
Other current liabilities	732
Total current liabilities	3,251
Long-term debt, net of deferred financing costs	60,391
Equity	396,944
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	460,586
Variable Interest Entity, Primary Beneficiary | Ferncliff Investors
ASSETS
Cash and cash equivalents	2
Prepaid expenses	740
Total current assets	742
Investment in real estate joint venture entity	2,927
Advances to real estate joint venture entity	1,000
TOTAL ASSETS	4,669
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
Intercompany payable	8
Total current liabilities	8
Equity	4,661
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 4,669

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 9,727,000	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Properties Under Contract
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize	12 months
Assets held for sale	$ 9,700,000
Asset impairment recognized	$ 0