Rayonier (RYN) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		141,325,002
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		4,267,327
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SALES	$ 291,431	$ 195,630	$ 482,878	$ 454,760
Costs and Expenses
Cost of sales	(194,250)	(154,891)	(345,628)	(364,390)
Selling and general expenses	(14,693)	(12,570)	(28,725)	(22,538)
Other operating income (expense), net	1,956	(16,483)	4,404	(17,594)
Costs and expenses	(206,987)	(183,944)	(369,949)	(404,522)
OPERATING INCOME	84,444	11,686	112,929	50,238
Interest expense	(13,000)	(9,820)	(23,027)	(18,036)
Interest and other miscellaneous (expense) income, net	(1,144)	1,579	(1,148)	1,370
INCOME BEFORE INCOME TAXES	70,300	3,445	88,754	33,572
Income tax expense	(6,880)	(2,990)	(10,302)	(6,696)
NET INCOME	63,420	455	78,452	26,876
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(1,753)	(219)	(2,094)	(219)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(4,461)	1,499	(8,304)	931
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. UNITHOLDERS	57,206	1,735	68,054	27,588
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0	1,239	23,258	(13,048)	(20,765)
Cash flow hedges, net of income tax effect of $315, $1,741, $1,374 and $116	(10,019)	(7,276)	50,982	(90,751)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	294	217	587	434
Total other comprehensive (loss) income	(8,486)	16,199	38,521	(111,082)
COMPREHENSIVE INCOME (LOSS)	54,934	16,654	116,973	(84,206)
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(1,499)	(676)	(3,371)	(676)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(4,490)	(4,917)	(5,070)	5,743
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS	$ 48,945	$ 11,061	$ 108,532	$ (79,139)
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.41	$ 0.01	$ 0.49	$ 0.21
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.41	$ 0.01	$ 0.49	$ 0.21
Rayonier Limited Partnership
SALES	$ 291,431	$ 195,630	$ 482,878	$ 454,760
Costs and Expenses
Cost of sales	(194,250)	(154,891)	(345,628)	(364,390)
Selling and general expenses	(14,693)	(12,570)	(28,725)	(22,538)
Other operating income (expense), net	1,956	(16,483)	4,404	(17,594)
Costs and expenses	(206,987)	(183,944)	(369,949)	(404,522)
OPERATING INCOME	84,444	11,686	112,929	50,238
Interest expense	(13,000)	(9,820)	(23,027)	(18,036)
Interest and other miscellaneous (expense) income, net	(1,144)	1,579	(1,148)	1,370
INCOME BEFORE INCOME TAXES	70,300	3,445	88,754	33,572
Income tax expense	(6,880)	(2,990)	(10,302)	(6,696)
NET INCOME	63,420	455	78,452	26,876
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(4,461)	1,499	(8,304)	931
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC / RAYONIER, L.P. UNITHOLDERS	58,959	1,954	70,148	27,807
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0	1,239	23,258	(13,048)	(20,765)
Cash flow hedges, net of income tax effect of $315, $1,741, $1,374 and $116	(10,019)	(7,276)	50,982	(90,751)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	294	217	587	434
Total other comprehensive (loss) income	(8,486)	16,199	38,521	(111,082)
COMPREHENSIVE INCOME (LOSS)	54,934	16,654	116,973	(84,206)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(4,490)	(4,917)	(5,070)	5,743
Comprehensive INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC / COMMON UNITHLDERS	$ 50,444	$ 11,737	$ 111,903	$ (78,463)
EARNINGS PER UNIT
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.41	$ 0.01	$ 0.49	$ 0.21
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.41	$ 0.01	$ 0.49	$ 0.21

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	315	1,741	1,374	116
Amortization of pension and postretirement plans, tax expense	0	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0	0
Cash flow hedges, tax expense	315	1,741	1,374	116
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Total cash and cash equivalents	$ 314,308	$ 84,507
Accounts receivable, less allowance for doubtful accounts of $70 and $25	51,819	49,082
Inventory	29,789	10,594
Prepaid expenses	20,040	16,168
Assets held for sale	111,282	3,449
Other current assets	3,716	6,765
Total current assets	530,954	170,565
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,135,519	3,262,126
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	103,564	108,518
PROPERTY, PLANT AND EQUIPMENT
Land	6,569	6,548
Buildings	31,047	31,024
Machinery and equipment	4,396	4,615
Construction in progress	521	452
Total property, plant and equipment, gross	42,533	42,639
Less — accumulated depreciation	(13,449)	(12,238)
Total property, plant and equipment, net	29,084	30,401
RESTRICTED CASH	702	2,975
RIGHT-OF-USE ASSETS	109,221	108,992
OTHER ASSETS	50,225	45,156
TOTAL ASSETS	3,959,269	3,728,733
CURRENT LIABILITIES
Accounts payable	29,226	24,790
Accrued taxes	14,564	7,347
Accrued payroll and benefits	8,878	12,327
Accrued interest	7,081	6,325
Deferred revenue	23,259	11,112
Other current liabilities	27,355	29,234
Total current liabilities	310,193	91,135
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,252,643
PENSION AND OTHER POSTRETIREMENT BENEFITS	22,568	23,344
LONG-TERM LEASE LIABILITY	100,860	100,251
OTHER NON-CURRENT LIABILITIES	122,017	160,722
COMMITMENTS AND CONTINGENCIES
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 4,428,900 and 4,428,900 Common Units outstanding, respectively	153,505	130,121
SHAREHOLDERS’ EQUITY
Common stock	1,231,224	1,101,675
Retained earnings	411,531	446,267
Accumulated other comprehensive loss	(33,407)	(73,885)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,609,348	1,474,057
Noncontrolling interests in consolidated affiliates	388,135	388,588
TOTAL SHAREHOLDERS’ EQUITY	1,997,483	1,862,645
CAPITAL
Accumulated other comprehensive loss	(33,407)	(73,885)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,959,269	3,728,733
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	309,839	80,454
CURRENT LIABILITIES
Less: Current maturities of long-term debt, excluding Timber Funds	199,830	0
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,192,888	1,300,336
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	4,469	4,053
CURRENT LIABILITIES
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	59,755	60,179
Rayonier Limited Partnership
CURRENT ASSETS
Total cash and cash equivalents	314,308	84,507
Accounts receivable, less allowance for doubtful accounts of $70 and $25	51,819	49,082
Inventory	29,789	10,594
Prepaid expenses	20,040	16,168
Assets held for sale	111,282	3,449
Other current assets	3,716	6,765
Total current assets	530,954	170,565
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,135,519	3,262,126
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	103,564	108,518
PROPERTY, PLANT AND EQUIPMENT
Land	6,569	6,548
Buildings	31,047	31,024
Machinery and equipment	4,396	4,615
Construction in progress	521	452
Total property, plant and equipment, gross	42,533	42,639
Less — accumulated depreciation	(13,449)	(12,238)
Total property, plant and equipment, net	29,084	30,401
RESTRICTED CASH	702	2,975
RIGHT-OF-USE ASSETS	109,221	108,992
OTHER ASSETS	50,225	45,156
TOTAL ASSETS	3,959,269	3,728,733
CURRENT LIABILITIES
Accounts payable	29,226	24,790
Accrued taxes	14,564	7,347
Accrued payroll and benefits	8,878	12,327
Accrued interest	7,081	6,325
Deferred revenue	23,259	11,112
Other current liabilities	27,355	29,234
Total current liabilities	310,193	91,135
PENSION AND OTHER POSTRETIREMENT BENEFITS	22,568	23,344
LONG-TERM LEASE LIABILITY	100,860	100,251
OTHER NON-CURRENT LIABILITIES	122,017	160,722
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 4,428,900 and 4,428,900 Common Units outstanding, respectively	153,505	130,121
SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss	(29,589)	(71,345)
CAPITAL
General partners’ capital	16,389	15,454
Limited partners’ capital	1,622,548	1,529,948
Accumulated other comprehensive loss	(29,589)	(71,345)
TOTAL CONTROLLING INTEREST CAPITAL	1,609,348	1,474,057
Noncontrolling interests in consolidated affiliates	388,135	388,588
TOTAL CAPITAL	1,997,483	1,862,645
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,959,269	3,728,733
Rayonier Limited Partnership | Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	309,839	80,454
CURRENT LIABILITIES
Less: Current maturities of long-term debt, excluding Timber Funds	199,830	0
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,192,888	1,300,336
Rayonier Limited Partnership | Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	4,469	4,053
CURRENT LIABILITIES
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	$ 59,755	$ 60,179

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Allowance for doubtful accounts	$ 70	$ 25
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	141,319,907	137,678,822
Common shares, shares outstanding (in shares)	141,319,907	137,678,822
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 70	$ 25
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	4,272,327	4,428,900

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, 2019			129,331,069
Beginning balance at Dec. 31, 2019		$ 1,537,642	$ 888,177	$ 583,006	$ (31,202)	$ 97,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		26,421		25,854		567
Dividends ($0.27 per share)		(34,813)		(34,813)
Issuance of shares under incentive stock plans (in shares)			2,407
Issuance of shares under incentive stock plans		66	$ 66
Stock-based compensation		1,510	$ 1,510
Repurchase of common shares (in shares)			(152,237)
Repurchase of common shares		(3,152)		(3,152)
Amortization of pension and postretirement plan liabilities		217			217
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]
Net income attributable to noncontrolling interests in the Operating Partnership		(219)
Amortization of pension and postretirement plan liabilities		434
Foreign currency translation adjustment		(20,765)
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
Beginning balance (in shares) at Mar. 31, 2020			129,181,239
Beginning balance at Mar. 31, 2020		1,399,668	$ 889,753	570,895	(147,255)	86,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		455		1,954		(1,499)
Net income attributable to noncontrolling interests in the Operating Partnership		(219)		(219)
Dividends ($0.27 per share)	[1]	(36,957)		(36,957)
Issuances of shares associated with the merger with Pope Resources (in shares)			7,181,071
Issuances of shares associated with the merger with Pope Resources		172,418	$ 172,418
Issuance of shares under incentive stock plans (in shares)			215,970
Issuance of shares under incentive stock plans		222	$ 222
Stock-based compensation		2,668	$ 2,668
Repurchase of common shares (in shares)			(66,168)
Repurchase of common shares		(1,572)	$ (1,572)
Acquisition of noncontrolling interests in consolidated affiliates		372,381				372,381
Adjustment of noncontrolling interests 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
Beginning balance (in shares) at Dec. 31, 2020			137,678,822
Beginning balance at Dec. 31, 2020		1,862,645	$ 1,101,675	446,267	(73,885)	388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		15,032		11,189		3,843
Net income attributable to noncontrolling interests in the Operating Partnership		(341)		(341)
Dividends ($0.27 per share)	[1]	(37,532)		(37,532)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $381 (in shares)			1,107,814
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197		36,708	$ 36,708
Issuance of shares under incentive stock plans (in shares)			39,140
Issuance of shares under incentive stock plans		1,166	$ 1,166
Stock-based compensation		2,156	$ 2,156
Repurchase of common shares (in shares)			(5,020)
Repurchase of common shares		(155)	$ (155)
Measurement period adjustment of noncontrolling interests in consolidated affiliates		655				655
Adjustment of noncontrolling interests in the Operating Partnership		(11,867)		(11,867)
Conversion of common units to common shares (in shares)			150,134
Conversion of units into common shares		4,715	$ 4,715
Amortization of pension and postretirement plan liabilities		294			294
Foreign currency translation adjustment		(14,288)			(11,652)	(2,636)
Cash flow hedges		61,001			61,628	(627)
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership		(1,531)			(1,531)
Distributions to noncontrolling interests in consolidated affiliates		(8,737)				(8,737)
Ending balance (in shares) at Mar. 31, 2021			138,970,890
Ending balance at Mar. 31, 2021		1,909,921	$ 1,146,265	407,716	(25,146)	381,086
Beginning balance (in shares) at Dec. 31, 2020			137,678,822
Beginning balance at Dec. 31, 2020		1,862,645	$ 1,101,675	446,267	(73,885)	388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests in the Operating Partnership		(2,094)
Amortization of pension and postretirement plan liabilities		587
Foreign currency translation adjustment		(13,048)
Ending balance (in shares) at Jun. 30, 2021			141,319,907
Ending balance at Jun. 30, 2021		1,997,483	$ 1,231,224	411,531	(33,407)	388,135
Beginning balance (in shares) at Mar. 31, 2021			138,970,890
Beginning balance at Mar. 31, 2021		1,909,921	$ 1,146,265	407,716	(25,146)	381,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		63,420		58,959		4,461
Net income attributable to noncontrolling interests in the Operating Partnership		(1,753)		(1,753)
Dividends ($0.27 per share)	[1]	(37,981)		(37,981)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $381 (in shares)			2,199,459
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197		79,994	$ 79,994
Issuance of shares under incentive stock plans (in shares)			185,544
Issuance of shares under incentive stock plans		3,325	$ 3,325
Stock-based compensation		2,852	$ 2,852
Repurchase of common shares (in shares)			(42,425)
Repurchase of common shares		(1,453)	$ (1,453)
Measurement period adjustment of noncontrolling interests in consolidated affiliates		9,034				9,034
Adjustment of noncontrolling interests in the Operating Partnership		(15,410)		(15,410)
Conversion of common units to common shares (in shares)			6,439
Conversion of units into common shares		241	$ 241
Amortization of pension and postretirement plan liabilities		294			294
Foreign currency translation adjustment		1,239			1,025	214
Cash flow hedges		(10,019)			(9,833)	(186)
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership		253			253
Distributions to noncontrolling interests in consolidated affiliates		(6,474)				(6,474)
Ending balance (in shares) at Jun. 30, 2021			141,319,907
Ending balance at Jun. 30, 2021		$ 1,997,483	$ 1,231,224	$ 411,531	$ (33,407)	$ 388,135
[1]	For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 6 — Noncontrolling Interests

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021		Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.27	$ 0.27	[1]	$ 0.27	$ 0.27
Offering issuance costs	$ 927	$ 197
[1]	For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 6 — Noncontrolling Interests

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 63,420		$ 455		$ 78,452	$ 26,876
Measurement period adjustment of noncontrolling interests in consolidated affiliates	9,034	$ 655
Acquisition of noncontrolling interests in consolidated affiliates			372,381
Amortization of pension and postretirement plan liabilities	294	294	217	$ 217	587	434
Foreign currency translation adjustment	1,239	(14,288)	23,258	(44,023)	(13,048)	(20,765)
Cash flow hedges	(10,019)	61,001	(7,276)	(83,475)
Offering issuance costs	927	197
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,909,921	1,862,645	1,399,668	1,537,642	1,862,645	1,537,642
Issuance of units associated with the merger with Pope Resources			172,418
Net income	63,420	15,032	455	26,421	78,452	26,876
Distributions on units ($0.27 per unit)	(39,135)	(38,687)	(38,157)	(34,813)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197	79,994	36,708
Issuance of units under incentive stock plans	3,325	1,166	222	66
Stock-based compensation	2,852	2,156	2,668	1,510
Repurchase of units	(1,453)	(155)	(1,572)	(3,152)
Adjustment of Redeemable Operating Partnership Units	(15,756)	(12,584)	(3,468)
Conversion of units into common shares	241	4,715
Measurement period adjustment of noncontrolling interests in consolidated affiliates	9,034	655
Acquisition of noncontrolling interests in consolidated affiliates			372,381
Amortization of pension and postretirement plan liabilities	294	294	217	217	587	434
Foreign currency translation adjustment	1,239	(14,288)	23,258	(44,023)	(13,048)	(20,765)
Cash flow hedges	(10,019)	61,001	(7,276)	(83,475)
Distributions to noncontrolling interests in consolidated affiliates	(6,474)	(8,737)	(6,856)	(725)
Ending balance	1,997,483	1,909,921	1,913,958	1,399,668	1,997,483	1,913,958
Offering issuance costs	927	197
Rayonier Limited Partnership | Units | General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	15,499	15,454	14,606	14,712	15,454	14,712
Issuance of units associated with the merger with Pope Resources			1,724
Net income	590	112	20	259
Distributions on units ($0.27 per unit)	(391)	(387)	(382)	(349)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197	800	367
Issuance of units under incentive stock plans	33	12	2	1
Stock-based compensation	29	22	27	15
Repurchase of units	(15)	(2)	(15)	(32)
Adjustment of Redeemable Operating Partnership Units	(158)	(126)	(35)
Conversion of units into common shares	2	47
Ending balance	16,389	15,499	15,947	14,606	16,389	15,947
Rayonier Limited Partnership | Units | Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,534,411	1,529,948	1,446,042	1,456,471	1,529,948	1,456,471
Issuance of units associated with the merger with Pope Resources			170,694
Net income	58,369	11,077	1,934	25,595
Distributions on units ($0.27 per unit)	(38,744)	(38,300)	(37,775)	(34,464)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197	79,194	36,341
Issuance of units under incentive stock plans	3,292	1,154	220	65
Stock-based compensation	2,823	2,134	2,641	1,495
Repurchase of units	(1,438)	(153)	(1,557)	(3,120)
Adjustment of Redeemable Operating Partnership Units	(15,598)	(12,458)	(3,433)
Conversion of units into common shares	239	4,668
Ending balance	1,622,548	1,534,411	1,578,766	1,446,042	1,622,548	1,578,766
Rayonier Limited Partnership | Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(21,075)	(71,345)	(147,255)	(31,202)	(71,345)	(31,202)
Amortization of pension and postretirement plan liabilities	294	294	217	217
Foreign currency translation adjustment	1,025	(11,652)	17,872	(33,894)
Cash flow hedges	(9,833)	61,628	(8,306)	(82,376)
Ending balance	(29,589)	(21,075)	(137,472)	(147,255)	(29,589)	(137,472)
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	381,086	388,588	86,275	97,661	388,588	97,661
Net income	4,461	3,843	(1,499)	567
Measurement period adjustment of noncontrolling interests in consolidated affiliates	9,034	655
Acquisition of noncontrolling interests in consolidated affiliates			372,381
Foreign currency translation adjustment	214	(2,636)	5,386	(10,129)
Cash flow hedges	(186)	(627)	1,030	(1,099)
Distributions to noncontrolling interests in consolidated affiliates	(6,474)	(8,737)	(6,856)	(725)
Ending balance	$ 388,135	$ 381,086	$ 456,717	$ 86,275	$ 388,135	$ 456,717

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Offering issuance costs	$ 927	$ 197
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.27	$ 0.27	$ 0.27	$ 0.27
Offering issuance costs	$ 927	$ 197

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net (loss) income		$ 78,452	$ 26,876
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		87,909	76,195
Non-cash cost of land and improved development		7,003	13,441
Stock-based incentive compensation expense		5,008	4,178
Deferred income taxes		7,315	9,225
Amortization of losses from pension and postretirement plans		587	435
Gain on sale of large disposition of timberlands		(30,324)	(28,655)
Other		7,233	(10,632)
Changes in operating assets and liabilities:
Receivables		(413)	(7,604)
Inventories		(1,637)	(3,714)
Accounts payable		4,213	4,895
All other operating activities		(764)	(2,040)
CASH PROVIDED BY OPERATING ACTIVITIES		164,582	82,600
INVESTING ACTIVITIES
Capital expenditures		(32,199)	(29,440)
Real estate development investments		(6,269)	(3,587)
Purchase of timberlands		(51,882)	(24,238)
Net proceeds from large disposition of timberlands		35,219	115,666
Net cash consideration for merger with Pope Resources		0	(231,068)
Other		5,998	1,880
CASH USED FOR INVESTING ACTIVITIES		(49,133)	(170,787)
FINANCING ACTIVITIES
Issuance of debt		446,378	320,000
Repayment of debt		(350,000)	(117,000)
Dividends paid on common stock		(75,676)	(72,204)
Distributions to noncontrolling interests in the Operating Partnership		(2,309)	(1,200)
Proceeds from the issuance of common shares under incentive stock plan		4,490	66
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		110,702	0
Repurchase of common shares		(1,608)	(1,572)
Debt issuance costs		(4,812)	(2,427)
Repurchase of common shares made under repurchase program		0	(3,152)
Distributions to noncontrolling interests in consolidated affiliates		(15,212)	(7,581)
CASH PROVIDED BY FINANCING ACTIVITIES		111,953	114,930
EFFECT OF EXCHANGE RATE CHANGES ON CASH		126	(1,450)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		227,528	25,293
Balance, beginning of year		87,482	69,968
Balance, end of period		315,010	95,261
Cash paid during the period:
Interest	[1]	17,677	16,134
Income taxes		7,132	1,083
Non-cash investing activity:
Capital assets purchased on account		4,155	2,217
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	106,752
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net (loss) income		78,452	26,876
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		87,909	76,195
Non-cash cost of land and improved development		7,003	13,441
Stock-based incentive compensation expense		5,008	4,178
Deferred income taxes		7,315	9,225
Amortization of losses from pension and postretirement plans		587	435
Gain on sale of large disposition of timberlands		(30,324)	(28,655)
Other		7,233	(10,632)
Changes in operating assets and liabilities:
Receivables		(413)	(7,604)
Inventories		(1,637)	(3,714)
Accounts payable		4,213	4,895
All other operating activities		(764)	(2,040)
CASH PROVIDED BY OPERATING ACTIVITIES		164,582	82,600
INVESTING ACTIVITIES
Capital expenditures		(32,199)	(29,440)
Real estate development investments		(6,269)	(3,587)
Purchase of timberlands		(51,882)	(24,238)
Net proceeds from large disposition of timberlands		35,219	115,666
Net cash consideration for merger with Pope Resources		0	(231,068)
Other		5,998	1,880
CASH USED FOR INVESTING ACTIVITIES		(49,133)	(170,787)
FINANCING ACTIVITIES
Issuance of debt		446,378	320,000
Repayment of debt		(350,000)	(117,000)
Distributions on units		(77,985)	(73,404)
Proceeds from the issuance of units under incentive stock plan		4,490	66
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		110,702	0
Repurchase of units		(1,608)	(1,572)
Debt issuance costs		(4,812)	(2,427)
Repurchase of common shares made under repurchase program		0	(3,152)
Distributions to noncontrolling interests in consolidated affiliates		(15,212)	(7,581)
CASH PROVIDED BY FINANCING ACTIVITIES		111,953	114,930
EFFECT OF EXCHANGE RATE CHANGES ON CASH		126	(1,450)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		227,528	25,293
Balance, beginning of year		87,482	69,968
Balance, end of period		315,010	95,261
Cash paid during the period:
Interest	[2]	17,677	16,134
Income taxes		7,132	1,083
Non-cash investing activity:
Capital assets purchased on account		4,155	2,217
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		$ 0	$ 106,752
[1]	Interest paid is presented net of patronage paymen ts received of $6.8 million a n d $4.3 million for the six months ended June 30, 2021 and June 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.
[2]	Interest paid is presented net of patronage paymen ts received of $6.8 million an d $4.3 million for the six months ended June 30, 2021 and June 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Patronage refunds received, netted with interest paid	$ 6.8	$ 4.3
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 6.8	$ 4.3

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC (the “2020 Form 10-K”). On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of June 30, 2021, the Company owned a 97.1% interest in the Operating Partnership, with the remaining 2.9% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2020 Form 10-K. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements. SUBSEQUENT EVENTS New Zealand Subsidiary Shareholder Loan On July 1, 2021, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis to redeem certain equity interests. The capital contribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital contribution and portion of the shareholder loan are eliminated in consolidation. The capital contribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the New Zealand subsidiary recording a noncontrolling interest share redemption and loan payable in the amount of $28.2 million. The shareholder loan is due in 2026 at a fixed rate of 3.64%. Sale of Timber Fund III and IV Upon completion of the Pope Resources merger, we became the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, consisting of 141,000 acres in the Pacific Northwest, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds to BTG Pactual’s Timberland Investment Group (TIG) for an aggregate purchase price of $35.9 million. The sale will not have a material effect on our consolidated financial statements. Following the sale, we continue to manage and own a 20% co-investment stake in Fund II, consisting of 31,000 acres of timberland in the Pacific Northwest. We have classified Fund II’s timber and timberland as assets held for sale in our Consolidated Balance Sheets, as a process to liquidate Fund II has commenced. See Note 6 — Noncontrolling Interests and Note 23 — Assets Held for Sale for additional information.

MERGER WITH POPE RESOURCES

MERGER WITH POPE RESOURCES	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
MERGER WITH POPE RESOURCES	MERGER WITH POPE RESOURCES On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. For additional information about the merger, see Note 2 - Merger with Pope Resources in the 2020 Form 10-K. The total purchase price was as follows (in millions): Cash consideration $247,318 Equity consideration 172,640 Redeemable Operating Partnership Unit consideration 106,752 Fair value of Pope Resources units held by us (a) 11,211 Total purchase price $537,921 (a) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020. We recognized approximately $2.5 million and $13.5 million of merger-related costs that were expensed during first and second quarters of 2020, respectively. See Note 24 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs.The acquisition of Pope Resources was accounted for as a business combination under ASC 805, Business Combinations , (“ASC 805”). Pursuant to ASC 805, we recorded an allocation of the assets acquired and liabilities assumed in the merger with Pope Resources based on their fair values as of May 8, 2020. We completed our assessment of the fair value of the assets acquired and liabilities assumed within the one-year period from the date of acquisition. We recorded measurement period adjustments due to additional information received primarily related to higher and better use timberlands and real estate development investments, as well as timber and timberlands. As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense in the second quarter of 2021: Three months ended June 30, 2021 Pacific Northwest Timber Timber Funds Total Depletion ($182) ($1,202) ($1,384) Total ($182) ($1,202) ($1,384) As a result of refinements to the purchase price allocation, higher and better use timberlands increased by approximately $8.2 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. Additionally, refinements to the the purchase price allocation resulted in an overall increase of $1.1 million to timber and timberlands, with the valuation of core timberlands decreasing by $15.5 million and Timber Funds timber and timberlands increasing by $16.6 million from the preliminary purchase price allocation reported in Note 2 - Merger with Pope Resources in the 2020 Form 10-K. The fair values of the assets acquired and liabilities assumed were determined using the income, cost or market approaches. The fair value measurements were generally based on significant inputs that are not observable in the market and thus represent Level 3 measurements as defined in ASC 820, Fair Value Measurement , (“ASC 820”) with the exception of certain long-term debt instruments assumed in the merger that can be valued using observable market inputs and are therefore Level 2 measurements. See Note 11 — Fair Value Measurements for further information on the fair value hierarchy. The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows (in thousands): Core Timberlands Timber Funds Total Timberland and Real Estate Business Cash $7,380 $8,870 $16,250 Accounts receivable 2,459 1,787 4,246 Other current assets 703 260 963 Timber and Timberlands 498,630 449,073 947,703 Higher and Better Use Timberlands and Real Estate Development Investments 34,748 — 34,748 Property, plant and equipment 11,616 — 11,616 Other assets (a) 3,737 2,194 5,931 Total identifiable assets acquired $559,273 $462,184 $1,021,457 Accounts payable 274 293 567 Current maturities of long-term debt — 25,084 25,084 Accrued interest 244 275 519 Other current liabilities 9,038 2,080 11,118 Long-term debt 53,502 35,759 89,261 Long-term environmental liabilities 10,748 — 10,748 Other non-current liabilities (b) 2,724 461 3,185 Total liabilities assumed $76,530 $63,952 $140,482 Net identifiable assets $482,743 $398,232 $880,975 Less: noncontrolling interests (3,816) (339,238) (343,054) Total net assets acquired $478,927 $58,994 $537,921 (a) Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b) Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities. Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and six months ended June 30, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts): Three Months Ended Six Months Ended June 30, 2020 Sales $202,500 $486,000 Net income attributable to Rayonier Inc. $8,130 $26,910 Basic earnings per share attributable to Rayonier Inc. $0.06 $0.20 Diluted earnings per share attributable to Rayonier Inc. $0.06 $0.20 Net income attributable to Rayonier, L.P. $8,403 $27,795 Basic earnings per unit attributable to Rayonier, L.P. $0.06 $0.20 Diluted earnings per unit attributable to Rayonier, L.P. $0.06 $0.20 The unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2020, including the following: • additional depletion expense that would have been recognized relating to the basis increase in the acquired Timber and Timberlands; • adjustment to interest expense to reflect the removal of Pope Resources debt and the additional borrowings we incurred in conjunction with the acquisition; and • a reduction in expenses for the three and six months ended June 30, 2020 of $23.5 million and $31.2 million for acquisition-related transaction costs. Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, SALES 2021 2020 2021 2020 Southern Timber $49,294 $46,767 $100,971 $99,749 Pacific Northwest Timber 35,323 26,171 76,844 57,245 New Zealand Timber 80,559 41,769 138,138 79,308 Timber Funds (a) 18,646 7,524 33,585 7,524 Real Estate (b) 74,531 50,009 85,035 168,573 Trading 34,546 24,320 51,212 43,304 Intersegment Eliminations (c) (1,468) (930) (2,907) (943) Total $291,431 $195,630 $482,878 $454,760 (a) The three and six months ended June 30, 2021 includes $14.7 million and $26.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in Timber Funds. (b) The three and six months ended June 30, 2021 includes $36.0 million from a Large Disposition. The six months ended June 30, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended June 30, Six Months Ended June 30, OPERATING INCOME (LOSS) 2021 2020 2021 2020 Southern Timber $16,980 $11,208 $34,327 $26,278 Pacific Northwest Timber 1,872 (6,681) 3,222 (7,629) New Zealand Timber 20,714 4,973 34,658 10,422 Timber Funds (a) 1,991 (1,892) 3,492 (1,892) Real Estate (b) 50,511 24,848 52,199 51,622 Trading 418 102 662 83 Corporate and Other (c) (8,042) (20,872) (15,631) (28,646) Total Operating Income 84,444 11,686 112,929 50,238 Unallocated interest expense and other (14,144) (8,241) (24,175) (16,666) Total Income before Income Taxes $70,300 $3,445 $88,754 $33,572 (a) The three and six months ended June 30, 2021 includes $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in Timber Funds. (b) The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition. The six months ended June 30, 2020 includes $28.7 million from a Large Disposition. (c) The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details. Three Months Ended June 30, Six Months Ended June 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2021 2020 2021 2020 Southern Timber $13,576 $15,231 $27,935 $33,414 Pacific Northwest Timber 12,031 10,606 28,316 21,308 New Zealand Timber 6,952 4,942 14,201 9,716 Timber Funds (a) 6,121 4,070 11,621 4,070 Real Estate (b) 8,535 6,678 10,092 42,422 Corporate and Other 313 340 576 637 Total $47,528 $41,867 $92,741 $111,567 (a) The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The three and six months ended June 30, 2021 includes $4.8 million from a Large Disposition. The six months ended June 30, 2020 includes $35.4 million from a Large Disposition. Three Months Ended June 30, Six Months Ended June 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2021 2020 2021 2020 Real Estate (a) $5,254 $13,030 $7,067 $65,081 Total $5,254 $13,030 $7,067 $65,081 (a) The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition. The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2021 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table summarizes revenue recognized during the three and six months ended June 30, 2021 and 2020 that was included in the contract liability balance at the beginning of each year: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue recognized from contract liability balance at the beginning of the year (a) $4,049 $3,661 $9,969 $10,086 (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 six months ended June 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2021 Pulpwood $23,728 $2,078 $12,266 $395 — $3,676 — $42,143 Sawtimber 18,692 31,755 67,986 16,419 — 30,475 — 165,327 Hardwood 1,268 — — — — — — 1,268 Total Timber Sales 43,688 33,833 80,252 16,814 — 34,151 — 208,738 License Revenue, Primarily from Hunting 4,493 117 81 26 — — — 4,717 Other Non-Timber/Carbon Revenue 1,113 1,373 226 399 — — — 3,111 Agency Fee Income — — — — — 334 — 334 Total Non-Timber Sales 5,606 1,490 307 425 — 334 — 8,162 Improved Development — — — — 19,340 — — 19,340 Rural — — — — 20,297 — — 20,297 Conservation Easement — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (5,242) — — (5,242) Large Dispositions — — — — 36,000 — — 36,000 Total Real Estate Sales — — — — 74,250 — — 74,250 Revenue from Contracts with Customers 49,294 35,323 80,559 17,239 74,250 34,485 — 291,150 Lease Revenue — — — — 281 — — 281 Intersegment — — — 1,407 — 61 (1,468) — Total Revenue $49,294 $35,323 $80,559 $18,646 $74,531 $34,546 ($1,468) $291,431 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2020 Pulpwood $24,685 $3,163 $5,766 $328 — $2,463 — $36,405 Sawtimber 16,359 22,296 34,959 6,305 — 21,805 — 101,724 Hardwood 512 — — — — — — 512 Total Timber Sales 41,556 25,459 40,725 6,633 — 24,268 — 138,641 License Revenue, Primarily from Hunting 4,337 95 83 10 — — — 4,525 Other Non-Timber/Carbon Revenue 874 617 961 4 — — — 2,456 Agency Fee Income — — — — — (1) — (1) Total Non-Timber Sales 5,211 712 1,044 14 — (1) — 6,980 Improved Development — — — — 6,427 — — 6,427 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 27,234 — — 27,234 Timberland & Non-Strategic — — — — 9,606 — — 9,606 Deferred Revenue/Other (a) — — — — (1,756) — — (1,756) Total Real Estate Sales — — — — 49,937 — — 49,937 Revenue from Contracts with Customers 46,767 26,171 41,769 6,647 49,937 24,267 — 195,558 Lease Revenue — — — — 72 — — 72 Intersegment — — — 877 — 53 (930) — Total Revenue $46,767 $26,171 $41,769 $7,524 $50,009 $24,320 ($930) $195,630 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2021 Pulpwood $45,584 $4,573 $21,809 $655 — $5,510 — $78,131 Sawtimber 40,655 69,513 115,777 29,727 — 44,865 — 300,537 Hardwood 1,673 — — — — — — 1,673 Total Timber Sales 87,912 74,086 137,586 30,382 — 50,375 — 380,341 License Revenue, Primarily From Hunting 8,913 207 139 29 — — — 9,288 Other Non-Timber/Carbon Revenue 4,146 2,551 413 413 — — — 7,523 Agency Fee Income — — — — — 691 — 691 Total Non-Timber Sales 13,059 2,758 552 442 — 691 — 17,502 Improved Development — — — — 19,592 — — 19,592 Rural — — — — 30,062 — — 30,062 Conservation Easement — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (4,987) — — (4,987) Large Dispositions — — — — 36,000 — — 36,000 Total Real Estate Sales — — — — 84,522 — — 84,522 Revenue from Contracts with Customers 100,971 76,844 138,138 30,824 84,522 51,066 — 482,365 Lease Revenue — — — — 513 — — 513 Intersegment — — — 2,761 — 146 (2,907) — Total Revenue $100,971 $76,844 $138,138 $33,585 $85,035 $51,212 ($2,907) $482,878 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2020 Pulpwood $52,178 $6,290 $10,613 $328 — $4,993 — $74,402 Sawtimber 35,868 49,741 65,746 6,305 — 37,918 — 195,578 Hardwood 993 — — — — — — 993 Total Timber Sales 89,039 56,031 76,359 6,633 — 42,911 — 270,973 License Revenue, Primarily from Hunting 8,926 192 140 10 — — — 9,268 Other Non-Timber/Carbon Revenue 1,784 1,022 2,809 4 — — — 5,619 Agency Fee Income — — — — — 327 — 327 Total Non-Timber Sales 10,710 1,214 2,949 14 — 327 — 15,214 Improved Development — — — — 6,427 — — 6,427 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 29,631 — — 29,631 Timberland & Non-Strategic — — — — 9,606 — — 9,606 Deferred Revenue/Other (a) — — — — (1,616) — — (1,616) Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 168,501 — — 168,501 Revenue from Contracts with Customers 99,749 57,245 79,308 6,647 168,501 43,238 — 454,688 Lease Revenue — — — — 72 — — 72 Intersegment — — — 877 — 66 (943) — Total Revenue $99,749 $57,245 $79,308 $7,524 $168,573 $43,304 ($943) $454,760 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total June 30, 2021 Stumpage Pay-as-Cut $15,183 — — $197 — $15,380 Stumpage Lump Sum 4,645 932 — — — 5,577 Total Stumpage 19,828 932 — 197 — 20,957 Delivered Wood (Domestic) 19,955 32,901 19,250 16,617 1,236 89,959 Delivered Wood (Export) 3,905 — 61,002 — 32,915 97,822 Total Delivered 23,860 32,901 80,252 16,617 34,151 187,781 Total Timber Sales $43,688 $33,833 $80,252 $16,814 $34,151 $208,738 June 30, 2020 Stumpage Pay-as-Cut $16,216 — — $531 — $16,747 Stumpage Lump Sum 863 326 — — — 1,189 Total Stumpage 17,079 326 — 531 — 17,936 Delivered Wood (Domestic) 21,438 25,133 12,126 6,102 462 65,261 Delivered Wood (Export) 3,039 — 28,599 — 23,806 55,444 Total Delivered 24,477 25,133 40,725 6,102 24,268 120,705 Total Timber Sales $41,556 $25,459 $40,725 $6,633 $24,268 $138,641 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total June 30, 2021 Stumpage Pay-as-Cut $36,440 — — $197 — $36,637 Stumpage Lump Sum 4,647 7,063 — — — 11,710 Total Stumpage 41,087 7,063 — 197 — 48,347 Delivered Wood (Domestic) 38,014 67,023 36,356 30,185 2,327 173,905 Delivered Wood (Export) 8,811 — 101,230 — 48,048 158,089 Total Delivered 46,825 67,023 137,586 30,185 50,375 331,994 Total Timber Sales $87,912 $74,086 $137,586 $30,382 $50,375 $380,341 June 30, 2020 Stumpage Pay-as-Cut $41,623 — — $531 — $42,154 Stumpage Lump Sum 1,251 5,457 — — — 6,708 Total Stumpage 42,874 5,457 — 531 — 48,862 Delivered Wood (Domestic) 42,498 50,574 25,817 6,102 934 125,925 Delivered Wood (Export) 3,667 — 50,542 — 41,977 96,186 Total Delivered 46,165 50,574 76,359 6,102 42,911 222,111 Total Timber Sales $89,039 $56,031 $76,359 $6,633 $42,911 $270,973

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
LEASES	LEASES We lease commercial and residential properties primarily located in Port Gamble, Washington. Our leases are operating leases and mostly range between one The following table details our lease income for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, Lease Income Components 2021 2020 2021 2020 Operating lease income $281 $72 $513 $72 Total lease income $281 $72 $513 $72

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES Matariki Forestry Group We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 419,000 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 interests are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $3,073 $693 $5,711 $1,261 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”) We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. Based upon an analysis under the variable interest entity guidance, 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. Income attributed to third-party investors is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” The following table sets forth the income attributable to the Funds’ noncontrolling interests: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Net income (loss) attributable to noncontrolling interests in the Funds $1,388 ($2,146) $2,464 ($2,146) Prior to the merger with Pope Resources, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. 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 2023, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in January 2035. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds for an aggregate purchase price prior to closing costs of approximately $35.9 million. See Note 1 - Bas is of Presentation for additional information on the subsequent event. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, which is developing a five-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the 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. The Ferncliff Investors joint venture agreement provides for liquidation rights and distribution priorities that are disproportionate to member’s ownership interest. Due to the complex nature of cash distributions to members, net income of the joint venture is allocated to members, including us, using the Hypothetical Liquidation at Book Value (HLBV) method. Under the HLBV method, Ferncliff Investors income or loss is allocated to the members based on the period change in each member’s claim on the book value of net assets, excluding capital contributions and distributions made during the period. The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Net (loss) income attributable to noncontrolling interests in Ferncliff Investors — ($46) $129 ($46) NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption. The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Beginning noncontrolling interests in the Operating Partnership $137,990 — $130,121 — Issuances of Redeemable Operating Partnership Units — 106,752 — 106,752 Adjustment of noncontrolling interests in the Operating Partnership 15,410 3,992 27,277 3,992 Conversions of Redeemable Operating Partnership Units to Common Shares (241) — (4,956) — Net Income attributable to noncontrolling interests in the Operating Partnership 1,753 219 2,094 219 Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership (253) 457 1,278 457 Distributions to noncontrolling interests in the Operating Partnership (1,154) (1,200) (2,309) (1,200) Total noncontrolling interests in the Operating Partnership $153,505 $110,220 $153,505 $110,220

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain 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 6 — Noncontrolling Interests . The assets, liabilities and equity of the Funds as of June 30, 2021, were as follows: Timber Funds June 30, 2021 Assets: Cash and cash equivalents $4,469 Accounts receivable 3,239 Assets held for sale ( Note 23 ) 104,291 Other current assets 68 Total current assets 112,067 Timber and timberlands, net of depletion and amortization 316,249 Other assets 74 Total assets $428,390 Liabilities and Equity: Accounts payable $1,127 Intercompany payable (a) 880 Accrued taxes 292 Accrued interest 508 Deferred revenue 339 Other current liabilities 464 Total current liabilities 3,610 Long-term debt, net of deferred financing costs 59,755 Funds’ equity 365,025 Total liabilities and equity $428,390 (a) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests . The assets, liabilities and equity of Ferncliff Investors as of June 30, 2021, were as follows: Ferncliff Investors June 30, 2021 Assets: Cash and cash equivalents $295 Total current assets 295 Advances to real estate joint venture entity 1,000 Total assets $1,295 Liabilities and equity: Total liabilities $1,818 Ferncliff Investors’ equity (523) Total liabilities and equity $1,295

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND PER UNIT	EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings per common share - basic Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net income attributable to noncontrolling interests in the Operating Partnership (1,753) (219) (2,094) (219) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income attributable to Rayonier Inc. $57,206 $1,735 $68,054 $27,588 Denominator: Denominator for basic earnings per common share - weighted average shares 139,556,748 133,318,209 138,718,442 131,227,852 Basic earnings per common share attributable to Rayonier Inc.: $0.41 $0.01 $0.49 $0.21 Earnings per common share - diluted Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $58,959 $1,954 $70,148 $27,807 Denominator: Denominator for basic earnings per common share - weighted average shares 139,556,748 133,318,209 138,718,442 131,227,852 Add: Dilutive effect of: Stock options 12,646 — 8,348 537 Performance shares, restricted shares and restricted stock units 210,923 49,299 282,027 129,390 Noncontrolling interests in Redeemable Operating Partnership units 4,275,912 2,589,518 4,303,201 1,294,759 Denominator for diluted earnings per common share - adjusted weighted average shares 144,056,229 135,957,026 143,312,018 132,652,538 Diluted earnings per common share attributable to Rayonier Inc.: $0.41 $0.01 $0.49 $0.21 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 208,614 635,779 201,435 521,053 Total 208,614 635,779 201,435 521,053 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings per unit - basic Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income available to unitholders $58,959 $1,954 $70,148 $27,807 Denominator: Denominator for basic earnings per unit - weighted average units 143,832,660 135,907,727 143,021,643 132,522,611 Basic earnings per unit attributable to Rayonier, L.P.: $0.41 $0.01 $0.49 $0.21 Earnings per unit - diluted Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income available to unitholders $58,959 $1,954 $70,148 $27,807 Denominator: Denominator for basic earnings per unit - weighted average units 143,832,660 135,907,727 143,021,643 132,522,611 Add: Dilutive effect of unit equivalents: Stock options 12,646 — 8,348 537 Performance shares, restricted shares and restricted stock units 210,923 49,299 282,027 129,390 Denominator for diluted earnings per unit - adjusted weighted average units 144,056,229 135,957,026 143,312,018 132,652,538 Diluted earnings per unit attributable to Rayonier, L.P.: $0.41 $0.01 $0.49 $0.21 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 208,614 635,779 201,435 521,053 Total 208,614 635,779 201,435 521,053

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at June 30, 2021: June 30, 2021 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at June 30, 2021 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Senior Notes due 2031 at a fixed interest rate of 2.75% 450,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.7% at June 30, 2021 (b) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% 24,171 Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, with the following tranches Due 2025 at a fixed interest rate of 6.1% 10,000 Due 2028 at a fixed interest rate of 4.1% 11,000 Due 2029 at a fixed interest rate of 5.3% 16,000 Due 2029 at a fixed interest rate of 5.4% 8,000 Total principal debt, excluding Timber Funds 1,394,171 Add: Fair value adjustments, excluding Timber Funds 7,478 Less: Unamortized discounts, excluding Timber Funds (3,583) Less: Current maturities of long-term debt, excluding Timber Funds (199,830) Less: Deferred financing costs, excluding Timber Funds (5,348) Total long-term debt, excluding Timber Funds 1,192,888 Debt, Timber Funds: Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest Due 2022 at a variable interest rate of 2.0% at June 30, 2021 11,000 Due 2022 at a variable interest rate of 2.0% at June 30, 2021 14,000 Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest Due 2023 at a fixed interest rate of 5.1% 17,980 Due 2024 at a fixed interest rate of 4.5% 14,400 Total principal debt, Timber Funds 57,380 Add: Fair value adjustments, Timber Funds 2,382 Less: Deferred financing costs, Timber Funds (7) Total long-term debt, Timber Funds 59,755 Total long-term debt $1,252,643 (a) As of June 30, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of June 30, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (d) As of June 30, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds. Principal payments due during the next five years and thereafter are as follows: Excluding Timber Funds Timber Funds Total 2021 — — — 2022 325,000 25,000 350,000 2023 — 17,980 17,980 2024 — 14,400 14,400 2025 34,171 — 34,171 Thereafter 1,035,000 — 1,035,000 Total Debt $1,394,171 $57,380 $1,451,551 2021 DEBT ACTIVITY U.S. Debt — Excluding Timber Funds In May 2021, we issued and sold $450 million aggregate principal amount of 2.75% senior notes due 2031 (the “Senior Notes due 2031”). The Senior Notes due 2031 were sold at an issue price of 99.195% of their face value, before underwriters discount. Our net proceeds after deducting approximately $3.9 million of underwriting discounts and expenses, were approximately $442.5 million. The discount and debt issuance costs will be amortized to interest expense over the term of the notes using the effective interest method. A portion of the proceeds were used to repay $250 million outstanding under our 2020 Incremental Term Loan Agreement. The remainder will be used for general corporate purposes, which may also include repayment of our 3.75% Senior Notes due 2022 at or prior to maturity. In May 2021, we repaid the $250 million outstanding under our 2020 Incremental Term Loan Agreement. We recognized a loss on early extinguishment of debt of $0.6 million, representing the write-off of unamortized deferred financing costs. The loss on early extinguishment of debt has been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous (expense) income, net.” In June 2021, we entered into a Fourth Amendment and Incremental Term Loan Agreement, to amend certain terms of the Credit Agreement and to provide a senior unsecured delayed draw incremental term loan facility (the “2021 Incremental Term Loan Facility”) in an aggregate amount of $200 million. The Fourth Amendment to the Credit Agreement provides for an extension of the maturity date of our $300 million Revolving Credit Facility from April 1, 2025 to June 1, 2026. In addition, the amendment provides for modifications to adjust the pricing grid under the credit agreement to decrease the applicable margin for our Revolving Credit Facility from LIBOR plus 1.500% to LIBOR plus 1.2500%. As a result of the revolver modification, approximately $0.3 million in lender fees have been deferred and will be amortized to interest expense over the term of the revolver. The Fourth Amendment to the Credit Agreement also provides for modifications to adjust the pricing grid under the credit agreement to decrease the applicable margin for our $300 million 2016 Incremental Term Loan Facility from LIBOR plus 1.900% to LIBOR plus 1.6500%. As a result of the debt modification, approximately $0.3 million in third-party expenses have been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous (expense) income, net.” The 2021 Incremental Term Loan Facility provides us the ability to make an advance of $200 million on or before June 1, 2022. As of June 30, 2021, no advance has been made under this facility. We expect to use a future advance of $125 million under the 2021 Incremental Term Loan Facility to refinance a portion of the 3.750% Senior Notes due 2022 on a long-term basis, and as such, have excluded $125 million of principal from current maturities of long-term debt, net, in our Consolidated Balance sheets. Any advance above $125 million may be used to repay other debt or for other general corporate purposes. We have deferred $0.3 million of commitment fees, which will be amortized to interest expense over the term of the access period, through June 1, 2022. Additionally, we deferred $0.2 million in debt issuance costs, which will be amortized to interest expense over the term of the facility, once any future advance is made. In June 2021, we refinanced our $45 million credit facility with Northwest Farm Credit Services (NWFCS). In the refinancing, maturity dates on tranches 6 and 7 were amended from November 1, 2033 to June 1, 2029 and the maturity date on tranche 8 was amended from October 1, 2036 to June 1, 2029. In addition to shortening the maturity terms, collateral was removed from each tranche outstanding with NWFCS. As a result of the debt modification, approximately $0.1 million in lender fees have been capitalized and will be amortized to interest expense over the terms of the tranches. In June 2021, we prepaid $100 million on the $300 million Incremental Term Loan Agreement. In connection with the partial prepayment, we recognized a loss on early extinguishment of debt of $0.1 million, representing the write-off of one-third of the unamortized deferred financing costs. The loss on early extinguishment of debt has been recorded in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous (expense) income, net.” During the six months ended June 30, 2021, we made no borrowings or repayments on our Revolving Credit Facility . At June 30, 2021, we had available borrowings of $299.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit. New Zealand Debt In June 2021, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the six months ended June 30, 2021, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At June 30, 2021, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. As of June 30, 2021, the outstanding balance on the shareholder loan is $24.2 million. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loan since its inception. See Note 6 — Noncontrolling Interests for more information regarding the New Zealand subsidiary. In July 2021, the New Zealand subsidiary recorded a noncontrolling interest share redemption and loan payable in the amount of $28.2 million. The shareholder loan is due in 2026 at a fixed rate of 3.64%. See Note 1 — Basis of Presentation for more information regarding subsequent events related to the New Zealand subsidiary. DEBT COVENANTS — EXCLUDING TIMBER FUNDS In connection with our $350 million Term Credit Agreement, $200 million Incremental Term Loan Agreement, $200 million 2021 Incremental Term Loan 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 June 30, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 7.8 to 1 5.3 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 46 % 19 % 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 June 30, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 7.8 to 1 5.3 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 46 % 19 % In addition to these financial covenants listed above, the 2022 Notes, 2031 Notes, Term Credit Agreement, Incremental Term Loan Agreement, 2021 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 June 30, 2021, we were in compliance with all applicable covenants. DEBT COVENANTS — TIMBER FUNDS The Fund II Mortgages Payable to MetLife contain 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.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging , (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS The New Zealand subsidiary’s export sales are predominately denominated in U.S. dollars, and therefore its cash flows are affected by fluctuations in the exchange rate between the New Zealand dollar and the U.S. dollar. This exposure is partially managed by a natural currency hedge, as ocean freight payments and shareholder distributions are also paid in U.S. dollars. We manage any excess foreign exchange exposure through the use of derivative financial instruments. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases, less distributions, and up to 75% of the forward 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of June 30, 2021, foreign currency exchange contracts and foreign currency option contracts had maturity dates through December 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 income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS During the second quarter of 2021, we terminated and cash settled $250 million in notional value of our interest rate swaps, maturing in 2030, in connection with the repayment of $250 million outstanding under the 2020 Incremental Term Loan. Upon termination of the swap, we received $6.8 million from our counterparty. As of June 30, 2021, there was $16.7 million recorded in accumulated other comprehensive income in connection with the terminated interest rate swap, which will be reclassified to earnings through interest expense over the remaining life of the hedged items, as the originally hedged cash flows remain probable. During the second quarter of 2021, we terminated and cash settled $100 million in notional value of our interest rate swaps, maturing in 2026, in connection with the prepayment of $100 million on the 2026 Incremental Term Loan. Upon termination of the swap, we paid $2.2 million to our counterparty that was recognized immediately into earnings as interest expense, as the forecasted cash flows will no longer occur. See Note 9 — Debt for additional information. The following table contains information on the outstanding interest rate swaps as of June 30, 2021: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. TREASURY LOCKS During the first quarter of 2020, we entered into three treasury lock agreements, which were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and settled the treasury locks by converting them into interest rate swap lock agreements (discussed below). As of June 30, 2021, there was $18.3 million recorded in accumulated other comprehensive loss in connection with the settled treasury locks, which will be reclassified to earnings as interest expense over the life of the hedged item. For additional information regarding the expired treasury lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K. INTEREST RATE SWAP LOCKS Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements, which were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into an interest rate swap agreement. As of June 30, 2021, there was $1.2 million recorded in accumulated other comprehensive loss in connection with settled interest rate swap locks, which will be reclassified to earnings as interest expense over the life of the hedged item. For additional information regarding the expired interest rate swap lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K. FORWARD-STARTING INTEREST RATE SWAPS During the second quarter of 2021, we de-designated and settled $325 million in notional value of our forward-starting interest rate swap, maturing in 2032, by converting it into a new forward-starting interest rate swap agreement. As of June 30, 2021, there was $10.0 million recorded in accumulated other comprehensive income in connection with the converted forward-starting interest rate swap, which will be reclassified to earnings through interest expense over the remaining life of the hedged item. The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2021: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date March 2020 4 years $100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A May 2021 (b) 7 years 200,000 0.77 % Future Issuance Feb. 2022 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The forward-starting interest rate swap entered into in May 2021 contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous (expense) income, net” as the contracts do not qualify for hedge accounting treatment. As of June 30, 2021, all existing carbon option contracts have expired. The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2021 and 2020: Three Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($896) $5,340 Foreign currency option contracts Other comprehensive income (loss) (230) 877 Interest rate products Other comprehensive income (loss) (14,587) (14,469) Interest expense 5,377 2,716 Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income, net — 14 Six Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($3,747) ($140) Foreign currency option contracts Other comprehensive income (loss) (1,158) (273) Interest rate products Other comprehensive income (loss) 45,144 (93,621) Interest expense 9,371 3,168 Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income, net — 563 During the next 12 months, the amount of the June 30, 2021 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of our derivative instruments is a gain of approximately $2.4 million. The following table contains details of the expected reclassified amounts into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $1,682 Foreign currency option contracts 256 Interest rate products 430 Total estimated gain on derivatives contracts $2,368 The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $97,250 $49,000 Foreign currency option contracts 8,000 28,000 Interest rate swaps 550,000 900,000 Forward-starting interest rate swaps 350,000 475,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $3,096 $4,968 Other assets 32 1,050 Other current liabilities (760) — Other non-current liabilities (98) — Foreign currency option contracts Other current assets 356 1,526 Other current liabilities — (11) Interest rate swaps Other non-current liabilities (26,892) (51,580) Forward-starting interest rate swaps Other assets 10,000 513 Other non-current liabilities — (13,042) Total derivative contracts: Other current assets $3,452 $6,494 Other assets 10,032 1,563 Total derivative assets $13,484 $8,057 Other current liabilities (760) (11) Other non-current liabilities (26,990) (64,622) Total derivative liabilities ($27,750) ($64,633) (a) See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP: June 30, 2021 December 31, 2020 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $309,839 $309,839 — $80,454 $80,454 — Cash and cash equivalents, Timber Funds 4,469 4,469 — 4,053 4,053 — Restricted cash (b) 702 702 — 2,975 2,975 — Current maturities of long-term debt, excluding Timber Funds (c) (199,830) — (203,940) — — — Long-term debt, excluding Timber Funds (c) (1,192,888) — (1,207,100) (1,300,336) — (1,313,631) Long-term debt, Timber Funds (c) (59,755) — (59,976) (60,179) — (60,474) Interest rate swaps (d) (26,892) — (26,892) (51,580) — (51,580) Forward-starting interest rate swaps (d) 10,000 — 10,000 (12,529) — (12,529) Foreign currency exchange contracts (d) 2,270 — 2,270 6,018 — 6,018 Foreign currency option contracts (d) 356 — 356 1,515 — 1,515 Noncontrolling Interests in the Operating Partnership (e) 153,505 153,505 — 130,121 130,121 — (a) We did not have Level 3 assets or liabilities at June 30, 2021 and December 31, 2020. (b) Restricted cash represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of deferred financing costs, unamortized discounts and fair value adjustments on non-revolving debt. See Note 9 — Debt for additional information. (d) See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Noncontrolling Interests in the Operating Partnership is neither an asset or liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling Interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS At June 30, 2021, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2021 $542 $18,245 $6,223 $25,010 2022 2,045 4,222 12,981 19,248 2023 1,853 267 12,234 14,354 2024 1,853 267 9,306 11,426 2025 2,338 267 5,451 8,056 Thereafter 2,664 3,916 12,671 19,251 $11,295 $27,184 $58,866 $97,345 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL AND NATURAL RESOU

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	6 Months Ended
	Jun. 30, 2021
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release. For additional information, see Note 13 - Environmental and Natural Resource Damage Liabilities in the 2020 Form 10-K. Changes in environmental and NRD liabilities from December 31, 2020 to June 30, 2021 are shown below: Port Gamble, WA Non-current portion at December 31, 2020 $10,615 Plus: Current portion 1,026 Total Balance at December 31, 2020 11,641 Expenditures charged to liabilities (417) Increase to liabilities 71 Total Balance at June 30, 2021 11,295 Less: Current portion (723) Non-current portion at June 30, 2021 $10,572 These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. See Note 2 - Merger with Pope Resources for information regarding the final allocation of fair value to environmental and NRD liabilities assumed in the merger with Pope Resources. It is expected that the upland mill site cleanup and NRD restoration will occur over the next two Note 12 - Commitments .

GUARANTEES

GUARANTEES	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2021, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 11,958 Total financial commitments $12,843 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2021, 2022, 2023 and 2024 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We continuously assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2020 to June 30, 2021 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2020 $79,901 $28,617 $108,518 Plus: Current portion (a) 212 6,544 6,756 Total Balance at December 31, 2020 80,113 35,161 115,274 Non-cash cost of land and improved development (3,106) (1,657) (4,763) Amortization of parcel real estate development investments — (3,211) (3,211) Timber depletion from harvesting activities and basis of timber sold in real estate sales (584) — (584) Capitalized real estate development investments (b) — 12,095 12,095 Capital expenditures (silviculture) 51 — 51 Intersegment transfers 1,176 — 1,176 Purchase price allocation adjustment (c) 8,238 — 8,238 Total Balance at June 30, 2021 85,888 42,388 128,276 Less: Current portion (a) (8,686) (16,026) (24,712) Non-current portion at June 30, 2021 $77,202 $26,362 $103,564 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information. (b) Capitalized real estate development investments include $0.3 million of capitalized interest and $5.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year. (c) Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The final allocation of fair value to HBU properties acquired in the merger is approximately $34.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. See Note 2 - Merger with Pope Resources

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of June 30, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows: June 30, 2021 December 31, 2020 Finished goods inventory Real estate inventory (a) $24,712 $6,756 Log inventory 5,077 3,838 Total inventory $29,789 $10,594 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

OTHER OPERATING INCOME (EXPENSE

OTHER OPERATING INCOME (EXPENSE), NET	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
OTHER OPERATING INCOME (EXPENSE), NET	OTHER OPERATING INCOME (EXPENSE), NET Other operating income (expense), net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Gain (loss) on foreign currency remeasurement, net of cash flow hedges $1,922 ($2,720) $4,351 ($1,287) Gain on sale or disposal of property and equipment 3 4 93 7 Log trading marketing fees — 3 6 50 Costs related to the merger with Pope Resources (a) — (13,498) — (15,985) Equity income (loss) related to Bainbridge Landing LLC joint venture (b) 186 (59) 206 (59) Miscellaneous expense, net (155) (213) (252) (320) Total $1,956 ($16,483) $4,404 ($17,594) (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 24 - Charges for Integration and Restructuring for additional information. (b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. We are not required to make mandatory 2021 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three and six months ended June 30, 2021. The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous (expense) income, net 557 677 11 13 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (936) (876) — — Amortization of losses Interest and other miscellaneous (expense) income, net 288 215 5 2 Net periodic benefit (credit) cost ($91) $16 $18 $17 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Six Months Ended Six Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $4 $3 Interest cost Interest and other miscellaneous (expense) income, net 1,114 1,353 23 26 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (1,873) (1,752) — — Amortization of losses Interest and other miscellaneous (expense) income, net 577 431 10 4 Net periodic benefit (credit) cost ($182) $32 $37 $33 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefit s i s 5.7%.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of June 30, 2021, Rayonier owns a 97.1% 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 Six Months Ended 2021 2020 2021 2020 Income tax expense ($6,880) ($2,990) ($10,302) ($6,696) ANNUAL EFFECTIVE TAX RATE The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items: Six Months Ended 2021 2020 Annualized effective tax rate after discrete items 11.0 % 19.8 %

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in AOCI by component for the six months ended June 30, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2019 ($226) $1,321 ($8,910) ($23,387) ($31,202) — ($31,202) Other comprehensive income (loss) before reclassifications 22,928 — (71,644) (1,794) (50,510) — (50,510) Amounts reclassified from accumulated other comprehensive loss — — 9,498 869 (b) 10,367 (2,540) 7,827 Net other comprehensive income (loss) 22,928 — (62,146) (925) (40,143) (2,540) (42,683) Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) ($2,540) ($73,885) Other comprehensive (loss) income before reclassifications (10,627) — 40,841 (a) — 30,214 — 30,214 Amounts reclassified from accumulated other comprehensive loss — — 10,955 587 (b) 11,542 (1,278) 10,264 Net other comprehensive (loss) income (10,627) — 51,796 587 41,756 (1,278) 40,478 Balance as of $12,075 $1,321 ($19,260) ($23,725) ($29,589) ($3,818) ($33,407) (a) Includes $45.0 million of other comprehensive income related to interest rate swaps and forward-starting interest rate swaps. See Note 10 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 19 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2021 and June 30, 2020: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement June 30, 2021 June 30, 2020 Realized loss (gain) on foreign currency exchange contracts $1,725 ($1,892) Other operating expense, net Realized loss on foreign currency option contracts 827 8 Other operating expense, net Noncontrolling interests (587) 434 Comprehensive (loss) income attributable to noncontrolling interests Realized loss on interest rate contracts 9,541 3,168 Interest expense Income tax effect from net (loss) gain on foreign currency contracts (551) 406 Income tax expense Net loss from accumulated other comprehensive income $10,955 $2,124

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2021
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Richmond Hill development project as well as cash held in escrow for real estate sales. As of June 30, 2021 and December 31, 2020, we had $0.7 million and $3.0 million, respectively, of restricted cash held in escrow. In addition, 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 June 30, 2021 and December 31, 2020, we had no proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary. The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2021: June 30, 2021 Restricted cash held in escrow $702 Total restricted cash shown in the Consolidated Balance Sheets 702 Cash and cash equivalents 314,308 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $315,010

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for sale criteria in accordance with ASC 360-10-45-9. As of June 30, 2021 and December 31, 2020, the basis in properties meeting this classification was $111.3 million and $3.4 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. Included in assets held for sale as of June 30, 2021 are $104.3 million of timber and timberland assets owned by ORM Timber Fund II, Inc., of which we maintain a 20% ownership interest.

CHARGES FOR INTEGRATION AND RES

CHARGES FOR INTEGRATION AND RESTRUCTURING	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
CHARGES FOR INTEGRATION AND RESTRUCTURING	CHARGES FOR INTEGRATION AND RESTRUCTURING During 2020, we incurred and accrued for termination benefits (primarily severance) and accelerated share-based payment costs based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made concurrent with and subsequent to the merger with Pope Resources. We also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to the merger with Pope Resources. A summary of the charges for integration and restructuring related to the merger with Pope Resources is presented below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Termination benefits — $581 — $581 Acceleration of share-based compensation related to qualifying terminations — 232 — 232 Professional services — 10,967 — 13,314 Other integration and restructuring costs — 1,718 — 1,858 Total integration and restructuring charges related to the merger with Pope Resources — $13,498 — $15,985 During the three and six months ended June 30, 2020, we incurred a total of $0.6 million in severance benefits related to restructuring associated with the Pope Resources merger. As of December 31, 2020, there was $0.1 million of accrued severance recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. As of June 30, 2021, all severance associated with the merger with Pope Resources has been paid.

RELATED PARTY

RELATED PARTY	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party	RELATED PARTY In January 2020, we entered into an agreement to sell developed lots to Mattamy Jacksonville LLC, a wholly owned subsidiary of Mattamy Homes, for an aggregate base purchase price of $4.45 million (subject to multiple takedowns over a 2 year period), plus additional consideration as to each lot to the extent the ultimate sales price of each finished home exceeds agreed price thresholds (the “Mattamy Contract”). The Mattamy contract also includes marketing fee revenue based on 1.25% of the sales price of each finished home. In September 2020, Keith Bass, a member of our Board of Directors, was named the Chief Executive Officer of Mattamy Homes US. Following this development, the Mattamy Contract and the ongoing obligations therein, were reviewed by the Nominating and Corporate Governance Committee in accordance with established policies and procedures regarding the authorization and approval of transactions with related parties. The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended: Three Months Ended June 30, Six Months Ended June 30, Related Party Transaction Location on Statement of Income and Comprehensive Income 2021 2020 2021 2020 Mattamy Contract Sales $1,446 — $1,488 —

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC (the “2020 Form 10-K”). On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of June 30, 2021, the Company owned a 97.1% interest in the Operating Partnership, with the remaining 2.9% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger.
New Accounting Standards	NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements.
Subsequent Events	SUBSEQUENT EVENTS New Zealand Subsidiary Shareholder Loan On July 1, 2021, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis to redeem certain equity interests. The capital contribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital contribution and portion of the shareholder loan are eliminated in consolidation. The capital contribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the New Zealand subsidiary recording a noncontrolling interest share redemption and loan payable in the amount of $28.2 million. The shareholder loan is due in 2026 at a fixed rate of 3.64%. Sale of Timber Fund III and IV Upon completion of the Pope Resources merger, we became the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, consisting of 141,000 acres in the Pacific Northwest, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds to BTG Pactual’s Timberland Investment Group (TIG) for an aggregate purchase price of $35.9 million. The sale will not have a material effect on our consolidated financial statements. Following the sale, we continue to manage and own a 20% co-investment stake in Fund II, consisting of 31,000 acres of timberland in the Pacific Northwest. We have classified Fund II’s timber and timberland as assets held for sale in our Consolidated Balance Sheets, as a process to liquidate Fund II has commenced. See Note 6 — Noncontrolling Interests and Note 23 — Assets Held for Sale for additional information.
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 June 30, 2021 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
Segment Reporting	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
Derivatives	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging
Fair Value of Financial Instruments	Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling Interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

MERGER WITH POPE RESOURCES (Tab

MERGER WITH POPE RESOURCES (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Total Consideration Transferred by Rayonier in the Merger	The total purchase price was as follows (in millions): Cash consideration $247,318 Equity consideration 172,640 Redeemable Operating Partnership Unit consideration 106,752 Fair value of Pope Resources units held by us (a) 11,211 Total purchase price $537,921 (a) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.
Business Combination, Changes In Depletion And Depreciation	As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense in the second quarter of 2021: Three months ended June 30, 2021 Pacific Northwest Timber Timber Funds Total Depletion ($182) ($1,202) ($1,384) Total ($182) ($1,202) ($1,384)
Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed	The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows (in thousands): Core Timberlands Timber Funds Total Timberland and Real Estate Business Cash $7,380 $8,870 $16,250 Accounts receivable 2,459 1,787 4,246 Other current assets 703 260 963 Timber and Timberlands 498,630 449,073 947,703 Higher and Better Use Timberlands and Real Estate Development Investments 34,748 — 34,748 Property, plant and equipment 11,616 — 11,616 Other assets (a) 3,737 2,194 5,931 Total identifiable assets acquired $559,273 $462,184 $1,021,457 Accounts payable 274 293 567 Current maturities of long-term debt — 25,084 25,084 Accrued interest 244 275 519 Other current liabilities 9,038 2,080 11,118 Long-term debt 53,502 35,759 89,261 Long-term environmental liabilities 10,748 — 10,748 Other non-current liabilities (b) 2,724 461 3,185 Total liabilities assumed $76,530 $63,952 $140,482 Net identifiable assets $482,743 $398,232 $880,975 Less: noncontrolling interests (3,816) (339,238) (343,054) Total net assets acquired $478,927 $58,994 $537,921 (a) Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b) Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities.
Schedule of Unaudited Pro Forma Information	Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and six months ended June 30, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts): Three Months Ended Six Months Ended June 30, 2020 Sales $202,500 $486,000 Net income attributable to Rayonier Inc. $8,130 $26,910 Basic earnings per share attributable to Rayonier Inc. $0.06 $0.20 Diluted earnings per share attributable to Rayonier Inc. $0.06 $0.20 Net income attributable to Rayonier, L.P. $8,403 $27,795 Basic earnings per unit attributable to Rayonier, L.P. $0.06 $0.20 Diluted earnings per unit attributable to Rayonier, L.P. $0.06 $0.20

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize the segment information for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, SALES 2021 2020 2021 2020 Southern Timber $49,294 $46,767 $100,971 $99,749 Pacific Northwest Timber 35,323 26,171 76,844 57,245 New Zealand Timber 80,559 41,769 138,138 79,308 Timber Funds (a) 18,646 7,524 33,585 7,524 Real Estate (b) 74,531 50,009 85,035 168,573 Trading 34,546 24,320 51,212 43,304 Intersegment Eliminations (c) (1,468) (930) (2,907) (943) Total $291,431 $195,630 $482,878 $454,760 (a) The three and six months ended June 30, 2021 includes $14.7 million and $26.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in Timber Funds. (b) The three and six months ended June 30, 2021 includes $36.0 million from a Large Disposition. The six months ended June 30, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended June 30, Six Months Ended June 30, OPERATING INCOME (LOSS) 2021 2020 2021 2020 Southern Timber $16,980 $11,208 $34,327 $26,278 Pacific Northwest Timber 1,872 (6,681) 3,222 (7,629) New Zealand Timber 20,714 4,973 34,658 10,422 Timber Funds (a) 1,991 (1,892) 3,492 (1,892) Real Estate (b) 50,511 24,848 52,199 51,622 Trading 418 102 662 83 Corporate and Other (c) (8,042) (20,872) (15,631) (28,646) Total Operating Income 84,444 11,686 112,929 50,238 Unallocated interest expense and other (14,144) (8,241) (24,175) (16,666) Total Income before Income Taxes $70,300 $3,445 $88,754 $33,572 (a) The three and six months ended June 30, 2021 includes $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in Timber Funds. (b) The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition. The six months ended June 30, 2020 includes $28.7 million from a Large Disposition. (c) The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details. Three Months Ended June 30, Six Months Ended June 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2021 2020 2021 2020 Southern Timber $13,576 $15,231 $27,935 $33,414 Pacific Northwest Timber 12,031 10,606 28,316 21,308 New Zealand Timber 6,952 4,942 14,201 9,716 Timber Funds (a) 6,121 4,070 11,621 4,070 Real Estate (b) 8,535 6,678 10,092 42,422 Corporate and Other 313 340 576 637 Total $47,528 $41,867 $92,741 $111,567 (a) The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The three and six months ended June 30, 2021 includes $4.8 million from a Large Disposition. The six months ended June 30, 2020 includes $35.4 million from a Large Disposition. Three Months Ended June 30, Six Months Ended June 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2021 2020 2021 2020 Real Estate (a) $5,254 $13,030 $7,067 $65,081 Total $5,254 $13,030 $7,067 $65,081 (a) The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition. The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Liabilities	The following table summarizes revenue recognized during the three and six months ended June 30, 2021 and 2020 that was included in the contract liability balance at the beginning of each year: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue recognized from contract liability balance at the beginning of the year (a) $4,049 $3,661 $9,969 $10,086 (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 six months ended June 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2021 Pulpwood $23,728 $2,078 $12,266 $395 — $3,676 — $42,143 Sawtimber 18,692 31,755 67,986 16,419 — 30,475 — 165,327 Hardwood 1,268 — — — — — — 1,268 Total Timber Sales 43,688 33,833 80,252 16,814 — 34,151 — 208,738 License Revenue, Primarily from Hunting 4,493 117 81 26 — — — 4,717 Other Non-Timber/Carbon Revenue 1,113 1,373 226 399 — — — 3,111 Agency Fee Income — — — — — 334 — 334 Total Non-Timber Sales 5,606 1,490 307 425 — 334 — 8,162 Improved Development — — — — 19,340 — — 19,340 Rural — — — — 20,297 — — 20,297 Conservation Easement — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (5,242) — — (5,242) Large Dispositions — — — — 36,000 — — 36,000 Total Real Estate Sales — — — — 74,250 — — 74,250 Revenue from Contracts with Customers 49,294 35,323 80,559 17,239 74,250 34,485 — 291,150 Lease Revenue — — — — 281 — — 281 Intersegment — — — 1,407 — 61 (1,468) — Total Revenue $49,294 $35,323 $80,559 $18,646 $74,531 $34,546 ($1,468) $291,431 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2020 Pulpwood $24,685 $3,163 $5,766 $328 — $2,463 — $36,405 Sawtimber 16,359 22,296 34,959 6,305 — 21,805 — 101,724 Hardwood 512 — — — — — — 512 Total Timber Sales 41,556 25,459 40,725 6,633 — 24,268 — 138,641 License Revenue, Primarily from Hunting 4,337 95 83 10 — — — 4,525 Other Non-Timber/Carbon Revenue 874 617 961 4 — — — 2,456 Agency Fee Income — — — — — (1) — (1) Total Non-Timber Sales 5,211 712 1,044 14 — (1) — 6,980 Improved Development — — — — 6,427 — — 6,427 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 27,234 — — 27,234 Timberland & Non-Strategic — — — — 9,606 — — 9,606 Deferred Revenue/Other (a) — — — — (1,756) — — (1,756) Total Real Estate Sales — — — — 49,937 — — 49,937 Revenue from Contracts with Customers 46,767 26,171 41,769 6,647 49,937 24,267 — 195,558 Lease Revenue — — — — 72 — — 72 Intersegment — — — 877 — 53 (930) — Total Revenue $46,767 $26,171 $41,769 $7,524 $50,009 $24,320 ($930) $195,630 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2021 Pulpwood $45,584 $4,573 $21,809 $655 — $5,510 — $78,131 Sawtimber 40,655 69,513 115,777 29,727 — 44,865 — 300,537 Hardwood 1,673 — — — — — — 1,673 Total Timber Sales 87,912 74,086 137,586 30,382 — 50,375 — 380,341 License Revenue, Primarily From Hunting 8,913 207 139 29 — — — 9,288 Other Non-Timber/Carbon Revenue 4,146 2,551 413 413 — — — 7,523 Agency Fee Income — — — — — 691 — 691 Total Non-Timber Sales 13,059 2,758 552 442 — 691 — 17,502 Improved Development — — — — 19,592 — — 19,592 Rural — — — — 30,062 — — 30,062 Conservation Easement — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — — (4,987) — — (4,987) Large Dispositions — — — — 36,000 — — 36,000 Total Real Estate Sales — — — — 84,522 — — 84,522 Revenue from Contracts with Customers 100,971 76,844 138,138 30,824 84,522 51,066 — 482,365 Lease Revenue — — — — 513 — — 513 Intersegment — — — 2,761 — 146 (2,907) — Total Revenue $100,971 $76,844 $138,138 $33,585 $85,035 $51,212 ($2,907) $482,878 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total June 30, 2020 Pulpwood $52,178 $6,290 $10,613 $328 — $4,993 — $74,402 Sawtimber 35,868 49,741 65,746 6,305 — 37,918 — 195,578 Hardwood 993 — — — — — — 993 Total Timber Sales 89,039 56,031 76,359 6,633 — 42,911 — 270,973 License Revenue, Primarily from Hunting 8,926 192 140 10 — — — 9,268 Other Non-Timber/Carbon Revenue 1,784 1,022 2,809 4 — — — 5,619 Agency Fee Income — — — — — 327 — 327 Total Non-Timber Sales 10,710 1,214 2,949 14 — 327 — 15,214 Improved Development — — — — 6,427 — — 6,427 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 29,631 — — 29,631 Timberland & Non-Strategic — — — — 9,606 — — 9,606 Deferred Revenue/Other (a) — — — — (1,616) — — (1,616) Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 168,501 — — 168,501 Revenue from Contracts with Customers 99,749 57,245 79,308 6,647 168,501 43,238 — 454,688 Lease Revenue — — — — 72 — — 72 Intersegment — — — 877 — 66 (943) — Total Revenue $99,749 $57,245 $79,308 $7,524 $168,573 $43,304 ($943) $454,760 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2021 and 2020: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total June 30, 2021 Stumpage Pay-as-Cut $15,183 — — $197 — $15,380 Stumpage Lump Sum 4,645 932 — — — 5,577 Total Stumpage 19,828 932 — 197 — 20,957 Delivered Wood (Domestic) 19,955 32,901 19,250 16,617 1,236 89,959 Delivered Wood (Export) 3,905 — 61,002 — 32,915 97,822 Total Delivered 23,860 32,901 80,252 16,617 34,151 187,781 Total Timber Sales $43,688 $33,833 $80,252 $16,814 $34,151 $208,738 June 30, 2020 Stumpage Pay-as-Cut $16,216 — — $531 — $16,747 Stumpage Lump Sum 863 326 — — — 1,189 Total Stumpage 17,079 326 — 531 — 17,936 Delivered Wood (Domestic) 21,438 25,133 12,126 6,102 462 65,261 Delivered Wood (Export) 3,039 — 28,599 — 23,806 55,444 Total Delivered 24,477 25,133 40,725 6,102 24,268 120,705 Total Timber Sales $41,556 $25,459 $40,725 $6,633 $24,268 $138,641 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total June 30, 2021 Stumpage Pay-as-Cut $36,440 — — $197 — $36,637 Stumpage Lump Sum 4,647 7,063 — — — 11,710 Total Stumpage 41,087 7,063 — 197 — 48,347 Delivered Wood (Domestic) 38,014 67,023 36,356 30,185 2,327 173,905 Delivered Wood (Export) 8,811 — 101,230 — 48,048 158,089 Total Delivered 46,825 67,023 137,586 30,185 50,375 331,994 Total Timber Sales $87,912 $74,086 $137,586 $30,382 $50,375 $380,341 June 30, 2020 Stumpage Pay-as-Cut $41,623 — — $531 — $42,154 Stumpage Lump Sum 1,251 5,457 — — — 6,708 Total Stumpage 42,874 5,457 — 531 — 48,862 Delivered Wood (Domestic) 42,498 50,574 25,817 6,102 934 125,925 Delivered Wood (Export) 3,667 — 50,542 — 41,977 96,186 Total Delivered 46,165 50,574 76,359 6,102 42,911 222,111 Total Timber Sales $89,039 $56,031 $76,359 $6,633 $42,911 $270,973

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Operating Lease, Lease Income	The following table details our lease income for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, Lease Income Components 2021 2020 2021 2020 Operating lease income $281 $72 $513 $72 Total lease income $281 $72 $513 $72

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries	The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $3,073 $693 $5,711 $1,261 The following table sets forth the income attributable to the Funds’ noncontrolling interests: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Net income (loss) attributable to noncontrolling interests in the Funds $1,388 ($2,146) $2,464 ($2,146) The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Net (loss) income attributable to noncontrolling interests in Ferncliff Investors — ($46) $129 ($46) The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended June 30, Six Months Ended 2021 2020 2021 2020 Beginning noncontrolling interests in the Operating Partnership $137,990 — $130,121 — Issuances of Redeemable Operating Partnership Units — 106,752 — 106,752 Adjustment of noncontrolling interests in the Operating Partnership 15,410 3,992 27,277 3,992 Conversions of Redeemable Operating Partnership Units to Common Shares (241) — (4,956) — Net Income attributable to noncontrolling interests in the Operating Partnership 1,753 219 2,094 219 Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership (253) 457 1,278 457 Distributions to noncontrolling interests in the Operating Partnership (1,154) (1,200) (2,309) (1,200) Total noncontrolling interests in the Operating Partnership $153,505 $110,220 $153,505 $110,220

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The assets, liabilities and equity of the Funds as of June 30, 2021, were as follows: Timber Funds June 30, 2021 Assets: Cash and cash equivalents $4,469 Accounts receivable 3,239 Assets held for sale ( Note 23 ) 104,291 Other current assets 68 Total current assets 112,067 Timber and timberlands, net of depletion and amortization 316,249 Other assets 74 Total assets $428,390 Liabilities and Equity: Accounts payable $1,127 Intercompany payable (a) 880 Accrued taxes 292 Accrued interest 508 Deferred revenue 339 Other current liabilities 464 Total current liabilities 3,610 Long-term debt, net of deferred financing costs 59,755 Funds’ equity 365,025 Total liabilities and equity $428,390 (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 June 30, 2021, were as follows: Ferncliff Investors June 30, 2021 Assets: Cash and cash equivalents $295 Total current assets 295 Advances to real estate joint venture entity 1,000 Total assets $1,295 Liabilities and equity: Total liabilities $1,818 Ferncliff Investors’ equity (523) Total liabilities and equity $1,295

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share and Per Unit, Basic and Diluted	The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings per common share - basic Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net income attributable to noncontrolling interests in the Operating Partnership (1,753) (219) (2,094) (219) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income attributable to Rayonier Inc. $57,206 $1,735 $68,054 $27,588 Denominator: Denominator for basic earnings per common share - weighted average shares 139,556,748 133,318,209 138,718,442 131,227,852 Basic earnings per common share attributable to Rayonier Inc.: $0.41 $0.01 $0.49 $0.21 Earnings per common share - diluted Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $58,959 $1,954 $70,148 $27,807 Denominator: Denominator for basic earnings per common share - weighted average shares 139,556,748 133,318,209 138,718,442 131,227,852 Add: Dilutive effect of: Stock options 12,646 — 8,348 537 Performance shares, restricted shares and restricted stock units 210,923 49,299 282,027 129,390 Noncontrolling interests in Redeemable Operating Partnership units 4,275,912 2,589,518 4,303,201 1,294,759 Denominator for diluted earnings per common share - adjusted weighted average shares 144,056,229 135,957,026 143,312,018 132,652,538 Diluted earnings per common share attributable to Rayonier Inc.: $0.41 $0.01 $0.49 $0.21 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings per unit - basic Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income available to unitholders $58,959 $1,954 $70,148 $27,807 Denominator: Denominator for basic earnings per unit - weighted average units 143,832,660 135,907,727 143,021,643 132,522,611 Basic earnings per unit attributable to Rayonier, L.P.: $0.41 $0.01 $0.49 $0.21 Earnings per unit - diluted Numerator: Net Income $63,420 $455 $78,452 $26,876 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (4,461) 1,499 (8,304) 931 Net income available to unitholders $58,959 $1,954 $70,148 $27,807 Denominator: Denominator for basic earnings per unit - weighted average units 143,832,660 135,907,727 143,021,643 132,522,611 Add: Dilutive effect of unit equivalents: Stock options 12,646 — 8,348 537 Performance shares, restricted shares and restricted stock units 210,923 49,299 282,027 129,390 Denominator for diluted earnings per unit - adjusted weighted average units 144,056,229 135,957,026 143,312,018 132,652,538 Diluted earnings per unit attributable to Rayonier, L.P.: $0.41 $0.01 $0.49 $0.21
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 208,614 635,779 201,435 521,053 Total 208,614 635,779 201,435 521,053 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 208,614 635,779 201,435 521,053 Total 208,614 635,779 201,435 521,053

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Our debt consisted of the following at June 30, 2021: June 30, 2021 Debt, excluding Timber Funds: Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at June 30, 2021 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Senior Notes due 2031 at a fixed interest rate of 2.75% 450,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.7% at June 30, 2021 (b) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% 24,171 Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, with the following tranches Due 2025 at a fixed interest rate of 6.1% 10,000 Due 2028 at a fixed interest rate of 4.1% 11,000 Due 2029 at a fixed interest rate of 5.3% 16,000 Due 2029 at a fixed interest rate of 5.4% 8,000 Total principal debt, excluding Timber Funds 1,394,171 Add: Fair value adjustments, excluding Timber Funds 7,478 Less: Unamortized discounts, excluding Timber Funds (3,583) Less: Current maturities of long-term debt, excluding Timber Funds (199,830) Less: Deferred financing costs, excluding Timber Funds (5,348) Total long-term debt, excluding Timber Funds 1,192,888 Debt, Timber Funds: Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest Due 2022 at a variable interest rate of 2.0% at June 30, 2021 11,000 Due 2022 at a variable interest rate of 2.0% at June 30, 2021 14,000 Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest Due 2023 at a fixed interest rate of 5.1% 17,980 Due 2024 at a fixed interest rate of 4.5% 14,400 Total principal debt, Timber Funds 57,380 Add: Fair value adjustments, Timber Funds 2,382 Less: Deferred financing costs, Timber Funds (7) Total long-term debt, Timber Funds 59,755 Total long-term debt $1,252,643 (a) As of June 30, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of June 30, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (d) As of June 30, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds.
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: Excluding Timber Funds Timber Funds Total 2021 — — — 2022 325,000 25,000 350,000 2023 — 17,980 17,980 2024 — 14,400 14,400 2025 34,171 — 34,171 Thereafter 1,035,000 — 1,035,000 Total Debt $1,394,171 $57,380 $1,451,551
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 7.8 to 1 5.3 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 46 % 19 % The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 7.8 to 1 5.3 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 46 % 19 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table contains information on the outstanding interest rate swaps as of June 30, 2021: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2021: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date March 2020 4 years $100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A May 2021 (b) 7 years 200,000 0.77 % Future Issuance Feb. 2022 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The forward-starting interest rate swap entered into in May 2021 contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2021 and 2020: Three Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($896) $5,340 Foreign currency option contracts Other comprehensive income (loss) (230) 877 Interest rate products Other comprehensive income (loss) (14,587) (14,469) Interest expense 5,377 2,716 Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income, net — 14 Six Months Ended Income Statement Location 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($3,747) ($140) Foreign currency option contracts Other comprehensive income (loss) (1,158) (273) Interest rate products Other comprehensive income (loss) 45,144 (93,621) Interest expense 9,371 3,168 Derivatives not designated as hedging instruments: Carbon option contracts Interest and other miscellaneous income, net — 563 Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $1,682 Foreign currency option contracts 256 Interest rate products 430 Total estimated gain on derivatives contracts $2,368
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 June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $97,250 $49,000 Foreign currency option contracts 8,000 28,000 Interest rate swaps 550,000 900,000 Forward-starting interest rate swaps 350,000 475,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) June 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $3,096 $4,968 Other assets 32 1,050 Other current liabilities (760) — Other non-current liabilities (98) — Foreign currency option contracts Other current assets 356 1,526 Other current liabilities — (11) Interest rate swaps Other non-current liabilities (26,892) (51,580) Forward-starting interest rate swaps Other assets 10,000 513 Other non-current liabilities — (13,042) Total derivative contracts: Other current assets $3,452 $6,494 Other assets 10,032 1,563 Total derivative assets $13,484 $8,057 Other current liabilities (760) (11) Other non-current liabilities (26,990) (64,622) Total derivative liabilities ($27,750) ($64,633) (a) See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, by Balance Sheet Grouping	The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP: June 30, 2021 December 31, 2020 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $309,839 $309,839 — $80,454 $80,454 — Cash and cash equivalents, Timber Funds 4,469 4,469 — 4,053 4,053 — Restricted cash (b) 702 702 — 2,975 2,975 — Current maturities of long-term debt, excluding Timber Funds (c) (199,830) — (203,940) — — — Long-term debt, excluding Timber Funds (c) (1,192,888) — (1,207,100) (1,300,336) — (1,313,631) Long-term debt, Timber Funds (c) (59,755) — (59,976) (60,179) — (60,474) Interest rate swaps (d) (26,892) — (26,892) (51,580) — (51,580) Forward-starting interest rate swaps (d) 10,000 — 10,000 (12,529) — (12,529) Foreign currency exchange contracts (d) 2,270 — 2,270 6,018 — 6,018 Foreign currency option contracts (d) 356 — 356 1,515 — 1,515 Noncontrolling Interests in the Operating Partnership (e) 153,505 153,505 — 130,121 130,121 — (a) We did not have Level 3 assets or liabilities at June 30, 2021 and December 31, 2020. (b) Restricted cash represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of deferred financing costs, unamortized discounts and fair value adjustments on non-revolving debt. See Note 9 — Debt for additional information. (d) See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments	At June 30, 2021, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2021 $542 $18,245 $6,223 $25,010 2022 2,045 4,222 12,981 19,248 2023 1,853 267 12,234 14,354 2024 1,853 267 9,306 11,426 2025 2,338 267 5,451 8,056 Thereafter 2,664 3,916 12,671 19,251 $11,295 $27,184 $58,866 $97,345 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.

ENVIRONMENTAL AND NATURAL RES_2

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2020 to June 30, 2021 are shown below: Port Gamble, WA Non-current portion at December 31, 2020 $10,615 Plus: Current portion 1,026 Total Balance at December 31, 2020 11,641 Expenditures charged to liabilities (417) Increase to liabilities 71 Total Balance at June 30, 2021 11,295 Less: Current portion (723) Non-current portion at June 30, 2021 $10,572

GUARANTEES (Tables)

GUARANTEES (Tables)	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of June 30, 2021, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 11,958 Total financial commitments $12,843 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2021, 2022, 2023 and 2024 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERL_2

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Costs for Land, Timber and Real Estate Development	Changes in higher and better use timberlands and real estate development investments from December 31, 2020 to June 30, 2021 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2020 $79,901 $28,617 $108,518 Plus: Current portion (a) 212 6,544 6,756 Total Balance at December 31, 2020 80,113 35,161 115,274 Non-cash cost of land and improved development (3,106) (1,657) (4,763) Amortization of parcel real estate development investments — (3,211) (3,211) Timber depletion from harvesting activities and basis of timber sold in real estate sales (584) — (584) Capitalized real estate development investments (b) — 12,095 12,095 Capital expenditures (silviculture) 51 — 51 Intersegment transfers 1,176 — 1,176 Purchase price allocation adjustment (c) 8,238 — 8,238 Total Balance at June 30, 2021 85,888 42,388 128,276 Less: Current portion (a) (8,686) (16,026) (24,712) Non-current portion at June 30, 2021 $77,202 $26,362 $103,564 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information. (b) Capitalized real estate development investments include $0.3 million of capitalized interest and $5.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year. (c) Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The final allocation of fair value to HBU properties acquired in the merger is approximately $34.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. See Note 2 - Merger with Pope Resources for additional information.

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows: June 30, 2021 December 31, 2020 Finished goods inventory Real estate inventory (a) $24,712 $6,756 Log inventory 5,077 3,838 Total inventory $29,789 $10,594 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

OTHER OPERATING INCOME (EXPEN_2

OTHER OPERATING INCOME (EXPENSE), NET (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Other Operating (Expense) Income	Other operating income (expense), net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Gain (loss) on foreign currency remeasurement, net of cash flow hedges $1,922 ($2,720) $4,351 ($1,287) Gain on sale or disposal of property and equipment 3 4 93 7 Log trading marketing fees — 3 6 50 Costs related to the merger with Pope Resources (a) — (13,498) — (15,985) Equity income (loss) related to Bainbridge Landing LLC joint venture (b) 186 (59) 206 (59) Miscellaneous expense, net (155) (213) (252) (320) Total $1,956 ($16,483) $4,404 ($17,594) (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 24 - Charges for Integration and Restructuring for additional information. (b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Components of Net Periodic Benefit (Credit) Cost	The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous (expense) income, net 557 677 11 13 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (936) (876) — — Amortization of losses Interest and other miscellaneous (expense) income, net 288 215 5 2 Net periodic benefit (credit) cost ($91) $16 $18 $17 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Six Months Ended Six Months Ended 2021 2020 2021 2020 Service cost Selling and general expenses — — $4 $3 Interest cost Interest and other miscellaneous (expense) income, net 1,114 1,353 23 26 Expected return on plan assets (a) Interest and other miscellaneous (expense) income, net (1,873) (1,752) — — Amortization of losses Interest and other miscellaneous (expense) income, net 577 431 10 4 Net periodic benefit (credit) cost ($182) $32 $37 $33 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefit s i s 5.7%.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended Six Months Ended 2021 2020 2021 2020 Income tax expense ($6,880) ($2,990) ($10,302) ($6,696)
Schedule of Effective Income Tax Rate Reconciliation	The following table contains the Company’s annualized effective tax rate after discrete items: Six Months Ended 2021 2020 Annualized effective tax rate after discrete items 11.0 % 19.8 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component for the six months ended June 30, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2019 ($226) $1,321 ($8,910) ($23,387) ($31,202) — ($31,202) Other comprehensive income (loss) before reclassifications 22,928 — (71,644) (1,794) (50,510) — (50,510) Amounts reclassified from accumulated other comprehensive loss — — 9,498 869 (b) 10,367 (2,540) 7,827 Net other comprehensive income (loss) 22,928 — (62,146) (925) (40,143) (2,540) (42,683) Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) ($2,540) ($73,885) Other comprehensive (loss) income before reclassifications (10,627) — 40,841 (a) — 30,214 — 30,214 Amounts reclassified from accumulated other comprehensive loss — — 10,955 587 (b) 11,542 (1,278) 10,264 Net other comprehensive (loss) income (10,627) — 51,796 587 41,756 (1,278) 40,478 Balance as of $12,075 $1,321 ($19,260) ($23,725) ($29,589) ($3,818) ($33,407) (a) Includes $45.0 million of other comprehensive income related to interest rate swaps and forward-starting interest rate swaps. See Note 10 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 19 — Employee Benefit Plans
Reclassification out of Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2021 and June 30, 2020: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement June 30, 2021 June 30, 2020 Realized loss (gain) on foreign currency exchange contracts $1,725 ($1,892) Other operating expense, net Realized loss on foreign currency option contracts 827 8 Other operating expense, net Noncontrolling interests (587) 434 Comprehensive (loss) income attributable to noncontrolling interests Realized loss on interest rate contracts 9,541 3,168 Interest expense Income tax effect from net (loss) gain on foreign currency contracts (551) 406 Income tax expense Net loss from accumulated other comprehensive income $10,955 $2,124

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021: June 30, 2021 Restricted cash held in escrow $702 Total restricted cash shown in the Consolidated Balance Sheets 702 Cash and cash equivalents 314,308 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $315,010
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 six months ended June 30, 2021: June 30, 2021 Restricted cash held in escrow $702 Total restricted cash shown in the Consolidated Balance Sheets 702 Cash and cash equivalents 314,308 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $315,010

CHARGES FOR INTEGRATION AND R_2

CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Schedule of Integration and Restructuring Related Cost	A summary of the charges for integration and restructuring related to the merger with Pope Resources is presented below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Termination benefits — $581 — $581 Acceleration of share-based compensation related to qualifying terminations — 232 — 232 Professional services — 10,967 — 13,314 Other integration and restructuring costs — 1,718 — 1,858 Total integration and restructuring charges related to the merger with Pope Resources — $13,498 — $15,985

RELATED PARTY (Tables)

RELATED PARTY (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions on Consolidated Statements of Income and Comprehensive Income	The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended: Three Months Ended June 30, Six Months Ended June 30, Related Party Transaction Location on Statement of Income and Comprehensive Income 2021 2020 2021 2020 Mattamy Contract Sales $1,446 — $1,488 —

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) a in Thousands, $ in Thousands	Jul. 21, 2021USD ($)a	Jun. 30, 2021afund	May 08, 2020	Jun. 30, 2021afund	Jul. 01, 2021USD ($)
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of timber funds | fund		3		3
Area of land | a		141		141
Subsequent event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Aggregate purchase price | $	$ 35,900
Subsequent event | Matariki Forestry Group | Minority Shareholder Due 2026 At 3.64% | Excluding Timber Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Outstanding balance | $					$ 28,200
Stated interest rate					3.64%
Operating Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		97.10%
Ownership interest owned by limited partners			2.90%
ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest				20.00%
ORM Timber Fund II | Subsequent event | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | Disposal Group, Held-for-sale, Not Discontinued Operations | Properties Under Contract
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of land | a	31
Ownership interest	20.00%
ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest				5.00%
ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest				15.00%

MERGER WITH POPE RESOURCES - Na

MERGER WITH POPE RESOURCES - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	May 08, 2020fund
Business Acquisition [Line Items]
Costs related to the merger with Pope Resources	$ 0	$ 13,498		$ 0	$ 15,985
Net (loss) income	$ 63,420	455		78,452	26,876
Merger with Pope Resources
Business Acquisition [Line Items]
Number of timber funds acquired | fund						3
Costs related to the merger with Pope Resources		13,500	$ 2,500
Increase in higher and better use timberlands from purchase price allocation				8,200
Increase (decrease) in timber and timberlands				1,100
Merger with Pope Resources | Acquisition-related Transaction Costs
Business Acquisition [Line Items]
Net (loss) income		$ 23,500			$ 31,200
Core Timberlands
Business Acquisition [Line Items]
Increase (decrease) in timber and timberlands				(15,500)
Timber Funds
Business Acquisition [Line Items]
Increase (decrease) in timber and timberlands				$ 16,600

MERGER WITH POPE RESOURCES - Su

MERGER WITH POPE RESOURCES - Summary of Consideration Transferred (Details) - Merger with Pope Resources - USD ($) $ in Thousands	May 08, 2020	May 07, 2020
Business Acquisition [Line Items]
Cash consideration	$ 247,318
Equity consideration	172,640
Redeemable Operating Partnership Unit consideration	106,752
Fair value of Pope Resources units held by us		$ 11,211
Total purchase price	$ 537,921

MERGER WITH POPE RESOURCES - Sc

MERGER WITH POPE RESOURCES - Schedule of Depletion (Details) - Merger with Pope Resources $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Business Acquisition [Line Items]
Depletion	$ (1,384)
Operating Segments | Pacific Northwest Timber
Business Acquisition [Line Items]
Depletion	(182)
Operating Segments | Timber Funds
Business Acquisition [Line Items]
Depletion	$ (1,202)

MERGER WITH POPE RESOURCES - Fa

MERGER WITH POPE RESOURCES - Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) $ in Thousands	May 08, 2020USD ($)
Merger with Pope Resources
Restructuring Cost and Reserve [Line Items]
Cash	$ 16,250
Accounts receivable	4,246
Other current assets	963
Timber and Timberlands	947,703
Higher and Better Use Timberlands and Real Estate Development Investments	34,748
Property, plant and equipment	11,616
Other assets (a)	5,931
Total identifiable assets acquired	1,021,457
Accounts payable	567
Current maturities of long-term debt	25,084
Accrued interest	519
Other current liabilities	11,118
Long-term debt	89,261
Long-term environmental liabilities	10,748
Other non-current liabilities	3,185
Total liabilities assumed	140,482
Net identifiable assets	880,975
Less: noncontrolling interests	(343,054)
Total net assets acquired	537,921
Intangible assets	1,900
Deferred income tax liability	3,200
Core Timberlands
Restructuring Cost and Reserve [Line Items]
Cash	7,380
Accounts receivable	2,459
Other current assets	703
Timber and Timberlands	498,630
Higher and Better Use Timberlands and Real Estate Development Investments	34,748
Property, plant and equipment	11,616
Other assets (a)	3,737
Total identifiable assets acquired	559,273
Accounts payable	274
Current maturities of long-term debt	0
Accrued interest	244
Other current liabilities	9,038
Long-term debt	53,502
Long-term environmental liabilities	10,748
Other non-current liabilities	2,724
Total liabilities assumed	76,530
Net identifiable assets	482,743
Less: noncontrolling interests	(3,816)
Total net assets acquired	478,927
Timber Funds
Restructuring Cost and Reserve [Line Items]
Cash	8,870
Accounts receivable	1,787
Other current assets	260
Timber and Timberlands	449,073
Higher and Better Use Timberlands and Real Estate Development Investments	0
Property, plant and equipment	0
Other assets (a)	2,194
Total identifiable assets acquired	462,184
Accounts payable	293
Current maturities of long-term debt	25,084
Accrued interest	275
Other current liabilities	2,080
Long-term debt	35,759
Long-term environmental liabilities	0
Other non-current liabilities	461
Total liabilities assumed	63,952
Net identifiable assets	398,232
Less: noncontrolling interests	(339,238)
Total net assets acquired	$ 58,994

MERGER WITH POPE RESOURCES - _2

MERGER WITH POPE RESOURCES - Schedule of Unaudited Pro Forma Information (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Sales	$ 202,500	$ 486,000
Net income attributable to Rayonier Inc.	$ 8,130	$ 26,910
Basic earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.20
Diluted earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.20
Rayonier Limited Partnership
Business Acquisition [Line Items]
Net income attributable to Rayonier Inc.	$ 8,403	$ 27,795
Basic earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.20
Diluted earnings per share/unit (in dollars per share/unit)	$ 0.06	$ 0.20

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
SALES	$ 291,431	$ 195,630	$ 482,878	$ 454,760
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES	14,700	5,800	26,700	5,800
Real Estate
Segment Reporting Information [Line Items]
Threshold to be considered a large disposition transaction			20,000
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
SALES	36,000		36,000	116,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(1,468)	(930)	(2,907)	(943)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	49,294	46,767	100,971	99,749
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	35,323	26,171	76,844	57,245
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	80,559	41,769	138,138	79,308
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
SALES	18,646	7,524	33,585	7,524
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	74,531	50,009	85,035	168,573
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	34,546	24,320	51,212	43,304
Intersegment Eliminations | Timber Funds
Segment Reporting Information [Line Items]
SALES	1,407	877	2,761	877
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
SALES	61	53	146	66
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (1,468)	$ (930)	$ (2,907)	$ (943)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total Operating Income	$ 84,444	$ 11,686	$ 112,929	$ 50,238
Unallocated interest expense and other	(14,144)	(8,241)	(24,175)	(16,666)
Total Income before Income Taxes	70,300	3,445	88,754	33,572
Restructuring Charges	0	13,498	0	15,985
Merger with Pope Resources
Segment Reporting Information [Line Items]
Restructuring Charges		13,500		16,000
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income	(1,600)	2,000	(2,700)	2,000
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Total Operating Income	30,300		30,300	28,700
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	16,980	11,208	34,327	26,278
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	1,872	(6,681)	3,222	(7,629)
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	20,714	4,973	34,658	10,422
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	1,991	(1,892)	3,492	(1,892)
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	50,511	24,848	52,199	51,622
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	418	102	662	83
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (8,042)	$ (20,872)	$ (15,631)	$ (28,646)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 47,528	$ 41,867	$ 92,741	$ 111,567
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,100	3,500	10,100	3,500
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,800		4,800	35,400
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	13,576	15,231	27,935	33,414
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	12,031	10,606	28,316	21,308
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	6,952	4,942	14,201	9,716
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	6,121	4,070	11,621	4,070
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	8,535	6,678	10,092	42,422
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 313	$ 340	$ 576	$ 637

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 5,254	$ 13,030	$ 7,067	$ 65,081
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	5,254	$ 13,030	7,067	65,081
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 100		$ 100	$ 51,600

REVENUE REMAINING PERFORMANCE O

REVENUE REMAINING PERFORMANCE OBLIGATION - Narrative (Details)	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to Satisfaction, period	12 months

REVENUE - Contract Liability (D

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 4,049	$ 3,661	$ 9,969	$ 10,086

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 291,150	$ 195,558	$ 482,365	$ 454,688
Lease Revenue	281	72	513	72
Total Revenue	291,431	195,630	482,878	454,760
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,143	36,405	78,131	74,402
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	165,327	101,724	300,537	195,578
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,268	512	1,673	993
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	208,738	138,641	380,341	270,973
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,717	4,525	9,288	9,268
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,111	2,456	7,523	5,619
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	334	(1)	691	327
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,162	6,980	17,502	15,214
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,340	6,427	19,592	6,427
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		8,426		8,426
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,297	27,234	30,062	29,631
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		9,606		9,606
Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,855		3,855
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(5,242)	(1,756)	(4,987)	(1,616)
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,000		36,000	116,027
Total Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	74,250	49,937	84,522	168,501
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(1,468)	(930)	(2,907)	(943)
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,294	46,767	100,971	99,749
Total Revenue	49,294	46,767	100,971	99,749
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,728	24,685	45,584	52,178
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,692	16,359	40,655	35,868
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,268	512	1,673	993
Operating Segments | Southern Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,688	41,556	87,912	89,039
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,493	4,337	8,913	8,926
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,113	874	4,146	1,784
Operating Segments | Southern Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,606	5,211	13,059	10,710
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,323	26,171	76,844	57,245
Total Revenue	35,323	26,171	76,844	57,245
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,078	3,163	4,573	6,290
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,755	22,296	69,513	49,741
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	33,833	25,459	74,086	56,031
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	117	95	207	192
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,373	617	2,551	1,022
Operating Segments | Pacific Northwest Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,490	712	2,758	1,214
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	80,559	41,769	138,138	79,308
Total Revenue	80,559	41,769	138,138	79,308
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,266	5,766	21,809	10,613
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	67,986	34,959	115,777	65,746
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	80,252	40,725	137,586	76,359
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	81	83	139	140
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	226	961	413	2,809
Operating Segments | New Zealand Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	307	1,044	552	2,949
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,239	6,647	30,824	6,647
Total Revenue	18,646	7,524	33,585	7,524
Operating Segments | Timber Funds | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	395	328	655	328
Operating Segments | Timber Funds | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,419	6,305	29,727	6,305
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	16,814	6,633	30,382	6,633
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26	10	29	10
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	399	4	413	4
Operating Segments | Timber Funds | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Timber Funds | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	425	14	442	14
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	74,250	49,937	84,522	168,501
Lease Revenue	281	72	513	72
Total Revenue	74,531	50,009	85,035	168,573
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,340	6,427	19,592	6,427
Operating Segments | Real Estate | Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		8,426		8,426
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,297	27,234	30,062	29,631
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		9,606		9,606
Operating Segments | Real Estate | Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,855		3,855
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(5,242)	(1,756)	(4,987)	(1,616)
Operating Segments | Real Estate | Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,000		36,000	116,027
Operating Segments | Real Estate | Total Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	74,250	49,937	84,522	168,501
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,485	24,267	51,066	43,238
Total Revenue	34,546	24,320	51,212	43,304
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,676	2,463	5,510	4,993
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,475	21,805	44,865	37,918
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	34,151	24,268	50,375	42,911
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	334	(1)	691	327
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	334	(1)	691	327
Intersegment | Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	1,407	877	2,761	877
Intersegment | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	61	53	146	66
Intersegment | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (1,468)	$ (930)	$ (2,907)	$ (943)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 291,150	$ 195,558	$ 482,365	$ 454,688
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,380	16,747	36,637	42,154
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,577	1,189	11,710	6,708
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,957	17,936	48,347	48,862
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	187,781	120,705	331,994	222,111
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	89,959	65,261	173,905	125,925
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	97,822	55,444	158,089	96,186
Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	208,738	138,641	380,341	270,973
Southern Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,183	16,216	36,440	41,623
Southern Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,645	863	4,647	1,251
Southern Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,828	17,079	41,087	42,874
Southern Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,860	24,477	46,825	46,165
Southern Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,955	21,438	38,014	42,498
Southern Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,905	3,039	8,811	3,667
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	932	326	7,063	5,457
Pacific Northwest Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	932	326	7,063	5,457
Pacific Northwest Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,901	25,133	67,023	50,574
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,901	25,133	67,023	50,574
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	80,252	40,725	137,586	76,359
New Zealand Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,250	12,126	36,356	25,817
New Zealand Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	61,002	28,599	101,230	50,542
Timber Funds | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	197	531	197	531
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	197	531	197	531
Timber Funds | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,617	6,102	30,185	6,102
Timber Funds | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,617	6,102	30,185	6,102
Timber Funds | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,151	24,268	50,375	42,911
Trading | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,236	462	2,327	934
Trading | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,915	23,806	48,048	41,977
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,294	46,767	100,971	99,749
Operating Segments | Southern Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,688	41,556	87,912	89,039
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,323	26,171	76,844	57,245
Operating Segments | Pacific Northwest Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,833	25,459	74,086	56,031
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	80,559	41,769	138,138	79,308
Operating Segments | New Zealand Timber | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	80,252	40,725	137,586	76,359
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,239	6,647	30,824	6,647
Operating Segments | Timber Funds | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,814	6,633	30,382	6,633
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,485	24,267	51,066	43,238
Operating Segments | Trading | Total Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 34,151	$ 24,268	$ 50,375	$ 42,911

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Jun. 30, 2021
Minimum
Lessee, Lease, Description [Line Items]
Contract terms, in years	1 year
Maximum
Lessee, Lease, Description [Line Items]
Contract terms, in years	5 years

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease income	$ 281	$ 72	$ 513	$ 72
Total lease income	$ 281	$ 72	$ 513	$ 72

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021afund	Jul. 21, 2021USD ($)
Subsequent event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract
Schedule of Equity Method Investments [Line Items]
Aggregate purchase price | $		$ 35,900
ORM Timber Fund II
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund III
Schedule of Equity Method Investments [Line Items]
Operating agreement term	10 years
ORM Timber Fund IV
Schedule of Equity Method Investments [Line Items]
Operating agreement term	15 years
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%
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres)	419,000
Matariki Forestry Group | Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage	77.00%
Matariki Forestry Group | Rayonier New Zealand Subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners	23.00%
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of timber funds | fund	3
ORM Timber Funds | ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	20.00%
ORM Timber Funds | ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	5.00%
ORM Timber Funds | ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership interest	15.00%
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed	5

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Net Income Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ 4,461	$ (1,499)	$ 8,304	$ (931)
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	3,073	693	5,711	1,261
ORM Timber Funds
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	1,388	(2,146)	2,464	(2,146)
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Net income (loss) attributable to noncontrolling interest	$ 0	$ (46)	$ 129	$ (46)

NONCONTROLLING INTERESTS - Sc_2

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 137,990	$ 0	$ 130,121	$ 0
Issuances of Redeemable Operating Partnership Units	0	106,752	0	106,752
Adjustment of noncontrolling interests in the Operating Partnership	15,410	3,992	27,277	3,992
Conversions of Redeemable Operating Partnership Units to Common Shares	(241)	0	(4,956)	0
Net Income attributable to noncontrolling interests in the Operating Partnership	1,753	219	2,094	219
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership	(253)	457	1,278	457
Distributions to noncontrolling interests in the Operating Partnership	(1,154)	(1,200)	(2,309)	(1,200)
Total noncontrolling interests in the Operating Partnership	$ 153,505	$ 110,220	$ 153,505	$ 110,220

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Primary Beneficiary - ORM Timber Funds	6 Months Ended
	Jun. 30, 2021fund
Variable Interest Entity [Line Items]
Number of timber funds	3
ORM Timber Fund II
Variable Interest Entity [Line Items]
Ownership interest	20.00%
ORM Timber Fund III
Variable Interest Entity [Line Items]
Ownership interest	5.00%
ORM Timber Fund IV
Variable Interest Entity [Line Items]
Ownership interest	15.00%

VARIABLE INTEREST ENTITIES - Su

VARIABLE INTEREST ENTITIES - Summary of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 314,308	$ 84,507
Accounts receivable	51,819	49,082
Assets held for sale	111,282	3,449
Other current assets	3,716	6,765
Total current assets	530,954	170,565
Timber and timberlands, net of depletion and amortization	3,135,519	3,262,126
TOTAL ASSETS	3,959,269	3,728,733
Liabilities and Equity:
Accounts payable	29,226	24,790
Accrued taxes	14,564	7,347
Accrued interest	7,081	6,325
Deferred revenue	23,259	11,112
Other current liabilities	27,355	29,234
Total current liabilities	310,193	91,135
Total long-term debt, net	1,252,643
Funds’ equity	1,609,348	1,474,057
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,959,269	$ 3,728,733
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds
ASSETS
Cash and cash equivalents	4,469
Accounts receivable	3,239
Assets held for sale	104,291
Other current assets	68
Total current assets	112,067
Timber and timberlands, net of depletion and amortization	316,249
Other assets	74
TOTAL ASSETS	428,390
Liabilities and Equity:
Accounts payable	1,127
Intercompany payable	880
Accrued taxes	292
Accrued interest	508
Deferred revenue	339
Other current liabilities	464
Total current liabilities	3,610
Total long-term debt, net	59,755
Funds’ equity	365,025
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	428,390
Variable Interest Entity, Primary Beneficiary | Ferncliff Investors
ASSETS
Cash and cash equivalents	295
Total current assets	295
Advances to real estate joint venture entity	1,000
TOTAL ASSETS	1,295
Liabilities and Equity:
Total current liabilities	1,818
Funds’ equity	(523)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 1,295

EARNINGS PER SHARE AND PER UN_3

EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 63,420		$ 455		$ 78,452	$ 26,876
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(1,753)	$ (341)	(219)		(2,094)	(219)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(4,461)		1,499		(8,304)	931
Net income attributable to Rayonier Inc.	$ 57,206		$ 1,735		$ 68,054	$ 27,588
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	139,556,748		133,318,209		138,718,442	131,227,852
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.41		$ 0.01		$ 0.49	$ 0.21
Numerator:
Net income	$ 63,420		$ 455		$ 78,452	$ 26,876
Less: Net income attributable to noncontrolling interests in the Operating Partnership	1,753	341	219		2,094	219
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	4,461		(1,499)		8,304	(931)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$ 58,959		$ 1,954		$ 70,148	$ 27,807
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	139,556,748		133,318,209		138,718,442	131,227,852
Add: Dilutive effect of:
Stock options (in shares/units)	12,646		0		8,348	537
Performance shares, restricted shares and restricted stock units (in shares/units)	210,923		49,299		282,027	129,390
Noncontrolling interest in common units (in shares)	4,275,912		2,589,518		4,303,201	1,294,759
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	144,056,229		135,957,026		143,312,018	132,652,538
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.41		$ 0.01		$ 0.49	$ 0.21
Rayonier Limited Partnership
Numerator:
Net income	$ 63,420	15,032	$ 455	$ 26,421	$ 78,452	$ 26,876
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(4,461)		1,499		(8,304)	931
Net income attributable to Rayonier Inc.	$ 58,959		$ 1,954		$ 70,148	$ 27,807
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	143,832,660		135,907,727		143,021,643	132,522,611
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.41		$ 0.01		$ 0.49	$ 0.21
Numerator:
Net income	$ 63,420	$ 15,032	$ 455	$ 26,421	$ 78,452	$ 26,876
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	$ 4,461		$ (1,499)		$ 8,304	$ (931)
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	143,832,660		135,907,727		143,021,643	132,522,611
Add: Dilutive effect of:
Stock options (in shares/units)	12,646		0		8,348	537
Performance shares, restricted shares and restricted stock units (in shares/units)	210,923		49,299		282,027	129,390
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units)	144,056,229		135,957,026		143,312,018	132,652,538
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.41		$ 0.01		$ 0.49	$ 0.21

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units)	208,614	635,779	201,435	521,053
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units)	208,614	635,779	201,435	521,053

DEBT - Schedule of Long Term De

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt, net	$ 1,252,643
Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	1,394,171
Add: Fair value adjustments, excluding Timber Funds	7,478
Less: Unamortized discounts, excluding Timber Funds	(3,583)
Current maturities of long-term debt, excluding Timber Funds (c)	(199,830)		$ 0
Less: Deferred financing costs, excluding Timber Funds	(5,348)
Total long-term debt, net	1,192,888		1,300,336
Timber Funds
Debt Instrument [Line Items]
Total long-term debt	57,380
Add: Fair value adjustments, excluding Timber Funds	2,382
Less: Deferred financing costs, excluding Timber Funds	(7)
Total long-term debt, net	59,755		$ 60,179
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 350,000
Stated interest rate	1.70%
Effective fixed interest rate	3.10%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | Excluding Timber Funds | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.60%
Senior Notes due 2022 at a fixed interest rate of 3.75% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 325,000
Stated interest rate	3.75%	3.75%
Senior Notes due 2031 at a fixed interest rate of 2.75% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 450,000
Stated interest rate	2.75%	2.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 200,000
Stated interest rate	1.70%
Effective fixed interest rate	2.40%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | Excluding Timber Funds | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.65%
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 24,171
Stated interest rate	2.95%
Due 2025 at a fixed interest rate of 6.1% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 10,000
Stated interest rate	6.10%
Due 2028 at a fixed interest rate of 4.1% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 11,000
Stated interest rate	4.10%
Due 2029 at a fixed interest rate of 5.3% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 16,000
Stated interest rate	5.30%
Due 2029 at a fixed interest rate of 5.4% | Excluding Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 8,000
Stated interest rate	5.40%
Due 2022 at a variable interest rate of 2.0% at June 30, 2021 | Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 11,000
Stated interest rate	2.00%
Due 2022 at a variable interest rate of 2.0% at June 30, 2021 | Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 14,000
Stated interest rate	2.00%
Due 2023 at a fixed interest rate of 5.1% | Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 17,980
Stated interest rate	5.10%
Effective fixed interest rate	3.90%
Due 2024 at a fixed interest rate of 4.5% | Timber Funds
Debt Instrument [Line Items]
Total long-term debt	$ 14,400
Stated interest rate	4.50%
Effective fixed interest rate	3.20%

DEBT - Schedule of Long Term Ma

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 0
2022	350,000
2023	17,980
2024	14,400
2025	34,171
Thereafter	1,035,000
Total Debt	1,451,551
Excluding Timber Funds
Debt Instrument [Line Items]
2021	0
2022	325,000
2023	0
2024	0
2025	34,171
Thereafter	1,035,000
Total Debt	1,394,171
Timber Funds
Debt Instrument [Line Items]
2021	0
2022	25,000
2023	17,980
2024	14,400
2025	0
Thereafter	0
Total Debt	$ 57,380

DEBT - Narrative and Debt Coven

DEBT - Narrative and Debt Covenants (Details) $ in Millions	1 Months Ended		3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	May 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	May 31, 2021	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021NZD ($)
Debt Instrument [Line Items]
Debt issuance costs						$ 4,812,000	$ 2,427,000
Repayments of debt						350,000,000	117,000,000
Interest and other miscellaneous (expense) income, net			$ (1,144,000)	$ 1,579,000		(1,148,000)	$ 1,370,000
Repayments						0
Excluding Timber Funds
Debt Instrument [Line Items]
Capitalized financing costs	$ 5,348,000		5,348,000			5,348,000
Total long-term debt	$ 1,394,171,000		$ 1,394,171,000			$ 1,394,171,000
Excluding Timber Funds | Senior Notes Due 2031
Debt Instrument [Line Items]
Amount issued and sold		$ 450,000,000
Stated interest rate	2.75%	2.75%	2.75%		2.75%	2.75%		2.75%
Issue price, percent		99.195%
Debt issuance costs		$ 3,900,000
Proceeds from debt		$ 442,500,000
Total long-term debt	$ 450,000,000		$ 450,000,000			$ 450,000,000
Excluding Timber Funds | Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	3.75%	3.75%	3.75%		3.75%	3.75%		3.75%
Total long-term debt	$ 325,000,000		$ 325,000,000			$ 325,000,000
Excluding Timber Funds | Working Capital Facility
Debt Instrument [Line Items]
Repayments						0
Borrowings						0
Remaining borrowing capacity								$ 20
Term of extension	12 months
Excluding Timber Funds | Minority Shareholder Due 2025 At 2.95% | Matariki Forestry Group
Debt Instrument [Line Items]
Outstanding balance	$ 24,200,000		$ 24,200,000			$ 24,200,000
Excluding Timber Funds | Term Credit Agreement
Debt Instrument [Line Items]
Stated interest rate	1.70%		1.70%			1.70%		1.70%
Maximum borrowing capacity	$ 350,000,000		$ 350,000,000			$ 350,000,000
Total long-term debt	$ 350,000,000		$ 350,000,000			$ 350,000,000
Excluding Timber Funds | Term Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate						1.60%
Excluding Timber Funds | Incremental Term Loan Agreement
Debt Instrument [Line Items]
Stated interest rate	1.70%		1.70%			1.70%		1.70%
Maximum borrowing capacity	$ 200,000,000		$ 200,000,000			$ 200,000,000
Total long-term debt	200,000,000		200,000,000			$ 200,000,000
Excluding Timber Funds | Incremental Term Loan Agreement | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate						1.65%
Excluding Timber Funds | 2020 Incremental Term Loan Agreement
Debt Instrument [Line Items]
Repayments of debt		$ 250,000,000
Gain (loss) on extinguishment of debt		$ 600,000
Maximum borrowing capacity	200,000,000		200,000,000			$ 200,000,000
Excluding Timber Funds | 2026 Incremental Term Loan
Debt Instrument [Line Items]
Repayments of debt						100,000,000
Gain (loss) on extinguishment of debt						(100,000)
Total long-term debt	300,000,000		300,000,000			300,000,000
Timber Funds
Debt Instrument [Line Items]
Capitalized financing costs	7,000		7,000			7,000
Total long-term debt	$ 57,380,000		$ 57,380,000			$ 57,380,000
Timber Funds | Fund II Mortgages Payable
Debt Instrument [Line Items]
Loan-to-value ratio, percentage						50.00%
Timber Funds | Fund III Mortgages Payable
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
Timber Funds | Fund II Mortgages Payable, Due 2022 At 1.700% | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate						1.70%
2021 Incremental Term Loan Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000		$ 200,000,000			$ 200,000,000
Capitalized financing costs	200,000		200,000			200,000
Advance amount	200,000,000		200,000,000			200,000,000
Amount outstanding	0		0			0
Amount of future advance expected	125,000,000		125,000,000			125,000,000
Deferred commitment fees	$ 300,000		$ 300,000			$ 300,000
2021 Incremental Term Loan Facility | Excluding Timber Funds | Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	3.75%		3.75%			3.75%		3.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings						$ 0
Revolving Credit Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000		$ 300,000,000			300,000,000
Capitalized financing costs	300,000		300,000			300,000
Remaining borrowing capacity	299,100,000		299,100,000			299,100,000
Amount to secure outstanding letters of credit	$ 900,000		900,000			900,000
Revolving Credit Facility | Excluding Timber Funds | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.25%				1.50%
Northwest Farm Credit Services Credit Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Capitalized financing costs	$ 100,000		100,000			100,000
Total long-term debt	45,000,000		45,000,000			45,000,000
Long-term debt fair value	45,000,000		45,000,000			45,000,000
2016 Incremental Term Loan Facility | Excluding Timber Funds
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000		$ 300,000,000			300,000,000
Interest and other miscellaneous (expense) income, net						$ (300,000)
2016 Incremental Term Loan Facility | Excluding Timber Funds | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.65%				1.90%

DEBT - Debt Covenants - Excludi

DEBT - Debt Covenants - Excluding Timber Funds (Details) - Excluding Timber Funds	Jun. 30, 2021
Northwest Farm Credit Services Credit Facility
Debt Instrument [Line Items]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	7.8
Covenant EBITDA to consolidated interest expense, Favorable	5.3
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.46
Covenant debt to net worth plus covenant debt, favorable	0.19
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021
Debt Instrument [Line Items]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	7.8
Covenant EBITDA to consolidated interest expense, Favorable	5.3
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.46
Covenant debt to net worth plus covenant debt, favorable	0.19

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	Jun. 30, 2021USD ($)	May 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020agreement	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Derivative [Line Items]
Repayments of debt						$ 350,000	$ 117,000
Derivatives designated as cash flow hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months						2,368
2026 Incremental Term Loan | Excluding Timber Funds
Derivative [Line Items]
Repayments of debt						100,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 | Excluding Timber Funds
Derivative [Line Items]
Repayments of debt		$ 250,000
Interest Rate Swap Maturing 2030 | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges
Derivative [Line Items]
Amount subject to termination, de-designation, or cash settlement			$ 250,000
Proceeds from derivative termination			6,800
Gain (loss) recorded to AOCI	$ 16,700
Interest Rate Swap Maturing 2026 | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges
Derivative [Line Items]
Amount subject to termination, de-designation, or cash settlement			100,000
Gain (loss) related to terminated interest rate swaps	(2,200)		(2,200)			$ (2,200)
Treasury locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges
Derivative [Line Items]
Gain (loss) recorded to AOCI	18,300
Number of agreements | agreement					3
Interest rate swap locks
Derivative [Line Items]
Amount subject to termination, de-designation, or cash settlement				$ 11,100
Interest rate swap locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges
Derivative [Line Items]
Gain (loss) recorded to AOCI	1,200
Forward-starting interest rate swaps | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges
Derivative [Line Items]
Amount subject to termination, de-designation, or cash settlement			$ 325,000
Gain (loss) recorded to AOCI	$ 10,000
New Zealand JV | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge						12 months
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	50.00%		50.00%			50.00%
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge						12 months
New Zealand JV | Minimum | Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge						18 months
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	90.00%		90.00%			90.00%
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge						18 months
Percent of forecast sales and purchases hedged for 12 to 18 months	75.00%		75.00%			75.00%
New Zealand JV | Maximum | Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge						48 months
Percent of forecast sales and purchases hedged for 18 to 48 months	50.00%		50.00%			50.00%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges	6 Months Ended
	Jun. 30, 2021USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170,000
Fixed Rate of Swap	2.20%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	3.80%
Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180,000
Fixed Rate of Swap	2.35%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	3.95%
Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	3.25%
Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	3.25%
Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed rate on derivative	0.88%
Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed rate on derivative	0.74%
Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200,000
Fixed rate on derivative	0.77%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ (10,019)	$ 61,001	$ (7,276)	$ (83,475)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(896)		5,340		$ (3,747)	$ (140)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(230)		877		(1,158)	(273)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(14,587)		(14,469)		45,144	(93,621)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	5,377		2,716		9,371	3,168
Derivative not designated as a hedging instrument | Carbon options | Interest and other miscellaneous (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 0		$ 14		$ 0	$ 563

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives designated as cash flow hedges $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 2,368
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	1,682
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	256
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 430

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 97,250,000	$ 49,000,000
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	8,000,000	28,000,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	550,000,000	900,000,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 350,000,000	$ 475,000,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 13,484	$ 8,057
Fair value, derivative liability	(27,750)	(64,633)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	3,452	6,494
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	10,032	1,563
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(760)	(11)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(26,990)	(64,622)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	3,096	4,968
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	32	1,050
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(760)	0
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(98)	0
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	356	1,526
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(11)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(26,892)	(51,580)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	10,000	513
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (13,042)

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ (1,252,643)
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 (c)	(199,830)	$ 0
Long-term debt, net	(1,192,888)	(1,300,336)
Long-term debt	(7,478)
Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	(59,755)	(60,179)
Long-term debt	(2,382)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	702	2,975
Noncontrolling Interests in the Operating Partnership	153,505	130,121
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(26,892)	(51,580)
Carrying Amount | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	10,000
Interest rate swaps, liabilities		(12,529)
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	2,270	6,018
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	356	1,515
Carrying Amount | Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	309,839	80,454
Current maturities of long-term debt, excluding Timber Funds (c)	(199,830)	0
Long-term debt, net	(1,192,888)	(1,300,336)
Carrying Amount | Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	4,469	4,053
Long-term debt	(59,755)	(60,179)
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	702	2,975
Noncontrolling Interests in the Operating Partnership	153,505	130,121
Fair Value | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	0	0
Fair Value | Level 1 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0
Interest rate swaps, liabilities		0
Fair Value | Level 1 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value | Level 1 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Noncontrolling Interests in the Operating Partnership	0	0
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(26,892)	(51,580)
Fair Value | Level 2 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	10,000
Interest rate swaps, liabilities		(12,529)
Fair Value | Level 2 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	2,270	6,018
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	356	1,515
Fair Value | Excluding Timber Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	309,839	80,454
Current maturities of long-term debt, excluding Timber Funds (c)	0	0
Long-term debt, net	0	0
Fair Value | Excluding Timber Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	0	0
Current maturities of long-term debt, excluding Timber Funds (c)	(203,940)	0
Long-term debt, net	(1,207,100)	(1,313,631)
Fair Value | Timber Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	4,469	4,053
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, excluding Timber Funds	0	0
Long-term debt	$ (59,976)	$ (60,474)

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments
Remaining 2021	$ 25,010
2022	19,248
2023	14,354
2024	11,426
2025	8,056
Thereafter	19,251
Commitments, total	97,345
Environmental Remediation
Commitments
Remaining 2021	542
2022	2,045
2023	1,853
2024	1,853
2025	2,338
Thereafter	2,664
Commitments, total	11,295
Development Projects
Commitments
Remaining 2021	18,245
2022	4,222
2023	267
2024	267
2025	267
Thereafter	3,916
Commitments, total	27,184
Commitments
Commitments
Remaining 2021	6,223
2022	12,981
2023	12,234
2024	9,306
2025	5,451
Thereafter	12,671
Commitments, total	$ 58,866

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 10,615
Beginning balance, plus: current portion	1,026
Beginning balance	11,641
Expenditures	(417)
Increase to liabilities	71
Ending balance	11,295
Ending balance, less: current portion	(723)
Ending balance, non-current portion	$ 10,572

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
Minimum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	2 years
Minimum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	10 years
Maximum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	3 years
Maximum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	15 years

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Jun. 30, 2021USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 12,843
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	885
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 11,958

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) - USD ($) $ in Thousands	May 08, 2020	Jun. 30, 2021
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning Balance		$ 108,518
Plus: Current portion, beginning balance		6,756
Total balance, beginning balance		115,274
Non-cash cost of land and improved development		(4,763)
Amortization of parcel real estate development investments		(3,211)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		(584)
Capitalized real estate development investments		12,095
Capital expenditures (silviculture)		51
Intersegment transfers		1,176
Port Gamble purchase price adjustment		8,238
Total balance, ending balance		128,276
Less: Current portion, ending balance		(24,712)
Non-current portion, ending Balance		103,564
Capitalized interest		300
Parcel real estate development investments		5,800
Merger with Pope Resources
Real Estate, Land and Land Development Costs [Roll Forward]
HBU properties acquired in merger with Pope Resources	$ 34,700
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning Balance		79,901
Plus: Current portion, beginning balance		212
Total balance, beginning balance		80,113
Non-cash cost of land and improved development		(3,106)
Amortization of parcel real estate development investments		0
Timber depletion from harvesting activities and basis of timber sold in real estate sales		(584)
Capitalized real estate development investments		0
Capital expenditures (silviculture)		51
Intersegment transfers		1,176
Port Gamble purchase price adjustment		8,238
Total balance, ending balance		85,888
Less: Current portion, ending balance		(8,686)
Non-current portion, ending Balance		77,202
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning Balance		28,617
Plus: Current portion, beginning balance		6,544
Total balance, beginning balance		35,161
Non-cash cost of land and improved development		(1,657)
Amortization of parcel real estate development investments		(3,211)
Timber depletion from harvesting activities and basis of timber sold in real estate sales		0
Capitalized real estate development investments		12,095
Capital expenditures (silviculture)		0
Intersegment transfers		0
Port Gamble purchase price adjustment		0
Total balance, ending balance		42,388
Less: Current portion, ending balance		(16,026)
Non-current portion, ending Balance		$ 26,362

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory	$ 29,789	$ 10,594
Real estate inventory
Inventory [Line Items]
Inventory	24,712	6,756
Log inventory
Inventory [Line Items]
Inventory	$ 5,077	$ 3,838

OTHER OPERATING INCOME (EXPEN_3

OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Gain (loss) on foreign currency remeasurement, net of cash flow hedges	$ 1,922	$ (2,720)	$ 4,351	$ (1,287)
Gain on sale or disposal of property and equipment	3	4	93	7
Log trading marketing fees	0	3	6	50
Costs related to the merger with Pope Resources	0	(13,498)	0	(15,985)
Equity income related to Bainbridge Landing LLC joint venture	186	(59)	206	(59)
Miscellaneous expense, net	(155)	(213)	(252)	(320)
Total	$ 1,956	$ (16,483)	$ 4,404	$ (17,594)

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)pension_plan	Jun. 30, 2020USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans | pension_plan			1
Pension contributions paid	$ 0		$ 0
Weighted-average expected long-term rate of return on plan assets			5.70%
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	$ 0	$ 0	$ 0
Interest cost	557	677	1,114	1,353
Expected return on plan assets	(936)	(876)	(1,873)	(1,752)
Amortization of losses	288	215	577	431
Net periodic benefit (credit) cost	(91)	16	(182)	32
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	4	3
Interest cost	11	13	23	26
Expected return on plan assets	0	0	0	0
Amortization of losses	5	2	10	4
Net periodic benefit (credit) cost	$ 18	$ 17	$ 37	$ 33

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Income tax expense		$ (6,880)	$ (2,990)	$ (10,302)	$ (6,696)
Annualized effective tax rate after discrete items				11.00%	19.80%
Operating Partnership
Income Taxes
Ownership interest	97.10%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,474,057
Other comprehensive income (loss) before reclassifications	30,214	$ (50,510)
Amounts reclassified from accumulated other comprehensive loss	10,264	7,827
Net other comprehensive (loss) income	40,478	(42,683)
Ending balance	1,609,348	1,474,057
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(73,885)	(31,202)
Ending balance	(33,407)	(73,885)
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	22,702	(226)
Other comprehensive income (loss) before reclassifications	(10,627)	22,928
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive (loss) income	(10,627)	22,928
Ending balance	12,075	22,702
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(71,056)	(8,910)
Other comprehensive income (loss) before reclassifications	40,841	(71,644)
Amounts reclassified from accumulated other comprehensive loss	10,955	9,498
Net other comprehensive (loss) income	51,796	(62,146)
Ending balance	(19,260)	(71,056)
Cash flow hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	45,000
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(24,312)	(23,387)
Other comprehensive income (loss) before reclassifications	0	(1,794)
Amounts reclassified from accumulated other comprehensive loss	587	869
Net other comprehensive (loss) income	587	(925)
Ending balance	(23,725)	(24,312)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(71,345)	(31,202)
Other comprehensive income (loss) before reclassifications	30,214	(50,510)
Amounts reclassified from accumulated other comprehensive loss	11,542	10,367
Net other comprehensive (loss) income	41,756	(40,143)
Ending balance	(29,589)	(71,345)
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,540)	0
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	(1,278)	(2,540)
Net other comprehensive (loss) income	(1,278)	(2,540)
Ending balance	$ (3,818)	$ (2,540)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ (1,956)	$ 16,483	$ (4,404)	$ 17,594
Interest expense	(13,000)	(9,820)	(23,027)	(18,036)
Income tax expense	(6,880)	(2,990)	(10,302)	(6,696)
Net loss from accumulated other comprehensive income	$ (63,420)	$ (455)	(78,452)	(26,876)
Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss from accumulated other comprehensive income			10,955	2,124
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense			(551)	406
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			1,725	(1,892)
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Realized loss on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			827	8
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense			9,541	3,168
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interests			$ (587)	$ 434

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Period for proceeds to be returned	180 days
Restricted cash related to proceeds from sale of real estate	$ 0	$ 0
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted deposits	$ 0.7	$ 3

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 702	$ 2,975
Cash and cash equivalents	314,308	84,507
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	315,010	$ 87,482	$ 95,261	$ 69,968
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 702

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
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	$ 111.3	$ 3.4
Asset impairment recognized	0
ORM Timber Fund II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Timber and timberland assets held for sale	$ 104.3

CHARGES FOR INTEGRATION AND R_3

CHARGES FOR INTEGRATION AND RESTRUCTURING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Termination benefits	$ 0	$ 581	$ 0	$ 581
Acceleration of share-based compensation related to qualifying terminations	0	232	0	232
Professional services	0	10,967	0	13,314
Other integration and restructuring costs	0	1,718	0	1,858
Total integration and restructuring charges related to the merger with Pope Resources	$ 0	$ 13,498	$ 0	$ 15,985
Severance
Restructuring Cost and Reserve [Line Items]
Accrued severance of payroll taxes					$ 100

RELATED PARTY - Narrative (Deta

RELATED PARTY - Narrative (Details) - Agreement To Sell Developed Lots - Mattamy Jacksonville LLC $ in Thousands	1 Months Ended
	Jan. 31, 2020USD ($)
Related Party Transaction [Line Items]
Related party transaction	$ 4,450
Related party transaction, takedown period	2 years
Related party transaction, revenue rate	1.25%

RELATED PARTY - Related Party T

RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Mattamy Jacksonville LLC
Related Party Transaction [Line Items]
Revenue from related parties	$ 1,446	$ 0	$ 1,488	$ 0