Rayonier (RYN) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		146,292,726
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		3,312,229
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SALES	$ 222,041	$ 191,447
Costs and Expenses
Cost of sales	(160,979)	(151,378)
Selling and general expenses	(14,760)	(14,032)
Other operating income (expense), net	(984)	2,448
Costs and expenses	(176,723)	(162,962)
OPERATING INCOME	45,318	28,485
Interest expense	(8,337)	(10,028)
Interest and other miscellaneous expense, net	(468)	(4)
INCOME BEFORE INCOME TAXES	36,513	18,453
Income tax expense	(5,515)	(3,421)
NET INCOME	30,998	15,032
Less: Net income attributable to noncontrolling interests in the operating partnership	(669)	(341)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,012)	(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	29,317	10,848
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	6,458	(14,288)
Cash flow hedges, net of income tax effect of $1,022 and $1,059	40,427	61,001
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0	188	294
Total other comprehensive income	47,073	47,007
COMPREHENSIVE INCOME	78,071	62,039
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(1,686)	(1,872)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(2,408)	(580)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	$ 73,977	$ 59,587
EARNINGS PER COMMON SHARE
Basic earnings (loss) per share attributable to Rayonier Inc. (in dollars per share)	$ 0.20	$ 0.08
Diluted earnings (loss) per share attributable to Rayonier Inc. (in dollars per share)	$ 0.20	$ 0.08
Rayonier Limited Partnership
SALES	$ 222,041	$ 191,447
Costs and Expenses
Cost of sales	(160,979)	(151,378)
Selling and general expenses	(14,760)	(14,032)
Other operating income (expense), net	(984)	2,448
Costs and expenses	(176,723)	(162,962)
OPERATING INCOME	45,318	28,485
Interest expense	(8,337)	(10,028)
Interest and other miscellaneous expense, net	(468)	(4)
INCOME BEFORE INCOME TAXES	36,513	18,453
Income tax expense	(5,515)	(3,421)
NET INCOME	30,998	15,032
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,012)	(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	29,986	11,189
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	6,458	(14,288)
Cash flow hedges, net of income tax effect of $1,022 and $1,059	40,427	61,001
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0	188	294
Total other comprehensive income	47,073	47,007
COMPREHENSIVE INCOME	78,071	62,039
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(2,408)	(580)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	$ 75,663	$ 61,459
EARNINGS PER UNIT
Basic earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.20	$ 0.08
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.20	$ 0.08

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign currency translation adjustment, tax expense	$ 0	$ 0
Cash flow hedges, net income tax	1,022	1,059
Amortization of pension and postretirement plans, tax expense	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0
Cash flow hedges, net income tax	1,022	1,059
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Total cash and cash equivalents	$ 259,722	$ 362,173
Accounts receivable, less allowance for doubtful accounts of $66 and $59	52,906	30,018
Inventory	33,290	28,523
Prepaid expenses	20,088	18,528
Assets held for sale	2,466	5,099
Other current assets	1,162	749
Total current assets	375,098	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,869,194	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	111,445	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,400	6,401
Buildings	31,198	31,168
Machinery and equipment	6,497	6,494
Construction in progress	510	460
Total property, plant and equipment, gross	44,605	44,523
Less — accumulated depreciation	(15,699)	(14,900)
Total property, plant and equipment, net	28,906	29,623
RIGHT-OF-USE ASSETS	104,183	101,837
OTHER ASSETS	70,413	50,966
TOTAL ASSETS	3,559,864	3,636,356
CURRENT LIABILITIES
Accounts payable	31,131	23,447
Current maturities of long-term debt, net, excluding Timber Funds	2,087	124,965
Accrued taxes	2,754	12,446
Accrued payroll and benefits	6,068	14,514
Accrued interest	6,677	6,343
Deferred revenue	13,699	17,802
Distribution payable, Timber Funds	5,464	6,341
Other current liabilities	24,782	25,863
Total current liabilities	92,662	231,721
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,243,673	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS	10,201	10,478
LONG-TERM LEASE LIABILITY	95,543	93,416
OTHER NON-CURRENT LIABILITIES	99,907	108,521
COMMITMENTS AND CONTINGENCIES
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 3,939,309 and 3,315,741 Units outstanding, respectively	136,239	133,823
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized,146,107,688 and 145,372,961 shares issued and outstanding	1,421,946	1,389,073
Retained earnings	389,077	402,307
Accumulated other comprehensive loss	25,973	(19,604)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,836,996	1,771,776
Noncontrolling interests in consolidated affiliates	44,643	43,802
TOTAL SHAREHOLDERS’ EQUITY	1,881,639	1,815,578
CAPITAL
Accumulated other comprehensive loss	25,973	(19,604)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,559,864	3,636,356
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	256,537	358,680
PROPERTY, PLANT AND EQUIPMENT
Restricted cash, excluding Timber Funds (Held in escrow)	625	625
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	3,185	3,493
Restricted cash, Timber Funds	5,464	6,341
Rayonier Limited Partnership
CURRENT ASSETS
Total cash and cash equivalents	259,722	362,173
Accounts receivable, less allowance for doubtful accounts of $66 and $59	52,906	30,018
Inventory	33,290	28,523
Prepaid expenses	20,088	18,528
Assets held for sale	2,466	5,099
Other current assets	1,162	749
Total current assets	375,098	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,869,194	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	111,445	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,400	6,401
Buildings	31,198	31,168
Machinery and equipment	6,497	6,494
Construction in progress	510	460
Total property, plant and equipment, gross	44,605	44,523
Less — accumulated depreciation	(15,699)	(14,900)
Total property, plant and equipment, net	28,906	29,623
RIGHT-OF-USE ASSETS	104,183	101,837
OTHER ASSETS	70,413	50,966
TOTAL ASSETS	3,559,864	3,636,356
CURRENT LIABILITIES
Accounts payable	31,131	23,447
Accrued taxes	2,754	12,446
Accrued payroll and benefits	6,068	14,514
Accrued interest	6,677	6,343
Deferred revenue	13,699	17,802
Distribution payable, Timber Funds	5,464	6,341
Other current liabilities	24,782	25,863
Total current liabilities	92,662	231,721
PENSION AND OTHER POSTRETIREMENT BENEFITS	10,201	10,478
LONG-TERM LEASE LIABILITY	95,543	93,416
OTHER NON-CURRENT LIABILITIES	99,907	108,521
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/REDEEMABLE OPERATING PARTNERSHIP UNITS 3,939,309 and 3,315,741 Units outstanding, respectively	136,239	133,823
SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss	30,215	(15,463)
CAPITAL
General partners’ capital	18,068	17,872
Limited partners’ capital	1,788,713	1,769,367
Accumulated other comprehensive loss	30,215	(15,463)
TOTAL CONTROLLING INTEREST CAPITAL	1,836,996	1,771,776
Noncontrolling interests in consolidated affiliates	44,643	43,802
TOTAL CAPITAL	1,881,639	1,815,578
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,559,864	3,636,356
Rayonier Limited Partnership | Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	256,537	358,680
PROPERTY, PLANT AND EQUIPMENT
Restricted cash, excluding Timber Funds (Held in escrow)	625	625
CURRENT LIABILITIES
Current maturities of long-term debt, net, excluding Timber Funds	2,087	124,965
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,243,673	1,242,819
Rayonier Limited Partnership | Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	3,185	3,493
Restricted cash, Timber Funds	$ 5,464	$ 6,341

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Allowance for doubtful accounts	$ 66	$ 59
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	146,107,688	145,372,961
Common shares, shares outstanding (in shares)	146,107,688	145,372,961
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 66	$ 59
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	3,313,206	3,315,741

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Rayonier Limited Partnership	Accumulated Other Comprehensive Income (Loss)Rayonier Limited Partnership	Noncontrolling Interests in Consolidated AffiliatesRayonier Limited Partnership	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2020						137,678,822
Beginning balance at Dec. 31, 2020		$ 1,862,645				$ 1,101,675	$ 446,267	$ (73,885)	$ 388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		15,032					11,189		3,843
Net income attributable to noncontrolling interests in the operating partnership		(341)					(341)
Dividends ($0.27 per share) (a)	[1]	(37,532)					(37,532)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)						1,107,814
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339		36,708				$ 36,708
Issuance of shares under incentive stock plans (in shares)						39,140
Issuance of shares under incentive stock plans		1,166				$ 1,166
Stock-based compensation		2,156				$ 2,156
Repurchase of common shares (in shares)						(5,020)
Repurchase of common shares		(155)				$ (155)
Measurement period adjustment of noncontrolling interests in consolidated affiliates		655	$ 655		$ 655				655
Adjustment of noncontrolling interests in the Operating Partnership		(11,867)					(11,867)
Conversion of units to common shares (in shares)						150,134
Conversion of units into common shares		4,715				$ 4,715
Amortization of pension and postretirement plan liabilities		294	294	$ 294				294
Foreign currency translation adjustment		(14,288)	(14,288)	(11,652)	(2,636)			(11,652)	(2,636)
Cash flow hedges		61,001	61,001	61,628	(627)			61,628	(627)
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership		(1,531)						(1,531)
Distributions to noncontrolling interests in consolidated affiliates		(8,737)	(8,737)		(8,737)				(8,737)
Ending balance (in shares) at Mar. 31, 2021						138,970,890
Ending balance at Mar. 31, 2021		1,909,921				$ 1,146,265	407,716	(25,146)	381,086
Beginning balance (in shares) at Dec. 31, 2021						145,372,961
Beginning balance at Dec. 31, 2021		1,815,578				$ 1,389,073	402,307	(19,604)	43,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		30,998					29,986		1,012
Net income attributable to noncontrolling interests in the operating partnership		(669)					(669)
Dividends ($0.27 per share) (a)	[2]	(39,902)					(39,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)						726,248
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339		29,771				$ 29,771
Issuance of shares under incentive stock plans (in shares)						11,364
Issuance of shares under incentive stock plans		415				$ 415
Stock-based compensation		2,797				$ 2,797
Repurchase of common shares (in shares)						(5,420)
Repurchase of common shares		(214)				$ (214)
Adjustment of noncontrolling interests in the Operating Partnership		(2,645)					(2,645)
Conversion of units to common shares (in shares)						2,535
Conversion of units into common shares		104				$ 104
Amortization of pension and postretirement plan liabilities		188	188	188				188
Foreign currency translation adjustment		6,458	6,458	5,668	790			5,668	790
Cash flow hedges		40,427	40,427	$ 39,822	605			39,822	605
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership		(101)						(101)
Distributions to noncontrolling interests in consolidated affiliates		(1,566)	$ (1,566)		$ (1,566)				(1,566)
Ending balance (in shares) at Mar. 31, 2022						146,107,688
Ending balance at Mar. 31, 2022		$ 1,881,639				$ 1,421,946	$ 389,077	$ 25,973	$ 44,643
[1]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .
[2]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022		Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.27	[1]	$ 0.27	[2]
Offering issuance costs	$ 339		$ 197
[1]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .
[2]	For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income	$ 30,998	$ 15,032
Measurement period adjustment of noncontrolling interests in consolidated affiliates		655
Amortization of pension and postretirement plan liabilities	188	294
Foreign currency translation adjustment	6,458	(14,288)
Cash flow hedges	40,427	61,001
Distributions to noncontrolling interests in consolidated affiliates	(1,566)	(8,737)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,815,578	1,862,645
Net Income	30,998	15,032
Distributions on units ($0.27 per unit)	(40,796)	(38,687)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339	29,771	36,708
Issuance of units under incentive stock plans	415	1,166
Stock-based compensation	2,797	2,156
Repurchase of units	(214)	(155)
Adjustment of Redeemable Operating Partnership Units	(2,521)	(12,584)
Conversion of units into common shares	104	4,715
Measurement period adjustment of noncontrolling interests in consolidated affiliates		655
Amortization of pension and postretirement plan liabilities	188	294
Foreign currency translation adjustment	6,458	(14,288)
Cash flow hedges	40,427	61,001
Distributions to noncontrolling interests in consolidated affiliates	(1,566)	(8,737)
Ending balance	1,881,639	1,909,921
Rayonier Limited Partnership | Units | General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	17,872	15,454
Net Income	300	112
Distributions on units ($0.27 per unit)	(408)	(387)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339	298	367
Issuance of units under incentive stock plans	4	12
Stock-based compensation	28	22
Repurchase of units	(2)	(2)
Adjustment of Redeemable Operating Partnership Units	(25)	(126)
Conversion of units into common shares	1	47
Ending balance	18,068	15,499
Rayonier Limited Partnership | Units | Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,769,367	1,529,948
Net Income	29,686	11,077
Distributions on units ($0.27 per unit)	(40,388)	(38,300)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339	29,473	36,341
Issuance of units under incentive stock plans	411	1,154
Stock-based compensation	2,769	2,134
Repurchase of units	(212)	(153)
Adjustment of Redeemable Operating Partnership Units	(2,496)	(12,458)
Conversion of units into common shares	103	4,668
Ending balance	1,788,713	1,534,411
Rayonier Limited Partnership | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(15,463)	(71,345)
Amortization of pension and postretirement plan liabilities	188	294
Foreign currency translation adjustment	5,668	(11,652)
Cash flow hedges	39,822	61,628
Ending balance	30,215	(21,075)
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	43,802	388,588
Net Income	1,012	3,843
Measurement period adjustment of noncontrolling interests in consolidated affiliates		655
Foreign currency translation adjustment	790	(2,636)
Cash flow hedges	605	(627)
Distributions to noncontrolling interests in consolidated affiliates	(1,566)	(8,737)
Ending balance	$ 44,643	$ 381,086

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Offering issuance costs	$ 339	$ 197
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.27	$ 0.27
Offering issuance costs	$ 339	$ 197

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income		$ 30,998	$ 15,032
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		47,419	45,213
Non-cash cost of land and improved development		5,359	1,813
Stock-based incentive compensation expense		2,797	2,156
Deferred income taxes		(8,014)	(1,128)
Amortization of losses from pension and postretirement plans		188	294
Other		(2,244)	(3,681)
Changes in operating assets and liabilities:
Receivables		(27,837)	(3,697)
Inventories		(4,875)	(3,512)
Accounts payable		7,376	6,684
All other operating activities		(1,500)	(5,306)
CASH PROVIDED BY OPERATING ACTIVITIES		49,667	53,868
INVESTING ACTIVITIES
Capital expenditures		(15,597)	(15,831)
Real estate development investments		(3,137)	(3,011)
Purchase of timberlands		(2,830)	(29,938)
Other		2,619	4,356
CASH USED FOR INVESTING ACTIVITIES		(18,945)	(44,424)
FINANCING ACTIVITIES
Issuance of debt		404,018	0
Repayment of debt		(526,948)	0
Dividends paid on common shares		(39,444)	(37,490)
Distributions to noncontrolling interests in the operating partnership		(895)	(1,155)
Proceeds from the issuance of common shares under incentive stock plan		579	1,166
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		30,918	32,545
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(214)	(155)
Distributions to noncontrolling interests in consolidated affiliates		(2,684)	(8,737)
CASH USED FOR FINANCING ACTIVITIES		(134,670)	(13,826)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		620	(5)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(103,328)	(4,387)
Balance, beginning of year		369,139	87,482
Balance, end of period		265,811	83,095
Cash paid during the period:
Interest	[1]	3,935	2,945
Income taxes		14,042	4,838
Non-cash investing activity:
Capital assets purchased on account		4,511	4,814
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		30,998	15,032
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		47,419	45,213
Non-cash cost of land and improved development		5,359	1,813
Stock-based incentive compensation expense		2,797	2,156
Deferred income taxes		(8,014)	(1,128)
Amortization of losses from pension and postretirement plans		188	294
Other		(2,244)	(3,681)
Changes in operating assets and liabilities:
Receivables		(27,837)	(3,697)
Inventories		(4,875)	(3,512)
Accounts payable		7,376	6,684
All other operating activities		(1,500)	(5,306)
CASH PROVIDED BY OPERATING ACTIVITIES		49,667	53,868
INVESTING ACTIVITIES
Capital expenditures		(15,597)	(15,831)
Real estate development investments		(3,137)	(3,011)
Purchase of timberlands		(2,830)	(29,938)
Other		2,619	4,356
CASH USED FOR INVESTING ACTIVITIES		(18,945)	(44,424)
FINANCING ACTIVITIES
Issuance of debt		404,018	0
Repayment of debt		(526,948)	0
Distributions on units		(40,339)	(38,645)
Proceeds from the issuance of units under incentive stock plan		579	1,166
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		30,918	32,545
Repurchase of units to pay withholding taxes on vested incentive stock awards		(214)	(155)
Distributions to noncontrolling interests in consolidated affiliates		(2,684)	(8,737)
CASH USED FOR FINANCING ACTIVITIES		(134,670)	(13,826)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		620	(5)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(103,328)	(4,387)
Balance, beginning of year		369,139	87,482
Balance, end of period		265,811	83,095
Cash paid during the period:
Interest	[2]	3,935	2,945
Income taxes		14,042	4,838
Non-cash investing activity:
Capital assets purchased on account		$ 4,511	$ 4,814
[1]	Interest paid is presented net of patronage paymen ts received of $5.5 million a n d $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.
[2]	Interest paid is presented net of patronage paymen ts received of $5.5 million an d $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Patronage refunds received, netted with interest paid	$ 5.5	$ 6.2
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 5.5	$ 6.2

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC (the “2021 Form 10-K”). As of March 31, 2022, the Company owned a 97.8% interest in the Operating Partnership, with the remaining 2.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2021 Form 10-K. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The pronouncement eliminates the requirement that contracts legally permitting settlement in registered shares be classified as temporary equity. As a result, Redeemable Operating Partnership Units may be classified as permanent partners’ capital in the Operating Partnership’s accompanying balance sheets and the related noncontrolling interest as permanent equity in the accompanying balance sheets of Rayonier, Inc. However, the corresponding SEC guidance on equity classification has remained unchanged. We will continue to monitor any developments in this area and may reclassify the temporary partners’ capital and noncontrolling interest to permanent upon agreement in guidance. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS On April 1, 2022, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests, which was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, SALES 2022 2021 Southern Timber $76,763 $51,677 Pacific Northwest Timber 46,281 41,522 New Zealand Timber 51,389 57,579 Timber Funds (a) — 14,939 Real Estate 34,195 10,504 Trading 13,461 16,665 Intersegment Eliminations (b) (48) (1,439) Total $222,041 $191,447 (a) The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds. (b) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds, which were initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME 2022 2021 Southern Timber $30,342 $17,347 Pacific Northwest Timber 6,606 1,350 New Zealand Timber 5,392 13,944 Timber Funds (a) — 1,501 Real Estate 10,181 1,687 Trading 351 244 Corporate and Other (7,554) (7,588) Total Operating Income 45,318 28,485 Unallocated interest expense and other (8,805) (10,032) Total Income before Income Taxes $36,513 $18,453 (a) The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2022 2021 Southern Timber $18,059 $14,359 Pacific Northwest Timber 14,916 16,284 New Zealand Timber 4,989 7,250 Timber Funds (a) — 5,500 Real Estate 9,145 1,557 Corporate and Other 310 263 Total $47,419 $45,213 (a) The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2022 2021 Real Estate $5,359 $1,813 Total $5,359 $1,813

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2022 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table summarizes revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2022 2021 Revenue recognized from contract liability balance at the beginning of the year (a) $7,533 $5,920 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2022 Pulpwood $37,611 $2,918 $7,595 — — $1,525 — $49,649 Sawtimber 27,516 42,215 42,100 — — 11,538 — 123,369 Hardwood 5,849 — — — — — — 5,849 Total Timber Sales 70,976 45,133 49,695 — — 13,063 — 178,867 License Revenue, Primarily From Hunting 4,688 116 62 — — — — 4,866 Other Non-Timber/Carbon Revenue 1,099 1,032 1,632 — — — — 3,763 Agency Fee Income — — — — — 350 — 350 Total Non-Timber Sales 5,787 1,148 1,694 — — 350 — 8,979 Improved Development — — — — 4,966 — — 4,966 Rural — — — — 16,950 — — 16,950 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — 636 — — 636 Total Real Estate Sales — — — — 33,952 — — 33,952 Revenue from Contracts with Customers 76,763 46,281 51,389 — 33,952 13,413 — 221,798 Lease Revenue — — — — 243 — — 243 Intersegment — — — — — 48 (48) — Total Revenue $76,763 $46,281 $51,389 — $34,195 $13,461 ($48) $222,041 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2021 Pulpwood $21,856 $2,495 $9,542 $260 — $1,835 — $35,988 Sawtimber 21,963 37,758 47,792 13,308 — 14,389 — 135,210 Hardwood 405 — — — — — — 405 Total Timber Sales 44,224 40,253 57,334 13,568 — 16,224 — 171,603 License Revenue, Primarily from Hunting 4,417 91 58 3 — — — 4,569 Other Non-Timber/Carbon Revenue 3,036 1,178 187 14 — — — 4,415 Agency Fee Income — — — — — 356 — 356 Total Non-Timber Sales 7,453 1,269 245 17 — 356 — 9,340 Improved Development — — — — 252 — — 252 Rural — — — — 9,765 — — 9,765 Deferred Revenue/Other (a) — — — — 255 — — 255 Total Real Estate Sales — — — — 10,272 — — 10,272 Revenue from Contracts with Customers 51,677 41,522 57,579 13,585 10,272 16,580 — 191,215 Lease Revenue — — — — 232 — — 232 Intersegment — — — 1,354 — 85 (1,439) — Total Revenue $51,677 $41,522 $57,579 $14,939 $10,504 $16,665 ($1,439) $191,447 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total March 31, 2022 Stumpage Pay-as-Cut $36,206 — — — — $36,206 Stumpage Lump Sum — 5,388 — — — 5,388 Total Stumpage 36,206 5,388 — — — 41,594 Delivered Wood (Domestic) 32,128 39,446 13,481 — 625 85,680 Delivered Wood (Export) 2,642 299 36,214 — 12,438 51,593 Total Delivered 34,770 39,745 49,695 — 13,063 137,273 Total Timber Sales $70,976 $45,133 $49,695 — $13,063 $178,867 March 31, 2021 Stumpage Pay-as-Cut $21,257 — — — — $21,257 Stumpage Lump Sum 3 6,131 — — — 6,134 Total Stumpage 21,260 6,131 — — — 27,391 Delivered Wood (Domestic) 18,059 34,122 17,106 13,568 1,091 83,946 Delivered Wood (Export) 4,905 — 40,228 — 15,133 60,266 Total Delivered 22,964 34,122 57,334 13,568 16,224 144,212 Total Timber Sales $44,224 $40,253 $57,334 $13,568 $16,224 $171,603

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES Matariki Forestry Group We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 419,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP Noncontrolling interests in the operating partnership relate to the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the operating partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the operating partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption. The following table sets forth the Company’s noncontrolling interests in the operating partnership: Three Months Ended 2022 2021 Beginning noncontrolling interests in the operating partnership $133,823 $130,121 Adjustment of noncontrolling interests in the operating partnership 2,645 11,867 Conversions of Redeemable Operating Partnership Units to Common Shares (104) (4,715) Net Income attributable to noncontrolling interests in the operating partnership 669 341 Other Comprehensive Income attributable to noncontrolling interests in the operating partnership 101 1,531 Distributions to noncontrolling interests in the operating partnership (895) (1,155) Total noncontrolling interests in the operating partnership $136,239 $137,990

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND PER UNIT	EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2022 2021 Earnings per common share - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in the operating partnership (669) (341) Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc. $29,317 $10,848 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Basic earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 Earnings per common share - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $29,986 $11,189 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Add: Dilutive effect of: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Noncontrolling interests in operating partnership units 3,314,784 4,330,794 Denominator for diluted earnings per common share - adjusted weighted average shares 149,547,076 142,558,797 Diluted earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 Three Months Ended March 31, 2022 2021 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2022 2021 Earnings per unit - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Basic earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 Earnings per unit - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Add: Dilutive effect of unit equivalents: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Denominator for diluted earnings per unit - adjusted weighted average units 149,547,076 142,558,797 Diluted earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 Three Months Ended March 31, 2022 2021 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at March 31, 2022: March 31, 2022 Debt Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) $350,000 Senior Notes due 2031 at a fixed interest rate of 2.75% 450,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) 200,000 2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) 24,005 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) 28,006 New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 2,087 Total principal debt 1,254,098 Less: Unamortized discounts (3,346) Less: Current maturities of long-term debt (2,087) Less: Deferred financing costs (4,992) Total long-term debt $1,243,673 (a) As of March 31, 2022, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.0% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2022, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of March 31, 2022, the periodic interest rate on the 2021 incremental term loan (the “2021 Incremental Term Loan Facility”) was LIBOR plus 1.550%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. (d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. Principal payments due during the next five years and thereafter are as follows: Total 2022 $2,087 2023 — 2024 — 2025 24,005 2026 228,006 Thereafter 1,000,000 Total Debt $1,254,098 2022 DEBT ACTIVITY U.S. Debt On January 3, 2022, we drew $200.0 million on our Revolving Credit Facility. On January 4, 2022, we repaid the $325.0 million Senior Notes due 2022 with $125.0 million of cash and the $200.0 million previously drawn on the Revolving Credit Facility. We then made a $200.0 million draw on our 2021 Incremental Term Loan Facility and simultaneously repaid the outstanding principal on our Revolving Credit Facility. The periodic interest rate on the 2021 Incremental Term Loan agreement is subject to a pricing grid based on our leverage ratio, as defined in the credit agreement. As of March 31, 2022, the periodic interest rate on the 2021 Incremental Term Loan is LIBOR plus 1.55%. Monthly payments of interest only are due on this loan through maturity. On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. This interest rate swap will fix the cost of the 2021 Incremental Term Loan Facility over its seven-year term. We estimate the effective interest rate on the 2021 Incremental Term Loan Facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. At March 31, 2022, we had available borrowings of $299.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit. New Zealand Debt During the three months ended March 31, 2022, the New Zealand subsidiary made $2.1 million of borrowings, net of repayments and changes in exchange rates, on its working capital facility (the “New Zealand Working Capital Facility”). At March 31, 2022, the New Zealand subsidiary had NZ$17.0 million of available borrowings under its working capital facility. Subsequent Event In April 2022, the New Zealand subsidiary recorded a noncontrolling interest share redemption and loan payable in the amount of $27.9 million. The shareholder loan is due in 2027 at a fixed rate of 6.48%. See Note 1 — Basis of Presentation for more information regarding subsequent events related to the New Zealand subsidiary. DEBT COVENANTS In connection with our $350 million Term Credit Agreement, $200 million Incremental Term Loan Agreement, $200 million 2021 Incremental Term Loan Facility and $300 million Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2022, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 13.6 to 1 11.1 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 40 % 25 % In addition to these financial covenants listed above, the Senior Notes due 2031, Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Facility, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At March 31, 2022, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging , (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS The New Zealand subsidiary’s export sales are predominately denominated in U.S. dollars, and therefore its cash flows are affected by fluctuations in the exchange rate between the New Zealand dollar and the U.S. dollar. This exposure is partially managed by a natural currency hedge, as ocean freight payments and shareholder distributions are also paid in U.S. dollars. We manage any excess foreign exchange exposure through the use of derivative financial instruments. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases, less distributions, and up to 75% of the forward 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of March 31, 2022, foreign currency exchange contracts and foreign currency option contracts had maturity dates through February 2024 and December 2023, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS The following table contains information on the outstanding interest rate swaps as of March 31, 2022: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % May 2021 (c)(d) 7 years 200,000 2021 Incremental Term Loan Facility 0.77 % 1.55 % 2.32 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. (c) On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 6 - De bt for additional information. (d) The $200.0 million notional interest rate swap contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap. FORWARD-STARTING INTEREST RATE SWAPS The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2022: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date April 2020 4 years $100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021: Three Months Ended Income Statement Location 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $3,514 ($2,852) Foreign currency option contracts Other comprehensive (loss) income 136 (929) Interest rate products Other comprehensive (loss) income 35,129 59,731 Interest expense 2,670 3,994 Three Months Ended During the next 12 months, the amount of the March 31, 2022 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $0.3 million. The following table contains details of the expected reclassified amounts into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $246 Interest rate products 56 Total estimated gain on derivatives contracts $302 The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $149,500 $149,250 Foreign currency option contracts 14,000 14,000 Interest rate swaps 750,000 550,000 Forward-starting interest rate swaps 150,000 350,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $712 $721 Other assets 1,241 86 Other current liabilities (369) (2,061) Other non-current liabilities (18) (694) Foreign currency option contracts Other assets 318 228 Other non-current liabilities (224) (270) Interest rate swaps Other assets 26,912 — Interest rate swaps Other non-current liabilities — (15,582) Forward-starting interest rate swaps Other assets 6,699 11,482 Total derivative contracts: Other current assets $712 $721 Other assets 35,170 11,796 Total derivative assets $35,882 $12,517 Other current liabilities (369) (2,061) Other non-current liabilities (242) (16,546) Total derivative liabilities ($611) ($18,607) (a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2022 December 31, 2021 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $256,537 $256,537 — $358,680 $358,680 — Cash and cash equivalents, Timber Funds 3,185 3,185 — 3,493 3,493 — Restricted cash, Timber Funds (b) 5,464 5,464 — 6,341 6,341 — Restricted cash, excluding Timber Funds (c) 625 625 — 625 625 — Current maturities of long-term debt (d) (2,087) — (2,087) (124,965) — (125,288) Long-term debt (d) (1,243,673) — (1,209,595) (1,242,819) — (1,245,148) Interest rate swaps (e) 26,912 — 26,912 (15,582) — (15,582) Forward-starting interest rate swaps (e) 6,699 — 6,699 11,482 — 11,482 Foreign currency exchange contracts (e) 1,566 — 1,566 (1,948) — (1,948) Foreign currency option contracts (e) 94 — 94 (42) — (42) Noncontrolling interests in the operating partnership (f) 136,239 136,239 — 133,823 133,823 — (a) We did not have Level 3 assets or liabilities at March 31, 2022 and December 31, 2021. (b) Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 19 — Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents cash held in escrow. See Note 19 — Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (e) See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (f) Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS At March 31, 2022, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2022 $740 $17,803 $9,002 $27,545 2023 3,873 3,239 11,174 18,286 2024 3,840 267 8,233 12,340 2025 1,036 267 4,494 5,797 2026 460 267 2,558 3,285 Thereafter 1,374 3,944 3,306 8,624 $11,323 $25,787 $38,767 $75,877 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 11 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Heartwood development projects.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL AND NATURAL RESOU

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	3 Months Ended
	Mar. 31, 2022
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release. Changes in environmental and NRD liabilities from December 31, 2021 to March 31, 2022 are shown below: Port Gamble, WA Non-current portion at December 31, 2021 $10,110 Plus: Current portion 695 Total Balance at December 31, 2021 10,805 Expenditures charged to liabilities (136) Increase to liabilities 654 Total Balance at March 31, 2022 11,323 Less: Current portion (774) Non-current portion at March 31, 2022 $10,549 It is expected that the upland mill site cleanup and NRD restoration will occur over the next two Note 9 - Commitments .

GUARANTEES

GUARANTEES	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2022, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 23,920 Total financial commitments $24,805 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2022, 2023, 2024 and 2025 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to March 31, 2022 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2021 $87,910 $18,968 $106,878 Plus: Current portion (a) 718 24,022 24,740 Total Balance at December 31, 2021 88,628 42,990 131,618 Non-cash cost of land and improved development (378) (2,308) (2,686) Amortization of parcel real estate development investments — (1,964) (1,964) Timber depletion from harvesting activities and basis of timber sold in real estate sales (445) — (445) Capitalized real estate development investments (b) — 4,435 4,435 Capital expenditures (silviculture) 139 — 139 Intersegment transfers 3,977 — 3,977 Total Balance at March 31, 2022 91,921 43,153 135,074 Less: Current portion (a) (415) (23,214) (23,629) Non-current portion at March 31, 2022 $91,506 $19,939 $111,445 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information. (b) Capitalized real estate development investments include $0.2 million of capitalized interest and $1.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of March 31, 2022 and December 31, 2021, our inventory consisted entirely of finished goods, as follows: March 31, 2022 December 31, 2021 Finished goods inventory Real estate inventory (a) $23,629 $24,740 Log inventory 9,661 3,783 Total inventory $33,290 $28,523 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

OTHER OPERATING (EXPENSE) INCOM

OTHER OPERATING (EXPENSE) INCOME, NET	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
OTHER OPERATING (EXPENSE) INCOME, NET	OTHER OPERATING (EXPENSE) INCOME, NET Other operating (expense) income, net consisted of the following: Three Months Ended March 31, 2022 2021 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($571) $2,429 Gain on sale or disposal of property and equipment 25 90 Log trading marketing fees — 6 Equity (loss) income related to Bainbridge Landing LLC joint venture (227) 19 Miscellaneous expense, net (211) (96) Total ($984) $2,448

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. We are not required to make mandatory 2022 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three months ended March 31, 2022. The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2022 2021 2022 2021 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous expense, net 609 557 13 11 Expected return on plan assets (a) Interest and other miscellaneous expense, net (872) (936) — — Amortization of losses Interest and other miscellaneous expense, net 184 288 4 5 Net periodic benefit (credit) cost ($79) ($91) $19 $18 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement (a) The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefit s i s 5.0%.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of March 31, 2022, Rayonier owns a 97.8% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes. PROVISION FOR INCOME TAXES The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended 2022 2021 Income tax expense ($5,515) ($3,421) ANNUAL EFFECTIVE TAX RATE The Company’s 2022 effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2022 2021 Annualized effective tax rate after discrete items 10.5 % 11.6 %

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in AOCI by component for the three months ended March 31, 2022 and the year ended December 31, 2021. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) (2,540) ($73,885) Other comprehensive income (loss) before reclassifications (18,487) — 44,899 (a) 11,302 37,714 (1,080) 36,634 Amounts reclassified from accumulated other comprehensive income (loss) — — 16,994 1,174 (b) 18,168 (521) 17,647 Net other comprehensive income (loss) (18,487) — 61,893 12,476 55,882 (1,601) 54,281 Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive (loss) income before reclassifications 5,668 — 37,147 (a) — 42,815 (954) 41,861 Amounts reclassified from accumulated other comprehensive income (loss) — — 2,675 188 (b) 2,863 853 3,716 Net other comprehensive income (loss) 5,668 — 39,822 188 45,678 (101) 45,577 Balance as of March 31, 2022 $9,883 $1,321 $30,659 ($11,648) $30,215 ($4,242) $25,973 (a) The year ended December 31, 2021 and the three months ended March 31, 2022 include $52.5 million and $35.1 million, respectively, of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 16 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2022 and March 31, 2021: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement March 31, 2022 March 31, 2021 Realized loss on foreign currency exchange contracts $9 $1,205 Other operating (expense) income, net Realized loss on foreign currency option contracts — 594 Other operating (expense) income, net Noncontrolling interests (2) (414) Comprehensive income attributable to noncontrolling interests Realized loss on interest rate contracts 2,670 3,994 Interest expense Income tax effect from net loss on foreign currency contracts (2) (388) Income tax expense Net loss on cash flow hedges reclassified from accumulated other comprehensive income $2,675 $4,991

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Mar. 31, 2022
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash, Timber Funds includes the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. Restricted cash, excluding Timber Funds, includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Cash and cash equivalents $259,722 $82,620 Restricted cash, Timber Funds 5,464 — Restricted cash, excluding Timber Funds (Held in escrow) 625 475 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $265,811 $83,095

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of March 31, 2022 and December 31, 2021, the basis in properties meeting this classification was $2.5 million and $5.1 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

RELATED PARTY

RELATED PARTY	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY	RELATED PARTY In January 2020, we entered into an agreement to sell developed lots to Mattamy Jacksonville LLC, a wholly owned subsidiary of Mattamy Homes, for an aggregate base purchase price of $4.45 million (subject to multiple takedowns over a 2 year period), plus additional consideration as to each lot to the extent the ultimate sales price of each finished home exceeds agreed price thresholds (the “Mattamy Contract”). In May 2021, we entered into an amendment to the original agreement for the sale of additional lots to Mattamy for an aggregate base purchase price of $1.0 million. The Mattamy contract also includes marketing fee revenue based on a percentage of the sales price of each finished home. In September 2020, Keith Bass, a member of our Board of Directors, was named the Chief Executive Officer of Mattamy Homes US. Following this development, the Mattamy Contract and the ongoing obligations therein, were reviewed by the Nominating and Corporate Governance Committee in accordance with established policies and procedures regarding the authorization and approval of transactions with related parties. The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three months ended: Three Months Ended March 31, Related Party Transaction Location on Statement of Income and Comprehensive Income 2022 2021 Mattamy Contract Sales (a) $174 $42 (a) The three months ended March 31, 2021 exclude approximately $0.1 million of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC (the “2021 Form 10-K”).
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The pronouncement eliminates the requirement that contracts legally permitting settlement in registered shares be classified as temporary equity. As a result, Redeemable Operating Partnership Units may be classified as permanent partners’ capital in the Operating Partnership’s accompanying balance sheets and the related noncontrolling interest as permanent equity in the accompanying balance sheets of Rayonier, Inc. However, the corresponding SEC guidance on equity classification has remained unchanged. We will continue to monitor any developments in this area and may reclassify the temporary partners’ capital and noncontrolling interest to permanent upon agreement in guidance. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 1, 2022, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests, which was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The
SEGMENT REPORTING	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
REVENUE RECOGNITION	PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2022 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
DERIVATIVE	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging
FAIR VALUE OF FINANCIAL INSTRUMENTS	Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables summarize the segment information for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, SALES 2022 2021 Southern Timber $76,763 $51,677 Pacific Northwest Timber 46,281 41,522 New Zealand Timber 51,389 57,579 Timber Funds (a) — 14,939 Real Estate 34,195 10,504 Trading 13,461 16,665 Intersegment Eliminations (b) (48) (1,439) Total $222,041 $191,447 (a) The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds. (b) Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds, which were initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME 2022 2021 Southern Timber $30,342 $17,347 Pacific Northwest Timber 6,606 1,350 New Zealand Timber 5,392 13,944 Timber Funds (a) — 1,501 Real Estate 10,181 1,687 Trading 351 244 Corporate and Other (7,554) (7,588) Total Operating Income 45,318 28,485 Unallocated interest expense and other (8,805) (10,032) Total Income before Income Taxes $36,513 $18,453 (a) The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2022 2021 Southern Timber $18,059 $14,359 Pacific Northwest Timber 14,916 16,284 New Zealand Timber 4,989 7,250 Timber Funds (a) — 5,500 Real Estate 9,145 1,557 Corporate and Other 310 263 Total $47,419 $45,213 (a) The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2022 2021 Real Estate $5,359 $1,813 Total $5,359 $1,813

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liabilities	The following table summarizes revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2022 2021 Revenue recognized from contract liability balance at the beginning of the year (a) $7,533 $5,920 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.
Disaggregation of Revenue by Product	The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2022 Pulpwood $37,611 $2,918 $7,595 — — $1,525 — $49,649 Sawtimber 27,516 42,215 42,100 — — 11,538 — 123,369 Hardwood 5,849 — — — — — — 5,849 Total Timber Sales 70,976 45,133 49,695 — — 13,063 — 178,867 License Revenue, Primarily From Hunting 4,688 116 62 — — — — 4,866 Other Non-Timber/Carbon Revenue 1,099 1,032 1,632 — — — — 3,763 Agency Fee Income — — — — — 350 — 350 Total Non-Timber Sales 5,787 1,148 1,694 — — 350 — 8,979 Improved Development — — — — 4,966 — — 4,966 Rural — — — — 16,950 — — 16,950 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — 636 — — 636 Total Real Estate Sales — — — — 33,952 — — 33,952 Revenue from Contracts with Customers 76,763 46,281 51,389 — 33,952 13,413 — 221,798 Lease Revenue — — — — 243 — — 243 Intersegment — — — — — 48 (48) — Total Revenue $76,763 $46,281 $51,389 — $34,195 $13,461 ($48) $222,041 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total March 31, 2021 Pulpwood $21,856 $2,495 $9,542 $260 — $1,835 — $35,988 Sawtimber 21,963 37,758 47,792 13,308 — 14,389 — 135,210 Hardwood 405 — — — — — — 405 Total Timber Sales 44,224 40,253 57,334 13,568 — 16,224 — 171,603 License Revenue, Primarily from Hunting 4,417 91 58 3 — — — 4,569 Other Non-Timber/Carbon Revenue 3,036 1,178 187 14 — — — 4,415 Agency Fee Income — — — — — 356 — 356 Total Non-Timber Sales 7,453 1,269 245 17 — 356 — 9,340 Improved Development — — — — 252 — — 252 Rural — — — — 9,765 — — 9,765 Deferred Revenue/Other (a) — — — — 255 — — 255 Total Real Estate Sales — — — — 10,272 — — 10,272 Revenue from Contracts with Customers 51,677 41,522 57,579 13,585 10,272 16,580 — 191,215 Lease Revenue — — — — 232 — — 232 Intersegment — — — 1,354 — 85 (1,439) — Total Revenue $51,677 $41,522 $57,579 $14,939 $10,504 $16,665 ($1,439) $191,447 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2022 and 2021: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total March 31, 2022 Stumpage Pay-as-Cut $36,206 — — — — $36,206 Stumpage Lump Sum — 5,388 — — — 5,388 Total Stumpage 36,206 5,388 — — — 41,594 Delivered Wood (Domestic) 32,128 39,446 13,481 — 625 85,680 Delivered Wood (Export) 2,642 299 36,214 — 12,438 51,593 Total Delivered 34,770 39,745 49,695 — 13,063 137,273 Total Timber Sales $70,976 $45,133 $49,695 — $13,063 $178,867 March 31, 2021 Stumpage Pay-as-Cut $21,257 — — — — $21,257 Stumpage Lump Sum 3 6,131 — — — 6,134 Total Stumpage 21,260 6,131 — — — 27,391 Delivered Wood (Domestic) 18,059 34,122 17,106 13,568 1,091 83,946 Delivered Wood (Export) 4,905 — 40,228 — 15,133 60,266 Total Delivered 22,964 34,122 57,334 13,568 16,224 144,212 Total Timber Sales $44,224 $40,253 $57,334 $13,568 $16,224 $171,603

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries	The following table sets forth the Company’s noncontrolling interests in the operating partnership: Three Months Ended 2022 2021 Beginning noncontrolling interests in the operating partnership $133,823 $130,121 Adjustment of noncontrolling interests in the operating partnership 2,645 11,867 Conversions of Redeemable Operating Partnership Units to Common Shares (104) (4,715) Net Income attributable to noncontrolling interests in the operating partnership 669 341 Other Comprehensive Income attributable to noncontrolling interests in the operating partnership 101 1,531 Distributions to noncontrolling interests in the operating partnership (895) (1,155) Total noncontrolling interests in the operating partnership $136,239 $137,990

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2022 2021 Earnings per common share - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in the operating partnership (669) (341) Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc. $29,317 $10,848 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Basic earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 Earnings per common share - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $29,986 $11,189 Denominator: Denominator for basic earnings per common share - weighted average shares 145,430,171 137,870,821 Add: Dilutive effect of: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Noncontrolling interests in operating partnership units 3,314,784 4,330,794 Denominator for diluted earnings per common share - adjusted weighted average shares 149,547,076 142,558,797 Diluted earnings per common share attributable to Rayonier Inc.: $0.20 $0.08 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2022 2021 Earnings per unit - basic Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Basic earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08 Earnings per unit - diluted Numerator: Net Income $30,998 $15,032 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,012) (3,843) Net income available to unitholders $29,986 $11,189 Denominator: Denominator for basic earnings per unit - weighted average units 148,744,955 142,201,615 Add: Dilutive effect of unit equivalents: Stock options 7,229 4,051 Performance shares, restricted shares and restricted stock units 794,892 353,131 Denominator for diluted earnings per unit - adjusted weighted average units 149,547,076 142,558,797 Diluted earnings per unit attributable to Rayonier, L.P.: $0.20 $0.08
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended March 31, 2022 2021 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256 Three Months Ended March 31, 2022 2021 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 254 194,256 Total 254 194,256

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Our debt consisted of the following at March 31, 2022: March 31, 2022 Debt Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) $350,000 Senior Notes due 2031 at a fixed interest rate of 2.75% 450,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) 200,000 2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) 24,005 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) 28,006 New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 2,087 Total principal debt 1,254,098 Less: Unamortized discounts (3,346) Less: Current maturities of long-term debt (2,087) Less: Deferred financing costs (4,992) Total long-term debt $1,243,673 (a) As of March 31, 2022, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.0% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2022, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of March 31, 2022, the periodic interest rate on the 2021 incremental term loan (the “2021 Incremental Term Loan Facility”) was LIBOR plus 1.550%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. (d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception.
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: Total 2022 $2,087 2023 — 2024 — 2025 24,005 2026 228,006 Thereafter 1,000,000 Total Debt $1,254,098
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2022, are calculated on a trailing 12-month basis: Covenant Requirement Actual Ratio Favorable Covenant EBITDA to consolidated interest expense should not be less than 2.5 to 1 13.6 to 1 11.1 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 40 % 25 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table contains information on the outstanding interest rate swaps as of March 31, 2022: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.60 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.60 % 3.95 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.65 % 3.25 % May 2021 (c)(d) 7 years 200,000 2021 Incremental Term Loan Facility 0.77 % 1.55 % 2.32 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. (c) On February 1, 2022, our $200.0 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 6 - De bt for additional information. (d) The $200.0 million notional interest rate swap contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2022: Outstanding Forward-Starting Interest Rate Swaps (a) Date Entered Into Term Notional Amount Fixed Rate of Swap Related Debt Facility Forward Date Maximum Period Ending for Forecasted Issuance Date April 2020 4 years $100,000 0.88 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.74 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021: Three Months Ended Income Statement Location 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $3,514 ($2,852) Foreign currency option contracts Other comprehensive (loss) income 136 (929) Interest rate products Other comprehensive (loss) income 35,129 59,731 Interest expense 2,670 3,994 Three Months Ended Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $246 Interest rate products 56 Total estimated gain on derivatives contracts $302
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $149,500 $149,250 Foreign currency option contracts 14,000 14,000 Interest rate swaps 750,000 550,000 Forward-starting interest rate swaps 150,000 350,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $712 $721 Other assets 1,241 86 Other current liabilities (369) (2,061) Other non-current liabilities (18) (694) Foreign currency option contracts Other assets 318 228 Other non-current liabilities (224) (270) Interest rate swaps Other assets 26,912 — Interest rate swaps Other non-current liabilities — (15,582) Forward-starting interest rate swaps Other assets 6,699 11,482 Total derivative contracts: Other current assets $712 $721 Other assets 35,170 11,796 Total derivative assets $35,882 $12,517 Other current liabilities (369) (2,061) Other non-current liabilities (242) (16,546) Total derivative liabilities ($611) ($18,607) (a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, by Balance Sheet Grouping	The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2022 December 31, 2021 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $256,537 $256,537 — $358,680 $358,680 — Cash and cash equivalents, Timber Funds 3,185 3,185 — 3,493 3,493 — Restricted cash, Timber Funds (b) 5,464 5,464 — 6,341 6,341 — Restricted cash, excluding Timber Funds (c) 625 625 — 625 625 — Current maturities of long-term debt (d) (2,087) — (2,087) (124,965) — (125,288) Long-term debt (d) (1,243,673) — (1,209,595) (1,242,819) — (1,245,148) Interest rate swaps (e) 26,912 — 26,912 (15,582) — (15,582) Forward-starting interest rate swaps (e) 6,699 — 6,699 11,482 — 11,482 Foreign currency exchange contracts (e) 1,566 — 1,566 (1,948) — (1,948) Foreign currency option contracts (e) 94 — 94 (42) — (42) Noncontrolling interests in the operating partnership (f) 136,239 136,239 — 133,823 133,823 — (a) We did not have Level 3 assets or liabilities at March 31, 2022 and December 31, 2021. (b) Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 19 — Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents cash held in escrow. See Note 19 — Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (e) See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (f) Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	At March 31, 2022, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total Remaining 2022 $740 $17,803 $9,002 $27,545 2023 3,873 3,239 11,174 18,286 2024 3,840 267 8,233 12,340 2025 1,036 267 4,494 5,797 2026 460 267 2,558 3,285 Thereafter 1,374 3,944 3,306 8,624 $11,323 $25,787 $38,767 $75,877 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 11 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Heartwood development projects.

ENVIRONMENTAL AND NATURAL RES_2

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2021 to March 31, 2022 are shown below: Port Gamble, WA Non-current portion at December 31, 2021 $10,110 Plus: Current portion 695 Total Balance at December 31, 2021 10,805 Expenditures charged to liabilities (136) Increase to liabilities 654 Total Balance at March 31, 2022 11,323 Less: Current portion (774) Non-current portion at March 31, 2022 $10,549

GUARANTEES (Tables)

GUARANTEES (Tables)	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of March 31, 2022, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit $885 Surety bonds (b) 23,920 Total financial commitments $24,805 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2022, 2023, 2024 and 2025 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERL_2

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments	Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to March 31, 2022 are shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2021 $87,910 $18,968 $106,878 Plus: Current portion (a) 718 24,022 24,740 Total Balance at December 31, 2021 88,628 42,990 131,618 Non-cash cost of land and improved development (378) (2,308) (2,686) Amortization of parcel real estate development investments — (1,964) (1,964) Timber depletion from harvesting activities and basis of timber sold in real estate sales (445) — (445) Capitalized real estate development investments (b) — 4,435 4,435 Capital expenditures (silviculture) 139 — 139 Intersegment transfers 3,977 — 3,977 Total Balance at March 31, 2022 91,921 43,153 135,074 Less: Current portion (a) (415) (23,214) (23,629) Non-current portion at March 31, 2022 $91,506 $19,939 $111,445 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information. (b) Capitalized real estate development investments include $0.2 million of capitalized interest and $1.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2022 and December 31, 2021, our inventory consisted entirely of finished goods, as follows: March 31, 2022 December 31, 2021 Finished goods inventory Real estate inventory (a) $23,629 $24,740 Log inventory 9,661 3,783 Total inventory $33,290 $28,523 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

OTHER OPERATING (EXPENSE) INC_2

OTHER OPERATING (EXPENSE) INCOME, NET (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Other Operating (Expense) Income, Net	Other operating (expense) income, net consisted of the following: Three Months Ended March 31, 2022 2021 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($571) $2,429 Gain on sale or disposal of property and equipment 25 90 Log trading marketing fees — 6 Equity (loss) income related to Bainbridge Landing LLC joint venture (227) 19 Miscellaneous expense, net (211) (96) Total ($984) $2,448

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs	The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2022 2021 2022 2021 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous expense, net 609 557 13 11 Expected return on plan assets (a) Interest and other miscellaneous expense, net (872) (936) — — Amortization of losses Interest and other miscellaneous expense, net 184 288 4 5 Net periodic benefit (credit) cost ($79) ($91) $19 $18 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement (a) The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefit s i s 5.0%.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended 2022 2021 Income tax expense ($5,515) ($3,421)
Schedule of Effective Income Tax Rate Reconciliation	The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2022 2021 Annualized effective tax rate after discrete items 10.5 % 11.6 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component for the three months ended March 31, 2022 and the year ended December 31, 2021. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) (2,540) ($73,885) Other comprehensive income (loss) before reclassifications (18,487) — 44,899 (a) 11,302 37,714 (1,080) 36,634 Amounts reclassified from accumulated other comprehensive income (loss) — — 16,994 1,174 (b) 18,168 (521) 17,647 Net other comprehensive income (loss) (18,487) — 61,893 12,476 55,882 (1,601) 54,281 Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive (loss) income before reclassifications 5,668 — 37,147 (a) — 42,815 (954) 41,861 Amounts reclassified from accumulated other comprehensive income (loss) — — 2,675 188 (b) 2,863 853 3,716 Net other comprehensive income (loss) 5,668 — 39,822 188 45,678 (101) 45,577 Balance as of March 31, 2022 $9,883 $1,321 $30,659 ($11,648) $30,215 ($4,242) $25,973 (a) The year ended December 31, 2021 and the three months ended March 31, 2022 include $52.5 million and $35.1 million, respectively, of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 16 — Employee Benefit Plans
Reclassification out of Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2022 and March 31, 2021: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the income statement March 31, 2022 March 31, 2021 Realized loss on foreign currency exchange contracts $9 $1,205 Other operating (expense) income, net Realized loss on foreign currency option contracts — 594 Other operating (expense) income, net Noncontrolling interests (2) (414) Comprehensive income attributable to noncontrolling interests Realized loss on interest rate contracts 2,670 3,994 Interest expense Income tax effect from net loss on foreign currency contracts (2) (388) Income tax expense Net loss on cash flow hedges reclassified from accumulated other comprehensive income $2,675 $4,991

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2022
Restricted Cash and Investments [Abstract]
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Cash and cash equivalents $259,722 $82,620 Restricted cash, Timber Funds 5,464 — Restricted cash, excluding Timber Funds (Held in escrow) 625 475 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $265,811 $83,095

RELATED PARTY (Tables)

RELATED PARTY (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions on Consolidated Statements of Income and Comprehensive Income	The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three months ended: Three Months Ended March 31, Related Party Transaction Location on Statement of Income and Comprehensive Income 2022 2021 Mattamy Contract Sales (a) $174 $42 (a) The three months ended March 31, 2021 exclude approximately $0.1 million of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees.

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Apr. 30, 2022	Apr. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, carrying amount	$ 1,254,098
Matariki Forestry Group | New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated fixed interest rate		6.48%
Matariki Forestry Group | New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Excluding Timber Funds | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated fixed interest rate			6.48%
Debt, carrying amount			$ 27,900
Operating Partnership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest	97.80%
Ownership interest owned by limited partners	2.20%

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
SALES	$ 222,041	$ 191,447
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(48)	(1,439)
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
SALES		(11,900)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	76,763	51,677
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	46,281	41,522
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	51,389	57,579
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
SALES	0	14,939
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	34,195	10,504
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	13,461	16,665
Intersegment Eliminations | Timber Funds
Segment Reporting Information [Line Items]
SALES	0	1,354
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
SALES	48	85
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (48)	$ (1,439)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total Operating Income	$ 45,318	$ 28,485
Unallocated interest expense and other	(8,805)	(10,032)
Total Income before Income Taxes	36,513	18,453
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total Operating Income		(1,100)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	30,342	17,347
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	6,606	1,350
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	5,392	13,944
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Total Operating Income	0	1,501
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	10,181	1,687
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	351	244
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (7,554)	$ (7,588)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 47,419	$ 45,213
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION		4,900
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	18,059	14,359
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	14,916	16,284
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,989	7,250
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	0	5,500
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	9,145	1,557
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 310	$ 263

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 5,359	$ 1,813
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 5,359	$ 1,813

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	Mar. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, period	12 months

REVENUE - Contract Liability (D

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 7,533	$ 5,920

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 221,798	$ 191,215
Lease Revenue	243	232
Total Revenue	222,041	191,447
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,649	35,988
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	123,369	135,210
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,849	405
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	178,867	171,603
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,866	4,569
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,763	4,415
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	350	356
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,979	9,340
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,966	252
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,950	9,765
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,400
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	636	255
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,952	10,272
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(48)	(1,439)
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	76,763	51,677
Total Revenue	76,763	51,677
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	37,611	21,856
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,516	21,963
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,849	405
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,976	44,224
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,688	4,417
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,099	3,036
Operating Segments | Southern Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,787	7,453
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,281	41,522
Total Revenue	46,281	41,522
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,918	2,495
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,215	37,758
Operating Segments | Pacific Northwest Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,133	40,253
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	116	91
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,032	1,178
Operating Segments | Pacific Northwest Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,148	1,269
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,389	57,579
Total Revenue	51,389	57,579
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,595	9,542
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,100	47,792
Operating Segments | New Zealand Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,695	57,334
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62	58
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,632	187
Operating Segments | New Zealand Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,694	245
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,585
Total Revenue	0	14,939
Operating Segments | Timber Funds | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	260
Operating Segments | Timber Funds | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,308
Operating Segments | Timber Funds | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Timber Funds | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,568
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	3
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	14
Operating Segments | Timber Funds | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Timber Funds | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	17
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,952	10,272
Lease Revenue	243	232
Total Revenue	34,195	10,504
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,966	252
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,950	9,765
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,400
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	636	255
Operating Segments | Real Estate | Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,952	10,272
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,413	16,580
Total Revenue	13,461	16,665
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,525	1,835
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,538	14,389
Operating Segments | Trading | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,063	16,224
Operating Segments | Trading | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Trading | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	350	356
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	350	356
Intersegment | Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue	0	1,354
Intersegment | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	48	85
Intersegment | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (48)	$ (1,439)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 221,798	$ 191,215
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,206	21,257
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,388	6,134
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	41,594	27,391
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	137,273	144,212
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	85,680	83,946
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,593	60,266
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	178,867	171,603
Southern Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,206	21,257
Southern Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	3
Southern Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,206	21,260
Southern Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,770	22,964
Southern Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,128	18,059
Southern Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,642	4,905
Pacific Northwest Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Pacific Northwest Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,388	6,131
Pacific Northwest Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,388	6,131
Pacific Northwest Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	39,745	34,122
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	39,446	34,122
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	299	0
New Zealand Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,695	57,334
New Zealand Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,481	17,106
New Zealand Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,214	40,228
Timber Funds | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Timber Funds | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Timber Funds | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Timber Funds | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,568
Timber Funds | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,568
Timber Funds | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,063	16,224
Trading | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	625	1,091
Trading | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,438	15,133
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	76,763	51,677
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,976	44,224
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,281	41,522
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,133	40,253
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	51,389	57,579
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,695	57,334
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,585
Operating Segments | Timber Funds | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	13,568
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,413	16,580
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 13,063	$ 16,224

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Mar. 31, 2022a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned	419
Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	77.00%
Rayonier New Zealand Subsidiary
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners	23.00%

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the operating partnership	$ 133,823	$ 130,121
Adjustment of noncontrolling interests in the operating partnership	2,645	11,867
Conversions of Redeemable Operating Partnership Units to Common Shares	(104)	(4,715)
Net Income attributable to noncontrolling interests in the operating partnership	669	341
Other Comprehensive Income attributable to noncontrolling interests in the operating partnership	101	1,531
Distributions to noncontrolling interests in the operating partnership	(895)	(1,155)
Total noncontrolling interests in the operating partnership	$ 136,239	$ 137,990

EARNINGS PER SHARE AND PER UN_3

EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net Income	$ 30,998	$ 15,032
Less: Net income attributable to noncontrolling interests in the operating partnership	(669)	(341)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,012)	(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 29,317	$ 10,848
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	145,430,171	137,870,821
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.20	$ 0.08
Numerator:
Net Income	$ 30,998	$ 15,032
Less: Net income attributable to noncontrolling interests in consolidated affiliates	1,012	3,843
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 29,986	$ 11,189
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	145,430,171	137,870,821
Add: Dilutive effect of:
Stock options (in shares/units)	7,229	4,051
Performance shares, restricted shares and restricted stock units (in shares/units)	794,892	353,131
Noncontrolling interests in operating partnership units (in shares)	3,314,784	4,330,794
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	149,547,076	142,558,797
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.20	$ 0.08
Rayonier Limited Partnership
Numerator:
Net Income	$ 30,998	$ 15,032
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,012)	(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 29,986	$ 11,189
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	148,744,955	142,201,615
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.20	$ 0.08
Numerator:
Net Income	$ 30,998	$ 15,032
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ 1,012	$ 3,843
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	148,744,955	142,201,615
Add: Dilutive effect of:
Stock options (in shares/units)	7,229	4,051
Performance shares, restricted shares and restricted stock units (in shares/units)	794,892	353,131
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	149,547,076	142,558,797
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.20	$ 0.08

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares)	254	194,256
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares)	254	194,256

DEBT - Schedule of Long Term De

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt, carrying amount	$ 1,254,098
Less: Unamortized discounts	(3,346)
Less: Current maturities of long-term debt	(2,087)	$ (124,965)
Less: Deferred financing costs	(4,992)
Total long-term debt	$ 1,243,673	$ 1,242,819
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a)
Debt Instrument [Line Items]
Stated fixed interest rate	1.90%
Debt, carrying amount	$ 350,000
Effective fixed interest rate	3.00%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.60%
Senior Notes due 2031 at a fixed interest rate of 2.75%
Debt Instrument [Line Items]
Stated fixed interest rate	2.75%
Debt, carrying amount	$ 450,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b)
Debt Instrument [Line Items]
Stated fixed interest rate	1.90%
Debt, carrying amount	$ 200,000
Effective fixed interest rate	2.40%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.65%
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c)
Debt Instrument [Line Items]
Stated fixed interest rate	1.80%
Debt, carrying amount	$ 200,000
Effective fixed interest rate	1.50%
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.55%
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate	2.95%
Debt, carrying amount	$ 24,005
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate	3.64%
Debt, carrying amount	$ 28,006
New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate	2.10%
Debt, carrying amount	$ 2,087

DEBT - Schedule of Long Term Ma

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
2022	$ 2,087
2023	0
2024	0
2025	24,005
2026	228,006
Thereafter	1,000,000
Total Debt	$ 1,254,098

DEBT - Narrative and Debt Coven

DEBT - Narrative and Debt Covenants (Details) $ in Thousands, $ in Millions	Mar. 31, 2022USD ($)	Feb. 01, 2022USD ($)	Jan. 04, 2022USD ($)	Jan. 03, 2022USD ($)	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022NZD ($)
Debt Instrument [Line Items]
Issuance of debt						$ 404,018	$ 0
Debt, carrying amount	$ 1,254,098					1,254,098
Repayments of debt						526,948	$ 0
Interest rate swaps
Debt Instrument [Line Items]
Notional amount	200,000	$ 200,000				200,000
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at March 31, 2022
Debt Instrument [Line Items]
Issuance of debt				$ 200,000
Repayments of debt			$ 200,000
Remaining borrowing capacity	299,100					299,100
Amount to secure outstanding letters of credit	900					900
Maximum borrowing capacity	300,000					300,000
2021 Incremental Term Loan Facility
Debt Instrument [Line Items]
Issuance of debt			200,000
Debt instrument term		7 years
Maximum borrowing capacity	$ 200,000					200,000
2021 Incremental Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.55%
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000					350,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b)
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000					200,000
Senior Notes due at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Debt, carrying amount			325,000
Repayments of debt			$ 125,000
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments						2,100
Remaining borrowing capacity								$ 17
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) | Matariki Forestry Group
Debt Instrument [Line Items]
Debt, carrying amount	$ 28,006					$ 28,006
Stated fixed interest rate	3.64%					3.64%		3.64%
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) | Matariki Forestry Group
Debt Instrument [Line Items]
Debt, carrying amount	$ 24,005					$ 24,005
Stated fixed interest rate	2.95%					2.95%		2.95%
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 | Matariki Forestry Group | Subsequent event
Debt Instrument [Line Items]
Noncontrolling interests in consolidated affiliates redemption of shares					$ 27,900
Stated fixed interest rate					6.48%

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details)	Mar. 31, 2022
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	13.6
Covenant EBITDA to consolidated interest expense, Favorable	11.1
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.40
Covenant debt to net worth plus covenant debt, favorable	0.25

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Derivatives designated as cash flow hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 302
New Zealand JV | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	50.00%
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
New Zealand JV | Minimum | Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months	90.00%
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months	75.00%
New Zealand JV | Maximum | Foreign Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 18 to 48 months	50.00%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Feb. 01, 2022	Dec. 31, 2021
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 200,000	$ 200,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed rate of swap	2.20%
Bank Margin on Debt	1.60%
Total effective interest rate	3.80%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed rate of swap	2.35%
Bank Margin on Debt	1.60%
Total effective interest rate	3.95%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed rate of swap	1.60%
Bank Margin on Debt	1.65%
Total effective interest rate	3.25%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed rate of swap	1.60%
Bank Margin on Debt	1.65%
Total effective interest rate	3.25%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest Rate Swap 5
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200
Fixed rate of swap	0.77%
Bank Margin on Debt	1.55%
Total effective interest rate	2.32%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 750,000		$ 550,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed rate on derivative	0.88%
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed rate on derivative	0.74%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ 40,427	$ 61,001
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	3,514	(2,852)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	136	(929)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	35,129	59,731
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ 2,670	$ 3,994

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives designated as cash flow hedges $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 302
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	246
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 56

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Feb. 01, 2022	Dec. 31, 2021
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000	$ 200,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	149,500		$ 149,250
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	14,000		14,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	750,000		550,000
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 150,000		$ 350,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 35,882	$ 12,517
Fair value, derivative liability	(611)	(18,607)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	712	721
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	35,170	11,796
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(369)	(2,061)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(242)	(16,546)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	712	721
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,241	86
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(369)	(2,061)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(18)	(694)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	318	228
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(224)	(270)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	26,912	0
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(15,582)
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 6,699	$ 11,482

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less: Current maturities of long-term debt	$ (2,087)	$ (124,965)
Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash, excluding Timber Funds	625	625	$ 475
Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash, Timber Funds	5,464	6,341	$ 0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less: Current maturities of long-term debt	(2,087)	(124,965)
Long-term debt	(1,243,673)	(1,242,819)
Noncontrolling interests in the operating partnership	136,239	133,823
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities		(15,582)
Interest rate swaps, assets	26,912
Carrying Amount | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	6,699	11,482
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	1,566
Foreign currency contracts, liabilities		(1,948)
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	94
Foreign currency contracts, liabilities		(42)
Carrying Amount | Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	256,537	358,680
Restricted cash, excluding Timber Funds	625	625
Carrying Amount | Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	3,185	3,493
Restricted cash, Timber Funds	5,464	6,341
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less: Current maturities of long-term debt	0	0
Long-term debt	0	0
Noncontrolling interests in the operating partnership	136,239	133,823
Fair Value | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities		0
Interest rate swaps, assets	0
Fair Value | Level 1 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0	0
Fair Value | Level 1 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	0
Foreign currency contracts, liabilities		0
Fair Value | Level 1 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	0
Foreign currency contracts, liabilities		0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less: Current maturities of long-term debt	(2,087)	(125,288)
Long-term debt	(1,209,595)	(1,245,148)
Noncontrolling interests in the operating partnership	0	0
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities		(15,582)
Interest rate swaps, assets	26,912
Fair Value | Level 2 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	6,699	11,482
Fair Value | Level 2 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	1,566
Foreign currency contracts, liabilities		(1,948)
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	94
Foreign currency contracts, liabilities		(42)
Fair Value | Excluding Timber Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	256,537	358,680
Restricted cash, excluding Timber Funds	625	625
Fair Value | Excluding Timber Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	0	0
Restricted cash, excluding Timber Funds	0	0
Fair Value | Timber Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	3,185	3,493
Restricted cash, Timber Funds	5,464	6,341
Fair Value | Timber Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	0	0
Restricted cash, Timber Funds	$ 0	$ 0

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments
Remaining 2022	$ 27,545
2023	18,286
2024	12,340
2025	5,797
2026	3,285
Thereafter	8,624
Total commitments	75,877
Environmental Remediation
Commitments
Remaining 2022	740
2023	3,873
2024	3,840
2025	1,036
2026	460
Thereafter	1,374
Total commitments	11,323
Development Projects
Commitments
Remaining 2022	17,803
2023	3,239
2024	267
2025	267
2026	267
Thereafter	3,944
Total commitments	25,787
Commitments
Commitments
Remaining 2022	9,002
2023	11,174
2024	8,233
2025	4,494
2026	2,558
Thereafter	3,306
Total commitments	$ 38,767

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 10,110
Beginning balance, plus: current portion	695
Beginning balance	10,805
Expenditures charged to liabilities	(136)
Increase to liabilities	654
Ending balance	11,323
Ending balance, less: current portion	(774)
Ending balance, non-current portion	$ 10,549

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
Minimum | Millsite Cleanup and Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	2 years
Minimum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	10 years
Maximum | Millsite Cleanup and Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	3 years
Maximum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term	15 years

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Mar. 31, 2022USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 24,805
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	885
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 23,920

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 106,878
Plus: Current portion, beginning balance	24,740
Total balance, beginning balance	131,618
Non-cash cost of land and improved development	(2,686)
Amortization of parcel real estate development investments	(1,964)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(445)
Capitalized real estate development investments	4,435
Capital expenditures (silviculture)	139
Intersegment transfers	3,977
Total balance, ending balance	135,074
Less: Current portion, ending balance	(23,629)
Non-current portion, ending balance	111,445
Capitalized interest	200
Parcel real estate development investments	1,300
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	87,910
Plus: Current portion, beginning balance	718
Total balance, beginning balance	88,628
Non-cash cost of land and improved development	(378)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(445)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	139
Intersegment transfers	3,977
Total balance, ending balance	91,921
Less: Current portion, ending balance	(415)
Non-current portion, ending balance	91,506
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	18,968
Plus: Current portion, beginning balance	24,022
Total balance, beginning balance	42,990
Non-cash cost of land and improved development	(2,308)
Amortization of parcel real estate development investments	(1,964)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	4,435
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	43,153
Less: Current portion, ending balance	(23,214)
Non-current portion, ending balance	$ 19,939

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Inventory	$ 33,290	$ 28,523
Real estate inventory
Inventory [Line Items]
Inventory	23,629	24,740
Log inventory
Inventory [Line Items]
Inventory	$ 9,661	$ 3,783

OTHER OPERATING (EXPENSE) INC_3

OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	$ (571)	$ 2,429
Gain on sale or disposal of property and equipment	25	90
Log trading marketing fees	0	6
Equity (loss) income related to Bainbridge Landing LLC joint venture	(227)	19
Miscellaneous expense, net	(211)	(96)
Total	$ (984)	$ 2,448

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)plan	Mar. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans | plan	1
Pension contributions paid	$ 0
Weighted-average expected long-term rate of return on plan assets	5.00%
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	609	557
Expected return on plan assets	(872)	(936)
Amortization of losses	184	288
Net periodic benefit (credit) cost	(79)	(91)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2
Interest cost	13	11
Expected return on plan assets	0	0
Amortization of losses	4	5
Net periodic benefit (credit) cost	$ 19	$ 18

INCOME TAXES (Details)

INCOME TAXES (Details)	Mar. 31, 2022
Operating Partnership
Income Taxes
Ownership interest	97.80%

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (5,515)	$ (3,421)

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	10.50%	11.60%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,771,776
Other comprehensive income (loss) before reclassifications	41,861	$ 36,634
Amounts reclassified from accumulated other comprehensive income (loss)	3,716	17,647
Net other comprehensive income (loss)	45,577	54,281
Ending balance	1,836,996	1,771,776
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(19,604)	(73,885)
Ending balance	25,973	(19,604)
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	4,215	22,702
Other comprehensive income (loss) before reclassifications	5,668	(18,487)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net other comprehensive income (loss)	5,668	(18,487)
Ending balance	9,883	4,215
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net other comprehensive income (loss)	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,163)	(71,056)
Other comprehensive income (loss) before reclassifications	37,147	44,899
Amounts reclassified from accumulated other comprehensive income (loss)	2,675	16,994
Net other comprehensive income (loss)	39,822	61,893
Ending balance	30,659	(9,163)
Cash flow hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	35,100	52,500
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(11,836)	(24,312)
Other comprehensive income (loss) before reclassifications	0	11,302
Amounts reclassified from accumulated other comprehensive income (loss)	188	1,174
Net other comprehensive income (loss)	188	12,476
Ending balance	(11,648)	(11,836)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(15,463)	(71,345)
Other comprehensive income (loss) before reclassifications	42,815	37,714
Amounts reclassified from accumulated other comprehensive income (loss)	2,863	18,168
Net other comprehensive income (loss)	45,678	55,882
Ending balance	30,215	(15,463)
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,141)	(2,540)
Other comprehensive income (loss) before reclassifications	(954)	(1,080)
Amounts reclassified from accumulated other comprehensive income (loss)	853	(521)
Net other comprehensive income (loss)	(101)	(1,601)
Ending balance	$ (4,242)	$ (4,141)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	$ 984	$ (2,448)
Interest expense	(8,337)	(10,028)
Income tax expense	(5,515)	(3,421)
Net loss on cash flow hedges reclassified from accumulated other comprehensive income	(30,998)	(15,032)
Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss on cash flow hedges reclassified from accumulated other comprehensive income	2,675	4,991
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense	(2)	(388)
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	9	1,205
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Realized loss on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	0	594
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	2,670	3,994
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income attributable to noncontrolling interests	$ (2)	$ (414)

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 259,722	$ 362,173	$ 82,620
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	265,811	369,139	83,095	$ 87,482
Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	3,185	3,493
Restricted cash, Timber Funds	5,464	6,341	0
Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	256,537	358,680
Restricted cash, excluding Timber Funds (Held in escrow)	$ 625	$ 625	$ 475

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize	12 months
Assets held for sale	$ 2.5	$ 5.1
Asset impairment recognized	$ 0

RELATED PARTY - Narrative (Deta

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

RELATED PARTY - Related Party T

RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - Mattamy Jacksonville LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Revenue from related parties	$ 174	$ 42
Accounts receivable, related parties	$ 100