Rayonier (RYN) 10-K 24 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5,428,090,552
Entity Common Stock, Shares Outstanding		147,318,970
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the 2023 annual meeting of the shareholders of the registrant scheduled to be held May 18, 2023, are incorporated by reference in Part III hereof.
Entity Central Index Key	0000052827
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Rayonier Limited Partnership
Document Information [Line Items]
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,172,885
Entity Central Index Key	0001806931
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Jacksonville, Florida
Rayonier Limited Partnership
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Jacksonville, Florida

RAYONIER INC. AND SUBSIDIARIES

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
SALES (NOTE 3)	$ 909,072	$ 1,109,597	$ 859,154
Costs and Expenses
Cost of sales	(688,284)	(796,115)	(712,436)
Selling and general expenses	(64,670)	(57,791)	(50,645)
Other operating income (expense), net (Note 17)	9,704	14,084	(21,685)
Costs and Expenses	(743,250)	(839,822)	(784,766)
OPERATING INCOME	165,822	269,775	74,388
Interest expense	(36,207)	(44,907)	(38,768)
Interest and other miscellaneous income, net	2,565	280	1,173
INCOME BEFORE INCOME TAXES	132,180	225,148	36,793
Income tax expense (Note 20)	(9,389)	(14,661)	(7,009)
NET INCOME	122,791	210,487	29,784
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,393)	(4,516)	(528)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(13,321)	(53,421)	7,828
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	107,077	152,550	37,084
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0	(23,093)	(22,096)	28,272
Cash flow hedges, net of income tax effect of $555, $2,667 and $1,845	76,039	60,315	(61,055)
Actuarial change and amortization of pension and postretirement plan liabilities	1,627	12,476	(925)
Total other comprehensive income (loss)	54,573	50,695	(33,708)
COMPREHENSIVE INCOME (LOSS)	177,364	261,182	(3,924)
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(3,692)	(6,116)	(3,068)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(12,182)	(48,234)	1,393
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$ 161,490	$ 206,832	$ (5,599)
EARNINGS PER COMMON SHARE (NOTE 6)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.73	$ 1.08	$ 0.28
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.73	$ 1.08	$ 0.27

RAYONIER INC. AND SUBSIDIARIE_2

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	555	2,667	1,845
Actuarial change and amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0

RAYONIER INC. AND SUBSIDIARIE_3

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Total cash and cash equivalents	$ 114,255	$ 362,173
Accounts receivable, less allowance for doubtful accounts of $74 and $59	42,538	30,018
Inventory	23,729	28,523
Prepaid logging roads	14,893	14,286
Prepaid expenses	5,680	4,242
Assets held for sale	713	5,099
Other current assets	573	749
Total current assets	202,381	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,230,904	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	115,097	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,401
Buildings	31,020	31,168
Machinery and equipment	6,568	6,494
Construction in progress	653	460
Total property, plant and equipment, gross	44,694	44,523
Less—accumulated depreciation	(17,505)	(14,900)
Total property, plant and equipment, net	27,189	29,623
RIGHT-OF-USE ASSETS	97,167	101,837
OTHER ASSETS	115,481	50,966
TOTAL ASSETS	3,789,371	3,636,356
CURRENT LIABILITIES
Accounts payable	22,100	23,447
Current maturities of long-term debt	0	124,965
Accrued taxes	3,734	12,446
Accrued payroll and benefits	12,564	14,514
Accrued interest	5,920	6,343
Deferred revenue	22,762	17,802
Other current liabilities	28,247	25,863
Total current liabilities	95,327	231,721
LONG-TERM DEBT, NET	1,514,721	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS	8,510	10,478
LONG-TERM LEASE LIABILITY	88,756	93,416
OTHER NON-CURRENT LIABILITIES	95,582	108,521
COMMITMENTS AND CONTINGENCIES
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP	105,763	133,823
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 147,282,631 and 145,372,961 shares issued and outstanding	1,462,945	1,389,073
Retained earnings	366,637	402,307
Accumulated other comprehensive income (loss)	35,813	(19,604)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,865,395	1,771,776
Noncontrolling interests in consolidated affiliates	15,317	43,802
TOTAL SHAREHOLDERS’ EQUITY	1,880,712	1,815,578
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,789,371	3,636,356
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	114,255	358,680
PROPERTY, PLANT AND EQUIPMENT
RESTRICTED CASH, EXCLUDING TIMBER FUNDS	1,152	625
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	0	3,493
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	6,341
CURRENT LIABILITIES
Distribution payable, Timber Funds	$ 0	$ 6,341

RAYONIER INC. AND SUBSIDIARIE_4

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Accounts receivable, allowance for doubtful accounts	$ 74	$ 59
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, shares authorized (in shares)	480,000,000	480,000,000
Common stock, shares, issued (in shares)	147,282,631	145,372,961
Common stock, shares outstanding (in shares)	147,282,631	145,372,961

RAYONIER INC. AND SUBSIDIARIE_5

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2019			129,331,069
Beginning balance at Dec. 31, 2019		$ 1,537,642	$ 888,177	$ 583,006	$ (31,202)	$ 97,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of shares associated with the merger with Pope Resources (in shares)			7,181,071
Issuances of shares associated with the merger with Pope Resources		172,418	$ 172,418
Net income		29,784		37,612		(7,828)
Net income attributable to noncontrolling interests in the operating partnership		(528)		(528)
Dividends		(146,278)		(146,278)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			1,103,012
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		32,574	$ 32,574
Issuance of shares under incentive stock plans, (in shares)			266,036
Issuance of shares under incentive stock plans		1,589	$ 1,589
Stock-based incentive compensation		8,026	$ 8,026
Repurchase of common shares, (in shares)			(219,619)
Repurchase of common shares		(4,757)	$ (1,605)	(3,152)
Acquisition of noncontrolling interests in consolidated affiliates		333,366				333,366
Adjustment of noncontrolling interests in the operating partnership		(24,393)		(24,393)
Conversion of units into common shares (in shares)			17,253
Conversion of units into common shares		496	$ 496
Actuarial change and amortization of pension and postretirement plan liabilities		(925)			(925)
Foreign currency translation adjustment		28,272			22,928	5,344
Cash flow hedges		(61,055)			(62,146)	1,091
Allocation of other comprehensive income to noncontrolling interests in the operating partnership		(2,540)			(2,540)
Distributions to noncontrolling interests in consolidated affiliates		(12,643)				(12,643)
Noncontrolling interests in consolidated affiliates redemption of shares		(28,403)				(28,403)
Ending balance (in shares) at Dec. 31, 2020			137,678,822
Ending balance at Dec. 31, 2020		1,862,645	$ 1,101,675	446,267	(73,885)	388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		210,487		157,066		53,421
Net income attributable to noncontrolling interests in the operating partnership		(4,516)		(4,516)
Dividends	[1]	(153,980)		(153,980)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			6,357,972
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		233,033	$ 233,033
Issuance of shares under incentive stock plans, (in shares)			270,713
Issuance of shares under incentive stock plans		6,029	$ 6,029
Stock-based incentive compensation		9,277	$ 9,277
Repurchase of common shares, (in shares)			(47,705)
Repurchase of common shares		(1,617)	$ (1,617)
Fund II carried interest incentive fee		(3,807)				(3,807)
Disposition of noncontrolling interests in consolidated affiliates		(255,486)				(255,486)
Measurement period adjustment of noncontrolling interests in consolidated affiliates		9,690				9,690
Adjustment of noncontrolling interests in the operating partnership		(42,530)		(42,530)
Conversion of units into common shares (in shares)			1,113,159
Conversion of units into common shares		40,676	$ 40,676
Actuarial change and amortization of pension and postretirement plan liabilities		12,476			12,476
Foreign currency translation adjustment		(22,096)			(18,487)	(3,609)
Cash flow hedges		60,315			61,893	(1,578)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership		(1,601)			(1,601)
Distributions to noncontrolling interests in consolidated affiliates		(115,298)				(115,298)
Noncontrolling interests in consolidated affiliates redemption of shares		(28,119)				(28,119)
Ending balance (in shares) at Dec. 31, 2021			145,372,961
Ending balance at Dec. 31, 2021		1,815,578	$ 1,389,073	402,307	(19,604)	43,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		122,791		109,470		13,321
Net income attributable to noncontrolling interests in the operating partnership		(2,393)		(2,393)
Dividends	[1]	(165,902)		(165,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			1,579,228
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		59,350	$ 59,350
Issuance of shares under incentive stock plans, (in shares)			321,337
Issuance of shares under incentive stock plans		2,466	$ 2,466
Stock-based incentive compensation		12,356	$ 12,356
Repurchase of common shares, (in shares)			(97,809)
Repurchase of common shares		(4,225)	$ (4,225)
Adjustment of noncontrolling interests in the operating partnership		23,155		23,155
Conversion of units into common shares (in shares)			106,914
Conversion of units into common shares		3,925	$ 3,925
Actuarial change and amortization of pension and postretirement plan liabilities		1,627			1,627
Foreign currency translation adjustment		(23,093)			(22,282)	(811)
Cash flow hedges		76,039			76,367	(328)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership		(295)			(295)
Distributions to noncontrolling interests in consolidated affiliates		(12,807)				(12,807)
Noncontrolling interests in consolidated affiliates redemption of shares		(27,860)				(27,860)
Ending balance (in shares) at Dec. 31, 2022			147,282,631
Ending balance at Dec. 31, 2022		$ 1,880,712	$ 1,462,945	$ 366,637	$ 35,813	$ 15,317
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests .

RAYONIER INC. AND SUBSIDIARIE_6

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 1.125	$ 1.08	$ 1.08
Offering issuance costs	$ 1,100	$ 2,500	$ 799

RAYONIER INC. AND SUBSIDIARIE_7

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
NET INCOME		$ 122,791	$ 210,487	$ 29,784
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		147,339	155,722	164,996
Non-cash cost of land and improved development		28,374	24,976	30,368
Stock-based incentive compensation expense		12,356	9,277	8,026
Deferred income taxes		(5,352)	8,509	7,541
Amortization of losses from pension and postretirement plans		753	1,174	869
Timber write-offs due to casualty events		0	0	15,203
Fund II carried interest incentive fee		0	(3,807)	0
Other		1,778	9,456	(11,100)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(9,109)	17,239	(15,378)
Inventories		(4,335)	(503)	(1,448)
Accounts payable		1,144	(1,593)	5,668
All other operating activities		(9,943)	(5,846)	(1,700)
CASH PROVIDED BY OPERATING ACTIVITIES		269,190	325,110	204,174
INVESTING ACTIVITIES
Capital expenditures		(74,811)	(75,965)	(66,500)
Real estate development investments		(13,698)	(12,521)	(6,462)
Purchase of timberlands		(458,530)	(179,115)	(24,695)
Cash consideration for merger with Pope Resources, net of cash acquired		0	0	(231,068)
Other		1,180	912	(584)
CASH USED FOR INVESTING ACTIVITIES		(516,363)	(26,253)	(213,643)
FINANCING ACTIVITIES
Issuance of debt		656,842	446,378	320,000
Repayment of debt		(531,842)	(420,000)	(152,000)
Dividends paid on common stock		(165,707)	(153,515)	(146,348)
Distributions to noncontrolling interests in the operating partnership		(3,668)	(4,269)	(3,596)
Proceeds from the issuance of common shares under incentive stock plan		2,628	5,922	1,368
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		61,557	230,826	32,574
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,225)	(1,617)	(1,605)
Repurchase of common shares made under repurchase program		0	0	(3,152)
Debt issuance costs		(740)	(4,846)	(2,483)
Noncontrolling interests in consolidated affiliates redemption of shares		0	0	(5,113)
Distributions to noncontrolling interests in consolidated affiliates		(19,434)	(108,956)	(12,643)
Make-whole fee on NWFCS debt prepayment		0	(6,234)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(4,589)	(16,311)	27,002
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,970)	(889)	(19)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(253,732)	281,657	17,514
Balance, beginning of year		369,139	87,482	69,968
Balance, end of year		115,407	369,139	87,482
Cash paid during the year:
Interest	[1]	35,717	42,672	40,895
Income taxes		15,127	7,392	816
Non-cash investing activity:
Capital assets purchased on account		4,435	5,272	3,205
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	0	106,752
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	27,860	28,119	23,290
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		(16,606)	(44,784)	(28,655)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		29,496	54,682	115,666
Timber Funds III And IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(3,675)	0
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	31,014	0
Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(51,522)	0
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		$ 0	$ 154,740	$ 0
[1] Interest paid is presented net of patronage payments received of $6.0 million , $6.8 million and $4.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. For additional information on patronage payments, see Note 7 - Debt Note 5 - Noncontrolling Interests and Note 7 - Debt for further information.

RAYONIER INC. AND SUBSIDIARIE_8

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Patronage refunds received, netted with interest paid			$ 6,000	$ 6,800	$ 4,700
Noncontrolling interests in consolidated affiliates redemption of shares	[1]		27,860	28,119	23,290
Matariki Forestry Group | New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64%
Noncontrolling interests in consolidated affiliates redemption of shares		$ 28,100
Matariki Forestry Group | New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | Excluding Timber Funds
Noncontrolling interests in consolidated affiliates redemption of shares			$ 27,900	$ 28,100	23,300
Interest share redemption					$ 5,100
[1]he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the year ended 2022 and 2021, respectively. In 2020, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million. See Note 5 - Noncontrolling Interests and Note 7 - Debt for further information.

RAYONIER, L.P. AND SUBSIDIARIES

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SALES (NOTE 3)	$ 909,072	$ 1,109,597	$ 859,154
Costs and Expenses
Cost of sales	(688,284)	(796,115)	(712,436)
Selling and general expenses	(64,670)	(57,791)	(50,645)
Other operating income (expense), net (Note 17)	9,704	14,084	(21,685)
Costs and Expenses	(743,250)	(839,822)	(784,766)
OPERATING INCOME	165,822	269,775	74,388
Interest expense	(36,207)	(44,907)	(38,768)
Interest and other miscellaneous income, net	2,565	280	1,173
INCOME BEFORE INCOME TAXES	132,180	225,148	36,793
Income tax expense (Note 20)	(9,389)	(14,661)	(7,009)
NET INCOME	122,791	210,487	29,784
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(13,321)	(53,421)	7,828
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	107,077	152,550	37,084
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0	(23,093)	(22,096)	28,272
Cash flow hedges, net of income tax effect of $555, $2,667 and $1,845	76,039	60,315	(61,055)
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $0 and $0	1,627	12,476	(925)
Total other comprehensive income (loss)	54,573	50,695	(33,708)
COMPREHENSIVE INCOME (LOSS)	177,364	261,182	(3,924)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(12,182)	(48,234)	1,393
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	161,490	206,832	(5,599)
Rayonier Limited Partnership
SALES (NOTE 3)	909,072	1,109,597	859,154
Costs and Expenses
Cost of sales	(688,284)	(796,115)	(712,436)
Selling and general expenses	(64,670)	(57,791)	(50,645)
Other operating income (expense), net (Note 17)	9,704	14,084	(21,685)
Costs and Expenses	(743,250)	(839,822)	(784,766)
OPERATING INCOME	165,822	269,775	74,388
Interest expense	(36,207)	(44,907)	(38,768)
Interest and other miscellaneous income, net	2,565	280	1,173
INCOME BEFORE INCOME TAXES	132,180	225,148	36,793
Income tax expense (Note 20)	(9,389)	(14,661)	(7,009)
NET INCOME	122,791	210,487	29,784
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(13,321)	(53,421)	7,828
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	109,470	157,066	37,612
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0	(23,093)	(22,096)	28,272
Cash flow hedges, net of income tax effect of $555, $2,667 and $1,845	76,039	60,315	(61,055)
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $0 and $0	1,627	12,476	(925)
Total other comprehensive income (loss)	54,573	50,695	(33,708)
COMPREHENSIVE INCOME (LOSS)	177,364	261,182	(3,924)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(12,182)	(48,234)	1,393
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$ 165,182	$ 212,948	$ (2,531)
EARNINGS PER COMMON SHARE (NOTE 6)
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.73	$ 1.08	$ 0.28
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.73	$ 1.08	$ 0.27
Rayonier Limited Partnership | Limited Partners’ Capital
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 108,375	$ 155,495	$ 37,236
Rayonier Limited Partnership | General Partners’ Capital
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,095	$ 1,571	$ 376

RAYONIER, L.P. AND SUBSIDIARI_2

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	555	2,667	1,845
Actuarial change and amortization of pension and postretirement plans, tax expense	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0
Cash flow hedges, tax expense	555	2,667	1,845
Actuarial change and amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0

RAYONIER, L.P. AND SUBSIDIARI_3

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Total cash and cash equivalents	$ 114,255	$ 362,173
Accounts receivable, less allowance for doubtful accounts of $74 and $59	42,538	30,018
Inventory	23,729	28,523
Prepaid logging roads	14,893	14,286
Prepaid expenses	5,680	4,242
Assets held for sale	713	5,099
Other current assets	573	749
Total current assets	202,381	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,230,904	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	115,097	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,401
Buildings	31,020	31,168
Machinery and equipment	6,568	6,494
Construction in progress	653	460
Total property, plant and equipment, gross	44,694	44,523
Less—accumulated depreciation	(17,505)	(14,900)
Total property, plant and equipment, net	27,189	29,623
RIGHT-OF-USE ASSETS	97,167	101,837
OTHER ASSETS	115,481	50,966
TOTAL ASSETS	3,789,371	3,636,356
CURRENT LIABILITIES
Accounts payable	22,100	23,447
Current maturities of long-term debt	0	124,965
Accrued taxes	3,734	12,446
Accrued payroll and benefits	12,564	14,514
Accrued interest	5,920	6,343
Deferred revenue	22,762	17,802
Other current liabilities	28,247	25,863
Total current liabilities	95,327	231,721
LONG-TERM DEBT, NET	1,514,721	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS	8,510	10,478
LONG-TERM LEASE LIABILITY	88,756	93,416
OTHER NON-CURRENT LIABILITIES	95,582	108,521
COMMITMENTS AND CONTINGENCIES
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP	105,763	133,823
CAPITAL
Accumulated other comprehensive income (loss)	35,813	(19,604)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,789,371	3,636,356
Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	114,255	358,680
PROPERTY, PLANT AND EQUIPMENT
RESTRICTED CASH, EXCLUDING TIMBER FUNDS	1,152	625
Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	0	3,493
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	6,341
CURRENT LIABILITIES
Distribution payable, Timber Funds	0	6,341
Rayonier Limited Partnership
CURRENT ASSETS
Total cash and cash equivalents	114,255	362,173
Accounts receivable, less allowance for doubtful accounts of $74 and $59	42,538	30,018
Inventory	23,729	28,523
Prepaid logging roads	14,893	14,286
Prepaid expenses	5,680	4,242
Assets held for sale	713	5,099
Other current assets	573	749
Total current assets	202,381	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,230,904	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 14)	115,097	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,401
Buildings	31,020	31,168
Machinery and equipment	6,568	6,494
Construction in progress	653	460
Total property, plant and equipment, gross	44,694	44,523
Less—accumulated depreciation	(17,505)	(14,900)
Total property, plant and equipment, net	27,189	29,623
RIGHT-OF-USE ASSETS	97,167	101,837
OTHER ASSETS	115,481	50,966
TOTAL ASSETS	3,789,371	3,636,356
CURRENT LIABILITIES
Accounts payable	22,100	23,447
Current maturities of long-term debt	0	124,965
Accrued taxes	3,734	12,446
Accrued payroll and benefits	12,564	14,514
Accrued interest	5,920	6,343
Deferred revenue	22,762	17,802
Other current liabilities	28,247	25,863
Total current liabilities	95,327	231,721
LONG-TERM DEBT, NET	1,514,721	1,242,819
PENSION AND OTHER POSTRETIREMENT BENEFITS	8,510	10,478
LONG-TERM LEASE LIABILITY	88,756	93,416
OTHER NON-CURRENT LIABILITIES	95,582	108,521
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP	105,763	133,823
CAPITAL
General partners’ capital	18,251	17,872
Limited partners’ capital	1,806,895	1,769,367
Accumulated other comprehensive income (loss)	40,249	(15,463)
TOTAL CONTROLLING INTEREST CAPITAL	1,865,395	1,771,776
Noncontrolling interests in consolidated affiliates	15,317	43,802
TOTAL CAPITAL	1,880,712	1,815,578
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,789,371	3,636,356
Rayonier Limited Partnership | Excluding Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	114,255	358,680
PROPERTY, PLANT AND EQUIPMENT
RESTRICTED CASH, EXCLUDING TIMBER FUNDS	1,152	625
Rayonier Limited Partnership | Timber Funds
CURRENT ASSETS
Total cash and cash equivalents	0	3,493
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	6,341
CURRENT LIABILITIES
Distribution payable, Timber Funds	$ 0	$ 6,341

RAYONIER, L.P. AND SUBSIDIARI_4

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for doubtful accounts	$ 74	$ 59
Rayonier Limited Partnership
Accounts receivable, allowance for doubtful accounts	$ 74	$ 59
Redeemable operating partnership units, outstanding (in shares)	3,208,827	3,315,741

RAYONIER, L.P. AND SUBSIDIARI_5

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 122,791	$ 210,487	$ 29,784
Acquisition of noncontrolling interests in consolidated affiliates			333,366
Measurement period adjustment of noncontrolling interests in consolidated affiliates		9,690
Fund II carried interest incentive fee		(3,807)
Disposition of noncontrolling interests in consolidated affiliates		255,486
Foreign currency translation adjustment	(23,093)	(22,096)	28,272
Cash flow hedges	76,039	60,315	(61,055)
Distributions to noncontrolling interests in consolidated affiliates	(12,807)	(115,298)	(12,643)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(27,860)	(28,119)	(28,403)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,815,578	1,862,645	1,537,642
Issuance of units associated with the merger with Pope Resources			172,418
Net income	122,791	210,487	29,784
Distributions on units	(169,570)	(158,249)	(149,875)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	59,350	233,033	32,574
Issuance of units under incentive stock plans	2,466	6,029	1,589
Stock-based incentive compensation	12,356	9,277	8,026
Repurchase of units	(4,225)	(1,617)	(4,757)
Adjustment of Redeemable Operating Partnership Units	24,135	(44,378)	(23,864)
Acquisition of noncontrolling interests in consolidated affiliates			333,366
Conversion of units to common shares	3,925	40,676	496
Measurement period adjustment of noncontrolling interests in consolidated affiliates		9,690
Fund II carried interest incentive fee		(3,807)
Disposition of noncontrolling interests in consolidated affiliates		(255,486)
Actuarial change and amortization of pension and postretirement plan liabilities	1,627	12,476	(925)
Foreign currency translation adjustment	(23,093)	(22,096)	28,272
Cash flow hedges	76,039	60,315	(61,055)
Distributions to noncontrolling interests in consolidated affiliates	(12,807)	(115,298)	(12,643)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(27,860)	(28,119)	(28,403)
Ending balance	1,880,712	1,815,578	1,862,645
Rayonier Limited Partnership | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(15,463)	(71,345)	(31,202)
Actuarial change and amortization of pension and postretirement plan liabilities	1,627	12,476	(925)
Foreign currency translation adjustment	(22,282)	(18,487)	22,928
Cash flow hedges	76,367	61,893	(62,146)
Ending balance	40,249	(15,463)	(71,345)
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	43,802	388,588	97,661
Net income	13,321	53,421	(7,828)
Acquisition of noncontrolling interests in consolidated affiliates			333,366
Measurement period adjustment of noncontrolling interests in consolidated affiliates		9,690
Fund II carried interest incentive fee		(3,807)
Disposition of noncontrolling interests in consolidated affiliates		(255,486)
Foreign currency translation adjustment	(811)	(3,609)	5,344
Cash flow hedges	(328)	(1,578)	1,091
Distributions to noncontrolling interests in consolidated affiliates	(12,807)	(115,298)	(12,643)
Noncontrolling interests in consolidated affiliates redemption of unit equivalents	(27,860)	(28,119)	(28,403)
Ending balance	15,317	43,802	388,588
Rayonier Limited Partnership | General Partners’ Capital | Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	17,872	15,454	14,712
Issuance of units associated with the merger with Pope Resources			1,724
Net income	1,095	1,571	376
Distributions on units	(1,696)	(1,583)	(1,500)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	593	2,330	326
Issuance of units under incentive stock plans	25	60	16
Stock-based incentive compensation	124	93	81
Repurchase of units	(42)	(16)	(47)
Adjustment of Redeemable Operating Partnership Units	241	(444)	(239)
Conversion of units to common shares	39	407	5
Ending balance	18,251	17,872	15,454
Rayonier Limited Partnership | Limited Partners’ Capital | Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,769,367	1,529,948	1,456,471
Issuance of units associated with the merger with Pope Resources			170,694
Net income	108,375	155,495	37,236
Distributions on units	(167,874)	(156,666)	(148,375)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	58,757	230,703	32,248
Issuance of units under incentive stock plans	2,441	5,969	1,573
Stock-based incentive compensation	12,232	9,184	7,945
Repurchase of units	(4,183)	(1,601)	(4,710)
Adjustment of Redeemable Operating Partnership Units	23,894	(43,934)	(23,625)
Conversion of units to common shares	3,886	40,269	491
Ending balance	$ 1,806,895	$ 1,769,367	$ 1,529,948

RAYONIER, L.P. AND SUBSIDIARI_6

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Offering issuance costs	$ 1,100	$ 2,500	$ 799
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 1.125	$ 1.08	$ 1.08
Offering issuance costs	$ 1,100	$ 2,500	$ 799

RAYONIER, L.P. AND SUBSIDIARI_7

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
NET INCOME		$ 122,791	$ 210,487	$ 29,784
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		147,339	155,722	164,996
Non-cash cost of land and improved development		28,374	24,976	30,368
Stock-based incentive compensation expense		12,356	9,277	8,026
Deferred income taxes		(5,352)	8,509	7,541
Amortization of losses from pension and postretirement plans		753	1,174	869
Timber write-offs due to casualty events		0	0	15,203
Fund II carried interest incentive fee		0	(3,807)	0
Other		1,778	9,456	(11,100)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(9,109)	17,239	(15,378)
Inventories		(4,335)	(503)	(1,448)
Accounts payable		1,144	(1,593)	5,668
All other operating activities		(9,943)	(5,846)	(1,700)
CASH PROVIDED BY OPERATING ACTIVITIES		269,190	325,110	204,174
INVESTING ACTIVITIES
Capital expenditures		(74,811)	(75,965)	(66,500)
Real estate development investments		(13,698)	(12,521)	(6,462)
Purchase of timberlands		(458,530)	(179,115)	(24,695)
Cash consideration for merger with Pope Resources, net of cash acquired		0	0	(231,068)
Other		1,180	912	(584)
CASH USED FOR INVESTING ACTIVITIES		(516,363)	(26,253)	(213,643)
FINANCING ACTIVITIES
Issuance of debt		656,842	446,378	320,000
Repayment of debt		(531,842)	(420,000)	(152,000)
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		61,557	230,826	32,574
Debt issuance costs		(740)	(4,846)	(2,483)
Repurchase of common shares made under repurchase program		0	0	(3,152)
Noncontrolling interests in consolidated affiliates redemption of shares		0	0	(5,113)
Distributions to noncontrolling interests in consolidated affiliates		(19,434)	(108,956)	(12,643)
Make-whole fee on NWFCS debt prepayment		0	(6,234)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(4,589)	(16,311)	27,002
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,970)	(889)	(19)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(253,732)	281,657	17,514
Balance, beginning of year		369,139	87,482	69,968
Balance, end of year		115,407	369,139	87,482
Cash paid during the year:
Interest	[1]	35,717	42,672	40,895
Income taxes		15,127	7,392	816
Non-cash investing activity:
Capital assets purchased on account		4,435	5,272	3,205
Non-cash financing activity:
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	0	106,752
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	27,860	28,119	23,290
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		(16,606)	(44,784)	(28,655)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		29,496	54,682	115,666
Timber Funds III And IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(3,675)	0
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	31,014	0
Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(51,522)	0
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	154,740	0
Rayonier Limited Partnership
OPERATING ACTIVITIES
NET INCOME		122,791	210,487	29,784
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		147,339	155,722	164,996
Non-cash cost of land and improved development		28,374	24,976	30,368
Stock-based incentive compensation expense		12,356	9,277	8,026
Deferred income taxes		(5,352)	8,509	7,541
Amortization of losses from pension and postretirement plans		753	1,174	869
Timber write-offs due to casualty events		0	0	15,203
Fund II carried interest incentive fee		0	(3,807)	0
Other		1,778	9,456	(11,100)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(9,109)	17,239	(15,378)
Inventories		(4,335)	(503)	(1,448)
Accounts payable		1,144	(1,593)	5,668
All other operating activities		(9,943)	(5,846)	(1,700)
CASH PROVIDED BY OPERATING ACTIVITIES		269,190	325,110	204,174
INVESTING ACTIVITIES
Capital expenditures		(74,811)	(75,965)	(66,500)
Real estate development investments		(13,698)	(12,521)	(6,462)
Purchase of timberlands		(458,530)	(179,115)	(24,695)
Cash consideration for merger with Pope Resources, net of cash acquired		0	0	(231,068)
Other		1,180	912	(584)
CASH USED FOR INVESTING ACTIVITIES		(516,363)	(26,253)	(213,643)
FINANCING ACTIVITIES
Issuance of debt		656,842	446,378	320,000
Repayment of debt		(531,842)	(420,000)	(152,000)
Distributions on units		(169,375)	(157,784)	(149,944)
Proceeds from the issuance of units under incentive stock plan		2,628	5,922	1,368
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		61,557	230,826	32,574
Repurchase of units to pay withholding taxes on vested incentive stock awards		(4,225)	(1,617)	(1,605)
Debt issuance costs		(740)	(4,846)	(2,483)
Repurchase of common shares made under repurchase program		0	0	(3,152)
Noncontrolling interests in consolidated affiliates redemption of shares		0	0	(5,113)
Distributions to noncontrolling interests in consolidated affiliates		(19,434)	(108,956)	(12,643)
Make-whole fee on NWFCS debt prepayment		0	(6,234)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(4,589)	(16,311)	27,002
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,970)	(889)	(19)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(253,732)	281,657	17,514
Balance, beginning of year		369,139	87,482	69,968
Balance, end of year		115,407	369,139	87,482
Cash paid during the year:
Interest	[3]	35,717	42,672	40,895
Income taxes		15,127	7,392	816
Non-cash investing activity:
Capital assets purchased on account		4,435	5,272	3,205
Non-cash financing activity:
Unit consideration for merger with Pope Resources		0	0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	0	106,752
Noncontrolling interests in consolidated affiliates redemption of shares	[4]	27,860	28,119	23,290
Rayonier Limited Partnership | Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		(16,606)	(44,784)	(28,655)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		29,496	54,682	115,666
Rayonier Limited Partnership | Timber Funds III And IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(3,675)	0
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	31,014	0
Rayonier Limited Partnership | Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(51,522)	0
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		$ 0	$ 154,740	$ 0
[1] Interest paid is presented net of patronage payments received of $6.0 million , $6.8 million and $4.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. For additional information on patronage payments, see Note 7 - Debt Note 5 - Noncontrolling Interests and Note 7 - Debt for further information. Interest paid is presented net of patronage payments received of $6.0 million, $6.8 million and $4.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. For additional information on patronage payments, see Note 7 — Debt . Note 5 - Noncontrolling Interests and Note 7 - Debt for further information.

RAYONIER, L.P. AND SUBSIDIARI_8

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Patronage refunds received, netted with interest paid		$ 6,000	$ 6,800	$ 4,700
Noncontrolling interests in consolidated affiliates redemption of shares	[1]	27,860	28,119	23,290
Matariki Forestry Group | New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | Excluding Timber Funds
Noncontrolling interests in consolidated affiliates redemption of shares		27,900	28,100	23,300
Interest share redemption				5,100
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid		6,000	6,800	4,700
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	27,860	28,119	23,290
Rayonier Limited Partnership | Matariki Forestry Group | New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | Excluding Timber Funds
Noncontrolling interests in consolidated affiliates redemption of shares		$ 27,900	$ 28,100	23,300
Interest share redemption				$ 5,100
[1]he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the year ended 2022 and 2021, respectively. In 2020, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million. See Note 5 - Noncontrolling Interests and Note 7 - Debt for further information. Note 5 - Noncontrolling Interests and Note 7 - Debt for further information.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Rayonier Inc.'s Consolidated Financial Statements include the Operating Partnership, wholly-owned subsidiaries and entities in which the Company has a controlling interest. Rayonier, L.P.'s Consolidated Financial Statements include wholly-owned subsidiaries and entities in which the Operating Partnership has a controlling interest. For additional information regarding our consolidated entities with a noncontrolling interest component, see Note 5 - Noncontrolling Interests . All intercompany balances and transactions are eliminated. As of December 31, 2022, the Company owned a 97.9% interest in the Operating Partnership, with the remaining 2.1% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day m anagement of the Operating Partnership. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash on hand and other highly liquid investments with original maturities of three months or less. ACCOUNTS RECEIVABLE Accounts receivable are primarily amounts due to us for the sale of timber and are presented net of an allowance for doubtful accounts. INVENTORY Higher and better use (“HBU”) real estate properties that are expected to be sold within one year are included in inventory at the lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information. Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or net realizable value and expensed to cost of sales when sold to third-party buyers. Inventory also includes carbon unit inventory. Carbon unit inventory represents the basis in New Zealand carbon units intended to be sold in the next 12 months. See Note 15 — Inventory for additional information. PREPAID LOGGING ROADS In the Pacific Northwest and New Zealand, costs for roads built to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. We charge such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. See Note 23 — Other Assets for additional information. PATRONAGE DIVIDENDS As a requirement of the Farm Credit Act, borrowers in the Farm Credit System are required to purchase equity in Farm Credit lenders. The equity balance primarily represents shares of Class A common stock in CoBank valued at $100 par value. CoBank equity purchases continue annually until a balance equal to 8% of our 10-year historical average loan balance at CoBank is obtained. Initially, a minimal equity purchase was made in cash upon the receipt of loan proceeds. Subsequently, equity purchases are made annually through patronage dividends, of which approximately 90% is cash and 10% is equity. The stock has no cash value until retired. As our loans are paid in full, the stock is generally retired over a 10-year loan base period beginning in the year following loan payoff. Estimated cash and equity dividends are recognized as an offset to interest expense in the period earned. These estimates are calculated by applying the weighted average debt balance with each participating lender to a historical dividend rate. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. See Note 7 — Debt and Note 23 — Other Assets for additional information. DEFERRED FINANCING COSTS Deferred financing costs related to revolving debt are capitalized and amortized to interest expense over the term of the revolving debt using a method that approximates the effective interest method. See Note 23 — Other Assets for additional information on deferred financing costs related to revolving debt. See Note 7 — Debt for additional information on deferred financing costs related to term debt. CAPITALIZED SOFTWARE COSTS Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. See Note 23 — Other Assets for additional information. TIMBER AND TIMBERLANDS Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies, are capitalized. A portion of timberland lease payments are capitalized based on the proportion of acres with merchantable timber volume remaining to be harvested under the lease term and the residual portion of the lease payments are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest and other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. We charge accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold. Upon the acquisition of timberland, we make a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar to an existing depletion pool, the cost of the acquired timber is combined and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed, with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. REAL ESTATE DEVELOPMENT INVESTMENTS Real estate development investments include capitalized costs associated with the development and construction of identified real estate projects, such as infrastructure, roadways, utilities, amenities and/or other improvements designed to enhance marketability and create parcels, pads and/or lots for sale. We capitalize interest on real estate projects under development based on the amount of underlying expenditures during the capitalization period. The period begins when activities necessary to ready a property for its intended use commence, typically when we begin the site work for land already owned, and ends when the improvement is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use is subjective and requires business judgement. As such, we determine when the capitalization period begins and ends through communication with project managers and others responsible for the tracking and oversight of individual projects. IMPAIRMENT OF HBU TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We review our higher and better use timberlands and real estate development investments for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators for each development project are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs, and projected losses on expected future sales. Development projects have extended life cycles that may last 20 to 40 years, or longer, and have few long-term contractual cash flows. Development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density and sales strategy impact the timing and amount of expected future cash flows and fair value. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as construction costs and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount less costs to sell, an impairment provision is recorded to write-down the carrying amount of the asset to its fair value. PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. We generally depreciate our assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the sale or retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. LEASES At inception, we determine if an arrangement is a lease and whether that lease meets the classification criteria of a finance or operating lease. Operating leases are included in right-of-use (“ROU”) assets, other current liabilities, and long-term lease liability in the Consolidated Balance Sheets. The income generated from our commercial and residential leases in Port Gamble are accounted for in accordance with Topic 842. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. RIGHT-OF-USE ASSETS IMPAIRMENT Operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease is assigned may not be recoverable. Recoverability of the asset group is evaluated based on forecasted undiscounted cash flows. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is compared to its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value. A discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate are used to estimate the fair value of the asset group. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. ENVIRONMENTAL REMEDIATION LIABILITIES We estimate future costs for known environmental remediation requirements and accrue for them on an undiscounted basis when it is probable that a liability has been incurred and the related costs can be reasonably estimated. We consider various factors when estimating our environmental liabilities, including construction contracts, proposed statements of work, project management, and other professional fees. We evaluate the adequacy of these liabilities on a quarterly basis. We make adjustments to the liabilities when additional information becomes available that affects the estimated costs to study or remediate any environmental matter. Legal investigation and defense costs incurred in connection with environmental contingencies are expensed as incurred. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable and does not exceed the amount of losses previously recorded. See Note 12 - Environmental and Natural Resource Damages Liabilities for more information. GOODWILL Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. We compare the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2022; the estimated fair value of the New Zealand Timber segment exceeded its carrying value and no impairment was recorded. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of goodwill since the initial recognition. See Note 23 — Other Assets for additional information. FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT The functional currency of our New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand subsidiary are remeasured into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand subsidiary are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity. REDEEMABLE OPERATING PARTNERSHIP UNITS Limited partners holding Redeemable Operating Partnership Units have the right to put any and all of the units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Operating Partnership Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets and the related noncontrolling interest is classified outside of permanent equity in the accompanying balance sheets of Rayonier. The recorded value of the Redeemable Operating Partnership Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier common stock on the balance sheet date multiplied by the total number of Redeemable Operating Partnership Units outstanding. RELATED PARTY We follow ASC 850, Related Party Disclosure , for the identification of related parties and disclosure of related party transactions. A party is considered to be related to us if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which we may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. See Note 25 – Related Party. REVENUE RECOGNITION We recognize revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). 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 December 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. TIMBER SALES Revenue from the sale of timber is recognized when control passes to the buyer. We utilize two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method we employ depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with a specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. We also sell stumpage under lump-sum contracts for specified parcels where we receive cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. We retain interest in the land, slash products and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to us. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale we utilize is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, we hire third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales, control is considered passed to the buyer upon delivery onto the export vessel. The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Timing of General Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel Letter of credit from an approved bank; collection generally within 30 days of delivery NON-TIMBER SALES Non-timber sales are primarily comprised of hunting and recreational licenses, carbon credits and other auxiliary income. Hunting and recreational license sales and any related costs are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales,” respectively. Payment is generally due upon contract execution. The New Zealand Emissions Trading Scheme (“NZ ETS”) incentivizes the lowering of greenhouse gas emissions by providing carbon credits to certain organizations that lower carbon emissions. Our New Zealand segment regularly sells carbon credits and recognizes income as they are sold to other carbon emitting entities. LOG TRADING Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby we act as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs. REAL ESTATE We recognize revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed and control has passed to the buyer. A deposit of 2% to 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of development real estate containing future performance obligations, revenue is recognized using the cost input method based on development costs incurred to date relative to the total development costs allocated to the contract with the customer. The aggregate amount of the transaction price allocated to unsatisfied obligations is recorded and presented in “Deferred revenue” in the Consolidated Balance Sheets. COST OF SALES Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion), logging and transportation costs (cut and haul) and ocean freight and demurrage costs (port and freight). Depletion includes the amortization of capitalized costs (site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs). Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, carbon basis and fire prevention. Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by us. We expense closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold acre or lot based upon the relative sales value of each acre or lot as compared to the estimated sales value of the total project. For purposes of allocating development costs, estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale. EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for our defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, mortality rates and longevity of employees. See Note 18 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2022. Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Interest and other miscellaneous income, net” in the Consolidated Statements of Income and Comprehensive Income. The service cost component of net periodic benefit cost is included in “Cost of sales” and “Selling and general expenses” while the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are presented outside of income from operations in “Interest and other miscellaneous income, net.” At December 31, 2022 and 2021, our pension plans were in a net liability position (underfunded) of $7.2 million and $8.7 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of our plans are recorded through other comprehensive (loss) income in the year in which the changes occur. We measure plan assets and benefit obligations as of the fiscal year-end. See Note 18 — Employee Benefit Plans for additional information. INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax benefits or consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using the enacted tax rate that is expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, we compute an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. We adjust our annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. Our income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, we record a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement. We record a liability for an uncertain tax position that does not meet this criterion. Interest and penalties for an uncertain tax position are recognized in income tax expense. We adjust our liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information become available. See Note 20 — Income Taxes for additional information. ACCOUNTING PRONOUNCEMENTS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. We have previously elected to apply the

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION As of December 31, 2022 Rayonier operated in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate, and Trading. The previously reported Timber Funds segment was liquidated in 2021 with all proceeds being distributed to noncontrolling interests at the end of 2022. As a result, disclosure of Timber Funds segment results is not presented for 2022 while prior year results are presented for historical purposes. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” Segment information for each of the three years ended December 31 follows: Sales by Product Line 2022 2021 2020 Southern Timber $264,201 $204,441 $191,831 Pacific Northwest Timber 162,237 143,021 120,809 New Zealand Timber 274,076 281,158 202,315 Timber Funds (a) — 199,402 29,557 Real Estate Improved Development 35,413 51,713 14,498 Unimproved Development — 37,500 8,426 Rural 59,485 43,088 67,152 Timberland & Non-Strategic 11,400 44 19,255 Conservation Easements — 3,855 3,099 Deferred Revenue/Other 1,239 (2,380) 888 Large Dispositions 30,471 56,048 116,027 Total Real Estate 138,008 189,868 229,345 Trading 70,952 95,364 88,973 Intersegment eliminations (b) (402) (3,657) (3,676) Total Sales $909,072 $1,109,597 $859,154 (a) The years ended December 31, 2021 and December 31, 2020 include $159.1 million and $22.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier. (b) The years ended December 31, 2022, 2021 and 2020 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The years ended December 31, 2021 and December 31, 2020 include the elimination of timberland investment management fees paid to us by the timber funds which were initially recognized as sales and cost of sales within the Timber Funds segment. Operating Income (Loss) 2022 2021 2020 Southern Timber (a) $96,616 $66,111 $41,247 Pacific Northwest Timber (b) 15,192 6,827 (9,979) New Zealand Timber 30,621 51,513 29,984 Timber Funds (c) — 63,219 (13,195) Real Estate (d) 58,495 112,540 71,951 Trading 382 144 (462) Corporate and other (e) (35,484) (30,579) (45,158) Total Operating Income 165,822 269,775 74,388 Unallocated interest expense and other (33,642) (44,627) (37,595) Total Income before Income Taxes $132,180 $225,148 $36,793 (a) The year ended December 31, 2020 includes $6.0 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b) The year ended December 31, 2022 includes $0.7 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c) The year ended December 31, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds. The year ended December 31, 2020 includes $11.6 million of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2020 is $7.3 million related to timber write-offs resulting from casualty events. The year ended December 31, 2020 also includes $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (d) The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests. The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests was recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating income, net”. The years ended December 31, 2022, 2021 and 2020 include $16.6 million, $44.8 million and $28.7 million, respectively, from Large Dispositions. (e) The year ended December 31, 2020 includes $17.2 million of integration and restructuring costs related to the merger with Pope Resources. Gross Capital Expenditures 2022 2021 2020 Capital Expenditures (a) Southern Timber $39,301 $35,790 $35,505 Pacific Northwest Timber 16,770 16,585 11,367 New Zealand Timber 18,455 20,128 16,595 Timber Funds (b) — 3,271 2,606 Real Estate 285 191 428 Corporate and other — — — Total capital expenditures $74,811 $75,965 $66,500 Timberland Acquisitions (c) Southern Timber $457,770 $168,188 $24,241 Pacific Northwest Timber 26 — — New Zealand Timber 734 10,927 454 Total timberland acquisitions $458,530 $179,115 $24,695 Total Gross Capital Expenditures $533,341 $255,080 $91,195 (a) Excludes timberland acquisitions presented separately in addition to real estate development investments of $13.7 million, $12.5 million and $6.5 million in the years ended December 31, 2022, 2021 and 2020, respectively. (b) The years ended December 31, 2021 and December 31, 2020 include $2.8 million and $2.3 million, respectively, of capital expenditures attributable to noncontrolling interests in Timber Funds. (c) Excludes timberland acquired in the Pope Resources merger. Depreciation, 2022 2021 2020 Southern Timber $60,298 $54,116 $61,827 Pacific Northwest Timber 48,024 50,487 47,107 New Zealand Timber 23,876 27,005 25,030 Timber Funds (a) — 97,943 11,884 Real Estate (b) 22,216 17,746 53,093 Corporate and other 1,255 1,208 1,427 Total $155,669 $248,505 $200,368 (a) The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier. The year ended December 31, 2020 includes $10.3 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The years ended December 31, 2022, 2021 and 2020 include $8.3 million, $9.8 million and $35.4 million, respectively, from Large Dispositions. Non-Cash Cost of Land and Improved Development 2022 2021 2020 Timber Funds (a) — $20,239 — Real Estate (b) 32,934 25,070 82,008 Total $32,934 $45,309 $82,008 (a) The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier. (b) The years ended December 31, 2022, 2021 and 2020 include $4.6 million, $0.1 million and $51.6 million, respectively, from Large Dispositions. Geographical Operating Information Sales Operating Income Identifiable Assets 2022 2021 2020 2022 2021 2020 2022 2021 United States $576,780 $732,995 $567,998 $135,900 $217,964 $44,877 $3,244,128 $3,046,707 New Zealand 332,292 376,602 291,156 29,922 51,811 29,511 545,243 589,649 Total $909,072 $1,109,597 $859,154 $165,822 $269,775 $74,388 $3,789,371 $3,636,356

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE 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 years ended December 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year: Year Ended December 31, 2022 2021 Revenue recognized from contract liability balance at the beginning of the year (a) $16,148 $10,809 (a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales, and performance obligations from development sales. The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2022 , 2021 and 2020 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total December 31, 2022 Pulpwood $126,884 $15,094 $34,027 — — $7,178 — $183,183 Sawtimber 92,512 141,541 219,082 — — 62,116 — 515,251 Hardwood 17,216 — — — — — — 17,216 Total Timber Sales 236,612 156,635 253,109 — — 69,294 — 715,650 License Revenue, Primarily From Hunting 21,287 1,076 341 — — — — 22,704 Other Non-Timber/Carbon Revenue 6,302 4,526 20,626 — — — — 31,454 Agency Fee Income — — — — — 1,256 — 1,256 Total Non-Timber Sales 27,589 5,602 20,967 — — 1,256 — 55,414 Improved Development — — — — 35,413 — — 35,413 Rural — — — — 59,485 — — 59,485 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — (38) — — (38) Large Dispositions — — — — 30,471 — — 30,471 Total Real Estate Sales — — — — 136,731 — — 136,731 Revenue from Contracts with Customers 264,201 162,237 274,076 — 136,731 70,550 — 907,795 Lease Revenue — — — — 1,277 — — 1,277 Intersegment — — — — — 402 (402) — Total Revenue $264,201 $162,237 $274,076 — $138,008 $70,952 ($402) $909,072 December 31, 2021 Pulpwood $95,995 $9,336 $42,836 $792 — $11,369 — $160,328 Sawtimber 79,154 127,768 237,262 38,042 — 82,276 — 564,502 Hardwood 4,671 — — — — — — 4,671 Total Timber Sales 179,820 137,104 280,098 38,834 — 93,645 — 729,501 License Revenue, Primarily from Hunting 18,116 990 385 40 — — — 19,531 Other Non-Timber/Carbon Revenue 6,505 4,927 675 439 — — — 12,546 Agency Fee Income — — — — — 1,399 — 1,399 Fund II Timberland Dispositions — — — 156,752 — — — 156,752 Total Non-Timber Sales 24,621 5,917 1,060 157,231 — 1,399 — 190,228 Improved Development — — — — 51,713 — — 51,713 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 43,088 — — 43,088 Timberland & Non-Strategic — — — — 44 — — 44 Conservation Easements — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — (3,532) — — (3,532) Large Dispositions — — — — 56,048 — — 56,048 Total Real Estate Sales — — — — 188,716 — — 188,716 Revenue from Contracts with Customers 204,441 143,021 281,158 196,065 188,716 95,044 — 1,108,445 Lease Revenue — — — — 1,152 — — 1,152 Intersegment — — — 3,337 — 320 (3,657) — Total Revenue $204,441 $143,021 $281,158 $199,402 $189,868 $95,364 ($3,657) $1,109,597 December 31, 2020 Pulpwood $94,108 $10,581 $27,558 $784 — $10,260 — $143,291 Sawtimber 73,683 106,051 166,935 25,195 — 77,314 — 449,178 Hardwood 2,430 — — — — — — 2,430 Total Timber Sales 170,221 116,632 194,493 25,979 — 87,574 — 594,899 License Revenue, Primarily from Hunting 17,765 843 307 17 — — — 18,932 Other Non-Timber/Carbon Revenue 3,845 3,334 7,515 124 — — — 14,818 Agency Fee Income — — — — — 1,160 — 1,160 Total Non-Timber Sales 21,610 4,177 7,822 141 — 1,160 — 34,910 Improved Development — — — — 14,498 — — 14,498 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 67,152 — — 67,152 Timberland & Non-Strategic — — — — 19,255 — — 19,255 Conservation Easements — — — — 3,099 — — 3,099 Deferred Revenue/Other (a) — — — — 283 — — 283 Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 228,740 — — 228,740 Revenue from Contracts with Customers 191,831 120,809 202,315 26,120 228,740 88,734 — 858,549 Lease Revenue — — — — 605 — — 605 Intersegment — — — 3,437 — 239 (3,676) — Total Revenue $191,831 $120,809 $202,315 $29,557 $229,345 $88,973 ($3,676) $859,154 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2022, 2021 and 2020: Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total December 31, 2022 Stumpage Pay-as-Cut $98,967 — — — — $98,967 Stumpage Lump Sum 1,022 7,770 — — — 8,792 Total Stumpage 99,989 7,770 — — — 107,759 Delivered Wood (Domestic) 125,136 137,421 62,068 — 2,310 326,935 Delivered Wood (Export) 11,487 11,444 191,041 — 66,984 280,956 Total Delivered 136,623 148,865 253,109 — 69,294 607,891 Total Timber Sales $236,612 $156,635 $253,109 — $69,294 $715,650 December 31, 2021 Stumpage Pay-as-Cut $68,471 — — $768 — $69,239 Stumpage Lump Sum 6,890 10,769 — — — 17,659 Total Stumpage 75,361 10,769 — 768 — 86,898 Delivered Wood (Domestic) 81,803 126,335 73,543 38,066 3,731 323,478 Delivered Wood (Export) 22,656 — 206,555 — 89,914 319,125 Total Delivered 104,459 126,335 280,098 38,066 93,645 642,603 Total Timber Sales $179,820 $137,104 $280,098 $38,834 $93,645 $729,501 December 31, 2020 Stumpage Pay-as-Cut $68,684 — — $1,731 — $70,415 Stumpage Lump Sum 2,027 8,142 — — — 10,169 Total Stumpage 70,711 8,142 — 1,731 — 80,584 Delivered Wood (Domestic) 85,996 108,490 62,568 24,248 1,768 283,070 Delivered Wood (Export) 13,514 — 131,925 — 85,806 231,245 Total Delivered 99,510 108,490 194,493 24,248 87,574 514,315 Total Timber Sales $170,221 $116,632 $194,493 $25,979 $87,574 $594,899

TIMBERLAND ACQUISITIONS

TIMBERLAND ACQUISITIONS	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
TIMBERLAND ACQUISITIONS	TIMBERLAND ACQUISITIONS In December 2022, we completed the acquisitions of approximately 138,000 acres of high-quality commercial timberlands located in Texas, Georgia, Alabama, and Louisiana from Manulife Investment Management for approximately $454.5 million in the aggregate. We funded the acquisitions with incremental borrowings, cash on hand, and like-kind exchange proceeds. Additionally, in five transactions during 2022, we acquired approximately 2,000 acres of U.S. timberland located in Alabama, Florida, Georgia and Washington for an aggregate value of $3.3 million, which were primarily funded from operating cash flow. During 2022, we also acquired approximately 1,000 acres of timberland (including approximately 400 acres of leased land) in New Zealand for approximately $0.7 million. These acquisitions were funded from operating cash flow. In 2021, we acquired approximately 100,000 acres of U.S. timberland located in Florida, Georgia and Texas through seven transactions for an aggregate value of $168.2 million, which were funded from operating cash flow, proceeds from the sale of the Timber Funds business and use of the Company’s 2020 ATM Program. Additionally, during 2021, we acquired approximately 3,000 acres of timberland (including approximately 1,000 acres of leased land) in New Zealand for approximately $10.9 million. These acquisitions were funded from operating cash flow. The following table summarizes the timberland acquisitions for the years ended December 31, 2022 and 2021: 2022 2021 Cost Acres Cost Acres Alabama 124,020 35,995 — — Florida 1,053 741 31,342 24,153 Georgia 130,124 28,514 38,339 24,776 Louisiana 24,373 9,110 — — Texas 178,200 65,226 98,507 51,568 Washington 26 20 — — New Zealand 734 1,409 10,927 2,676 Total Acquisitions $458,530 141,015 $179,115 103,173

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 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 417,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net (income) loss attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests: 2022 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,966 $7,696 $4,920 Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, for the development of a multi-family community containing apartments and townhouses on a five-acre parcel in Bainbridge Island, Washington. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property. In 2022, Bainbridge Landing, LLC completed the planned sale of its multi-family apartment complex in Bainbridge Island, Washington for a purchase price of $65.5 million. The equity income related to the apartment complex sale was $16.0 million, of which $4.5 million was attributable to Rayonier. We recognized the gain on the sale in our Consolidated Statements of Income and Comprehensive Income under the caption “Other operating income, net.” NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP Noncontrolling interests in the operating partnership relate to the third-party ownership of redeemable operating partnership Units. Net income attributable to the noncontrolling interests in the operating partnership is computed by applying the weighted average redeemable operating partnership units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the operating partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption. The following table sets forth the Company’s noncontrolling interests in the operating partnership: 2022 2021 Beginning noncontrolling interests in the operating partnership $133,823 $130,121 Adjustment of noncontrolling interests in the operating partnership (23,155) 42,530 Conversions of redeemable operating partnership units to common shares (3,925) (40,676) Net income attributable to noncontrolling interests in the operating partnership 2,393 4,516 Other comprehensive income attributable to noncontrolling interests in the operating partnership 295 1,601 Distributions to noncontrolling interests in the operating partnership (3,668) (4,269) Total noncontrolling interests in the operating partnership $105,763 $133,823

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND PER UNIT	EARNINGS PER SHARE AND PER UNIT Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units. The following table provides details of the calculations of basic and diluted earnings per common share of the Company for the three years ended December 31: 2022 2021 2020 Earnings per common share - basic Numerator: Net Income $122,791 $210,487 $29,784 Less: Net income attributable to noncontrolling interests in the operating partnership (2,393) (4,516) (528) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income attributable to Rayonier Inc. $107,077 $152,550 $37,084 Denominator: Denominator for basic earnings per common share - weighted average shares 146,209,847 140,812,882 133,865,867 Basic earnings per common share attributable to Rayonier Inc.: $0.73 $1.08 $0.28 Earnings per common share - diluted Numerator: Net Income $122,791 $210,487 $29,784 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $109,470 $157,066 $37,612 Denominator: Denominator for basic earnings per common share - weighted average shares 146,209,847 140,812,882 133,865,867 Add: Dilutive effect of: Stock options 5,132 8,727 633 Performance shares, restricted shares and restricted stock units 669,501 416,527 198,955 Noncontrolling interests in operating partnership units 3,268,473 4,062,725 2,877,447 Denominator for diluted earnings per common share - adjusted weighted average shares 150,152,953 145,300,861 136,942,902 Diluted earnings per common share attributable to Rayonier Inc.: $0.73 $1.08 $0.27 2022 2021 2020 Anti-dilutive shares excluded from computations of diluted earnings per share: Stock options, performance shares, restricted shares and restricted stock units 103,514 149,705 450,551 Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding during the year. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units. The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership for the three years ended December 31: 2022 2021 2020 Earnings per unit - basic Numerator: Net Income $122,791 $210,487 $29,784 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income available to unitholders $109,470 $157,066 $37,612 Denominator: Denominator for basic earnings per unit - weighted average units 149,478,320 144,875,607 136,743,314 Basic earnings per unit attributable to Rayonier, L.P.: $0.73 $1.08 $0.28 Earnings per unit - diluted Numerator: Net Income $122,791 $210,487 $29,784 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income available to unitholders $109,470 $157,066 $37,612 Denominator: Denominator for basic earnings per unit - weighted average units 149,478,320 144,875,607 136,743,314 Add: Dilutive effect of unit equivalents: Stock options 5,132 8,727 633 Performance shares, restricted shares and restricted stock units 669,501 416,527 198,955 Denominator for diluted earnings per unit - adjusted weighted average units 150,152,953 145,300,861 136,942,902 Diluted earnings per unit attributable to Rayonier, L.P. $0.73 $1.08 $0.27 2022 2021 2020 Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 103,514 149,705 450,551

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at December 31, 2022 and 2021: 2022 2021 Debt: Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 $450,000 2015 Term Loan Facility borrowings due 2028 at a variable interest rate of 5.4% at December 31, 2022 350,000 350,000 2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022 250,000 — 2016 Incremental Term Loan Facility borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022 200,000 200,000 2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022 200,000 — New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% 25,586 27,519 New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% 25,586 — New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% 21,931 23,588 Senior Notes due 2022 at a fixed interest rate of 3.75% — 325,000 Total principal debt 1,523,103 1,376,107 Less: Unamortized discounts (3,104) (3,426) Less: Current maturities of long-term debt — (124,965) Less: Deferred financing costs (5,278) (4,897) Total long-term debt $1,514,721 $1,242,819 Principal payments due during the next five years and thereafter are as follows: 2023 — 2024 — 2025 21,931 2026 225,586 2027 275,586 Thereafter 1,000,000 Total debt $1,523,103 2.75% SENIOR NOTES ISSUED MAY 2021 In May 2021, Rayonier, L.P. issued $450 million of 2.75% Senior Notes due 2031, guaranteed by certain subsidiaries. Semi-annual payments of interest only are due on these notes through maturity. The Senior Notes due 2031 were sold at an issue price of 99.195% of their face value, before underwriters discount. Our net proceeds after deducting approximately $3.9 million of underwriting discounts and expenses, were approximately $442.5 million. The discount and debt issuance costs are being amortized to interest expense over the term of the notes using the effective interest method. TERM CREDIT AGREEMENTS We have entered into several credit agreements with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit Institutions. Our various term credit facilities issued through the Farm Credit System provide for annual patronage payments, which are profit distributions made by the cooperative to its member-users based on the quantity or value of business done with the member-user. In December 2022, we amended all of our term credit agreements to convert the interest rate benchmark from LIBOR to Daily Simple SOFR plus a credit spread adjustment. While all of our term credit facilities provide for variable interest rates based on a spread over Daily Simple SOFR, we have entered into multiple interest rate swap agreements to fix portions of our variable rate exposure. For each credit facility described below, we provide our estimated effective interest rate after consideration of estimated patronage payments and interest rate swaps. 2015 TERM LOAN AGREEMENT In August 2015, we entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of credit facilities, including a nine-year $350 million term loan facility (“2015 Term Loan Facility”). The periodic interest rate on the 2015 Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Term Credit Agreement. As of December 31, 2022, the periodic interest rate on the 2015 Term Loan Facility was Daily Simple SOFR plus 1.6% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 3.0% after consideration of the interest rate swaps and estimated patronage refunds. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . 2022 INCREMENTAL TERM LOAN AGREEMENT In December 2022, we entered into an Incremental Term Loan Agreement to provide a five-year $250 million senior unsecured incremental term loan facility (“2022 Incremental Term Loan Facility”). The proceeds from the 2022 Incremental Term Loan Facility were used to partially fund our acquisition of high-quality commercial timberlands located in Texas, Georgia, Alabama and Louisiana for an aggregate purchase price of approximately $454.5 million, after customary purchase price adjustments at closing. The periodic interest rate on the 2022 Incremental Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Incremental Term Loan Agreement. As of December 31, 2022, the periodic interest rate on the 2022 Incremental Term Loan Facility was Daily Simple SOFR plus 1.6% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 4.9% after consideration of interest rate swaps and estimated patronage refunds. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . 2016 INCREMENTAL TERM LOAN AGREEMENT In April 2016, we entered into an Incremental Term Loan Agreement to provide a 10-year, $300 million term loan facility (“2016 Incremental Term Loan Facility”) of which $100 million was subsequently repaid. The periodic interest rate on the 2016 Incremental Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Incremental Term Loan Agreement. As of December 31, 2022, the periodic interest rate on the $200 million 2016 Incremental Term Loan Facility was Daily Simple SOFR plus 1.65% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage payments. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . 2021 INCREMENTAL TERM LOAN AGREEMENT In June 2021, we entered into an Incremental Term Loan Agreement, which provided us the ability to make an advance of $200 million on or before June 1, 2022. In January 2022, we made a $200 million draw on our 2021 Incremental Term Loan Facility. Proceeds from the 2021 Incremental Term Loan Facility were used to repay the outstanding principal on our Revolving Credit Facility, which was used to fund the repayment of the Senior Notes due 2022. The periodic interest rate on the 2021 Incremental Term Loan Facility is subject to a pricing grid based on our leverage ratio, as defined in the Incremental Term Loan Agreement. As of December 31, 2022, the periodic interest rate on the 2021 Incremental Term Loan Facility was Daily Simple SOFR plus 1.55% plus a credit spread adjustment of 0.1%. Monthly payments of interest only are due on this loan through maturity. We estimate the effective interest rate on this term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. For additional information on our interest rate swaps, see Note 8 — Derivative Financial Instruments and Hedging Activities . REVOLVING CREDIT FACILITY In December 2022, we amended the $300 million Revolving Credit Facility to convert the interest rate benchmark from LIBOR to Daily Simple SOFR plus a credit spread adjustment. The periodic interest rate on the Revolving Credit Facility is subject to a pricing grid based on our leverage ratio, as defined in the Term Credit Agreement. As of December 31, 2022, the periodic interest rate on the Revolving Credit Facility was Daily Simple SOFR plus 1.25% plus a credit spread adjustment of 0.1%, with an unused commitment fee of 0.175%. Monthly payments of interest only are due on this loan through maturity. See Note 23 — Other Assets for additional information about deferred financing costs related to revolving debt. During the year ended December 31, 2022, we made borrowings and repayments of $200 million . At December 31, 2022, we had available borrowings of $296.2 million, net of $3.8 million to secure our outstanding letters of credit. 3.75% SENIOR NOTES ISSUED MARCH 2012 In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In January 2022, we repaid the $325 million outstanding on the Senior Notes due 2022. NEW ZEALAND SUBSIDIARY DEBT WORKING CAPITAL FACILITY In June 2022, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. The facility is available for short-term operating cash flow needs of the New Zealand subsidiary. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. During the year ended December 31, 2022, the New Zealand subsidiary made borrowings and repayments of $7.1 million, net of changes in exchange rates, on its working capital facility. At December 31, 2022, there was no outstanding balance on the facility. SHAREHOLDER LOANS The New Zealand subsidiary periodically makes capital distributions to its partners on a pro rata basis to redeem certain equity interests, which are reinvested by the partners into shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan results in the recording of a loan payable by the New Zealand subsidiary. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loan since its inception. See Note 5 — Noncontrolling Interests for more information regarding the New Zealand subsidiary. SHAREHOLDER LOAN DUE 2026 In July 2021, the New Zealand subsidiary recorded of a loan payable in the amount of $28.1 million due in 2026 at a fixed interest rate of 3.64%. As of December 31, 2022, the outstanding balance is $25.6 million. SHAREHOLDER LOAN DUE 2027 In April 2022, the New Zealand subsidiary recorded a loan payable in the amount of $27.9 million due in 2027 at a fixed interest rate of 6.48%. As of December 31, 2022, the outstanding balance is $25.6 million. SHAREHOLDER LOAN DUE 2025 In September 2020, the New Zealand subsidiary recorded a loan payable in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of December 31, 2022, the outstanding balance is $21.9 million. DEBT COVENANTS In connection with our Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of December 31, 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 9.9 to 1 7.4 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 45 % 20 % In addition to these financial covenants listed above, the Senior Notes due 2031, Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Facility, 2022 Incremental Term Loan Facility, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2022, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 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 Our New Zealand subsidiary’s domestic sales and operating expenses are predominately denominated in New Zealand dollars, while its export sales, shareholder distributions and ocean freight payments are predominately denominated in U.S. dollars. To the extent New Zealand dollar costs exceed New Zealand dollar revenues (the “foreign exchange exposure”), the New Zealand subsidiary manages the foreign exchange exposure through the use of derivative financial instruments. It typically hedges a portion of export sales receipts to cover 50% to 90% of the projected foreign exchange exposure for the following 12 months, up to 75% for the forward 12 to 18 months and up to 50% for the forward 18 to 24 months. Additionally, it will occasionally hedge export sales receipts to cover up to 50% of the foreign exchange exposure for the forward 24 to 48 months when the New Zealand dollar is at a cyclical low versus the U.S. dollar. The New Zealand subsidiary’s trading operations typically hedge a portion of export sales receipts to cover the projected foreign exchange exposure for the following three months. As of December 31, 2022, foreign currency exchange contracts and foreign currency option contracts had maturity dates through September 2025 and October 2025, respectively. Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously 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. 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. In November 2022, we entered into a new $100 million forward-starting interest rate swap agreement, benchmarked to the Secured Overnight Financing Rate (“SOFR”), in anticipation of the new $250 million incremental term loan, which closed in December 2022. See Note 7 — Debt for additional information. In December 2022, through a fifth amendment to the Incremental Term Loan Agreement with our primary lender, we converted all our outstanding London Inter-Bank Offered Rate (“LIBOR”) indexed term loans, in the aggregate principal amount of $750 million, to SOFR indexed rates. In conjunction with amending our Term Loan Agreement, we also concurrently modified the benchmark rate from LIBOR to Daily Simple SOFR in our active interest rate swap agreements with a total notional amount of $750 million. The conversion of these debt and interest rate swap instruments did not have a material impact on our financial position or operating results. As of December 31, 2022, our forward-starting interest rate swap agreements with a total notional amount of $150 million continue to use LIBOR as the interest rate benchmark. INTEREST RATE SWAPS The following table contains information on the outstanding interest rate swaps as of December 31, 2022: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt (b) Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.10 % 1.70 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.26 % 1.70 % 3.96 % April 2016 10 years 100,000 Incremental Term Loan 1.50 % 1.75 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.51 % 1.75 % 3.26 % May 2021 (d) 7 years 200,000 2021 Incremental Term Loan Facility 0.67 % 1.65 % 2.32 % December 2022 (e) 5 years 100,000 2022 Incremental Term Loan Facility 3.72 % 1.70 % 5.42 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Includes the SOFR Credit Spread Adjustment component allotted to banks during the transition from LIBOR period. (c) Rate is before estimated patronage payments. (d) On February 1, 2022, our $200 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 7 - Debt for additional information. (e) On December 1, 2022 our $100 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 7 - Debt for additional information. FORWARD-STARTING INTEREST RATE SWAPS The following table contains information on the outstanding forward-starting interest rate swaps as of December 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. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous income, net” as the contracts do not qualify for hedge accounting treatment. As of December 31, 2022, all existing carbon option contracts have expired. The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2022, 2021 and 2020. Location on Statement of Income and Comprehensive Income 2022 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $5,093 ($10,939) $7,699 Other operating income, net (7,682) 2,974 (2,323) Foreign currency option contracts Other comprehensive income (loss) 610 (2,733) 1,181 Other operating income, net — 1,177 30 Interest rate products Other comprehensive income (loss) 75,006 52,478 (76,567) Interest expense, net 2,459 14,694 10,769 Derivatives not designated as hedging instruments: Carbon options Interest and other miscellaneous income, net — — $563 During the next 12 months, the amount of the AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $19.7 million. The following table contains details of the amounts expected to be reclassified into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts ($3,909) Foreign currency option contracts (203) Interest rate products 23,810 Total estimated gain on derivatives contracts $19,698 The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2022 and 2021: Notional Amount 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $138,250 $149,250 Foreign currency option contracts 78,000 14,000 Interest rate swaps 850,000 550,000 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 December 31, 2022 and 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Fair Value Assets (Liabilities) (a) Location on Balance Sheet 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $25 $721 Other assets 1,303 86 Other current liabilities (5,457) (2,061) Other non-current liabilities (410) (694) Foreign currency option contracts Other current assets 66 — Other assets 2,131 228 Other current liabilities (347) — Other non-current liabilities (1,281) (270) Interest rate swaps Other assets 60,843 — Other non-current liabilities (51) (15,582) Forward-starting interest rate swaps Other assets 11,939 11,482 Total derivative contracts: Other current assets $91 $721 Other assets 76,216 11,796 Total derivative assets $76,307 $12,517 Other current liabilities (5,804) (2,061) Other non-current liabilities (1,742) (16,546) Total derivative liabilities ($7,546) ($18,607) (a) See Note 9 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 at December 31, 2022 and 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP: December 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Asset (Liability) (a) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $114,255 $114,255 — $358,680 $358,680 — Cash and cash equivalents, Timber Funds — — — 3,493 3,493 — Restricted cash, Timber Funds (b) — — — 6,341 6,341 — Restricted cash, excluding Timber Funds (c) 1,152 1,152 — 625 625 — Current maturities of long-term debt (d) — — — (124,965) — (125,288) Long-term debt (d) (1,514,721) — (1,438,736) (1,242,819) — (1,245,148) Interest rate swaps (e) 60,792 — 60,792 (15,582) — (15,582) Forward-starting interest rate swaps (e) 11,939 — 11,939 11,482 — 11,482 Foreign currency exchange contracts (e) (4,539) — (4,539) (1,948) — (1,948) Foreign currency option contracts (e) 569 — 569 (42) — (42) Noncontrolling interests in the operating partnership (f) 105,763 105,763 — 133,823 133,823 — (a) We did not have Level 3 assets or liabilities at December 31, 2022 and 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 21 - Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 21 - Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 7 — Debt for additional information. (e) See Note 8 — 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 5 — Noncontrolling Interests for additional information. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS At December 31, 2022, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total 2023 $1,175 $26,996 $6,301 $34,472 2024 9,775 911 955 11,641 2025 392 267 114 773 2026 842 267 2 1,111 2027 581 267 2 850 Thereafter 2,828 3,506 — 6,334 $15,593 $32,214 $7,374 $55,181 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 12 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Heartwood development projects. (c) Commitments include payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIESVarious federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on the owner’s property, regardless of culpability for the release. Changes in environmental and NRD liabilities from December 31, 2021 to December 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 (812) Increase in liabilities (a) 5,600 Total Balance at December 31, 2022 15,593 Less: Current portion (1,175) Non-current portion at December 31, 2022 $14,418 (a) Increase in liabilities includes $4.9 million related to revised environmental and NRD cost estimates recorded in the fourth quarter of 2022. We periodically examine whether the contingent liabilities related to the environmental matters described above are probable and reasonably estimable based on experience and ongoing developments in those matters, including continued study and analysis of ongoing remediation obligations. During the three months ended December 31, 2022, with the assistance of independent environmental consultants and taking into consideration inflation, investigation and remediation actions previously completed, new information available during the period and ongoing discussions with the Trustees, we completed a comprehensive long-term analysis and cost assessment related to our ongoing environmental remediation and NRD obligations. As a result of this analysis, we increased the accrual for environmental and NRD liabilities by $4.9 million, which are recorded on an undiscounted basis. We expect to pay the amounts recorded over an estimated period of up to 20 years . It is expected that the upland millsite cleanup and NRD restoration will occur over the next one osts are subject to change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. For further information on the timing and amount of future payments related to our environmental remediation liabilities, see Note 10 - Commitments . We do not currently anticipate any material loss in excess of the amounts accrued; however we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.

GUARANTEES

GUARANTEES	12 Months Ended
	Dec. 31, 2022
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2022, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $3,779 Surety bonds (c) 22,866 Total financial commitments $26,645 (a) We have not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Approximately $2.9 million of the standby letters of credit serve as credit support for real estate construction at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2023 and will be renewed as required. (c) 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 our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 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	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to December 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 (1,683) (16,705) (18,388) Amortization of parcel real estate development investments — (7,437) (7,437) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,210) — (1,210) Capitalized real estate development investments (b) — 22,376 22,376 Capital expenditures (silviculture) 246 — 246 Intersegment transfers 5,801 — 5,801 Total Balance at December 31, 2022 91,782 41,224 133,006 Less: Current portion (a) (408) (17,501) (17,909) Non-current portion at December 31, 2022 $91,374 $23,723 $115,097 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 15 — Inventory for additional information. (b) Capitalized real estate development investments includes $0.8 million of capitalized interest and $8.7 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of December 31, 2022 and 2021, our inventory consisted entirely of finished goods, as follows: 2022 2021 Finished goods inventory Real estate inventory (a) $17,909 $24,740 Log inventory 5,347 3,783 Carbon unit inventory (b) 473 — Total inventory $23,729 $28,523 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. (b) Represents the basis in New Zealand carbon units intended to be sold in the next 12 months. See Note 1 — Summary of Significant Accounting Policies and Note 23 — Other Assets for additional information on carbon credits.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned lands to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of December 31, 2022, the New Zealand subsidiary has three CFLs comprising 11,000 gross acres or 9,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 31,000 gross acres or 5,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we lease properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of December 31, 2022 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2023 2024 2025 2026 2027 Thereafter Operating lease liabilities $195,213 $9,234 $9,020 $8,144 $7,414 $7,317 $154,084 Total Undiscounted Cash Flows $195,213 $9,234 $9,020 $8,144 $7,414 $7,317 $154,084 Imputed interest (98,067) Balance at December 31, 2022 $97,146 Less: Current portion (8,390) Non-current portion at December 31, 2022 $88,756 The following table details components of our lease cost for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, Lease Cost Components 2022 2021 2020 Operating lease cost $9,332 $10,166 $9,647 Variable lease cost (a) 757 196 230 Total lease cost (b) $10,089 $10,362 $9,877 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2022. The following table details components of our lease cost for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Supplemental Cash Flow Information Related to Leases: 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,571 $2,389 $2,127 Investing cash flows from operating leases 6,761 7,777 7,520 Total cash flows from operating leases $9,332 $10,166 $9,647 Weighted-average remaining lease term in years - operating leases 30 29 29 Weighted-average discount rate - operating leases 5 % 5 % 5 % We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.
LEASES	LEASES TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned lands to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of December 31, 2022, the New Zealand subsidiary has three CFLs comprising 11,000 gross acres or 9,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 31,000 gross acres or 5,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we lease properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of December 31, 2022 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2023 2024 2025 2026 2027 Thereafter Operating lease liabilities $195,213 $9,234 $9,020 $8,144 $7,414 $7,317 $154,084 Total Undiscounted Cash Flows $195,213 $9,234 $9,020 $8,144 $7,414 $7,317 $154,084 Imputed interest (98,067) Balance at December 31, 2022 $97,146 Less: Current portion (8,390) Non-current portion at December 31, 2022 $88,756 The following table details components of our lease cost for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, Lease Cost Components 2022 2021 2020 Operating lease cost $9,332 $10,166 $9,647 Variable lease cost (a) 757 196 230 Total lease cost (b) $10,089 $10,362 $9,877 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2022. The following table details components of our lease cost for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Supplemental Cash Flow Information Related to Leases: 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,571 $2,389 $2,127 Investing cash flows from operating leases 6,761 7,777 7,520 Total cash flows from operating leases $9,332 $10,166 $9,647 Weighted-average remaining lease term in years - operating leases 30 29 29 Weighted-average discount rate - operating leases 5 % 5 % 5 % We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

OTHER OPERATING INCOME (EXPENSE

OTHER OPERATING INCOME (EXPENSE), NET	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
OTHER OPERATING INCOME (EXPENSE), NET	OTHER OPERATING INCOME (EXPENSE), NET The following table provides the composition of Other operating income (expense), net for the three years ended December 31: 2022 2021 2020 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($5,251) $6,823 ($3,503) Gain on sale or disposal of property plant & equipment 40 75 121 Gain on investment in Timber Funds (a) — 7,482 — Log trading marketing fees — 6 56 Cost related to the merger with Pope Resources (b) — — (17,166) Equity income (loss) related to Bainbridge Landing LLC joint venture (c) 15,477 102 (721) Miscellaneous expense, net (562) (404) (472) Total $9,704 $14,084 ($21,685) (a) Gain on investment in Timber Funds represents the gain recognized on the sale of rights to manage two timber funds (Funds III and IV) previously managed by the Company’s Olympic Resources Management (ORM) subsidiary, as well as its co-investment stake in both funds. (b) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. (c) The year ended December 31, 2022 includes $16.0 million equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See Note 5 - Noncontrolling Interests for additional information.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS DEFINED BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan. Impacted parties were notified on or before December 28, 2022 of the termination and alternative distribution options. The plan is expected to be terminated in the first quarter of 2023. In conjunction with the termination of the Defined Benefit Plan, we also plan to terminate the unfunded plan and distribute all benefits in accordance with Section 409A of the Code. We expect to recognize pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI, upon settlement of the obligations of the Defined Benefit Plan. These charges are currently expected to occur in 2023, with the specific timing and final amounts dependent upon several factors. The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2022 2021 2022 2021 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $93,799 $100,469 $1,890 $1,886 Service cost — — 7 8 Interest cost 2,434 2,228 51 45 Actuarial gain (22,376) (5,112) (513) (35) Benefits paid (3,609) (3,519) (14) (14) Expenses paid (186) (267) — — Projected benefit obligation at end of year $70,062 $93,799 $1,421 $1,890 Change in Plan Assets Fair value of plan assets at beginning of year $85,079 $78,883 — — Actual return on plan assets (18,527) 9,896 — — Employer contributions 86 86 14 14 Benefits paid (3,609) (3,519) (14) (14) Other expense (186) (267) — — Fair value of plan assets at end of year $62,843 $85,079 — — Funded Status at End of Year: Net accrued benefit cost ($7,219) ($8,720) ($1,421) ($1,890) Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($86) ($86) ($50) ($46) Noncurrent liabilities (7,133) (8,634) (1,371) (1,844) Net amount recognized ($7,219) ($8,720) ($1,421) ($1,890) For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: 2022 2021 Projected benefit obligation $70,062 $93,799 Accumulated benefit obligation 70,062 93,799 Accumulated postretirement benefit obligation 1,421 1,890 Fair value of plan assets 62,843 85,079 ACTUARIAL (GAIN) LOSS PENSION Key components of the actuarial gains and losses contributing to the period change in the benefit obligation are as follows: • Changes in participant demographics resulted in an actuarial gain of approximately $0.6 million, which is primarily due to higher than expected mortality among participants. • Changes in contingent survivor mortality resulted in an actuarial loss of approximately $0.5 million. • Changes in the discount rate from 2.65% to 4.96% resulted in an actuarial gain of approximately $22.4 million. • Changes in plan assets during the fiscal year ending December 31, 2022 resulted in an investment loss of $22.0 million, which is due to the difference between the 4.97% expected return compared to the actual return of (22.26%). POSTRETIREMENT Key components of the actuarial gains and losses contributing to the period change in the benefit obligation are as follows: • Introduction of an expected salary increase rate of 3.50% resulted in an actuarial loss of $0.1 million. • Changes in the discount rate from 2.75% to 5.01% resulted in an actuarial gain of approximately $0.6 million. OTHER COMPREHENSIVE INCOME Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows: Pension Postretirement 2022 2021 2020 2022 2021 2020 Net gains (losses) $362 $11,262 ($1,587) $512 $40 ($207) Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: Pension Postretirement 2022 2021 2020 2022 2021 2020 Amortization of losses (gains) $738 $1,154 $861 $15 $20 $8 ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows: Pension Postretirement 2022 2021 2022 2021 Net (losses) income ($11,527) ($12,627) $96 ($431) Deferred income tax benefit 1,216 1,216 6 6 AOCI ($10,311) ($11,411) $102 ($425) NET PENSION AND POSTRETIREMENT BENEFIT (CREDIT) COST The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31: Pension Postretirement 2022 2021 2020 2022 2021 2020 Components of Net Periodic Benefit (Credit) Cost Service cost — — — $7 $8 $6 Interest cost 2,434 2,228 2,706 51 45 51 Expected return on plan assets (3,486) (3,746) (3,504) — — — Amortization of losses (gains) 738 1,154 861 15 20 8 Net periodic benefit (credit) cost ($314) ($364) $63 $73 $73 $65 The service cost component of our benefit expense is recorded within the operating expense line item “Selling and general expenses” within the Consolidated Statements of Income. All other components of the benefit costs expense are included within the “Interest and miscellaneous income, net” line item of the Consolidated Statements of Income. VALUATION ASSUMPTIONS The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: Pension Postretirement 2022 2021 2020 2022 2021 2020 Assumptions used to determine benefit obligations at December 31: Discount rate 4.96 % 2.65 % 2.26 % 5.01 % 2.75 % 2.42 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 2.65 % 2.26 % 3.06 % 2.75 % 2.42 % 3.16 % Expected long-term return on plan assets 4.97 % 5.72 % 5.72 % — — — DISCOUNT RATE At December 31, 2022, the pension plan’s discount rate was 5.0%. The discount rate is derived from the Financial Times Stock Exchange (FTSE) Pension Discount Curve (f/k/a Citigroup). The Pension Discount Curve (PDC) is a set of yields on hypothetical AA, zero coupon bonds whose maturities range from 6 months up to 30 years. The yields of the PDC are used to discount pension liabilities. The PDC is calculated based on a universe of AA rated corporate bonds from the FTSE US Broad Investment-Grade Bond Index and the yields of the FTSE Treasury model curve. The pension plan's future expected cash flows are then matched to the spot rates on the yield curve and a single equivalent discount rate is determined, which produces the same present value as the spot rates. EXPECTED LONG-TERM RETURN ON PLAN ASSETS In 2022, the expected return on plan assets was 5.0%, which is based on historical returns on current asset allocations and expected returns using the Black-Litterman method. INVESTMENT OF PLAN ASSETS Our Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program, which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. In 2020, we transitioned to a liability-driven investment (“LDI”) strategy. An LDI strategy focuses on maintaining a close to fully-funded status over the long-term with minimal funded status risk. This is achieved by investing more of the plan assets in fixed income instruments to more closely match the duration of the plan liability. The investment allocation to fixed income instruments will increase as the plans' funded status increases. Investment target allocation percentages for equity securities can range up to 80 percent. Our pension plans’ asset allocation (excluding short-term investments) at December 31, 2022 and 2021 are as follows: Percentage of Asset Category 2022 2021 Domestic equity securities 28 % 29 % International equity securities 20 % 18 % Domestic fixed income securities 50 % 51 % Real estate fund 2 % 2 % Total 100 % 100 % Investments within the equity categories may include large capitalization, small capitalization and emerging market securities. Pension assets did not include a direct investment in Rayonier common shares during the years ended December 31, 2022 and 2021. NET ASSET VALUE MEASUREMENTS Separate investment accounts are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. The following table sets forth the net asset value of the plan assets as of December 31, 2022 or 2021: December 31, 2022 December 31, 2021 Asset Category Investments at Net Asset Value: Separate Investment Accounts $62,843 $85,079 Total Investments at Net Asset Value $62,843 $85,079 CASH FLOWS Our expected benefit payments to be made for the next 10 years are as follows: Pension Postretirement 2023 $3,999 $50 2024 4,180 53 2025 4,338 57 2026 4,478 62 2027 4,594 66 2028-2032 23,730 390 We expect to make cash contributions in 2023 of approximately $7.6 million in order to fund the Defined Benefit Plan on a plan termination basis. The Defined Benefit Plan will be settled upon completion of lump sum distributions and purchase of annuity contracts. The Excess Benefit Plan will be settled entirely with lump sum payments upon termination with expected cash contributions in 2023 of approximately $1.3 million. Projected cash contributions are an estimate, as actual amounts will be dependent upon the nature and timing of participant settlements, interest rates, as well as prevailing market conditions. DEFINED CONTRIBUTION PLANS

INCENTIVE STOCK PLANS

INCENTIVE STOCK PLANS	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
INCENTIVE STOCK PLANS	INCENTIVE STOCK PLANS The Rayonier Incentive Stock Plan (the “Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2022, a total of 1.8 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. We issue new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares and restricted stock units. The Stock Plan allows for the cash settlement of the required withholding tax on share or unit awards. A summary of our stock-based compensation cost is presented below: 2022 2021 2020 Selling and general expenses $10,767 $8,255 $6,839 Cost of sales 1,226 816 693 Timber and Timberlands, net (a) 363 206 170 Other operating expense, net (b) — — 324 Total stock-based compensation $12,356 $9,277 $8,026 Tax benefit recognized related to stock-based compensation expense (c) $603 $487 $421 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b) Represents expense associated with the acceleration of share-based compensation on Pope replacement awards related to qualifying terminations. (c) A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future. FAIR VALUE CALCULATIONS BY AWARD RESTRICTED STOCK & RESTRICTED STOCK UNITS Restricted stock units granted to employees under the Stock Plan generally vest in fourths on the first, second, third and fourth anniversary of the grant date. Periodically, other one-time restricted stock unit grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Holders of unvested restricted stock and restricted stock unit awards receive dividend equivalent payments on outstanding awards. Members of the board of directors are granted restricted stock, which vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. We have elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date. As permitted, we do not estimate a forfeiture rate for non-vested shares. Accordingly, unexpected forfeitures will lower stock-based compensation during the period in which they occur. As of December 31, 2022, there was $0.1 million of unrecognized compensation cost attributable to our restricted stock. We expect to recognize this cost over a weighted average period of 5 months. As of December 31, 2022, there was $7.1 million of unrecognized compensation cost attributable to our restricted stock units. We expect to recognize this cost over a weighted average period of 2.1 years. A summary of our restricted stock is presented below: 2022 2021 2020 Restricted shares granted (a) 22,800 22,140 100,452 Weighted average price of restricted shares granted $38.60 $37.36 $23.15 Intrinsic value of restricted stock outstanding (b) $620 $3,062 $4,666 Grant date fair value of restricted stock vested 2,478 3,121 2,755 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested 708 869 566 (a) The year ended December 31, 2020 includes 69,176 replacement awards issued as a result of the merger with Pope Resources. (b) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2022. 2022 Number of Weighted Non-vested Restricted Shares at January 1, 75,862 $29.29 Granted 22,800 38.60 Vested (a) (78,607) 31.52 Cancelled (1,247) 24.32 Non-vested Restricted Shares at December 31, 18,808 $31.58 (a) The year ended December 31, 2022 includes 3,718 replacement awards vested as a result of acceleration due to qualifying terminations. A summary of our restricted stock units is presented below: 2022 2021 2020 Restricted stock units granted 130,213 129,290 171,409 Weighted average price of restricted stock units granted $41.81 $33.59 $22.58 Intrinsic value of restricted stock units outstanding (a) $13,826 $15,095 $7,801 Grant date fair value of restricted stock units vested 2,475 493 218 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested 1,063 189 47 (a) Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2022. 2022 Number of Weighted Non-vested Restricted Stock Units at January 1, 374,016 $28.44 Granted 130,213 41.81 Vested (80,857) 30.61 Cancelled (3,888) 33.72 Non-vested Restricted Stock Units at December 31, 419,484 $32.12 PERFORMANCE SHARE UNITS Our performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon our total shareholder return versus selected peer group companies. The performance share payout is based on a market condition, and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period. Additionally, we do not estimate a forfeiture rate for non-vested units. As such, unexpected forfeitures will lower stock-based compensation during the period in which they occur. As of December 31, 2022, there was $5.0 million of unrecognized compensation cost related to our performance share unit awards, which is attributable to awards granted in 2020, 2021 and 2022. This cost is expected to be recognized over a weighted average period of 1.6 years. A summary of our performance share units is presented below: 2022 2021 2020 Common shares reserved for performance shares granted during year 193,333 191,203 361,870 Weighted average fair value of performance share units granted $45.68 $36.10 $29.59 Intrinsic value of outstanding performance share units (a) $13,123 $16,360 $11,711 Fair value of performance shares vested 5,549 1,738 3,522 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested 2,454 559 992 (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2022. 2022 Number Weighted Outstanding Performance Share units at January 1, 405,361 $33.16 Granted 110,476 45.68 Units Distributed (115,167) 35.98 Other Cancellations/Adjustments (2,514) 39.23 Outstanding Performance Share units at December 31, 398,156 $35.78 Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31: 2022 2021 2020 Expected volatility 38.1 % 35.6 % 32.6 % Risk-free rate 2.6 % 0.4 % 0.3 % Liquidity discount applied to grants with a post-vesting holding restriction (a) 4.2 % 6.3 % n/a (a) One-year post-vest holding requirement began in grant year 2021. NON-QUALIFIED EMPLOYEE STOCK OPTIONS The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is 10 years from the grant date. A summary of the status of our stock options as of and for the year ended December 31, 2022 is presented below: 2022 Number of Weighted Weighted Aggregate Options outstanding at January 1, 124,170 $36.67 Exercised (64,762) 38.07 Cancelled or expired (5,317) 35.13 Options outstanding at December 31, 54,091 35.15 0.57 $40 Options exercisable at December 31, 54,091 $35.15 0.57 $40 A summary of additional information pertaining to our stock options is presented below: 2022 2021 2020 Intrinsic value of options exercised (a) $300 $916 $108 Cash received from exercise of options 2,466 5,922 1,368 (a) Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. As of December 31, 2022, compensation cost related to stock options was fully recognized.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 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 December 31, 2022, Rayonier owns a 97.9% int erest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unitholders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to U.S. federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes. PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS The provision for income taxes for each of the three years ended December 31 follows: 2022 2021 2020 Current U.S. federal ($2,797) ($1,893) ($237) State (371) (536) (339) Foreign (2,694) (11,425) (5,391) (5,862) (13,854) (5,967) Deferred U.S. federal 2,302 (6,288) 8,355 State 1,693 (1,623) 325 Foreign (3,583) (2,007) (3,027) 412 (9,918) 5,653 Changes in valuation allowance (3,939) 9,111 (6,695) Total ($9,389) ($14,661) ($7,009) A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows: 2022 2021 2020 U.S. federal statutory income tax rate ($27,758) (21.0) % ($47,280) (21.0) % ($7,726) (21.0) % U.S. and foreign REIT income 29,732 22.5 44,316 19.7 16,569 45.0 Matariki Group and Rayonier New Zealand Ltd (5,038) (3.8) (12,927) (5.7) (7,698) (20.8) Change in valuation allowance (3,939) (3.0) 9,111 4.0 (6,695) (18.2) REIT Built-in Gain (2,516) (1.9) (2,215) (1.0) — — State Net Operating Loss — — — — 1,118 3.0 Prepaid land sales — — — — (1,084) (2.9) Foreign income tax withholding (1,239) (0.9) (505) (0.2) (721) (2.0) Sale of Timber Funds — — (2,399) (1.1) — — State Income Tax, Net of Federal Benefit 1,424 1.1 — — — — Bainbridge Landing JV, NCI 2,496 1.8 — — — — Other (2,551) (1.9) (2,762) (1.2) (772) (2.1) Income tax expense as reported for net income ($9,389) (7.1) % ($14,661) (6.5) % ($7,009) (19.0) % The Company’s effective tax rate is below the 21 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT. DEFERRED TAXES Deferred income taxes result from differences between the timing of recognizing revenues and expenses for financial book purposes versus income tax purposes. The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows: 2022 2021 Gross deferred tax assets: Pension, postretirement and other employee benefits $489 $597 New Zealand subsidiary 20,753 21,790 CBPC tax credit carry forwards 13,688 13,701 Capitalized real estate costs 2,457 1,656 U.S. TRS net operating loss 23,885 12,489 Land basis difference — 9,061 Other 4,808 5,367 Total gross deferred tax assets 66,080 64,661 Less: Valuation allowance (40,844) (36,904) Total deferred tax assets after valuation allowance $25,236 $27,757 Gross deferred tax liabilities: Accelerated depreciation (9) (46) New Zealand subsidiary (88,414) (91,388) Other (4,558) (6,059) Total gross deferred tax liabilities (92,981) (97,493) Net deferred tax liability reported as noncurrent ($67,745) ($69,736) Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: Tax Effected Balance Expiration 2022 U.S. Federal NOL Carryforwards- Post TCJA (a) $20,538 None U.S State NOL Carryforwards (b) 3,347 Various Cellulosic Biofuel Producer Credit (c) 13,688 2024 2021 U.S. Federal NOL Carryforwards- Post TCJA (a) $10,687 None U.S State NOL Carryforwards (b) 1,802 Various Cellulosic Biofuel Producer Credit (c) 13,701 2023 (a) The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period. (b) The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033. (c) The Inflation Reduction Act of 2022 was signed into law on August 16, 2022. The Inflation Reduction Act of 2022 temporarily extended existing fuels tax credits that previously expired or were set to expire at the end of 2023. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. Since 2015, we have had a 100% valuation allowance against the U.S. taxable REIT subsidiary's deferred tax assets, net of deferred tax liabilities. During 2022, the net deferred tax assets increased by $4.0 million. As a result, we recorded a change in the valuation allowance of $4.0 million related to the U.S. TRS's deferred tax assets, net of liabilities. TAX STATUTES The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: Taxing Jurisdiction Open Tax Years U.S. Internal Revenue Service 2019 - 2021 New Zealand Inland Revenue 2017 - 2021 TAX CHARACTERISTICS OF DIVIDEND DISTRIBUTIONS The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows: 2022 2021 2020 Total dividends/distributions paid per common share/unit $1.125 $1.08 $1.08 Tax characteristics: Capital gain 100 % 100 % 100 %

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 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. As of December 31, 2022, all proceeds from Fund II Timberland Dispositions have been distributed to noncontrolling interests. Restricted cash, excluding Timber Funds includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash, excluding Timber Funds, includes 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 years ended December 31: 2022 2021 Restricted cash, excluding Timber Funds: Restricted cash deposited with LKE intermediary $527 — Restricted cash held in escrow 625 625 Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds 1,152 625 Restricted cash shown in the Consolidated Balance Sheets, Timber Funds — 6,341 Cash and cash equivalents 114,255 362,173 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $115,407 $369,139

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Assets held for sale is composed of properties not included in inventory which are under contract and expected to be sold within the next 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of December 31, 2022 and December 31, 2021, the basis in properties meeting this classification was $0.7 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.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS The following table provides the composition of Other assets for the two years ended December 31: 2022 2021 Long-term derivative contracts (a) $76,216 $11,796 Patronage equity (b) 7,872 7,322 Goodwill (b) 7,863 8,457 Pacific Northwest long-term prepaid roads (b) 5,857 4,131 New Zealand long-term secondary roads (b) 6,971 6,730 Capitalized software costs (b) 5,795 3,117 Carbon credits (c) 1,086 1,956 Rabbi trusts related to the Executive Severance Pay Plan (d) 1,869 1,844 Deferred financing costs related to revolving debt (b) 854 1,104 Long-term prepaid stumpage (b) 713 1,461 Long-term deposits 212 1,896 Other 173 1,152 Total $115,481 $50,966 (a) See Note 1 — Summary of Significant Accounting Policies and Note 8 — Derivative Financial Instruments and Hedging Activitie s for further information on derivatives including their classification on the Consolidated Balance Sheets. (b) See Note 1 — Summary of Significant Accounting Policies for additional information. (c) See Note 1 — Summary of Significant Accounting Policies and Note 15 — Inventory for additional information on carbon credits. (d) The Executive Severance Pay Plan provides benefits to eligible executives in the event of a change in control of the Company. Changes in goodwill for the years ended December 31, 2022 and 2021 were: 2022 2021 Balance, January 1 (net of $0 of accumulated impairment) $8,457 $8,943 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment (594) (486) Balance, December 31 (net of $0 of accumulated impairment) $7,863 $8,457 Changes in the basis of carbon credits for the years ended December 31, 2022 and 2021 were: 2022 2021 Balance, January 1 $1,956 $1,346 Changes to carrying amount Acquisitions — 698 Sales (309) — Transfers to inventory (474) Foreign currency adjustment (87) (88) Balance, December 31 (net of $0 of accumulated impairment) $1,086 $1,956

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 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 years ended December 31, 2022 and 2021. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation gains/(losses) Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation of Operating Partnership Total Rayonier Inc. Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) ($2,540) ($73,885) Other comprehensive (loss) income before reclassifications (18,487) — 44,899 (a) 11,302 37,714 — 37,714 Amounts reclassified from accumulated other comprehensive income (loss) — — 16,994 1,174 (b) 18,168 (1,601) 16,567 Net other comprehensive (loss) income (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 (22,282) — 78,166 (a) 874 56,758 (1,323) 55,435 Amounts reclassified from accumulated other comprehensive (loss) income — — (1,799) 753 (b) (1,046) 1,028 (18) Net other comprehensive (loss) income (22,282) — 76,367 1,627 55,712 (295) 55,417 Balance as of December 31, 2022 ($18,067) $1,321 $67,204 ($10,209) $40,249 ($4,436) $35,813 (a) The years ended December 31, 2022 and December 31, 2021 include $75.0 million and $52.5 million, respectively, of other comprehensive income related to interest rate products. See Note 8 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 18 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the years ended December 31, 2022 and 2021: Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss Affected line item in the income statement 2022 2021 Realized (gain) loss on foreign currency exchange contracts ($7,682) $2,974 Other operating income (expense), net Realized loss on foreign currency option contracts — 1,177 Other operating income (expense), net Noncontrolling interest 1,768 (955) Comprehensive (income) loss attributable to noncontrolling interests Realized loss on interest rate contracts 2,459 14,694 Interest expense Income tax effect from net loss (gain) on foreign currency contracts 1,656 (896) Income tax expense Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($1,799) $16,994

RELATED PARTY

RELATED PARTY	12 Months Ended
	Dec. 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 exceeded agreed price thresholds (the “Mattamy Contract”). In May 2021, we entered into an amendment to the original agreement, which sold additional lots to Mattamy for an aggregate base purchase price of $1.0 million. The Mattamy contract also included marketing fee revenue based on a percentage of the sales price of each finished home. In September 2020, Keith Bass, a member of our Board of Directors, was named the Chief Executive Officer of Mattamy Homes US. Following this development, the Mattamy Contract and the ongoing obligations therein, were reviewed by the Nominating and Corporate Governance Committee in accordance with established policies and procedures regarding the authorization and approval of transactions with related parties. The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31: Related Party Transaction Location on Statement of Income and Comprehensive Income 2022 2021 2020 Mattamy Contract Sales (a) $916 $2,656 $1,354 (a) The years ended December 31, 2021 and December 31, 2020 exclude approximately $0.3 million and $0.1 million, respectively, of cash received from Mattamy Jacksonville LLC under this agreement for the reimbursement of local impact fees. As of December 31, 2022, all lots under contract have been sold and all consideration has been received from Mattamy.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2022, 2021, and 2020 (In Thousands) Description Balance Additions Charged Deductions Balance Allowance for doubtful accounts: Year ended December 31, 2022 $59 $15 — $74 Year ended December 31, 2021 25 34 — 59 Year ended December 31, 2020 24 1 — 25 Deferred tax asset valuation allowance: Year ended December 31, 2022 $36,904 $3,940 (b) — $40,844 Year ended December 31, 2021 46,015 — (9,111) (a) 36,904 Year ended December 31, 2020 39,320 6,695 (b) — 46,015 (a) The 2021 decrease in the valuation allowance is due to a reduction in TRS deferred tax assets. (b) The 2020 and 2022 increase in the valuation allowance is due to an increase in TRS deferred tax assets.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Rayonier Inc.'s Consolidated Financial Statements include the Operating Partnership, wholly-owned subsidiaries and entities in which the Company has a controlling interest. Rayonier, L.P.'s Consolidated Financial Statements include wholly-owned subsidiaries and entities in which the Operating Partnership has a controlling interest. For additional information regarding our consolidated entities with a noncontrolling interest component, see Note 5 - Noncontrolling Interests . All intercompany balances and transactions are eliminated. As of December 31, 2022, the Company owned a 97.9% interest in the Operating Partnership, with the remaining 2.1% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day m
USE OF ESTIMATES	USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash on hand and other highly liquid investments with original maturities of three months or less.
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable are primarily amounts due to us for the sale of timber and are presented net of an allowance for doubtful accounts.
INVENTORY	INVENTORY Higher and better use (“HBU”) real estate properties that are expected to be sold within one year are included in inventory at the lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information.
PREPAID LOGGING ROADS	PREPAID LOGGING ROADS    In the Pacific Northwest and New Zealand, costs for roads built to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. We charge such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule.
PATRONAGE DIVIDENDS	PATRONAGE DIVIDENDS As a requirement of the Farm Credit Act, borrowers in the Farm Credit System are required to purchase equity in Farm Credit lenders. The equity balance primarily represents shares of Class A common stock in CoBank valued at $100 par value. CoBank equity purchases continue annually until a balance equal to 8% of our 10-year historical average loan balance at CoBank is obtained. Initially, a minimal equity purchase was made in cash upon the receipt of loan proceeds. Subsequently, equity purchases are made annually through patronage dividends, of which approximately 90% is cash and 10% is equity. The stock has no cash value until retired. As our loans are paid in full, the stock is generally retired over a 10-year loan base period beginning in the year following loan payoff.
DEFERRED FINANCING COSTS	DEFERRED FINANCING COSTS    Deferred financing costs related to revolving debt are capitalized and amortized to interest expense over the term of the revolving debt using a method that approximates the effective interest method.
CAPITALIZED SOFTWARE COSTS	CAPITALIZED SOFTWARE COSTSSoftware costs are capitalized and amortized over a period not exceeding five years using the straight-line method.
TIMBER AND TIMBERLANDS	TIMBER AND TIMBERLANDS Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies, are capitalized. A portion of timberland lease payments are capitalized based on the proportion of acres with merchantable timber volume remaining to be harvested under the lease term and the residual portion of the lease payments are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest and other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. We charge accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold. Upon the acquisition of timberland, we make a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar to an existing depletion pool, the cost of the acquired timber is combined and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition.
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed, with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. REAL ESTATE DEVELOPMENT INVESTMENTS Real estate development investments include capitalized costs associated with the development and construction of identified real estate projects, such as infrastructure, roadways, utilities, amenities and/or other improvements designed to enhance marketability and create parcels, pads and/or lots for sale. We capitalize interest on real estate projects under development based on the amount of underlying expenditures during the capitalization period. The period begins when activities necessary to ready a property for its intended use commence, typically when we begin the site work for land already owned, and ends when the improvement is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use is subjective and requires business judgement. As such, we determine when the capitalization period begins and ends through communication with project managers and others responsible for the tracking and oversight of individual projects. IMPAIRMENT OF HBU TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We review our higher and better use timberlands and real estate development investments for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators for each development project are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs, and projected losses on expected future sales. Development projects have extended life cycles that may last 20 to 40 years, or longer, and have few long-term contractual cash flows. Development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density and sales strategy impact the timing and amount of expected future cash flows and fair value. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as construction costs and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount less costs to sell, an impairment provision is recorded to write-down the carrying amount of the asset to its fair value.
PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION	PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. We generally depreciate our assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the sale or retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.
LEASES AND RIGHT-OF-USE ASSETS IMPAIRMENT	LEASES At inception, we determine if an arrangement is a lease and whether that lease meets the classification criteria of a finance or operating lease. Operating leases are included in right-of-use (“ROU”) assets, other current liabilities, and long-term lease liability in the Consolidated Balance Sheets. The income generated from our commercial and residential leases in Port Gamble are accounted for in accordance with Topic 842. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. RIGHT-OF-USE ASSETS IMPAIRMENT Operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease is assigned may not be recoverable. Recoverability of the asset group is evaluated based on forecasted undiscounted cash flows. If the carrying amount of the asset group is not recoverable, the fair value of the asset group is compared to its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value. A discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate are used to estimate the fair value of the asset group.
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.
ENVIRONMENTAL REMEDIATION LIABILITIES	ENVIRONMENTAL REMEDIATION LIABILITIESWe estimate future costs for known environmental remediation requirements and accrue for them on an undiscounted basis when it is probable that a liability has been incurred and the related costs can be reasonably estimated. We consider various factors when estimating our environmental liabilities, including construction contracts, proposed statements of work, project management, and other professional fees. We evaluate the adequacy of these liabilities on a quarterly basis. We make adjustments to the liabilities when additional information becomes available that affects the estimated costs to study or remediate any environmental matter. Legal investigation and defense costs incurred in connection with environmental contingencies are expensed as incurred. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable and does not exceed the amount of losses previously recorded.
GOODWILL	GOODWILL    Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. We compare the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance.
FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT	FOREIGN CURRENCY TRANSLATION AND REMEASUREMENT The functional currency of our New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand subsidiary are remeasured into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand subsidiary are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity.
REDEEMABLE OPERATING PARTNERSHIP UNITS	REDEEMABLE OPERATING PARTNERSHIP UNITSLimited partners holding Redeemable Operating Partnership Units have the right to put any and all of the units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Operating Partnership Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets and the related noncontrolling interest is classified outside of permanent equity in the accompanying balance sheets of Rayonier. The recorded value of the Redeemable Operating Partnership Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier common stock on the balance sheet date multiplied by the total number of Redeemable Operating Partnership Units outstanding.
RELATED PARTY	RELATED PARTY We follow ASC 850, Related Party Disclosure , for the identification of related parties and disclosure of related party transactions. A party is considered to be related to us if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which we may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.
REVENUE RECOGNITION	REVENUE RECOGNITION We recognize revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). 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 December 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. TIMBER SALES Revenue from the sale of timber is recognized when control passes to the buyer. We utilize two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method we employ depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with a specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. We also sell stumpage under lump-sum contracts for specified parcels where we receive cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. We retain interest in the land, slash products and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to us. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale we utilize is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, we hire third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales, control is considered passed to the buyer upon delivery onto the export vessel. The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Timing of General Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel Letter of credit from an approved bank; collection generally within 30 days of delivery NON-TIMBER SALES Non-timber sales are primarily comprised of hunting and recreational licenses, carbon credits and other auxiliary income. Hunting and recreational license sales and any related costs are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales,” respectively. Payment is generally due upon contract execution. The New Zealand Emissions Trading Scheme (“NZ ETS”) incentivizes the lowering of greenhouse gas emissions by providing carbon credits to certain organizations that lower carbon emissions. Our New Zealand segment regularly sells carbon credits and recognizes income as they are sold to other carbon emitting entities. LOG TRADING
REAL ESTATE AND COST OF SALES	REAL ESTATE We recognize revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed and control has passed to the buyer. A deposit of 2% to 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of development real estate containing future performance obligations, revenue is recognized using the cost input method based on development costs incurred to date relative to the total development costs allocated to the contract with the customer. The aggregate amount of the transaction price allocated to unsatisfied obligations is recorded and presented in “Deferred revenue” in the Consolidated Balance Sheets. COST OF SALES Cost of sales associated with timber operations primarily include the cost basis of timber sold (depletion), logging and transportation costs (cut and haul) and ocean freight and demurrage costs (port and freight). Depletion includes the amortization of capitalized costs (site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs). Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, carbon basis and fire prevention. Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by us. We expense closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year.
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for our defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, mortality rates and longevity of employees. See Note 18 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2022. Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Interest and other miscellaneous income, net” in the Consolidated Statements of Income and Comprehensive Income. The service cost component of net periodic benefit cost is included in “Cost of sales” and “Selling and general expenses” while the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are presented outside of income from operations in “Interest and other miscellaneous income, net.” At December 31, 2022 and 2021, our pension plans were in a net liability position (underfunded) of $7.2 million and $8.7 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of our plans are recorded through other comprehensive (loss) income in the year in which the changes occur. We measure
INCOME TAXES	INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax benefits or consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using the enacted tax rate that is expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, we compute an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. We adjust our annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur.
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. We have previously 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. See Note 7 — Deb t and Note 8 — Derivative Financial Instruments and Hedging Activities for more information on our current year transition to SOFR. In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities to Contractual Sale Restrictions , which clarifies how the fair value of equity securities subject to contractual sale restrictions is determined, and amends ASC 820 to clarify that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On February 13, 2023, Cyclone Gabrielle came across the northeast coast of the North Island in New Zealand. As of the date of filing, we have begun assessing our exposure but are unable to reasonably quantify the extent of loss, which includes damages to roading infrastructure and timber in certain areas.
SEGMENT AND GEOGRAPHICAL INFORMATION	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
EARNINGS PER COMMON SHARE	Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in operating partnership units.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging
OFFSETTING DERIVATIVES	Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.
INCENTIVE STOCK PLANS	PERFORMANCE SHARE UNITS Our performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon our total shareholder return versus selected peer group companies. The performance share payout is based on a market condition, and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period. Additionally, we do not estimate a forfeiture rate for non-vested units. As such, unexpected forfeitures will lower stock-based compensation during the period in which they occur. NON-QUALIFIED EMPLOYEE STOCK OPTIONS The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is 10 years from the grant date.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Revenue Recognition Terms	The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Timing of General Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance Stumpage Lump Sum Right to harvest an agreed upon acreage of standing timber Contract execution Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon volume of standing timber As timber is severed Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel Letter of credit from an approved bank; collection generally within 30 days of delivery

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Segment information for each of the three years ended December 31 follows: Sales by Product Line 2022 2021 2020 Southern Timber $264,201 $204,441 $191,831 Pacific Northwest Timber 162,237 143,021 120,809 New Zealand Timber 274,076 281,158 202,315 Timber Funds (a) — 199,402 29,557 Real Estate Improved Development 35,413 51,713 14,498 Unimproved Development — 37,500 8,426 Rural 59,485 43,088 67,152 Timberland & Non-Strategic 11,400 44 19,255 Conservation Easements — 3,855 3,099 Deferred Revenue/Other 1,239 (2,380) 888 Large Dispositions 30,471 56,048 116,027 Total Real Estate 138,008 189,868 229,345 Trading 70,952 95,364 88,973 Intersegment eliminations (b) (402) (3,657) (3,676) Total Sales $909,072 $1,109,597 $859,154 (a) The years ended December 31, 2021 and December 31, 2020 include $159.1 million and $22.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier. (b) The years ended December 31, 2022, 2021 and 2020 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The years ended December 31, 2021 and December 31, 2020 include the elimination of timberland investment management fees paid to us by the timber funds which were initially recognized as sales and cost of sales within the Timber Funds segment. Operating Income (Loss) 2022 2021 2020 Southern Timber (a) $96,616 $66,111 $41,247 Pacific Northwest Timber (b) 15,192 6,827 (9,979) New Zealand Timber 30,621 51,513 29,984 Timber Funds (c) — 63,219 (13,195) Real Estate (d) 58,495 112,540 71,951 Trading 382 144 (462) Corporate and other (e) (35,484) (30,579) (45,158) Total Operating Income 165,822 269,775 74,388 Unallocated interest expense and other (33,642) (44,627) (37,595) Total Income before Income Taxes $132,180 $225,148 $36,793 (a) The year ended December 31, 2020 includes $6.0 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b) The year ended December 31, 2022 includes $0.7 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c) The year ended December 31, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds. The year ended December 31, 2020 includes $11.6 million of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2020 is $7.3 million related to timber write-offs resulting from casualty events. The year ended December 31, 2020 also includes $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (d) The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests. The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests was recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating income, net”. The years ended December 31, 2022, 2021 and 2020 include $16.6 million, $44.8 million and $28.7 million, respectively, from Large Dispositions. (e) The year ended December 31, 2020 includes $17.2 million of integration and restructuring costs related to the merger with Pope Resources. Gross Capital Expenditures 2022 2021 2020 Capital Expenditures (a) Southern Timber $39,301 $35,790 $35,505 Pacific Northwest Timber 16,770 16,585 11,367 New Zealand Timber 18,455 20,128 16,595 Timber Funds (b) — 3,271 2,606 Real Estate 285 191 428 Corporate and other — — — Total capital expenditures $74,811 $75,965 $66,500 Timberland Acquisitions (c) Southern Timber $457,770 $168,188 $24,241 Pacific Northwest Timber 26 — — New Zealand Timber 734 10,927 454 Total timberland acquisitions $458,530 $179,115 $24,695 Total Gross Capital Expenditures $533,341 $255,080 $91,195 (a) Excludes timberland acquisitions presented separately in addition to real estate development investments of $13.7 million, $12.5 million and $6.5 million in the years ended December 31, 2022, 2021 and 2020, respectively. (b) The years ended December 31, 2021 and December 31, 2020 include $2.8 million and $2.3 million, respectively, of capital expenditures attributable to noncontrolling interests in Timber Funds. (c) Excludes timberland acquired in the Pope Resources merger. Depreciation, 2022 2021 2020 Southern Timber $60,298 $54,116 $61,827 Pacific Northwest Timber 48,024 50,487 47,107 New Zealand Timber 23,876 27,005 25,030 Timber Funds (a) — 97,943 11,884 Real Estate (b) 22,216 17,746 53,093 Corporate and other 1,255 1,208 1,427 Total $155,669 $248,505 $200,368 (a) The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier. The year ended December 31, 2020 includes $10.3 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b) The years ended December 31, 2022, 2021 and 2020 include $8.3 million, $9.8 million and $35.4 million, respectively, from Large Dispositions. Non-Cash Cost of Land and Improved Development 2022 2021 2020 Timber Funds (a) — $20,239 — Real Estate (b) 32,934 25,070 82,008 Total $32,934 $45,309 $82,008 (a) The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier. (b) The years ended December 31, 2022, 2021 and 2020 include $4.6 million, $0.1 million and $51.6 million, respectively, from Large Dispositions.
Schedule of Geographical Operating Information	Geographical Operating Information Sales Operating Income Identifiable Assets 2022 2021 2020 2022 2021 2020 2022 2021 United States $576,780 $732,995 $567,998 $135,900 $217,964 $44,877 $3,244,128 $3,046,707 New Zealand 332,292 376,602 291,156 29,922 51,811 29,511 545,243 589,649 Total $909,072 $1,109,597 $859,154 $165,822 $269,775 $74,388 $3,789,371 $3,636,356

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Liabilities	The following table summarizes revenue recognized during the years ended December 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year: Year Ended December 31, 2022 2021 Revenue recognized from contract liability balance at the beginning of the year (a) $16,148 $10,809 (a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales, and performance obligations from development sales.
Schedule of Disaggregation of Revenue by Product	The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2022 , 2021 and 2020 : Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Elim. Total December 31, 2022 Pulpwood $126,884 $15,094 $34,027 — — $7,178 — $183,183 Sawtimber 92,512 141,541 219,082 — — 62,116 — 515,251 Hardwood 17,216 — — — — — — 17,216 Total Timber Sales 236,612 156,635 253,109 — — 69,294 — 715,650 License Revenue, Primarily From Hunting 21,287 1,076 341 — — — — 22,704 Other Non-Timber/Carbon Revenue 6,302 4,526 20,626 — — — — 31,454 Agency Fee Income — — — — — 1,256 — 1,256 Total Non-Timber Sales 27,589 5,602 20,967 — — 1,256 — 55,414 Improved Development — — — — 35,413 — — 35,413 Rural — — — — 59,485 — — 59,485 Timberland & Non-Strategic — — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — — (38) — — (38) Large Dispositions — — — — 30,471 — — 30,471 Total Real Estate Sales — — — — 136,731 — — 136,731 Revenue from Contracts with Customers 264,201 162,237 274,076 — 136,731 70,550 — 907,795 Lease Revenue — — — — 1,277 — — 1,277 Intersegment — — — — — 402 (402) — Total Revenue $264,201 $162,237 $274,076 — $138,008 $70,952 ($402) $909,072 December 31, 2021 Pulpwood $95,995 $9,336 $42,836 $792 — $11,369 — $160,328 Sawtimber 79,154 127,768 237,262 38,042 — 82,276 — 564,502 Hardwood 4,671 — — — — — — 4,671 Total Timber Sales 179,820 137,104 280,098 38,834 — 93,645 — 729,501 License Revenue, Primarily from Hunting 18,116 990 385 40 — — — 19,531 Other Non-Timber/Carbon Revenue 6,505 4,927 675 439 — — — 12,546 Agency Fee Income — — — — — 1,399 — 1,399 Fund II Timberland Dispositions — — — 156,752 — — — 156,752 Total Non-Timber Sales 24,621 5,917 1,060 157,231 — 1,399 — 190,228 Improved Development — — — — 51,713 — — 51,713 Unimproved Development — — — — 37,500 — — 37,500 Rural — — — — 43,088 — — 43,088 Timberland & Non-Strategic — — — — 44 — — 44 Conservation Easements — — — — 3,855 — — 3,855 Deferred Revenue/Other (a) — — — (3,532) — — (3,532) Large Dispositions — — — — 56,048 — — 56,048 Total Real Estate Sales — — — — 188,716 — — 188,716 Revenue from Contracts with Customers 204,441 143,021 281,158 196,065 188,716 95,044 — 1,108,445 Lease Revenue — — — — 1,152 — — 1,152 Intersegment — — — 3,337 — 320 (3,657) — Total Revenue $204,441 $143,021 $281,158 $199,402 $189,868 $95,364 ($3,657) $1,109,597 December 31, 2020 Pulpwood $94,108 $10,581 $27,558 $784 — $10,260 — $143,291 Sawtimber 73,683 106,051 166,935 25,195 — 77,314 — 449,178 Hardwood 2,430 — — — — — — 2,430 Total Timber Sales 170,221 116,632 194,493 25,979 — 87,574 — 594,899 License Revenue, Primarily from Hunting 17,765 843 307 17 — — — 18,932 Other Non-Timber/Carbon Revenue 3,845 3,334 7,515 124 — — — 14,818 Agency Fee Income — — — — — 1,160 — 1,160 Total Non-Timber Sales 21,610 4,177 7,822 141 — 1,160 — 34,910 Improved Development — — — — 14,498 — — 14,498 Unimproved Development — — — — 8,426 — — 8,426 Rural — — — — 67,152 — — 67,152 Timberland & Non-Strategic — — — — 19,255 — — 19,255 Conservation Easements — — — — 3,099 — — 3,099 Deferred Revenue/Other (a) — — — — 283 — — 283 Large Dispositions — — — — 116,027 — — 116,027 Total Real Estate Sales — — — — 228,740 — — 228,740 Revenue from Contracts with Customers 191,831 120,809 202,315 26,120 228,740 88,734 — 858,549 Lease Revenue — — — — 605 — — 605 Intersegment — — — 3,437 — 239 (3,676) — Total Revenue $191,831 $120,809 $202,315 $29,557 $229,345 $88,973 ($3,676) $859,154 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2022, 2021 and 2020: Year Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Trading Total December 31, 2022 Stumpage Pay-as-Cut $98,967 — — — — $98,967 Stumpage Lump Sum 1,022 7,770 — — — 8,792 Total Stumpage 99,989 7,770 — — — 107,759 Delivered Wood (Domestic) 125,136 137,421 62,068 — 2,310 326,935 Delivered Wood (Export) 11,487 11,444 191,041 — 66,984 280,956 Total Delivered 136,623 148,865 253,109 — 69,294 607,891 Total Timber Sales $236,612 $156,635 $253,109 — $69,294 $715,650 December 31, 2021 Stumpage Pay-as-Cut $68,471 — — $768 — $69,239 Stumpage Lump Sum 6,890 10,769 — — — 17,659 Total Stumpage 75,361 10,769 — 768 — 86,898 Delivered Wood (Domestic) 81,803 126,335 73,543 38,066 3,731 323,478 Delivered Wood (Export) 22,656 — 206,555 — 89,914 319,125 Total Delivered 104,459 126,335 280,098 38,066 93,645 642,603 Total Timber Sales $179,820 $137,104 $280,098 $38,834 $93,645 $729,501 December 31, 2020 Stumpage Pay-as-Cut $68,684 — — $1,731 — $70,415 Stumpage Lump Sum 2,027 8,142 — — — 10,169 Total Stumpage 70,711 8,142 — 1,731 — 80,584 Delivered Wood (Domestic) 85,996 108,490 62,568 24,248 1,768 283,070 Delivered Wood (Export) 13,514 — 131,925 — 85,806 231,245 Total Delivered 99,510 108,490 194,493 24,248 87,574 514,315 Total Timber Sales $170,221 $116,632 $194,493 $25,979 $87,574 $594,899

TIMBERLAND ACQUISITIONS (Tables

TIMBERLAND ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Timberland Acquisitions	The following table summarizes the timberland acquisitions for the years ended December 31, 2022 and 2021: 2022 2021 Cost Acres Cost Acres Alabama 124,020 35,995 — — Florida 1,053 741 31,342 24,153 Georgia 130,124 28,514 38,339 24,776 Louisiana 24,373 9,110 — — Texas 178,200 65,226 98,507 51,568 Washington 26 20 — — New Zealand 734 1,409 10,927 2,676 Total Acquisitions $458,530 141,015 $179,115 103,173

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 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 income attributable to the New Zealand subsidiary’s noncontrolling interests: 2022 2021 2020 Net income attributable to noncontrolling interests in the New Zealand subsidiary $2,966 $7,696 $4,920 The following table sets forth the Company’s noncontrolling interests in the operating partnership: 2022 2021 Beginning noncontrolling interests in the operating partnership $133,823 $130,121 Adjustment of noncontrolling interests in the operating partnership (23,155) 42,530 Conversions of redeemable operating partnership units to common shares (3,925) (40,676) Net income attributable to noncontrolling interests in the operating partnership 2,393 4,516 Other comprehensive income attributable to noncontrolling interests in the operating partnership 295 1,601 Distributions to noncontrolling interests in the operating partnership (3,668) (4,269) Total noncontrolling interests in the operating partnership $105,763 $133,823

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	12 Months Ended
	Dec. 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 for the three years ended December 31: 2022 2021 2020 Earnings per common share - basic Numerator: Net Income $122,791 $210,487 $29,784 Less: Net income attributable to noncontrolling interests in the operating partnership (2,393) (4,516) (528) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income attributable to Rayonier Inc. $107,077 $152,550 $37,084 Denominator: Denominator for basic earnings per common share - weighted average shares 146,209,847 140,812,882 133,865,867 Basic earnings per common share attributable to Rayonier Inc.: $0.73 $1.08 $0.28 Earnings per common share - diluted Numerator: Net Income $122,791 $210,487 $29,784 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $109,470 $157,066 $37,612 Denominator: Denominator for basic earnings per common share - weighted average shares 146,209,847 140,812,882 133,865,867 Add: Dilutive effect of: Stock options 5,132 8,727 633 Performance shares, restricted shares and restricted stock units 669,501 416,527 198,955 Noncontrolling interests in operating partnership units 3,268,473 4,062,725 2,877,447 Denominator for diluted earnings per common share - adjusted weighted average shares 150,152,953 145,300,861 136,942,902 Diluted earnings per common share attributable to Rayonier Inc.: $0.73 $1.08 $0.27 2022 2021 2020 Earnings per unit - basic Numerator: Net Income $122,791 $210,487 $29,784 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income available to unitholders $109,470 $157,066 $37,612 Denominator: Denominator for basic earnings per unit - weighted average units 149,478,320 144,875,607 136,743,314 Basic earnings per unit attributable to Rayonier, L.P.: $0.73 $1.08 $0.28 Earnings per unit - diluted Numerator: Net Income $122,791 $210,487 $29,784 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (13,321) (53,421) 7,828 Net income available to unitholders $109,470 $157,066 $37,612 Denominator: Denominator for basic earnings per unit - weighted average units 149,478,320 144,875,607 136,743,314 Add: Dilutive effect of unit equivalents: Stock options 5,132 8,727 633 Performance shares, restricted shares and restricted stock units 669,501 416,527 198,955 Denominator for diluted earnings per unit - adjusted weighted average units 150,152,953 145,300,861 136,942,902 Diluted earnings per unit attributable to Rayonier, L.P. $0.73 $1.08 $0.27
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	2022 2021 2020 Anti-dilutive shares excluded from computations of diluted earnings per share: Stock options, performance shares, restricted shares and restricted stock units 103,514 149,705 450,551 2022 2021 2020 Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 103,514 149,705 450,551

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt consisted of the following at December 31, 2022 and 2021: 2022 2021 Debt: Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 $450,000 2015 Term Loan Facility borrowings due 2028 at a variable interest rate of 5.4% at December 31, 2022 350,000 350,000 2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022 250,000 — 2016 Incremental Term Loan Facility borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022 200,000 200,000 2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022 200,000 — New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% 25,586 27,519 New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% 25,586 — New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% 21,931 23,588 Senior Notes due 2022 at a fixed interest rate of 3.75% — 325,000 Total principal debt 1,523,103 1,376,107 Less: Unamortized discounts (3,104) (3,426) Less: Current maturities of long-term debt — (124,965) Less: Deferred financing costs (5,278) (4,897) Total long-term debt $1,514,721 $1,242,819
Schedule of Maturities of Long-term Debt	Principal payments due during the next five years and thereafter are as follows: 2023 — 2024 — 2025 21,931 2026 225,586 2027 275,586 Thereafter 1,000,000 Total debt $1,523,103
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of December 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 9.9 to 1 7.4 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 45 % 20 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 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 December 31, 2022: Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt (b) Total Effective Interest Rate (c) August 2015 9 years $170,000 Term Credit Agreement 2.10 % 1.70 % 3.80 % August 2015 9 years 180,000 Term Credit Agreement 2.26 % 1.70 % 3.96 % April 2016 10 years 100,000 Incremental Term Loan 1.50 % 1.75 % 3.25 % April 2016 10 years 100,000 Incremental Term Loan 1.51 % 1.75 % 3.26 % May 2021 (d) 7 years 200,000 2021 Incremental Term Loan Facility 0.67 % 1.65 % 2.32 % December 2022 (e) 5 years 100,000 2022 Incremental Term Loan Facility 3.72 % 1.70 % 5.42 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Includes the SOFR Credit Spread Adjustment component allotted to banks during the transition from LIBOR period. (c) Rate is before estimated patronage payments. (d) On February 1, 2022, our $200 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 7 - Debt for additional information. (e) On December 1, 2022 our $100 million notional forward-starting interest rate swap matured into an active interest rate swap. See Note 7 - Debt for additional information. The following table contains information on the outstanding forward-starting interest rate swaps as of December 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 table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2022, 2021 and 2020. Location on Statement of Income and Comprehensive Income 2022 2021 2020 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $5,093 ($10,939) $7,699 Other operating income, net (7,682) 2,974 (2,323) Foreign currency option contracts Other comprehensive income (loss) 610 (2,733) 1,181 Other operating income, net — 1,177 30 Interest rate products Other comprehensive income (loss) 75,006 52,478 (76,567) Interest expense, net 2,459 14,694 10,769 Derivatives not designated as hedging instruments: Carbon options Interest and other miscellaneous income, net — — $563 Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts ($3,909) Foreign currency option contracts (203) Interest rate products 23,810 Total estimated gain on derivatives contracts $19,698
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2022 and 2021: Notional Amount 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $138,250 $149,250 Foreign currency option contracts 78,000 14,000 Interest rate swaps 850,000 550,000 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 December 31, 2022 and 2021. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Fair Value Assets (Liabilities) (a) Location on Balance Sheet 2022 2021 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $25 $721 Other assets 1,303 86 Other current liabilities (5,457) (2,061) Other non-current liabilities (410) (694) Foreign currency option contracts Other current assets 66 — Other assets 2,131 228 Other current liabilities (347) — Other non-current liabilities (1,281) (270) Interest rate swaps Other assets 60,843 — Other non-current liabilities (51) (15,582) Forward-starting interest rate swaps Other assets 11,939 11,482 Total derivative contracts: Other current assets $91 $721 Other assets 76,216 11,796 Total derivative assets $76,307 $12,517 Other current liabilities (5,804) (2,061) Other non-current liabilities (1,742) (16,546) Total derivative liabilities ($7,546) ($18,607) (a) See Note 9 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 at December 31, 2022 and 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP: December 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Asset (Liability) (a) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents, excluding Timber Funds $114,255 $114,255 — $358,680 $358,680 — Cash and cash equivalents, Timber Funds — — — 3,493 3,493 — Restricted cash, Timber Funds (b) — — — 6,341 6,341 — Restricted cash, excluding Timber Funds (c) 1,152 1,152 — 625 625 — Current maturities of long-term debt (d) — — — (124,965) — (125,288) Long-term debt (d) (1,514,721) — (1,438,736) (1,242,819) — (1,245,148) Interest rate swaps (e) 60,792 — 60,792 (15,582) — (15,582) Forward-starting interest rate swaps (e) 11,939 — 11,939 11,482 — 11,482 Foreign currency exchange contracts (e) (4,539) — (4,539) (1,948) — (1,948) Foreign currency option contracts (e) 569 — 569 (42) — (42) Noncontrolling interests in the operating partnership (f) 105,763 105,763 — 133,823 133,823 — (a) We did not have Level 3 assets or liabilities at December 31, 2022 and 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 21 - Restricted Cash for additional information. (c) Restricted cash, excluding Timber Funds represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 21 - Restricted Cash for additional information. (d) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 7 — Debt for additional information. (e) See Note 8 — 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 5 — Noncontrolling Interests for additional information.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	At December 31, 2022, the future minimum payments under non-cancellable commitments were as follows: Environmental Remediation (a) Development Projects (b) Commitments (c) Total 2023 $1,175 $26,996 $6,301 $34,472 2024 9,775 911 955 11,641 2025 392 267 114 773 2026 842 267 2 1,111 2027 581 267 2 850 Thereafter 2,828 3,506 — 6,334 $15,593 $32,214 $7,374 $55,181 (a) Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 12 - Environmental and Natural Resource Damage Liabilities for additional information. (b) Primarily consisting of payments expected to be made on our Wildlight and Heartwood development projects. (c) Commitments include payments expected to be made on financial instruments (foreign exchange contracts) and other purchase obligations.

ENVIRONMENTAL AND NATURAL RES_2

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2021 to December 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 (812) Increase in liabilities (a) 5,600 Total Balance at December 31, 2022 15,593 Less: Current portion (1,175) Non-current portion at December 31, 2022 $14,418 (a) Increase in liabilities includes $4.9 million related to revised environmental and NRD cost estimates recorded in the fourth quarter of 2022.

GUARANTEES (Tables)

GUARANTEES (Tables)	12 Months Ended
	Dec. 31, 2022
Guarantees [Abstract]
Schedule of Guarantor Obligations	We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2022, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $3,779 Surety bonds (c) 22,866 Total financial commitments $26,645 (a) We have not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Approximately $2.9 million of the standby letters of credit serve as credit support for real estate construction at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2023 and will be renewed as required. (c) 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 our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 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)	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments	Changes in higher and better use timberlands and real estate development investments from December 31, 2021 to December 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 (1,683) (16,705) (18,388) Amortization of parcel real estate development investments — (7,437) (7,437) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,210) — (1,210) Capitalized real estate development investments (b) — 22,376 22,376 Capital expenditures (silviculture) 246 — 246 Intersegment transfers 5,801 — 5,801 Total Balance at December 31, 2022 91,782 41,224 133,006 Less: Current portion (a) (408) (17,501) (17,909) Non-current portion at December 31, 2022 $91,374 $23,723 $115,097 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 15 — Inventory for additional information. (b) Capitalized real estate development investments includes $0.8 million of capitalized interest and $8.7 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	As of December 31, 2022 and 2021, our inventory consisted entirely of finished goods, as follows: 2022 2021 Finished goods inventory Real estate inventory (a) $17,909 $24,740 Log inventory 5,347 3,783 Carbon unit inventory (b) 473 — Total inventory $23,729 $28,523 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 14 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information. (b) Represents the basis in New Zealand carbon units intended to be sold in the next 12 months. See Note 1 — Summary of Significant Accounting Policies and Note 23 — Other Assets for additional information on carbon credits.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Operating Lease Maturities	The following table details our undiscounted lease obligations as of December 31, 2022 by type of lease and year of expiration: Year of Expiration Lease obligations Total 2023 2024 2025 2026 2027 Thereafter Operating lease liabilities $195,213 $9,234 $9,020 $8,144 $7,414 $7,317 $154,084 Total Undiscounted Cash Flows $195,213 $9,234 $9,020 $8,144 $7,414 $7,317 $154,084 Imputed interest (98,067) Balance at December 31, 2022 $97,146 Less: Current portion (8,390) Non-current portion at December 31, 2022 $88,756
Schedule of Lease Cost	The following table details components of our lease cost for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, Lease Cost Components 2022 2021 2020 Operating lease cost $9,332 $10,166 $9,647 Variable lease cost (a) 757 196 230 Total lease cost (b) $10,089 $10,362 $9,877 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2022. The following table details components of our lease cost for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Supplemental Cash Flow Information Related to Leases: 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $2,571 $2,389 $2,127 Investing cash flows from operating leases 6,761 7,777 7,520 Total cash flows from operating leases $9,332 $10,166 $9,647 Weighted-average remaining lease term in years - operating leases 30 29 29 Weighted-average discount rate - operating leases 5 % 5 % 5 %
Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
Schedule of Lease, Practical Expedient	We apply the following practical expedients as allowed under ASC 842: Practical Expedient Description Short-term leases We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). Separation of lease and non-lease components We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

OTHER OPERATING INCOME (EXPEN_2

OTHER OPERATING INCOME (EXPENSE), NET (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Other Operating Income (Expense), Net	The following table provides the composition of Other operating income (expense), net for the three years ended December 31: 2022 2021 2020 (Loss) gain on foreign currency remeasurement, net of cash flow hedges ($5,251) $6,823 ($3,503) Gain on sale or disposal of property plant & equipment 40 75 121 Gain on investment in Timber Funds (a) — 7,482 — Log trading marketing fees — 6 56 Cost related to the merger with Pope Resources (b) — — (17,166) Equity income (loss) related to Bainbridge Landing LLC joint venture (c) 15,477 102 (721) Miscellaneous expense, net (562) (404) (472) Total $9,704 $14,084 ($21,685) (a) Gain on investment in Timber Funds represents the gain recognized on the sale of rights to manage two timber funds (Funds III and IV) previously managed by the Company’s Olympic Resources Management (ORM) subsidiary, as well as its co-investment stake in both funds. (b) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. (c) The year ended December 31, 2022 includes $16.0 million equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See Note 5 - Noncontrolling Interests for additional information.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of Changes in Projected Benefit Obligations	The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2022 2021 2022 2021 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $93,799 $100,469 $1,890 $1,886 Service cost — — 7 8 Interest cost 2,434 2,228 51 45 Actuarial gain (22,376) (5,112) (513) (35) Benefits paid (3,609) (3,519) (14) (14) Expenses paid (186) (267) — — Projected benefit obligation at end of year $70,062 $93,799 $1,421 $1,890 Funded Status at End of Year: Net accrued benefit cost ($7,219) ($8,720) ($1,421) ($1,890)
Schedule of Changes in Fair Value of Plan Assets	Change in Plan Assets Fair value of plan assets at beginning of year $85,079 $78,883 — — Actual return on plan assets (18,527) 9,896 — — Employer contributions 86 86 14 14 Benefits paid (3,609) (3,519) (14) (14) Other expense (186) (267) — — Fair value of plan assets at end of year $62,843 $85,079 — —
Schedule of Amounts Recognized in Balance Sheet	Amounts Recognized in the Consolidated Balance Sheets Consist of: Current liabilities ($86) ($86) ($50) ($46) Noncurrent liabilities (7,133) (8,634) (1,371) (1,844) Net amount recognized ($7,219) ($8,720) ($1,421) ($1,890)
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value	For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: 2022 2021 Projected benefit obligation $70,062 $93,799 Accumulated benefit obligation 70,062 93,799 Accumulated postretirement benefit obligation 1,421 1,890 Fair value of plan assets 62,843 85,079
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows: Pension Postretirement 2022 2021 2020 2022 2021 2020 Net gains (losses) $362 $11,262 ($1,587) $512 $40 ($207) Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: Pension Postretirement 2022 2021 2020 2022 2021 2020 Amortization of losses (gains) $738 $1,154 $861 $15 $20 $8
Schedule of Net Periodic Benefit Cost Not yet Recognized	Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows: Pension Postretirement 2022 2021 2022 2021 Net (losses) income ($11,527) ($12,627) $96 ($431) Deferred income tax benefit 1,216 1,216 6 6 AOCI ($10,311) ($11,411) $102 ($425)
Schedule of Net Benefit Costs	The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31: Pension Postretirement 2022 2021 2020 2022 2021 2020 Components of Net Periodic Benefit (Credit) Cost Service cost — — — $7 $8 $6 Interest cost 2,434 2,228 2,706 51 45 51 Expected return on plan assets (3,486) (3,746) (3,504) — — — Amortization of losses (gains) 738 1,154 861 15 20 8 Net periodic benefit (credit) cost ($314) ($364) $63 $73 $73 $65
Schedule of Assumptions Used	The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: Pension Postretirement 2022 2021 2020 2022 2021 2020 Assumptions used to determine benefit obligations at December 31: Discount rate 4.96 % 2.65 % 2.26 % 5.01 % 2.75 % 2.42 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 2.65 % 2.26 % 3.06 % 2.75 % 2.42 % 3.16 % Expected long-term return on plan assets 4.97 % 5.72 % 5.72 % — — —
Schedule of Allocation of Plan Assets	Our pension plans’ asset allocation (excluding short-term investments) at December 31, 2022 and 2021 are as follows: Percentage of Asset Category 2022 2021 Domestic equity securities 28 % 29 % International equity securities 20 % 18 % Domestic fixed income securities 50 % 51 % Real estate fund 2 % 2 % Total 100 % 100 % The following table sets forth the net asset value of the plan assets as of December 31, 2022 or 2021: December 31, 2022 December 31, 2021 Asset Category Investments at Net Asset Value: Separate Investment Accounts $62,843 $85,079 Total Investments at Net Asset Value $62,843 $85,079
Schedule of Expected Benefit Payments	Our expected benefit payments to be made for the next 10 years are as follows: Pension Postretirement 2023 $3,999 $50 2024 4,180 53 2025 4,338 57 2026 4,478 62 2027 4,594 66 2028-2032 23,730 390

INCENTIVE STOCK PLANS (Tables)

INCENTIVE STOCK PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs	A summary of our stock-based compensation cost is presented below: 2022 2021 2020 Selling and general expenses $10,767 $8,255 $6,839 Cost of sales 1,226 816 693 Timber and Timberlands, net (a) 363 206 170 Other operating expense, net (b) — — 324 Total stock-based compensation $12,356 $9,277 $8,026 Tax benefit recognized related to stock-based compensation expense (c) $603 $487 $421 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b) Represents expense associated with the acceleration of share-based compensation on Pope replacement awards related to qualifying terminations.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	A summary of our restricted stock is presented below: 2022 2021 2020 Restricted shares granted (a) 22,800 22,140 100,452 Weighted average price of restricted shares granted $38.60 $37.36 $23.15 Intrinsic value of restricted stock outstanding (b) $620 $3,062 $4,666 Grant date fair value of restricted stock vested 2,478 3,121 2,755 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested 708 869 566 (a) The year ended December 31, 2020 includes 69,176 replacement awards issued as a result of the merger with Pope Resources. (b) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2022. 2022 Number of Weighted Non-vested Restricted Shares at January 1, 75,862 $29.29 Granted 22,800 38.60 Vested (a) (78,607) 31.52 Cancelled (1,247) 24.32 Non-vested Restricted Shares at December 31, 18,808 $31.58 (a) The year ended December 31, 2022 includes 3,718 replacement awards vested as a result of acceleration due to qualifying terminations. A summary of our restricted stock units is presented below: 2022 2021 2020 Restricted stock units granted 130,213 129,290 171,409 Weighted average price of restricted stock units granted $41.81 $33.59 $22.58 Intrinsic value of restricted stock units outstanding (a) $13,826 $15,095 $7,801 Grant date fair value of restricted stock units vested 2,475 493 218 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested 1,063 189 47 (a) Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2022. 2022 Number of Weighted Non-vested Restricted Stock Units at January 1, 374,016 $28.44 Granted 130,213 41.81 Vested (80,857) 30.61 Cancelled (3,888) 33.72 Non-vested Restricted Stock Units at December 31, 419,484 $32.12
Schedule of Nonvested Performance-based Units Activity	A summary of our performance share units is presented below: 2022 2021 2020 Common shares reserved for performance shares granted during year 193,333 191,203 361,870 Weighted average fair value of performance share units granted $45.68 $36.10 $29.59 Intrinsic value of outstanding performance share units (a) $13,123 $16,360 $11,711 Fair value of performance shares vested 5,549 1,738 3,522 Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested 2,454 559 992 (a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2022. 2022 Number Weighted Outstanding Performance Share units at January 1, 405,361 $33.16 Granted 110,476 45.68 Units Distributed (115,167) 35.98 Other Cancellations/Adjustments (2,514) 39.23 Outstanding Performance Share units at December 31, 398,156 $35.78 Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31: 2022 2021 2020 Expected volatility 38.1 % 35.6 % 32.6 % Risk-free rate 2.6 % 0.4 % 0.3 % Liquidity discount applied to grants with a post-vesting holding restriction (a) 4.2 % 6.3 % n/a (a) One-year post-vest holding requirement began in grant year 2021.
Schedule of Share-based Compensation, Stock Options, Activity	A summary of the status of our stock options as of and for the year ended December 31, 2022 is presented below: 2022 Number of Weighted Weighted Aggregate Options outstanding at January 1, 124,170 $36.67 Exercised (64,762) 38.07 Cancelled or expired (5,317) 35.13 Options outstanding at December 31, 54,091 35.15 0.57 $40 Options exercisable at December 31, 54,091 $35.15 0.57 $40 A summary of additional information pertaining to our stock options is presented below: 2022 2021 2020 Intrinsic value of options exercised (a) $300 $916 $108 Cash received from exercise of options 2,466 5,922 1,368 (a) Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes for each of the three years ended December 31 follows: 2022 2021 2020 Current U.S. federal ($2,797) ($1,893) ($237) State (371) (536) (339) Foreign (2,694) (11,425) (5,391) (5,862) (13,854) (5,967) Deferred U.S. federal 2,302 (6,288) 8,355 State 1,693 (1,623) 325 Foreign (3,583) (2,007) (3,027) 412 (9,918) 5,653 Changes in valuation allowance (3,939) 9,111 (6,695) Total ($9,389) ($14,661) ($7,009)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows: 2022 2021 2020 U.S. federal statutory income tax rate ($27,758) (21.0) % ($47,280) (21.0) % ($7,726) (21.0) % U.S. and foreign REIT income 29,732 22.5 44,316 19.7 16,569 45.0 Matariki Group and Rayonier New Zealand Ltd (5,038) (3.8) (12,927) (5.7) (7,698) (20.8) Change in valuation allowance (3,939) (3.0) 9,111 4.0 (6,695) (18.2) REIT Built-in Gain (2,516) (1.9) (2,215) (1.0) — — State Net Operating Loss — — — — 1,118 3.0 Prepaid land sales — — — — (1,084) (2.9) Foreign income tax withholding (1,239) (0.9) (505) (0.2) (721) (2.0) Sale of Timber Funds — — (2,399) (1.1) — — State Income Tax, Net of Federal Benefit 1,424 1.1 — — — — Bainbridge Landing JV, NCI 2,496 1.8 — — — — Other (2,551) (1.9) (2,762) (1.2) (772) (2.1) Income tax expense as reported for net income ($9,389) (7.1) % ($14,661) (6.5) % ($7,009) (19.0) %
Schedule of Deferred Tax Assets and Liabilities	The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows: 2022 2021 Gross deferred tax assets: Pension, postretirement and other employee benefits $489 $597 New Zealand subsidiary 20,753 21,790 CBPC tax credit carry forwards 13,688 13,701 Capitalized real estate costs 2,457 1,656 U.S. TRS net operating loss 23,885 12,489 Land basis difference — 9,061 Other 4,808 5,367 Total gross deferred tax assets 66,080 64,661 Less: Valuation allowance (40,844) (36,904) Total deferred tax assets after valuation allowance $25,236 $27,757 Gross deferred tax liabilities: Accelerated depreciation (9) (46) New Zealand subsidiary (88,414) (91,388) Other (4,558) (6,059) Total gross deferred tax liabilities (92,981) (97,493) Net deferred tax liability reported as noncurrent ($67,745) ($69,736)
Schedule of Operating Loss and Tax Credit Carryforwards	Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: Tax Effected Balance Expiration 2022 U.S. Federal NOL Carryforwards- Post TCJA (a) $20,538 None U.S State NOL Carryforwards (b) 3,347 Various Cellulosic Biofuel Producer Credit (c) 13,688 2024 2021 U.S. Federal NOL Carryforwards- Post TCJA (a) $10,687 None U.S State NOL Carryforwards (b) 1,802 Various Cellulosic Biofuel Producer Credit (c) 13,701 2023 (a) The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period. (b) The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033. (c) The Inflation Reduction Act of 2022 was signed into law on August 16, 2022. The Inflation Reduction Act of 2022 temporarily extended existing fuels tax credits that previously expired or were set to expire at the end of 2023. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act.
Schedule of Income Tax Examinations	The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: Taxing Jurisdiction Open Tax Years U.S. Internal Revenue Service 2019 - 2021 New Zealand Inland Revenue 2017 - 2021
Schedule of Tax Characteristics of Dividend Distributions	The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows: 2022 2021 2020 Total dividends/distributions paid per common share/unit $1.125 $1.08 $1.08 Tax characteristics: Capital gain 100 % 100 % 100 %

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 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 years ended December 31: 2022 2021 Restricted cash, excluding Timber Funds: Restricted cash deposited with LKE intermediary $527 — Restricted cash held in escrow 625 625 Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds 1,152 625 Restricted cash shown in the Consolidated Balance Sheets, Timber Funds — 6,341 Cash and cash equivalents 114,255 362,173 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $115,407 $369,139

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
Schedule of Other Assets	The following table provides the composition of Other assets for the two years ended December 31: 2022 2021 Long-term derivative contracts (a) $76,216 $11,796 Patronage equity (b) 7,872 7,322 Goodwill (b) 7,863 8,457 Pacific Northwest long-term prepaid roads (b) 5,857 4,131 New Zealand long-term secondary roads (b) 6,971 6,730 Capitalized software costs (b) 5,795 3,117 Carbon credits (c) 1,086 1,956 Rabbi trusts related to the Executive Severance Pay Plan (d) 1,869 1,844 Deferred financing costs related to revolving debt (b) 854 1,104 Long-term prepaid stumpage (b) 713 1,461 Long-term deposits 212 1,896 Other 173 1,152 Total $115,481 $50,966 (a) See Note 1 — Summary of Significant Accounting Policies and Note 8 — Derivative Financial Instruments and Hedging Activitie s for further information on derivatives including their classification on the Consolidated Balance Sheets. (b) See Note 1 — Summary of Significant Accounting Policies for additional information. (c) See Note 1 — Summary of Significant Accounting Policies and Note 15 — Inventory for additional information on carbon credits. (d) The Executive Severance Pay Plan provides benefits to eligible executives in the event of a change in control of the Company.
Schedule of Changes in Goodwill	Changes in goodwill for the years ended December 31, 2022 and 2021 were: 2022 2021 Balance, January 1 (net of $0 of accumulated impairment) $8,457 $8,943 Changes to carrying amount Acquisitions — — Impairment — — Foreign currency adjustment (594) (486) Balance, December 31 (net of $0 of accumulated impairment) $7,863 $8,457
Schedule of Indefinite-Lived Intangible Assets	Changes in the basis of carbon credits for the years ended December 31, 2022 and 2021 were: 2022 2021 Balance, January 1 $1,956 $1,346 Changes to carrying amount Acquisitions — 698 Sales (309) — Transfers to inventory (474) Foreign currency adjustment (87) (88) Balance, December 31 (net of $0 of accumulated impairment) $1,086 $1,956

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component for the years ended December 31, 2022 and 2021. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation gains/(losses) Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation of Operating Partnership Total Rayonier Inc. Balance as of December 31, 2020 $22,702 $1,321 ($71,056) ($24,312) ($71,345) ($2,540) ($73,885) Other comprehensive (loss) income before reclassifications (18,487) — 44,899 (a) 11,302 37,714 — 37,714 Amounts reclassified from accumulated other comprehensive income (loss) — — 16,994 1,174 (b) 18,168 (1,601) 16,567 Net other comprehensive (loss) income (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 (22,282) — 78,166 (a) 874 56,758 (1,323) 55,435 Amounts reclassified from accumulated other comprehensive (loss) income — — (1,799) 753 (b) (1,046) 1,028 (18) Net other comprehensive (loss) income (22,282) — 76,367 1,627 55,712 (295) 55,417 Balance as of December 31, 2022 ($18,067) $1,321 $67,204 ($10,209) $40,249 ($4,436) $35,813 (a) The years ended December 31, 2022 and December 31, 2021 include $75.0 million and $52.5 million, respectively, of other comprehensive income related to interest rate products. See Note 8 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 18 — Employee Benefit Plans
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the years ended December 31, 2022 and 2021: Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss Affected line item in the income statement 2022 2021 Realized (gain) loss on foreign currency exchange contracts ($7,682) $2,974 Other operating income (expense), net Realized loss on foreign currency option contracts — 1,177 Other operating income (expense), net Noncontrolling interest 1,768 (955) Comprehensive (income) loss attributable to noncontrolling interests Realized loss on interest rate contracts 2,459 14,694 Interest expense Income tax effect from net loss (gain) on foreign currency contracts 1,656 (896) Income tax expense Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($1,799) $16,994

RELATED PARTY (Tables)

RELATED PARTY (Tables)	12 Months Ended
	Dec. 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 years ended December 31: Related Party Transaction Location on Statement of Income and Comprehensive Income 2022 2021 2020 Mattamy Contract Sales (a) $916 $2,656 $1,354

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)			12 Months Ended
	Dec. 31, 2022 USD ($) method $ / shares	Oct. 01, 2021 USD ($)	Dec. 31, 2022 USD ($) method $ / shares	Dec. 31, 2021 USD ($)
Other Ownership Interests [Line Items]
Loan term (in years)			10 years
Impairment			$ 0	$ 0
Conversion ratio on redeemable common units			1
Number of primary methods or sales channels | method	2		2
Contract duration (or less) (in years)			1 year
Separate Investment Accounts
Other Ownership Interests [Line Items]
Net liability position	$ 7,219,000		$ 7,219,000	$ 8,720,000
New Zealand Timber
Other Ownership Interests [Line Items]
Impairment		$ 0
Minimum
Other Ownership Interests [Line Items]
Harvested in months, to be recorded as prepaid logging roads (in months)			24 months
Useful life (in years)			3 years
Life cycle of development projects (in years)			20 years
Deposit required (as a percent)	2%		2%
Minimum | Buildings
Other Ownership Interests [Line Items]
Useful life (in years)			15 years
Minimum | Land Improvements
Other Ownership Interests [Line Items]
Useful life (in years)			5 years
Maximum
Other Ownership Interests [Line Items]
Harvested in months, to be recorded as prepaid logging roads (in months)			60 months
Useful life (in years)			25 years
Life cycle of development projects (in years)			40 years
Deposit required (as a percent)	5%		5%
Maximum | Software Costs
Other Ownership Interests [Line Items]
Useful life (in years)			5 years
Maximum | Buildings
Other Ownership Interests [Line Items]
Useful life (in years)			35 years
Maximum | Land Improvements
Other Ownership Interests [Line Items]
Useful life (in years)			30 years
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (as a percent)	97.90%
Ownership interest owned by limited partners (as a percent)	2.10%
CoBank
Other Ownership Interests [Line Items]
Percent of average loan balance (as a percent)			8%
Historical average loan (in years)			10 years
Equity purchase percentage by cash (as a percent)	90%		90%
Equity percentage equity basis (as a percent)	10%		10%
Cash value of stock until retired	$ 0		$ 0
CoBank | Class A Common Stock
Other Ownership Interests [Line Items]
Common stock (in dollars per unit) | $ / shares	$ 100		$ 100

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2022
Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation (in days)	10 days
Stumpage Pay-as-Cut | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value (as a percent)	5%
Stumpage Pay-as-Cut | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value (as a percent)	20%
Total Delivered | Delivered Wood (Domestic)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation (in days)	30 days
Total Delivered | Delivered Wood (Export)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation, letter of credit (in days)	30 days

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	5

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Sales	$ 909,072	$ 1,109,597	$ 859,154
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Sales		159,100	22,700
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Sales		125,400
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Sales		31,400
Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales	(402)	(3,657)	(3,676)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Sales	264,201	204,441	191,831
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Sales	162,237	143,021	120,809
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Sales	274,076	281,158	202,315
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Sales	0	199,402	29,557
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Sales	138,008	189,868	229,345
Operating Segments | Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Sales	30,471	56,048	116,027
Operating Segments | Real Estate | Improved Development
Segment Reporting Information [Line Items]
Sales	35,413	51,713	14,498
Operating Segments | Real Estate | Unimproved Development
Segment Reporting Information [Line Items]
Sales	0	37,500	8,426
Operating Segments | Real Estate | Rural
Segment Reporting Information [Line Items]
Sales	59,485	43,088	67,152
Operating Segments | Real Estate | Timberland & Non-Strategic
Segment Reporting Information [Line Items]
Sales	11,400	44	19,255
Operating Segments | Real Estate | Conservation Easements
Segment Reporting Information [Line Items]
Sales	0	3,855	3,099
Operating Segments | Real Estate | Deferred Revenue/Other
Segment Reporting Information [Line Items]
Sales	1,239	(2,380)	888
Operating Segments | Trading
Segment Reporting Information [Line Items]
Sales	70,952	95,364	88,973
Intersegment Eliminations | Timber Funds
Segment Reporting Information [Line Items]
Sales		3,337	3,437
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
Sales	402	320	239
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales	$ (402)	$ (3,657)	$ (3,676)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 165,822	$ 269,775	$ 74,388
Unallocated interest expense and other	(33,642)	(44,627)	(37,595)
Total Income before Income Taxes	132,180	225,148	36,793
Charges			17,200
Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties	0	51,522	0
Southern Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events			6,000
Pacific Northwest Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	700
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
OPERATING INCOME		(45,600)	11,600
Timber write-offs from casualty events			7,300
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties		41,200
Timber Funds, Portion Attributable To Parent
Segment Reporting Information [Line Items]
Timber write-offs from casualty events			1,800
Timber Funds, Portion Attributable To Parent | Large Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties		(7,500)
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Gain on sale of properties		10,300
Real Estate
Segment Reporting Information [Line Items]
Gain on sale of properties	(11,500)
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
OPERATING INCOME	(16,600)	(44,800)	28,700
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	96,616	66,111	41,247
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	15,192	6,827	(9,979)
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
OPERATING INCOME	30,621	51,513	29,984
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
OPERATING INCOME	0	63,219	(13,195)
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
OPERATING INCOME	58,495	112,540	71,951
Operating Segments | Trading
Segment Reporting Information [Line Items]
OPERATING INCOME	382	144	(462)
Corporate and Other
Segment Reporting Information [Line Items]
OPERATING INCOME	$ (35,484)	$ (30,579)	$ (45,158)

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Capital Expenditure (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total capital expenditures	$ 74,811	$ 75,965	$ 66,500
Purchase of timberlands	458,530	179,115	24,695
Total Gross Capital Expenditures	533,341	255,080	91,195
Real estate development investments	13,698	12,521	6,462
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Total capital expenditures		2,800	2,300
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total capital expenditures	39,301	35,790	35,505
Purchase of timberlands	457,770	168,188	24,241
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total capital expenditures	16,770	16,585	11,367
Purchase of timberlands	26	0	0
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total capital expenditures	18,455	20,128	16,595
Purchase of timberlands	734	10,927	454
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Total capital expenditures	0	3,271	2,606
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total capital expenditures	285	191	428
Corporate and other
Segment Reporting Information [Line Items]
Total capital expenditures	$ 0	$ 0	$ 0

SEGMENT AND GEOGRAPHICAL INFO_7

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	$ 155,669	$ 248,505	$ 200,368
Timber Funds, Portion Attributable To Noncontrolling Interests
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization		78,900	10,300
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization		66,400
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	8,300	9,800	35,400
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization		16,600
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	60,298	54,116	61,827
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	48,024	50,487	47,107
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	23,876	27,005	25,030
Operating Segments | Timber Funds
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	0	97,943	11,884
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	22,216	17,746	53,093
Corporate and other
Segment Reporting Information [Line Items]
Depreciation, Depletion and Amortization	$ 1,255	$ 1,208	$ 1,427

SEGMENT AND GEOGRAPHICAL INFO_8

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	$ 32,934	$ 45,309	$ 82,008
Timber Funds
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	0	20,239	0
Timber Funds | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development		20,200
Real Estate
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	32,934	25,070	82,008
Real Estate | Large Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development	$ 4,600	100	$ 51,600
Timber Funds, Portion Attributable To Noncontrolling Interests | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development		16,200
Timber Funds, Portion Attributable To Parent | Large Dispositions | Fund II Timberland Dispositions
Segment Reporting Information [Line Items]
Non-Cash Cost of Land and Improved Development		$ 4,000

SEGMENT AND GEOGRAPHICAL INFO_9

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Geographical Operating Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 909,072	$ 1,109,597	$ 859,154
OPERATING INCOME	165,822	269,775	74,388
Identifiable Assets	3,789,371	3,636,356
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	576,780	732,995	567,998
OPERATING INCOME	135,900	217,964	44,877
Identifiable Assets	3,244,128	3,046,707
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	332,292	376,602	291,156
OPERATING INCOME	29,922	51,811	$ 29,511
Identifiable Assets	$ 545,243	$ 589,649

REVENUE - Contract Liabilities

REVENUE - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 16,148	$ 10,809

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 907,795	$ 1,108,445	$ 858,549
Lease Revenue	1,277	1,152	605
Total Revenue	909,072	1,109,597	859,154
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	715,650	729,501	594,899
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	183,183	160,328	143,291
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	515,251	564,502	449,178
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,216	4,671	2,430
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	55,414	190,228	34,910
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,704	19,531	18,932
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,454	12,546	14,818
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,256	1,399	1,160
Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		156,752
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	136,731	188,716	228,740
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,413	51,713	14,498
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		37,500	8,426
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,485	43,088	67,152
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,400	44	19,255
Conservation Easements
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		3,855	3,099
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(38)	(3,532)	283
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,471	56,048	116,027
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(402)	(3,657)	(3,676)
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	264,201	204,441	191,831
Total Revenue	264,201	204,441	191,831
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	236,612	179,820	170,221
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	126,884	95,995	94,108
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	92,512	79,154	73,683
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	17,216	4,671	2,430
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,589	24,621	21,610
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,287	18,116	17,765
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,302	6,505	3,845
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	162,237	143,021	120,809
Total Revenue	162,237	143,021	120,809
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	156,635	137,104	116,632
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,094	9,336	10,581
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	141,541	127,768	106,051
Operating Segments | Pacific Northwest Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,602	5,917	4,177
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,076	990	843
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,526	4,927	3,334
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	274,076	281,158	202,315
Total Revenue	274,076	281,158	202,315
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	253,109	280,098	194,493
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,027	42,836	27,558
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	219,082	237,262	166,935
Operating Segments | New Zealand Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,967	1,060	7,822
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	341	385	307
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,626	675	7,515
Operating Segments | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		196,065	26,120
Total Revenue	0	199,402	29,557
Operating Segments | Timber Funds | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	38,834	25,979
Operating Segments | Timber Funds | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		792	784
Operating Segments | Timber Funds | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		38,042	25,195
Operating Segments | Timber Funds | Hardwood
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		157,231	141
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		40	17
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		439	124
Operating Segments | Timber Funds | Fund II Timberland Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		156,752
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	136,731	188,716	228,740
Lease Revenue	1,277	1,152	605
Total Revenue	138,008	189,868	229,345
Operating Segments | Real Estate | Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	136,731	188,716	228,740
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,413	51,713	14,498
Total Revenue	35,413	51,713	14,498
Operating Segments | Real Estate | Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		37,500	8,426
Total Revenue	0	37,500	8,426
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,485	43,088	67,152
Total Revenue	59,485	43,088	67,152
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,400	44	19,255
Operating Segments | Real Estate | Conservation Easements
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		3,855	3,099
Total Revenue	0	3,855	3,099
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(38)	(3,532)	283
Total Revenue	1,239	(2,380)	888
Operating Segments | Real Estate | Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,471	56,048	116,027
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,550	95,044	88,734
Total Revenue	70,952	95,364	88,973
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,294	93,645	87,574
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,178	11,369	10,260
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,116	82,276	77,314
Operating Segments | Trading | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,256	1,399	1,160
Operating Segments | Trading | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Trading | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,256	1,399	1,160
Intersegment Eliminations | Timber Funds
Disaggregation of Revenue [Line Items]
Total Revenue		3,337	3,437
Intersegment Eliminations | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	402	320	239
Intersegment Eliminations | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (402)	$ (3,657)	$ (3,676)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 907,795	$ 1,108,445	$ 858,549
Southern Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	264,201	204,441	191,831
Pacific Northwest Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	162,237	143,021	120,809
New Zealand Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	274,076	281,158	202,315
Timber Funds | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		196,065	26,120
Trading | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,550	95,044	88,734
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	107,759	86,898	80,584
Total Stumpage | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	99,989	75,361	70,711
Total Stumpage | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,770	10,769	8,142
Total Stumpage | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Stumpage | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	768	1,731
Total Stumpage | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	98,967	69,239	70,415
Stumpage Pay-as-Cut | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	98,967	68,471	68,684
Stumpage Pay-as-Cut | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Pay-as-Cut | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	768	1,731
Stumpage Pay-as-Cut | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,792	17,659	10,169
Stumpage Lump Sum | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,022	6,890	2,027
Stumpage Lump Sum | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,770	10,769	8,142
Stumpage Lump Sum | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Stumpage Lump Sum | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	607,891	642,603	514,315
Total Delivered | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	136,623	104,459	99,510
Total Delivered | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	148,865	126,335	108,490
Total Delivered | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	253,109	280,098	194,493
Total Delivered | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	38,066	24,248
Total Delivered | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,294	93,645	87,574
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	326,935	323,478	283,070
Total Delivered | Delivered Wood (Domestic) | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	125,136	81,803	85,996
Total Delivered | Delivered Wood (Domestic) | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	137,421	126,335	108,490
Total Delivered | Delivered Wood (Domestic) | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,068	73,543	62,568
Total Delivered | Delivered Wood (Domestic) | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	38,066	24,248
Total Delivered | Delivered Wood (Domestic) | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,310	3,731	1,768
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	280,956	319,125	231,245
Total Delivered | Delivered Wood (Export) | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,487	22,656	13,514
Total Delivered | Delivered Wood (Export) | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,444	0	0
Total Delivered | Delivered Wood (Export) | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	191,041	206,555	131,925
Total Delivered | Delivered Wood (Export) | Timber Funds
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0
Total Delivered | Delivered Wood (Export) | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,984	89,914	85,806
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	715,650	729,501	594,899
Total Timber Sales | Southern Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	236,612	179,820	170,221
Total Timber Sales | Pacific Northwest Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	156,635	137,104	116,632
Total Timber Sales | New Zealand Timber | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	253,109	280,098	194,493
Total Timber Sales | Timber Funds | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	38,834	25,979
Total Timber Sales | Trading | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 69,294	$ 93,645	$ 87,574

TIMBERLAND ACQUISITIONS - Narra

TIMBERLAND ACQUISITIONS - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2022 USD ($) a transaction	Dec. 31, 2021 USD ($) a transaction	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		141,015	103,173
Purchase of timberlands | $		$ 458,530	$ 179,115	$ 24,695
Texas, Georgia, Alabama and Louisiana | Manulife Investment Management
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)	138,000
Aggregate value | $	$ 454,500
Alabama, Florida, Georgia And Washington
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		2,000
Aggregate value | $		$ 3,300
Number of acquisitions | transaction		5
New Zealand
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		1,409	2,676
Purchase of timberlands | $		$ 734	$ 10,927
New Zealand | Leased Land
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			1,000
New Zealand | Timberland Acquired In New Zealand
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		1,000
Purchase of timberlands | $		$ 700
New Zealand | Timberland Acquired In New Zealand | Leased Land
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)		400
Florida, Georgia and Texas
Business Acquisition [Line Items]
Number of acres acquired of timberland (in acres)			100,000
Aggregate value | $			$ 168,200
Number of acquisitions | transaction			7

TIMBERLAND ACQUISITIONS - Summa

TIMBERLAND ACQUISITIONS - Summary of Timberland Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Cost | $	$ 458,530	$ 179,115	$ 24,695
Acres | a	141,015	103,173
Alabama
Business Acquisition [Line Items]
Cost | $	$ 124,020	$ 0
Acres | a	35,995	0
Florida
Business Acquisition [Line Items]
Cost | $	$ 1,053	$ 31,342
Acres | a	741	24,153
Georgia
Business Acquisition [Line Items]
Cost | $	$ 130,124	$ 38,339
Acres | a	28,514	24,776
Louisiana
Business Acquisition [Line Items]
Cost | $	$ 24,373	$ 0
Acres | a	9,110	0
Texas
Business Acquisition [Line Items]
Cost | $	$ 178,200	$ 98,507
Acres | a	65,226	51,568
Washington
Business Acquisition [Line Items]
Cost | $	$ 26	$ 0
Acres | a	20	0
New Zealand
Business Acquisition [Line Items]
Cost | $	$ 734	$ 10,927
Acres | a	1,409	2,676

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity loss related to Ferncliff Investors joint venture	$ 15,477	$ 102	$ (721)
Equity income attributable to Rayonier	$ 4,500
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned | a	417,000
Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 65,500
Equity loss related to Ferncliff Investors joint venture	16,000
Equity income attributable to Rayonier	$ 4,500
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of acres to be developed (in acres) | a	5
Rayonier | Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77%
Rayonier New Zealand Subsidiary | Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23%
Ferncliff Investors | Ferncliff Management
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)	33.33%
Bainbridge Landing LLC | Ferncliff Investors
Schedule of Equity Method Investments [Line Items]
Ownership interest owned by limited partners (as a percent)	50%

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Net Income (Loss) Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Net income attributable to noncontrolling interests in the New Zealand subsidiary	$ 13,321	$ 53,421	$ (7,828)
Matariki Forestry Group
Schedule of Equity Method Investments [Line Items]
Net income attributable to noncontrolling interests in the New Zealand subsidiary	$ 2,966	$ 7,696	$ 4,920

NONCONTROLLING INTERESTS - Sc_2

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 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	(23,155)	42,530
Conversions of redeemable operating partnership units to common shares	(3,925)	(40,676)
Net income attributable to noncontrolling interests in the operating partnership	2,393	4,516
Other comprehensive income attributable to noncontrolling interests in the operating partnership	295	1,601
Distributions to noncontrolling interests in the operating partnership	(3,668)	(4,269)
Total noncontrolling interests in the operating partnership	$ 105,763	$ 133,823

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net Income	$ 122,791	$ 210,487	$ 29,784
Less: Net income attributable to noncontrolling interests in the operating partnership	(2,393)	(4,516)	(528)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(13,321)	(53,421)	7,828
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 107,077	$ 152,550	$ 37,084
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	146,209,847	140,812,882	133,865,867
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.73	$ 1.08	$ 0.28
Numerator:
Net Income	$ 122,791	$ 210,487	$ 29,784
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(13,321)	(53,421)	7,828
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 109,470	$ 157,066	$ 37,612
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	146,209,847	140,812,882	133,865,867
Add: Dilutive effect of:
Stock options (in shares)	5,132	8,727	633
Performance shares, restricted shares and restricted stock units (in shares/units)	669,501	416,527	198,955
Noncontrolling interests in Operating Partnership units (in shares)	3,268,473	4,062,725	2,877,447
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	150,152,953	145,300,861	136,942,902
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.73	$ 1.08	$ 0.27
Rayonier Limited Partnership
Numerator:
Net Income	$ 122,791	$ 210,487	$ 29,784
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(13,321)	(53,421)	7,828
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 109,470	$ 157,066	$ 37,612
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	149,478,320	144,875,607	136,743,314
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.73	$ 1.08	$ 0.28
Numerator:
Net Income	$ 122,791	$ 210,487	$ 29,784
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	$ (13,321)	$ (53,421)	$ 7,828
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	149,478,320	144,875,607	136,743,314
Add: Dilutive effect of:
Stock options (in shares)	5,132	8,727	633
Performance shares, restricted shares and restricted stock units (in shares/units)	669,501	416,527	198,955
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	150,152,953	145,300,861	136,942,902
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.73	$ 1.08	$ 0.27

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares)	103,514	149,705	450,551
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares)	103,514	149,705	450,551

DEBT - Schedule of Long Term De

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	May 31, 2021	Sep. 30, 2020	Mar. 31, 2012
Debt Instrument [Line Items]
Total principal debt	$ 1,523,103			$ 1,376,107
Less: Unamortized discounts	(3,104)			(3,426)
Less: Current maturities of long-term debt	0			(124,965)
Less: Deferred financing costs	(5,278)			(4,897)
Total long-term debt	$ 1,514,721			1,242,819
Senior Notes due 2031 at a fixed interest rate of 2.75%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%				2.75%
Total principal debt	$ 450,000			450,000
Term Credit Agreement borrowings due 2028 at a variable interest rate of 5.4% at December 31, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	5.40%
Total principal debt	$ 350,000			350,000
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	5.21%
Total principal debt	$ 250,000			0
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	5.54%
Total principal debt	$ 200,000			200,000
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	5.35%
Total principal debt	$ 200,000			0
New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Total principal debt	$ 25,586			27,519
New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%	6.48%
Total principal debt	$ 25,586			0
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%					2.95%
Total principal debt	$ 21,931			23,588
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.75%						3.75%
Total principal debt	$ 0		$ 325,000	$ 325,000

DEBT - Schedule of Long Term Ma

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	21,931
2026	225,586
2027	275,586
Thereafter	1,000,000
Total debt	$ 1,523,103

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2022	Mar. 31, 2012
Debt Instrument [Line Items]
Total principal debt		$ 1,523,103	$ 1,376,107
Debt issuance costs		$ 740	4,846	$ 2,483
Senior Notes due 2031 at a fixed interest rate of 2.75%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%	2.75%
Face amount	$ 450,000
Total principal debt		$ 450,000	450,000
Issue price (as a percent)	99.195%
Debt issuance costs	$ 3,900
Proceeds from debt	$ 442,500
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)		3.75%				3.75%
Face amount						$ 325,000
Total principal debt		$ 0	$ 325,000		$ 325,000

DEBT - Term Credit Agreement (D

DEBT - Term Credit Agreement (Details) - Term Credit Agreement borrowings due 2028 at a variable interest rate of 5.4% at December 31, 2022 - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2022	Aug. 05, 2015
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 550
Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350
Debt instrument, term (in years)	9 years
Variable interest rate		3%
Term Loan Facility | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)		1.60%
Term Loan Facility | SOFR | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)		0.10%

DEBT - Incremental Term Loan Ag

DEBT - Incremental Term Loan Agreements (Details) - USD ($) $ in Thousands			1 Months Ended				12 Months Ended
	Dec. 31, 2022	Dec. 15, 2022	Dec. 31, 2022	Jan. 31, 2022	Jun. 30, 2021	Apr. 30, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal debt	$ 1,523,103		$ 1,523,103				$ 1,523,103	$ 1,376,107
Repayments of debt							531,842	420,000	$ 152,000
Issuance of debt							656,842	446,378	$ 320,000
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022
Debt Instrument [Line Items]
Total principal debt	250,000		$ 250,000				250,000	0
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022 | 2022 Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)			5 years
Total principal debt	$ 250,000		$ 250,000				$ 250,000
Variable interest rate (as a percent)	4.90%		4.90%				4.90%
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022 | 2022 Incremental Term Loan Facility | U S South
Debt Instrument [Line Items]
Purchase price		$ 454,500
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022 | SOFR | 2022 Incremental Term Loan Facility
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.60%
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 5.21% at December 31, 2022 | SOFR | 2022 Incremental Term Loan Facility | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)							0.10%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022
Debt Instrument [Line Items]
Total principal debt	$ 200,000		$ 200,000				$ 200,000	200,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022 | 2016 Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)						10 years
Total principal debt	$ 200,000		$ 200,000			$ 300,000	$ 200,000
Repayments of debt					$ 100,000
Variable interest rate (as a percent)	2.40%		2.40%				2.40%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022 | SOFR | 2016 Incremental Term Loan Facility
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)							1.65%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 5.54% at December 31, 2022 | SOFR | 2016 Incremental Term Loan Facility | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)							0.10%
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022
Debt Instrument [Line Items]
Total principal debt	$ 200,000		$ 200,000				$ 200,000	$ 0
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022 | 2021 Incremental Term Loan Facility
Debt Instrument [Line Items]
Variable interest rate (as a percent)	1.50%		1.50%				1.50%
Advance amount					$ 200,000
Issuance of debt				$ 200,000
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022 | SOFR | 2021 Incremental Term Loan Facility
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.55%
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 5.35% at December 31, 2022 | SOFR | 2021 Incremental Term Loan Facility | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)							0.10%

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Details) - Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at December 31, 2022 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300
Commitment fee (as a percent)	0.175%
Borrowings	$ 200
Repayments	200
Available borrowings	296.2
Letters of credit	$ 3.8
SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.25%
SOFR | Credit Spread Adjustment
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%

DEBT - New Zealand Subsidiary D

DEBT - New Zealand Subsidiary Debt (Details) $ in Thousands, $ in Millions		1 Months Ended				12 Months Ended
		Jun. 30, 2022	Apr. 30, 2022 USD ($)	Jul. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2021 NZD ($)
Debt Instrument [Line Items]
Noncontrolling interests in consolidated affiliates redemption of shares	[1]					$ 27,860	$ 28,119	$ 23,290
Total principal debt						$ 1,523,103	1,376,107
Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 20
Debt instrument, term (in years)		12 months
Variable interest rate index term (in days)						90 days
Borrowings, net of repayments						$ 7,100
Outstanding balance						$ 0
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | Matariki Forestry Group
Debt Instrument [Line Items]
Noncontrolling interests in consolidated affiliates redemption of shares					$ 23,300
Stated fixed interest rate (as a percent)					2.95%	2.95%
Total principal debt						$ 21,931	23,588
New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | Matariki Forestry Group
Debt Instrument [Line Items]
Noncontrolling interests in consolidated affiliates redemption of shares				$ 28,100
Stated fixed interest rate (as a percent)						3.64%
Total principal debt						$ 25,586	27,519
New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% | Matariki Forestry Group
Debt Instrument [Line Items]
Noncontrolling interests in consolidated affiliates redemption of shares			$ 27,900
Stated fixed interest rate (as a percent)			6.48%			6.48%
Total principal debt						$ 25,586	$ 0
[1]he New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the year ended 2022 and 2021, respectively. In 2020, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million. See Note 5 - Noncontrolling Interests and Note 7 - Debt for further information.

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details) $ in Millions	Dec. 31, 2022	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Covenant EBITDA to consolidated interest expense, Covenant Requirement	2.5
Covenant EBITDA to consolidated interest expense, Actual ratio	9.9
Covenant EBITDA to consolidated interest expense, Favorable	7.4
Covenant debt to net worth plus covenant debt, Covenant Requirement	0.65
Covenant debt to net worth plus covenant debt, Actual ratio	0.45
Covenant debt to net worth plus covenant debt, favorable	0.20
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at December 31, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Nov. 30, 2022
New Incremental Term Loan
Derivative [Line Items]
Face amount	$ 250,000
Incremental Term Loan And 2021 Incremental Term Loan Facility
Derivative [Line Items]
Face amount	750,000
Designated as Hedging Instrument
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 19,698
Foreign Currency Exchange And Option Contracts, Scale 1 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	12 months
Interest rate swaps | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 150,000	$ 100,000
Interest rate products | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 750,000
Minimum | Foreign Currency Exchange And Option Contracts, Scale 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50%
Minimum | Foreign Currency Exchange and Option Contracts, Scale 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	12 months
Minimum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	18 months
Minimum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	24 months
Maximum | Foreign Currency Exchange And Option Contracts, Scale 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90%
Maximum | Foreign Currency Exchange and Option Contracts, Scale 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months (as a percent)	75%
Maximum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	24 months
Percent of forecast sales and purchases hedged for 18 to 24 months (as a percent)	50%
Maximum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge (in months)	48 months
Percent of forecast sales and purchases hedged for 24 to 48 months (as a percent)	50%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 01, 2022	Nov. 30, 2022	Feb. 01, 2022	Dec. 31, 2021
Interest Rate Swap 1 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed Rate of Swap	2.10%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.80%
Interest Rate Swap 2 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed Rate of Swap	2.26%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.96%
Interest Rate Swap 3 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.50%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.25%
Interest Rate Swap 4 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.51%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.26%
Interest Rate Swap 5 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200			$ 200,000
Fixed Rate of Swap	0.67%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	2.32%
Interest Rate Swap 6 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	5 years
Notional Amount	$ 100	$ 100,000
Fixed Rate of Swap	3.72%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	5.42%
Forward-Starting Interest Rate Swap 1 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100
Fixed Rate of Swap	0.88%
Forward-Starting Interest Rate Swap 2 | Derivatives designated as cash flow hedges
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50
Fixed Rate of Swap	0.74%
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 150,000		$ 100,000
Interest rate swaps | Derivatives designated as cash flow hedges
Derivative [Line Items]
Notional Amount	$ 850,000				$ 550,000

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ 76,039	$ 60,315	$ (61,055)
Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss) | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	5,093	(10,939)	7,699
Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other operating income, net | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	(7,682)	2,974	(2,323)
Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss) | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	610	(2,733)	1,181
Derivatives designated as cash flow hedges | Foreign currency option contracts | Other operating income, net | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	0	1,177	30
Derivatives designated as cash flow hedges | Interest rate products | Other comprehensive income (loss) | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	75,006	52,478	(76,567)
Derivatives designated as cash flow hedges | Interest rate products | Interest expense, net | Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	2,459	14,694	10,769
Derivative not designated as a hedging instrument | Carbon options | Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments	$ 0	$ 0	$ 563

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Designated as Hedging Instrument $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 19,698
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(3,909)
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(203)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 23,810

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives designated as cash flow hedges - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 30, 2022	Dec. 31, 2021
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	$ 150,000	$ 100,000
Derivatives designated as cash flow hedges | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	138,250		$ 149,250
Derivatives designated as cash flow hedges | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional amount	78,000		14,000
Derivatives designated as cash flow hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	850,000		550,000
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	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 76,307	$ 12,517
Derivative liabilities	(7,546)	(18,607)
Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	91	721
Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	76,216	11,796
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(5,804)	(2,061)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1,742)	(16,546)
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	25	721
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	1,303	86
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(5,457)	(2,061)
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(410)	(694)
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	66	0
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	2,131	228
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(347)	0
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1,281)	(270)
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	60,843	0
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(51)	(15,582)
Designated as Hedging Instrument | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	$ 11,939	$ 11,482

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt, excluding Timber Funds	$ 0	$ (124,965)
Excluding Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	1,152	625
Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	6,341
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interests in the operating partnership	105,763	133,823
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	60,792
Interest rate swaps, liabilities		(15,582)
Carrying Amount | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	11,939	11,482
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(4,539)	(1,948)
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities		(42)
Foreign currency contracts, assets	569
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	114,255	358,680
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	1,152	625
Current maturities of long-term debt, excluding Timber Funds	0	(124,965)
Long-term debt	(1,514,721)	(1,242,819)
Carrying Amount | Timber Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	0	3,493
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	6,341
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interests in the operating partnership	105,763	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, assets	0
Interest rate swaps, liabilities		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, liabilities	0	0
Fair Value | Level 1 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities		0
Foreign currency contracts, assets	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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, assets	60,792
Interest rate swaps, liabilities		(15,582)
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	11,939	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, liabilities	(4,539)	(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, liabilities		(42)
Foreign currency contracts, assets	569
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	114,255	358,680
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	1,152	625
Current maturities of long-term debt, excluding Timber Funds	0	0
Long-term debt	0	0
Fair Value | Excluding Timber Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, excluding Timber Funds	0	0
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	0	0
Current maturities of long-term debt, excluding Timber Funds	0	(125,288)
Long-term debt	(1,438,736)	(1,245,148)
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	0	3,493
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	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 shown in the Consolidated Balance Sheets, Timber Funds	$ 0	$ 0

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
2023	$ 34,472
2024	11,641
2025	773
2026	1,111
2027	850
Thereafter	6,334
Total commitments	55,181
Environmental Remediatio
Other Commitments [Line Items]
2023	1,175
2024	9,775
2025	392
2026	842
2027	581
Thereafter	2,828
Total commitments	15,593
Development Projects
Other Commitments [Line Items]
2023	26,996
2024	911
2025	267
2026	267
2027	267
Thereafter	3,506
Total commitments	32,214
Commitments
Other Commitments [Line Items]
2023	6,301
2024	955
2025	114
2026	2
2027	2
Thereafter	0
Total commitments	$ 7,374

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Environmental NRD Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
Environmental Loss Contingency, Noncurrent, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag		environmental and NRD liabilities
Environmental Loss Contingency, Current, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag		environmental and NRD liabilities
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag		environmental and NRD liabilities
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		(812)
Increase in liabilities	$ 4,900	5,600
Ending balance	15,593	15,593
Ending balance, less: current portion	(1,175)	(1,175)
Ending balance, non-current portion	$ 14,418	$ 14,418

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Increase in liabilities	$ 4,900	$ 5,600
Minimum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)		1 year
Minimum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)		15 years
Maximum | Millsite Cleanup And Natural Resource Damages Restoration
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)		2 years
Maximum | Port Gamble Location
Property, Plant and Equipment [Line Items]
Natural resource damages restoration monitoring term (in years)	20 years

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 26,645
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	3,779
Letter of credit for development project	2,900
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 22,866

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
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	131,618
Non-cash cost of land and improved development	(18,388)
Amortization of parcel real estate development investments	(7,437)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,210)
Capitalized real estate development investments	22,376
Capital expenditures (silviculture)	246
Intersegment transfers	5,801
Total Balance, ending	133,006
Less: Current portion, ending balance	(17,909)
Non-current portion, ending balance	115,097
Capitalized interest	800
Parcel real estate development investments	8,700
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	88,628
Non-cash cost of land and improved development	(1,683)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,210)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	246
Intersegment transfers	5,801
Total Balance, ending	91,782
Less: Current portion, ending balance	(408)
Non-current portion, ending balance	91,374
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	42,990
Non-cash cost of land and improved development	(16,705)
Amortization of parcel real estate development investments	(7,437)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	22,376
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, ending	41,224
Less: Current portion, ending balance	(17,501)
Non-current portion, ending balance	$ 23,723

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Total inventory	$ 23,729	$ 28,523
Real estate inventory
Inventory [Line Items]
Total inventory	17,909	24,740
Log inventory
Inventory [Line Items]
Total inventory	5,347	3,783
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 473	$ 0

LEASES - Narrative (Details)

LEASES - Narrative (Details) a in Thousands	12 Months Ended
	Dec. 31, 2022 a lease
Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term (in years)	1 year
New Zealand | Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	3
Leases under termination notice, gross acres	11
Leases under termination notice, net plantable acres	9
New Zealand | Forestry Right
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	2
Leases under termination notice, gross acres	31
Leases under termination notice, net plantable acres	5
New Zealand | Fixed-Term Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Number of leases under termination notice | lease	2
Leases under termination notice, gross acres	3
Leases under termination notice, net plantable acres	2
Minimum | Timberland Leases | Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	35 years
Minimum | Timberland Leases | Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	35 years
Minimum | United States | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	30 years
Minimum | New Zealand | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	30 years
Maximum | Timberland Leases | Forestry Right
Lessee, Lease, Description [Line Items]
Lease termination period (in years)	45 years
Maximum | United States | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	65 years
Maximum | New Zealand | Timberland Leases
Lessee, Lease, Description [Line Items]
Contract term (in years)	99 years

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 9,234
2024	9,020
2025	8,144
2026	7,414
2027	7,317
Thereafter	154,084
Operating lease liabilities	195,213
Imputed interest	(98,067)
Balance at December 31, 2022	$ 97,146
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities
Less: Current portion	$ (8,390)
Non-current portion at December 31, 2022	$ 88,756	$ 93,416

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 9,332	$ 10,166	$ 9,647
Variable lease cost	757	196	230
Total lease cost	$ 10,089	$ 10,362	$ 9,877

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 2,571	$ 2,389	$ 2,127
Investing cash flows from operating leases	6,761	7,777	7,520
Total cash flows from operating leases	$ 9,332	$ 10,166	$ 9,647
Weighted-average remaining lease term in years - operating leases	30 years	29 years	29 years
Weighted-average discount rate - operating leases	5%	5%	5%

OTHER OPERATING INCOME (EXPEN_3

OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	$ (5,251)	$ 6,823	$ (3,503)
Gain on sale or disposal of property plant & equipment	40	75	121
Gain on investment in Timber Funds	0	7,482	0
Log trading marketing fees	0	6	56
Cost related to the merger with Pope Resources	0	0	(17,166)
Equity loss related to Ferncliff Investors joint venture	15,477	102	(721)
Miscellaneous expense, net	(562)	(404)	(472)
Total	9,704	$ 14,084	$ (21,685)
Equity income from sale	16,000
Equity income attributable to Rayonier	$ 4,500

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans | plan	1
Cost recognized	$ 2,500	$ 2,200	$ 2,100
Amount of employer and related party securities included in plan assets	8,300	11,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ 22,376	$ 5,112
Discount rate	4.96%	2.65%	2.26%
Expected long-term return on plan assets (as a percent)	4.97%	5.72%	5.72%
Pension contribution requirements in next fiscal year	$ 7,600
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ 513	$ 35
Discount rate	5.01%	2.75%	2.42%
Expected long-term return on plan assets (as a percent)	0%	0%	0%
Pension contribution requirements in next fiscal year	$ 1,300
Retirement Plan, Demographics | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	600
Retirement Plan, Mortality | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	(500)
Retirement Plan, Discount Rate | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	22,400
Retirement Plan, Discount Rate | Postretirement
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	600
Retirement Plan, Salary Increase | Postretirement
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ (100)
Discount rate	3.50%
Retirement Plan, Changes In Plan Assets | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain (loss)	$ (22,000)
Expected long-term return on plan assets (as a percent)	4.97%
Actual long-term return on plan assets (as a percent)	(22.26%)

EMPLOYEE BENEFIT PLANS - Change

EMPLOYEE BENEFIT PLANS - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Noncurrent liabilities	$ (8,510)	$ (10,478)
Pension Benefits
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	93,799	100,469
Service cost	0	0	$ 0
Interest cost	2,434	2,228	2,706
Actuarial gain	(22,376)	(5,112)
Benefits paid	(3,609)	(3,519)
Expenses paid	(186)	(267)
Projected benefit obligation at end of year	70,062	93,799	100,469
Change in Plan Assets
Fair value of plan assets at beginning of year	85,079	78,883
Actual return on plan assets	(18,527)	9,896
Employer contributions	86	86
Benefits paid	(3,609)	(3,519)
Other expense	(186)	(267)
Fair value of plan assets at end of year	62,843	85,079	78,883
Funded Status at End of Year:
Net accrued benefit cost	(7,219)	(8,720)
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Current liabilities	(86)	(86)
Noncurrent liabilities	(7,133)	(8,634)
Net amount recognized	(7,219)	(8,720)
Postretirement
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	1,890	1,886
Service cost	7	8	6
Interest cost	51	45	51
Actuarial gain	(513)	(35)
Benefits paid	(14)	(14)
Expenses paid	0	0
Projected benefit obligation at end of year	1,421	1,890	1,886
Change in Plan Assets
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	14	14
Benefits paid	(14)	(14)
Other expense	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded Status at End of Year:
Net accrued benefit cost	(1,421)	(1,890)
Amounts Recognized in the Consolidated Balance Sheets Consist of:
Current liabilities	(50)	(46)
Noncurrent liabilities	(1,371)	(1,844)
Net amount recognized	$ (1,421)	$ (1,890)

EMPLOYEE BENEFIT PLANS - Accumu

EMPLOYEE BENEFIT PLANS - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Projected benefit obligation	$ 70,062	$ 93,799
Accumulated benefit obligation	70,062	93,799
Accumulated postretirement benefit obligation	1,421	1,890
Fair value of plan assets	$ 62,843	$ 85,079

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net gains (losses)	$ 362	$ 11,262	$ (1,587)
Amortization of losses (gains)	738	1,154	861
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Net gains (losses)	512	40	(207)
Amortization of losses (gains)	$ 15	$ 20	$ 8

EMPLOYEE BENEFIT PLANS - Accu_2

EMPLOYEE BENEFIT PLANS - Accumulated Other Comprehensive (Income) Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net (losses) income	$ (11,527)	$ (12,627)
Deferred income tax benefit	1,216	1,216
AOCI	(10,311)	(11,411)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Net (losses) income	96	(431)
Deferred income tax benefit	6	6
AOCI	$ 102	$ (425)

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	2,434	2,228	2,706
Expected return on plan assets	(3,486)	(3,746)	(3,504)
Amortization of losses (gains)	738	1,154	861
Net periodic benefit (credit) cost	(314)	(364)	63
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	8	6
Interest cost	51	45	51
Expected return on plan assets	0	0	0
Amortization of losses (gains)	15	20	8
Net periodic benefit (credit) cost	$ 73	$ 73	$ 65

EMPLOYEE BENEFIT PLANS - Assump

EMPLOYEE BENEFIT PLANS - Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.96%	2.65%	2.26%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	2.65%	2.26%	3.06%
Expected long-term return on plan assets	4.97%	5.72%	5.72%
Postretirement
Assumptions used to determine benefit obligations at December 31:
Discount rate	5.01%	2.75%	2.42%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	2.75%	2.42%	3.16%
Expected long-term return on plan assets	0%	0%	0%

EMPLOYEE BENEFIT PLANS - Invest

EMPLOYEE BENEFIT PLANS - Investment of Plan Assets (Details) - Pension Benefits	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	100%	100%
Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	28%	29%
International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	20%	18%
Domestic fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	50%	51%
Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	2%	2%
Maximum | Defined Benefit Plan, Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of  Plan Assets	80%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments at Net Asset Value:
Separate Investment Accounts	$ 62,843	$ 85,079
Pension Benefits
Investments at Net Asset Value:
Separate Investment Accounts	$ 62,843	$ 85,079

EMPLOYEE BENEFIT PLANS - Expect

EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	$ 3,999
2024	4,180
2025	4,338
2026	4,478
2027	4,594
2028-2032	23,730
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	50
2024	53
2025	57
2026	62
2027	66
2028-2032	$ 390

INCENTIVE STOCK PLANS - Narrati

INCENTIVE STOCK PLANS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares option granted (in shares)	1
Maximum term (in years)	10 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares option granted (in shares)	2.27
Unrecognized compensation cost | $	$ 5
Weighted average period for recognition (in months)	1 year 7 months 6 days
Award vesting period (in years)	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares option granted (in shares)	2.27
Unrecognized compensation cost | $	$ 0.1
Weighted average period for recognition (in months)	5 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares option granted (in shares)	2.27
Unrecognized compensation cost | $	$ 7.1
Weighted average period for recognition (in months)	2 years 1 month 6 days
Rayonier Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	15,800,000
Granted (in shares)	1,800,000

INCENTIVE STOCK PLANS - Schedul

INCENTIVE STOCK PLANS - Schedule of Stock Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 12,356	$ 9,277	$ 8,026
Tax benefit recognized related to stock-based compensation expense	603	487	421
Timber and Timberlands, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost, capitalized amount	363	206	170
Selling and general expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	10,767	8,255	6,839
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	1,226	816	693
Other operating income, net | Merger with Pope Resources
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 0	$ 0	$ 324

INCENTIVE STOCK PLANS - Summary

INCENTIVE STOCK PLANS - Summary of Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	22,800	22,140	100,452
Weighted average price of restricted shares granted (in dollars per share)	$ 38.60	$ 37.36	$ 23.15
Intrinsic value of restricted stock outstanding	$ 620	$ 3,062	$ 4,666
Grant date fair value of restricted stock vested	2,478	3,121	2,755
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 708	$ 869	$ 566
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	130,213	129,290	171,409
Weighted average price of restricted shares granted (in dollars per share)	$ 41.81	$ 33.59	$ 22.58
Intrinsic value of restricted stock outstanding	$ 13,826	$ 15,095	$ 7,801
Grant date fair value of restricted stock vested	2,475	493	218
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 1,063	$ 189	$ 47
Replacement Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)			69,176

INCENTIVE STOCK PLANS - Sched_2

INCENTIVE STOCK PLANS - Schedule of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Number of Shares
Beginning Balance (in shares)	75,862
Granted (in shares)	22,800	22,140	100,452
Vested (in shares)	(78,607)
Cancelled (in shares)	(1,247)
Ending Balance (in shares)	18,808	75,862
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 29.29
Granted (in dollars per share)	38.60	$ 37.36	$ 23.15
Vested (in dollars per share)	31.52
Cancelled (in dollars per share)	24.32
Ending Balance (in dollars per share)	$ 31.58	$ 29.29
Restricted Stock Units (RSUs)
Number of Shares
Beginning Balance (in shares)	374,016
Granted (in shares)	130,213	129,290	171,409
Vested (in shares)	(80,857)
Cancelled (in shares)	(3,888)
Ending Balance (in shares)	419,484	374,016
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 28.44
Granted (in dollars per share)	41.81	$ 33.59	$ 22.58
Vested (in dollars per share)	30.61
Cancelled (in dollars per share)	33.72
Ending Balance (in dollars per share)	$ 32.12	$ 28.44
Replacement Restricted Stock Awards
Number of Shares
Granted (in shares)			69,176
Vested (in shares)	(3,718)

INCENTIVE STOCK PLANS - Summa_2

INCENTIVE STOCK PLANS - Summary of Restricted Stock Awards (Details) - Replacement Restricted Stock Awards - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)		69,176
Replacement restricted shares vested as a result of acceleration due to qualifying terminations (in shares)	3,718

INCENTIVE STOCK PLANS - Summa_3

INCENTIVE STOCK PLANS - Summary of Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for performance shares granted during year (in shares)	193,333	191,203	361,870
Weighted average fair value of performance share units granted (in dollars per share)	$ 45.68	$ 36.10	$ 29.59
Intrinsic value of outstanding performance share units	$ 13,123	$ 16,360	$ 11,711
Fair value of performance shares vested	5,549	1,738	3,522
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	$ 2,454	$ 559	$ 992

INCENTIVE STOCK PLANS - Sched_3

INCENTIVE STOCK PLANS - Schedule of Performance Share Activity (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Units
Beginning Balance (in shares)	405,361
Granted (in shares)	110,476
Units Distributed (in shares)	(115,167)
Cancelled (in shares)	(2,514)
Ending Balance (in shares)	398,156	405,361
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 33.16
Weighted average price of restricted shares granted (in dollars per share)	45.68	$ 36.10	$ 29.59
Units Distributed (in dollars per share)	35.98
Cancelled (in dollars per share)	39.23
Ending Balance (in dollars per share)	$ 35.78	$ 33.16

INCENTIVE STOCK PLANS - Sched_4

INCENTIVE STOCK PLANS - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	38.10%	35.60%	32.60%
Risk-free rate	2.60%	0.40%	0.30%
Vice Presidents And Above
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	4.20%	6.30%

INCENTIVE STOCK PLANS - Sched_5

INCENTIVE STOCK PLANS - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Options outstanding, beginning balance (in shares) | shares	124,170
Exercised (in shares) | shares	(64,762)
Cancelled or expired (in shares) | shares	(5,317)
Options outstanding, ending balance (in shares) | shares	54,091
Options exercisable (in shares) | shares	54,091
Weighted Average Exercise Price (per common share)
Options outstanding, beginning balance (in dollars per common share), Beginning Balance | $ / shares	$ 36.67
Exercised (in dollars per share) | $ / shares	38.07
Cancelled or expired (in dollars per share) | $ / shares	35.13
Options outstanding, ending balance (in dollars per common share), Ending Balance | $ / shares	35.15
Options exercisable (in dollars per common share), Options exercisable | $ / shares	$ 35.15
Weighted Average Remaining Contractual Term (in years) and Options outstanding
Weighted Average Remaining Contractual term (in years), Options outstanding	6 months 25 days
Weighted Average Remaining Contractual term (in years), Options exercisable	6 months 25 days
Aggregate Intrinsic Value, Options outstanding | $	$ 40
Aggregate Intrinsic Value, Options exercisable | $	$ 40

INCENTIVE STOCK PLANS - Summa_4

INCENTIVE STOCK PLANS - Summary of Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 300	$ 916	$ 108
Cash received from exercise of options	$ 2,466	$ 5,922	$ 1,368

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
U.S. federal statutory income tax rate (as a percent)		21%	21%	21%
Percent valuation allowance against U.S. taxable REIT deferred tax assets (as a percent)		100%
Increase in valuation allowance		$ 4
Operating Partnership
Income Tax Contingency [Line Items]
Ownership interest (as a percent)	97.90%

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
U.S. federal	$ (2,797)	$ (1,893)	$ (237)
State	(371)	(536)	(339)
Foreign	(2,694)	(11,425)	(5,391)
Total Current	(5,862)	(13,854)	(5,967)
Deferred
U.S. federal	2,302	(6,288)	8,355
State	1,693	(1,623)	325
Foreign	(3,583)	(2,007)	(3,027)
Total Deferred	412	(9,918)	5,653
Changes in valuation allowance	(3,939)	9,111	(6,695)
Total	$ (9,389)	$ (14,661)	$ (7,009)

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ (27,758)	$ (47,280)	$ (7,726)
U.S. and foreign REIT income	29,732	44,316	16,569
Matariki Group and Rayonier New Zealand Ltd	(5,038)	(12,927)	(7,698)
Change in valuation allowance	(3,939)	9,111	(6,695)
REIT Built-in Gain	(2,516)	(2,215)	0
State Net Operating Loss	0	0	1,118
Prepaid land sales	0	0	(1,084)
Foreign income tax withholding	(1,239)	(505)	(721)
Sale of Timber Funds	0	(2,399)	0
State Income Tax, Net of Federal Benefit	1,424	0	0
Bainbridge Landing JV, NCI	2,496	0	0
Other	(2,551)	(2,762)	(772)
Income tax expense as reported for net income	$ (9,389)	$ (14,661)	$ (7,009)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	(21.00%)	(21.00%)	(21.00%)
U.S. and foreign REIT income	22.50%	19.70%	45%
Matariki Group and Rayonier New Zealand Ltd	(3.80%)	(5.70%)	(20.80%)
Change in valuation allowance	(3.00%)	4%	(18.20%)
REIT Built-in Gain	(1.90%)	(1.00%)	0%
State Net Operating Loss	0%	0%	3%
Prepaid land sales	0%	0%	(2.90%)
Foreign income tax withholding	(0.90%)	(0.20%)	(2.00%)
Sale of Timber Funds	0%	(1.10%)	0%
State Income Tax, Net of Federal Benefit	1.10%	0%	0%
Bainbridge Landing JV, NCI	1.80%	0%	0%
Other	(1.90%)	(1.20%)	(2.10%)
Income tax expense as reported for net income	(7.10%)	(6.50%)	(19.00%)

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$ 489	$ 597
New Zealand subsidiary	20,753	21,790
CBPC tax credit carry forwards	13,688	13,701
Capitalized real estate costs	2,457	1,656
U.S. TRS net operating loss	23,885	12,489
Land basis difference	0	9,061
Other	4,808	5,367
Total gross deferred tax assets	66,080	64,661
Less: Valuation allowance	(40,844)	(36,904)
Total deferred tax assets after valuation allowance	25,236	27,757
Gross deferred tax liabilities:
Accelerated depreciation	(9)	(46)
New Zealand subsidiary	(88,414)	(91,388)
Other	(4,558)	(6,059)
Total gross deferred tax liabilities	(92,981)	(97,493)
Net deferred tax liability reported as noncurrent	$ (67,745)	$ (69,736)

INCOME TAXES - Schedule of Oper

INCOME TAXES - Schedule of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
NOL Carryforwards
Tax credit carryforwards	$ 13,688	$ 13,701
State and Local Jurisdiction
NOL Carryforwards
Net operating loss carryforwards	3,347	1,802
Post | Domestic Tax Authority
NOL Carryforwards
Net operating loss carryforwards	$ 20,538	$ 10,687

INCOME TAXES - Schedule of Tax

INCOME TAXES - Schedule of Tax Characteristics of Dividend Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Total dividends/distributions paid per common share/unit (dollars per share)	$ 1.125	$ 1.08	$ 1.08
Capital gain	100%	100%	100%

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 114,255	$ 362,173
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	115,407	369,139	$ 87,482	$ 69,968
Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	1,152	625
Cash and cash equivalents	114,255	358,680
Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds	0	6,341
Cash and cash equivalents	0	3,493
Restricted cash deposited with LKE intermediary | Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	527	0
Restricted cash held in escrow | Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds	$ 625	$ 625

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 713,000	$ 5,099,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Properties Under Contract
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize (in months)	12 months
Assets held for sale	$ 700,000	$ 5,100,000
Asset impairment recognized	$ 0

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Long-term derivative contracts	$ 76,216	$ 11,796
Patronage equity	7,872	7,322
Goodwill	7,863	8,457	$ 8,943
Rabbi trusts related to the Executive Severance Pay Plan	1,869	1,844
Long-term prepaid stumpage	713	1,461
Long-term deposits	212	1,896
Other	173	1,152
Total	115,481	50,966
Revolving Credit Facility
Finite-Lived Intangible Assets [Line Items]
Deferred financing costs related to revolving debt	854	1,104
Carbon Credits
Finite-Lived Intangible Assets [Line Items]
Carbon credits	1,086	1,956	$ 1,346
Software Costs
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	5,795	3,117
Pacific Northwest
Finite-Lived Intangible Assets [Line Items]
Long-term prepaid roads	5,857	4,131
New Zealand
Finite-Lived Intangible Assets [Line Items]
Long-term prepaid roads	$ 6,971	$ 6,730

OTHER ASSETS - Changes in Goodw

OTHER ASSETS - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Accumulated Impairment	$ 0	$ 0	$ 0
Goodwill [Roll Forward]
Balance, January 1 (net of $0 of accumulated impairment)	8,457	8,943
Changes to carrying amount
Acquisitions	0	0
Impairment	0	0
Foreign currency adjustment	(594)	(486)
Balance, December 31 (net of $0 of accumulated impairment)	$ 7,863	$ 8,457

OTHER ASSETS - Changes in Carbo

OTHER ASSETS - Changes in Carbon Credits (Details) - Carbon Credits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Accumulated impairment	$ 0	$ 0
Indefinite-lived Intangible Assets [Roll Forward]
Balance, January 1	1,956	1,346
Acquisitions	0	698
Sales	(309)	0
Transfers to inventory	(474)
Foreign currency adjustment	(87)	(88)
Balance, December 31 (net of $0 of accumulated impairment)	$ 1,086	$ 1,956

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AOCI Rollforward [Roll Forward]
Beginning balance	$ 1,771,776
Other comprehensive (loss) income before reclassifications	55,435	$ 37,714
Amounts reclassified from accumulated other comprehensive (loss) income	(18)	16,567
Net other comprehensive (loss) income	55,417	54,281
Ending balance	1,865,395	1,771,776
Accumulated Other Comprehensive Income (Loss)
AOCI Rollforward [Roll Forward]
Beginning balance	(19,604)	(73,885)
Ending balance	35,813	(19,604)
Foreign currency translation gains/(losses)
AOCI Rollforward [Roll Forward]
Beginning balance	4,215	22,702
Other comprehensive (loss) income before reclassifications	(22,282)	(18,487)
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss) income	(22,282)	(18,487)
Ending balance	(18,067)	4,215
Net investment hedges of New Zealand subsidiary
AOCI Rollforward [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321
Cash flow hedges
AOCI Rollforward [Roll Forward]
Beginning balance	(9,163)	(71,056)
Other comprehensive (loss) income before reclassifications	78,166	44,899
Amounts reclassified from accumulated other comprehensive (loss) income	(1,799)	16,994
Net other comprehensive (loss) income	76,367	61,893
Ending balance	67,204	(9,163)
Cash flow hedges | Interest rate swaps
AOCI Rollforward [Roll Forward]
Other comprehensive (loss) income before reclassifications	75,000	52,500
Employee benefit plans
AOCI Rollforward [Roll Forward]
Beginning balance	(11,836)	(24,312)
Other comprehensive (loss) income before reclassifications	874	11,302
Amounts reclassified from accumulated other comprehensive (loss) income	753	1,174
Net other comprehensive (loss) income	1,627	12,476
Ending balance	(10,209)	(11,836)
Total Rayonier, L.P.
AOCI Rollforward [Roll Forward]
Beginning balance	(15,463)	(71,345)
Other comprehensive (loss) income before reclassifications	56,758	37,714
Amounts reclassified from accumulated other comprehensive (loss) income	(1,046)	18,168
Net other comprehensive (loss) income	55,712	55,882
Ending balance	40,249	(15,463)
Allocation of Operating Partnership
AOCI Rollforward [Roll Forward]
Beginning balance	(4,141)	(2,540)
Other comprehensive (loss) income before reclassifications	(1,323)	0
Amounts reclassified from accumulated other comprehensive (loss) income	1,028	(1,601)
Net other comprehensive (loss) income	(295)	(1,601)
Ending balance	$ (4,436)	$ (4,141)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income (expense), net	$ (9,704)	$ (14,084)	$ 21,685
Interest expense	(36,207)	(44,907)	(38,768)
Income tax expense	(9,389)	(14,661)	(7,009)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(122,791)	(210,487)	$ (29,784)
Amount reclassified from accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(1,799)	16,994
Cash flow hedges | Amount reclassified from accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense	1,656	(896)
Cash flow hedges | Amount reclassified from accumulated other comprehensive loss | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income (expense), net	(7,682)	2,974
Cash flow hedges | Amount reclassified from accumulated other comprehensive loss | Foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income (expense), net	0	1,177
Cash flow hedges | Amount reclassified from accumulated other comprehensive loss | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	2,459	14,694
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (income) loss attributable to noncontrolling interests	$ 1,768	$ (955)

RELATED PARTY - Narrative (Deta

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

RELATED PARTY - Related Party T

RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - Mattamy Jacksonville LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenue from related parties	$ 916	$ 2,656	$ 1,354
Reimbursement Of Local Impact Fees
Related Party Transaction [Line Items]
Related party transaction, transaction amount		$ 300	$ 100

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 59	$ 25	$ 24
Additions Charged to Cost and Expenses	15	34	1
Deductions	0	0	0
Balance at End of Year	74	59	25
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	36,904	46,015	39,320
Additions Charged to Cost and Expenses	3,940	0	6,695
Deductions	0	(9,111)	0
Balance at End of Year	$ 40,844	$ 36,904	$ 46,015