Rayonier (RYN) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity Registrant Name	RAYONIER INC.
Entity Incorporation, State or Country Code	NC
Entity File Number	1-6780
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	Common Shares, no par value, of Rayonier Inc.
Trading Symbol	RYN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		148,221,186
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		2,479,276
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

RAYONIER INC. AND SUBSIDIARIES

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
SALES	$ 179,082	$ 222,041
Costs and Expenses
Cost of sales	(149,166)	(160,979)
Selling and general expenses	(16,778)	(14,760)
Other operating expense, net (Note 14)	(2,516)	(984)
Costs and expenses	(168,460)	(176,723)
OPERATING INCOME	10,622	45,318
Interest expense	(11,700)	(8,337)
Interest and other miscellaneous income (expense), net	9,554	(468)
INCOME BEFORE INCOME TAXES	8,476	36,513
Income tax expense (Note 16)	(1,039)	(5,515)
NET INCOME	7,437	30,998
Less: Net income attributable to noncontrolling interests in the operating partnership	(174)	(669)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,037	(1,012)
Net income available to unitholders	8,300	29,317
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	(3,733)	6,458
Cash flow hedges, net of income tax effect of $312 and $1,022	(12,319)	40,427
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0	1	188
Total other comprehensive (loss) income	(16,051)	47,073
COMPREHENSIVE (LOSS) INCOME	(8,614)	78,071
Less: Comprehensive loss (income) attributable to noncontrolling interests in the operating partnership	156	(1,686)
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	1,032	(2,408)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	$ (7,426)	$ 73,977
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.06	$ 0.20
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.06	$ 0.20

RAYONIER INC. AND SUBSIDIARIE_2

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0
Cash flow hedges, net income tax	312	1,022
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0

RAYONIER INC. AND SUBSIDIARIE_3

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 98,774	$ 114,255
Accounts receivable, less allowance for doubtful accounts of $73 and $74	35,430	42,538
Inventory (Note 13)	30,297	23,729
Prepaid expenses	20,856	20,573
Assets held for sale (Note 19)	1,154	713
Other current assets	837	573
Total current assets	187,348	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,209,988	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	119,701	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,805	31,020
Machinery and equipment	6,565	6,568
Construction in progress	881	653
Total property, plant and equipment, gross	44,704	44,694
Less — accumulated depreciation	(17,981)	(17,505)
Total property, plant and equipment, net	26,723	27,189
RESTRICTED CASH (NOTE 18)	4,962	1,152
RIGHT-OF-USE ASSETS	98,301	97,167
OTHER ASSETS	100,150	115,481
TOTAL ASSETS	3,747,173	3,789,371
CURRENT LIABILITIES
Accounts payable	32,172	22,100
Accrued taxes	4,899	3,734
Accrued payroll and benefits	6,430	12,564
Accrued interest	10,175	5,920
Deferred revenue	19,095	22,762
Other current liabilities	23,988	28,247
Total current liabilities	96,759	95,327
LONG-TERM DEBT, NET (NOTE 6)	1,514,127	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	8,460	8,510
LONG-TERM LEASE LIABILITY	89,911	88,756
LONG-TERM DEFERRED REVENUE	11,337	6,895
OTHER NON-CURRENT LIABILITIES	89,303	88,687
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)	82,461	105,763
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,012,979 and 147,282,631 shares issued and outstanding	1,489,274	1,462,945
Retained earnings	330,389	366,637
Accumulated other comprehensive income (Note 17)	20,868	35,813
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,840,531	1,865,395
Noncontrolling interests in consolidated affiliates (Note 4)	14,284	15,317
TOTAL SHAREHOLDERS’ EQUITY	1,854,815	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	$ 3,747,173	$ 3,789,371

RAYONIER INC. AND SUBSIDIARIE_4

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 73	$ 74
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,012,979	147,282,631
Common shares, shares outstanding (in shares)	148,012,979	147,282,631

RAYONIER INC. AND SUBSIDIARIE_5

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2021			145,372,961
Beginning balance at Dec. 31, 2021		$ 1,815,578	$ 1,389,073	$ 402,307	$ (19,604)	$ 43,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		30,998		29,986		1,012
Net income attributable to noncontrolling interests in the operating partnership		(669)		(669)
Dividends	[1]	(39,902)		(39,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			726,248
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		29,771	$ 29,771
Issuance of shares under incentive stock plans (in shares)			11,364
Issuance of shares under incentive stock plans		415	$ 415
Stock-based compensation		2,797	$ 2,797
Repurchase of common shares (in shares)			(5,420)
Repurchase of common shares		(214)	$ (214)
Adjustment of noncontrolling interests in the operating partnership		(2,645)		(2,645)
Conversion of units into common shares (in shares)			2,535
Conversion of units into common shares		104	$ 104
Amortization of pension and postretirement plan liabilities		188			188
Foreign currency translation adjustment		6,458			5,668	790
Cash flow hedges		40,427			39,822	605
Allocation of other comprehensive income to noncontrolling interests in the operating partnership		(101)			(101)
Distributions to noncontrolling interests in consolidated affiliates		(1,566)				(1,566)
Ending balance (in shares) at Mar. 31, 2022			146,107,688
Ending balance at Mar. 31, 2022		1,881,639	$ 1,421,946	389,077	25,973	44,643
Beginning balance (in shares) at Dec. 31, 2022			147,282,631
Beginning balance at Dec. 31, 2022		1,880,712	$ 1,462,945	366,637	35,813	15,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		7,437		8,474		(1,037)
Net income attributable to noncontrolling interests in the operating partnership		(174)		(174)
Dividends	[2]	(42,172)		(42,172)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)			400
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs		(10)	$ (10)
Issuance of shares under incentive stock plans (in shares)			1,564
Issuance of shares under incentive stock plans		0
Stock-based compensation		2,499	$ 2,499
Repurchase of common shares (in shares)			(1,167)
Repurchase of common shares		(41)	$ (41)
Adjustment of noncontrolling interests in the operating partnership		(2,376)		(2,376)
Conversion of units into common shares (in shares)			729,551
Conversion of units into common shares		23,881	$ 23,881
Amortization of pension and postretirement plan liabilities		1			1
Foreign currency translation adjustment		(3,733)			(3,552)	(181)
Cash flow hedges		(12,319)			(12,504)	185
Allocation of other comprehensive income to noncontrolling interests in the operating partnership		1,110			1,110
Ending balance (in shares) at Mar. 31, 2023			148,012,979
Ending balance at Mar. 31, 2023		$ 1,854,815	$ 1,489,274	$ 330,389	$ 20,868	$ 14,284
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .

RAYONIER INC. AND SUBSIDIARIE_6

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.285	[1]	$ 0.27	[2]
Offering issuance costs	$ 24		$ 339
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .

RAYONIER INC. AND SUBSIDIARIE_7

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income		$ 7,437	$ 30,998
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,599	47,419
Non-cash cost of land and improved development		4,208	5,359
Stock-based incentive compensation expense		2,499	2,797
Deferred income taxes		(1,155)	(8,014)
Amortization of losses from pension and postretirement plans		1	188
Timber write-offs due to casualty event		2,302	0
Other		578	(2,244)
Changes in operating assets and liabilities:
Receivables		3,730	(27,837)
Inventories		(4,098)	(4,875)
Accounts payable		8,913	7,376
All other operating activities		1,937	(1,500)
CASH PROVIDED BY OPERATING ACTIVITIES		63,951	49,667
INVESTING ACTIVITIES
Capital expenditures		(18,746)	(15,597)
Real estate development investments		(7,753)	(3,137)
Purchase of timberlands		(8,729)	(2,830)
Other		3,029	2,619
CASH USED FOR INVESTING ACTIVITIES		(32,199)	(18,945)
FINANCING ACTIVITIES
Issuance of debt		0	404,018
Repayment of debt		0	(526,948)
Dividends paid on common shares		(42,149)	(39,444)
Distributions to noncontrolling interests in the operating partnership		(861)	(895)
Proceeds from the issuance of common shares under incentive stock plan		0	579
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(10)	30,918
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(41)	(214)
Distributions to noncontrolling interests in consolidated affiliates		0	(2,684)
CASH USED FOR FINANCING ACTIVITIES		(43,061)	(134,670)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(362)	620
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(11,671)	(103,328)
Balance, beginning of year		115,407	369,139
Balance, end of period		103,736	265,811
Cash paid during the period:
Interest	[1]	3,802	3,935
Income taxes	[2]	2,203	14,042
Non-cash investing activity:
Capital assets purchased on account		$ 5,689	$ 4,511
[1] Interest paid is presented net of patronage paymen ts receive d of $6.1 million a n d $5.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.

RAYONIER INC. AND SUBSIDIARIE_8

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Patronage refunds received, netted with interest paid	$ 6.1	$ 5.5

RAYONIER, L.P. AND SUBSIDIARIES

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SALES	$ 179,082	$ 222,041
Costs and Expenses
Cost of sales	(149,166)	(160,979)
Selling and general expenses	(16,778)	(14,760)
Other operating expense, net (Note 14)	(2,516)	(984)
Costs and expenses	(168,460)	(176,723)
OPERATING INCOME	10,622	45,318
Interest expense	(11,700)	(8,337)
Interest and other miscellaneous income (expense), net	9,554	(468)
INCOME BEFORE INCOME TAXES	8,476	36,513
Income tax expense (Note 16)	(1,039)	(5,515)
NET INCOME	7,437	30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,037	(1,012)
Net income available to unitholders	8,300	29,317
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	(3,733)	6,458
Cash flow hedges, net of income tax effect of $312 and $1,022	(12,319)	40,427
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0	1	188
Total other comprehensive (loss) income	(16,051)	47,073
COMPREHENSIVE (LOSS) INCOME	(8,614)	78,071
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	1,032	(2,408)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	(7,426)	73,977
Rayonier Limited Partnership
SALES	179,082	222,041
Costs and Expenses
Cost of sales	(149,166)	(160,979)
Selling and general expenses	(16,778)	(14,760)
Other operating expense, net (Note 14)	(2,516)	(984)
Costs and expenses	(168,460)	(176,723)
OPERATING INCOME	10,622	45,318
Interest expense	(11,700)	(8,337)
Interest and other miscellaneous income (expense), net	9,554	(468)
INCOME BEFORE INCOME TAXES	8,476	36,513
Income tax expense (Note 16)	(1,039)	(5,515)
NET INCOME	7,437	30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,037	(1,012)
Net income available to unitholders	8,474	29,986
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0	(3,733)	6,458
Cash flow hedges, net of income tax effect of $312 and $1,022	(12,319)	40,427
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0	1	188
Total other comprehensive (loss) income	(16,051)	47,073
COMPREHENSIVE (LOSS) INCOME	(8,614)	78,071
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates	1,032	(2,408)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS	$ (7,582)	$ 75,663
EARNINGS PER UNIT
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.06	$ 0.20
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.06	$ 0.20
Rayonier Limited Partnership | Limited Partners’ Capital
Costs and Expenses
Net income available to unitholders	$ 8,389	$ 29,686
Rayonier Limited Partnership | General Partners’ Capital
Costs and Expenses
Net income available to unitholders	$ 85	$ 300

RAYONIER, L.P. AND SUBSIDIARI_2

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign currency translation adjustment, tax expense	$ 0	$ 0
Cash flow hedges, net income tax	312	1,022
Amortization of pension and postretirement plans, tax expense	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0
Cash flow hedges, net income tax	312	1,022
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0

RAYONIER, L.P. AND SUBSIDIARI_3

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 98,774	$ 114,255
Accounts receivable, less allowance for doubtful accounts of $73 and $74	35,430	42,538
Inventory (Note 13)	30,297	23,729
Prepaid expenses	20,856	20,573
Assets held for sale (Note 19)	1,154	713
Other current assets	837	573
Total current assets	187,348	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,209,988	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	119,701	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,805	31,020
Machinery and equipment	6,565	6,568
Construction in progress	881	653
Total property, plant and equipment, gross	44,704	44,694
Less — accumulated depreciation	(17,981)	(17,505)
Total property, plant and equipment, net	26,723	27,189
RESTRICTED CASH (NOTE 18)	4,962	1,152
RIGHT-OF-USE ASSETS	98,301	97,167
OTHER ASSETS	100,150	115,481
TOTAL ASSETS	3,747,173	3,789,371
CURRENT LIABILITIES
Accounts payable	32,172	22,100
Accrued taxes	4,899	3,734
Accrued payroll and benefits	6,430	12,564
Accrued interest	10,175	5,920
Deferred revenue	19,095	22,762
Other current liabilities	23,988	28,247
Total current liabilities	96,759	95,327
LONG-TERM DEBT, NET (NOTE 6)	1,514,127	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	8,460	8,510
LONG-TERM LEASE LIABILITY	89,911	88,756
LONG-TERM DEFERRED REVENUE	11,337	6,895
OTHER NON-CURRENT LIABILITIES	89,303	88,687
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,479,276 and 3,208,827 Units outstanding, respectively	82,461	105,763
CAPITAL
Accumulated other comprehensive income (Note 17)	20,868	35,813
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	3,747,173	3,789,371
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	98,774	114,255
Accounts receivable, less allowance for doubtful accounts of $73 and $74	35,430	42,538
Inventory (Note 13)	30,297	23,729
Prepaid expenses	20,856	20,573
Assets held for sale (Note 19)	1,154	713
Other current assets	837	573
Total current assets	187,348	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,209,988	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	119,701	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,805	31,020
Machinery and equipment	6,565	6,568
Construction in progress	881	653
Total property, plant and equipment, gross	44,704	44,694
Less — accumulated depreciation	(17,981)	(17,505)
Total property, plant and equipment, net	26,723	27,189
RESTRICTED CASH (NOTE 18)	4,962	1,152
RIGHT-OF-USE ASSETS	98,301	97,167
OTHER ASSETS	100,150	115,481
TOTAL ASSETS	3,747,173	3,789,371
CURRENT LIABILITIES
Accounts payable	32,172	22,100
Accrued taxes	4,899	3,734
Accrued payroll and benefits	6,430	12,564
Accrued interest	10,175	5,920
Deferred revenue	19,095	22,762
Other current liabilities	23,988	28,247
Total current liabilities	96,759	95,327
LONG-TERM DEBT, NET (NOTE 6)	1,514,127	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	8,460	8,510
LONG-TERM LEASE LIABILITY	89,911	88,756
LONG-TERM DEFERRED REVENUE	11,337	6,895
OTHER NON-CURRENT LIABILITIES	89,303	88,687
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,479,276 and 3,208,827 Units outstanding, respectively	82,461	105,763
CAPITAL
General partners’ capital	18,163	18,251
Limited partners’ capital	1,798,174	1,806,895
Accumulated other comprehensive income (Note 17)	24,194	40,249
TOTAL CONTROLLING INTEREST CAPITAL	1,840,531	1,865,395
Noncontrolling interests in consolidated affiliates (Note 4)	14,284	15,317
TOTAL CAPITAL	1,854,815	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP/ REDEEMABLE OPERATING PARTNERSHIP UNITS AND SHAREHOLDERS’ EQUITY/CAPITAL	$ 3,747,173	$ 3,789,371

RAYONIER, L.P. AND SUBSIDIARI_4

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 73	$ 74
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 73	$ 74
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	2,479,276	3,208,827

RAYONIER, L.P. AND SUBSIDIARI_5

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income	$ 7,437	$ 30,998
Amortization of pension and postretirement plan liabilities	1	188
Foreign currency translation adjustment	(3,733)	6,458
Cash flow hedges	(12,319)	40,427
Distributions to noncontrolling interests in consolidated affiliates		(1,566)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,880,712	1,815,578
Net Income	7,437	30,998
Distributions	(43,033)	(40,796)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	(10)	29,771
Issuance of units under incentive stock plans		415
Stock-based compensation	2,499	2,797
Repurchase of units	(41)	(214)
Adjustment of Redeemable Operating Partnership Units	(579)	(2,521)
Conversion of units into common shares	23,881	104
Amortization of pension and postretirement plan liabilities	1	188
Foreign currency translation adjustment	(3,733)	6,458
Cash flow hedges	(12,319)	40,427
Distributions to noncontrolling interests in consolidated affiliates		(1,566)
Ending balance	1,854,815	1,881,639
Rayonier Limited Partnership | Units | General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,251	17,872
Net Income	85	300
Distributions	(431)	(408)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs		298
Issuance of units under incentive stock plans		4
Stock-based compensation	25	28
Repurchase of units		(2)
Adjustment of Redeemable Operating Partnership Units	(6)	(25)
Conversion of units into common shares	239	1
Ending balance	18,163	18,068
Rayonier Limited Partnership | Units | Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,806,895	1,769,367
Net Income	8,389	29,686
Distributions	(42,602)	(40,388)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs	(10)	29,473
Issuance of units under incentive stock plans		411
Stock-based compensation	2,474	2,769
Repurchase of units	(41)	(212)
Adjustment of Redeemable Operating Partnership Units	(573)	(2,496)
Conversion of units into common shares	23,642	103
Ending balance	1,798,174	1,788,713
Rayonier Limited Partnership | Accumulated Other Comprehensive Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	40,249	(15,463)
Amortization of pension and postretirement plan liabilities	1	188
Foreign currency translation adjustment	(3,552)	5,668
Cash flow hedges	(12,504)	39,822
Ending balance	24,194	30,215
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	15,317	43,802
Net Income	(1,037)	1,012
Foreign currency translation adjustment	(181)	790
Cash flow hedges	185	605
Distributions to noncontrolling interests in consolidated affiliates		(1,566)
Ending balance	$ 14,284	$ 44,643

RAYONIER, L.P. AND SUBSIDIARI_6

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Offering issuance costs	$ 24	$ 339
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.285	$ 0.27
Offering issuance costs	$ 24	$ 339

RAYONIER, L.P. AND SUBSIDIARI_7

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income		$ 7,437	$ 30,998
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,599	47,419
Non-cash cost of land and improved development		4,208	5,359
Stock-based incentive compensation expense		2,499	2,797
Deferred income taxes		(1,155)	(8,014)
Amortization of losses from pension and postretirement plans		1	188
Timber write-offs due to casualty event		2,302	0
Other		578	(2,244)
Changes in operating assets and liabilities:
Receivables		3,730	(27,837)
Inventories		(4,098)	(4,875)
Accounts payable		8,913	7,376
All other operating activities		1,937	(1,500)
CASH PROVIDED BY OPERATING ACTIVITIES		63,951	49,667
INVESTING ACTIVITIES
Capital expenditures		(18,746)	(15,597)
Real estate development investments		(7,753)	(3,137)
Purchase of timberlands		(8,729)	(2,830)
Other		3,029	2,619
CASH USED FOR INVESTING ACTIVITIES		(32,199)	(18,945)
FINANCING ACTIVITIES
Issuance of debt		0	404,018
Repayment of debt		0	(526,948)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(10)	30,918
Distributions to noncontrolling interests in consolidated affiliates		0	(2,684)
CASH USED FOR FINANCING ACTIVITIES		(43,061)	(134,670)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(362)	620
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(11,671)	(103,328)
Balance, beginning of year		115,407	369,139
Balance, end of period		103,736	265,811
Cash paid during the period:
Interest	[1]	3,802	3,935
Income taxes	[2]	2,203	14,042
Non-cash investing activity:
Capital assets purchased on account		5,689	4,511
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		7,437	30,998
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,599	47,419
Non-cash cost of land and improved development		4,208	5,359
Stock-based incentive compensation expense		2,499	2,797
Deferred income taxes		(1,155)	(8,014)
Amortization of losses from pension and postretirement plans		1	188
Timber write-offs due to casualty event		2,302	0
Other		578	(2,244)
Changes in operating assets and liabilities:
Receivables		3,730	(27,837)
Inventories		(4,098)	(4,875)
Accounts payable		8,913	7,376
All other operating activities		1,937	(1,500)
CASH PROVIDED BY OPERATING ACTIVITIES		63,951	49,667
INVESTING ACTIVITIES
Capital expenditures		(18,746)	(15,597)
Real estate development investments		(7,753)	(3,137)
Purchase of timberlands		(8,729)	(2,830)
Other		3,029	2,619
CASH USED FOR INVESTING ACTIVITIES		(32,199)	(18,945)
FINANCING ACTIVITIES
Issuance of debt		0	404,018
Repayment of debt		0	(526,948)
Distributions on units		(43,010)	(40,339)
Proceeds from the issuance of units under incentive stock plan		0	579
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(10)	30,918
Repurchase of units to pay withholding taxes on vested incentive stock awards		(41)	(214)
Distributions to noncontrolling interests in consolidated affiliates		0	(2,684)
CASH USED FOR FINANCING ACTIVITIES		(43,061)	(134,670)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(362)	620
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(11,671)	(103,328)
Balance, beginning of year		115,407	369,139
Balance, end of period		103,736	265,811
Cash paid during the period:
Interest	[3]	3,802	3,935
Income taxes	[4]	2,203	14,042
Non-cash investing activity:
Capital assets purchased on account		$ 5,689	$ 4,511
[1] Interest paid is presented net of patronage paymen ts receive d of $6.1 million a n d $5.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K. Interest paid is presented net of patronage paymen ts received of $6.1 million an d $5.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.

RAYONIER, L.P. AND SUBSIDIARI_8

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Patronage refunds received, netted with interest paid	$ 6.1	$ 5.5
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid	$ 6.1	$ 5.5

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC (the “2022 Form 10-K”). As of March 31, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2022 Form 10-K. REVENUE RECOGNITION NON-TIMBER SALES Carbon Capture and Storage Sales Carbon capture and storage (CCS) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the mostly likely amount of consideration we expect to receive as of the reporting date. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates. We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised. NEW ACCOUNTING STANDARDS There have been no recently adopted or pending accounting pronouncements which are applicable or are expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS We have evaluated events occurring from March 31, 2023 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest expense, miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, SALES 2023 2022 Southern Timber $71,842 $76,763 Pacific Northwest Timber 34,419 46,281 New Zealand Timber 44,105 51,389 Real Estate 16,276 34,195 Trading 12,569 13,461 Intersegment Eliminations (a) (129) (48) Total $179,082 $222,041 (a) Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME 2023 2022 Southern Timber $22,223 $30,342 Pacific Northwest Timber (3,543) 6,606 New Zealand Timber (a) (663) 5,392 Real Estate 883 10,181 Trading 341 351 Corporate and Other (8,619) (7,554) Total Operating Income 10,622 45,318 Unallocated interest expense and other (b) (2,146) (8,805) Total Income before Income Taxes $8,476 $36,513 (a) The three months ended March 31, 2023 includes a $2.3 million timber write-off resulting from a casualty event. Timber write-offs resulting from a casualty event are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales”. (b) The three months ended March 31, 2023 includes a $9.1 million net recovery associated with a legal settlement. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2023 2022 Southern Timber $20,610 $18,059 Pacific Northwest Timber 10,650 14,916 New Zealand Timber 4,455 4,989 Real Estate 1,503 9,145 Corporate and Other 381 310 Total $37,599 $47,419 Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2023 2022 Real Estate $4,208 $5,359 Total $4,208 $5,359

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table summarizes revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2023 2022 Revenue recognized from contract liability balance at the beginning of the year (a) $11,400 $7,533 (a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post-closing obligations on real estate sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total March 31, 2023 Pulpwood $26,783 $3,715 $6,081 — $1,439 — $38,018 Sawtimber 34,543 29,781 37,683 — 10,667 — 112,674 Hardwood 1,120 — — — — — 1,120 Total Timber Sales 62,446 33,496 43,764 — 12,106 — 151,812 License Revenue, Primarily from Hunting 5,268 136 55 — — — 5,459 Other Non-Timber/Carbon Revenue (a) 4,128 787 286 — — — 5,201 Agency Fee Income — — — — 334 — 334 Total Non-Timber Sales 9,396 923 341 — 334 — 10,994 Improved Development — — — 4,802 — — 4,802 Rural — — — 6,499 — — 6,499 Timberland & Non-Strategic — — — 1,637 — — 1,637 Deferred Revenue/Other (b) — — — 3,093 — — 3,093 Total Real Estate Sales — — — 16,031 — — 16,031 Revenue from Contracts with Customers 71,842 34,419 44,105 16,031 12,440 — 178,837 Lease Revenue — — — 245 — — 245 Intersegment — — — — 129 (129) — Total Revenue $71,842 $34,419 $44,105 $16,276 $12,569 ($129) $179,082 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total March 31, 2022 Pulpwood $37,611 $2,918 $7,595 — $1,525 — $49,649 Sawtimber 27,516 42,215 42,100 — 11,538 — 123,369 Hardwood 5,849 — — — — — 5,849 Total Timber Sales 70,976 45,133 49,695 — 13,063 — 178,867 License Revenue, Primarily from Hunting 4,688 116 62 — — — 4,866 Other Non-Timber/Carbon Revenue 1,099 1,032 1,632 — — — 3,763 Agency Fee Income — — — — 350 — 350 Total Non-Timber Sales 5,787 1,148 1,694 — 350 — 8,979 Improved Development — — — 4,966 — — 4,966 Rural — — — 16,950 — — 16,950 Timberland & Non-Strategic — — — 11,400 — — 11,400 Deferred Revenue/Other (b) — — — 636 — — 636 Total Real Estate Sales — — — 33,952 — — 33,952 Revenue from Contracts with Customers 76,763 46,281 51,389 33,952 13,413 — 221,798 Lease Revenue — — — 243 — — 243 Intersegment — — — — 48 (48) — Total Revenue $76,763 $46,281 $51,389 $34,195 $13,461 ($48) $222,041 (a) Includes $0.6 million of CCS revenue. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total March 31, 2023 Stumpage Pay-as-Cut $30,477 — — — $30,477 Stumpage Lump Sum 105 624 — — 729 Total Stumpage 30,582 624 — — 31,206 Delivered Wood (Domestic) 29,413 29,168 11,595 403 70,579 Delivered Wood (Export) 2,451 3,704 32,169 11,703 50,027 Total Delivered 31,864 32,872 43,764 12,106 120,606 Total Timber Sales $62,446 $33,496 $43,764 $12,106 $151,812 March 31, 2022 Stumpage Pay-as-Cut $36,206 — — — $36,206 Stumpage Lump Sum — 5,388 — — 5,388 Total Stumpage 36,206 5,388 — — 41,594 Delivered Wood (Domestic) 32,128 39,446 13,481 625 85,680 Delivered Wood (Export) 2,642 299 36,214 12,438 51,593 Total Delivered 34,770 39,745 49,695 13,063 137,273 Total Timber Sales $70,976 $45,133 $49,695 $13,063 $178,867

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES Matariki Forestry Group We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 419,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP Noncontrolling interests in the operating partnership relate to the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the operating partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the operating partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption. The following table sets forth the Company’s noncontrolling interests in the operating partnership: Three Months Ended 2023 2022 Beginning noncontrolling interests in the operating partnership $105,763 $133,823 Adjustment of noncontrolling interests in the operating partnership 2,376 2,645 Conversions of Redeemable Operating Partnership Units to Common Shares (23,881) (104) Net Income attributable to noncontrolling interests in the operating partnership 174 669 Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership (1,110) 101 Distributions to noncontrolling interests in the operating partnership (861) (895) Total noncontrolling interests in the operating partnership $82,461 $136,239

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND PER UNIT	EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2023 2022 Earnings per common share - basic Numerator: Net Income $7,437 $30,998 Less: Net income attributable to noncontrolling interests in the operating partnership (174) (669) Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income attributable to Rayonier Inc. $8,300 $29,317 Denominator: Denominator for basic earnings per common share - weighted average shares 147,377,448 145,430,171 Basic earnings per common share attributable to Rayonier Inc.: $0.06 $0.20 Earnings per common share - diluted Numerator: Net Income $7,437 $30,998 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $8,474 $29,986 Denominator: Denominator for basic earnings per common share - weighted average shares 147,377,448 145,430,171 Add: Dilutive effect of: Stock options 1,886 7,229 Performance shares, restricted shares and restricted stock units 612,412 794,892 Noncontrolling interests in operating partnership units 3,087,383 3,314,784 Denominator for diluted earnings per common share - adjusted weighted average shares 151,079,129 149,547,076 Diluted earnings per common share attributable to Rayonier Inc.: $0.06 $0.20 Three Months Ended March 31, 2023 2022 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 64,667 254 Total 64,667 254 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2023 2022 Earnings per unit - basic Numerator: Net Income $7,437 $30,998 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income available to unitholders $8,474 $29,986 Denominator: Denominator for basic earnings per unit - weighted average units 150,464,831 148,744,955 Basic earnings per unit attributable to Rayonier, L.P.: $0.06 $0.20 Earnings per unit - diluted Numerator: Net Income $7,437 $30,998 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income available to unitholders $8,474 $29,986 Denominator: Denominator for basic earnings per unit - weighted average units 150,464,831 148,744,955 Add: Dilutive effect of unit equivalents: Stock options 1,886 7,229 Performance shares, restricted shares and restricted stock units 612,412 794,892 Denominator for diluted earnings per unit - adjusted weighted average units 151,079,129 149,547,076 Diluted earnings per unit attributable to Rayonier, L.P.: $0.06 $0.20 Three Months Ended March 31, 2023 2022 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 64,667 254 Total 64,667 254

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at March 31, 2023: March 31, 2023 Debt Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 2015 Term Loan borrowings due 2028 at a variable interest rate of 6.34% at March 31, 2023 350,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.34% at March 31, 2023 250,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.39% at March 31, 2023 200,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.29% at March 31, 2023 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 25,280 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 25,280 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 21,669 Total principal debt 1,522,229 Less: Unamortized discounts (3,022) Less: Deferred financing costs (5,080) Total long-term debt $1,514,127 (a) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. The following table contains information on the outstanding variable rate debt as of March 31, 2023: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b) 2015 Term Loan Daily Simple SOFR + 1.70% 3.03 % 2022 Incremental Term Loan Daily Simple SOFR + 1.70% 5.13 % 2016 Incremental Term Loan Daily Simple SOFR + 1.75% 2.40 % 2021 Incremental Term Loan Daily Simple SOFR + 1.65% 1.46 % (a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage refunds. Principal payments due during the next five years and thereafter are as follows: Total 2023 — 2024 — 2025 21,669 2026 225,280 2027 275,280 Thereafter 1,000,000 Total Debt $1,522,229 2023 DEBT ACTIVITY U.S. Debt During the three months ended March 31, 2023, we made no borrowings or repayments on our Revolving Credit Facility. At March 31, 2023, we had available borrowings of $296.2 million under the Revolving Credit Facility, net of $3.8 million to secure our outstanding letters of credit. New Zealand Debt During the three months ended March 31, 2023, the New Zealand subsidiary made no borrowings and repayments on its working capital facility (the “New Zealand Working Capital Facility”). At March 31, 2023, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. DEBT COVENANTS In connection with our 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 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 March 31, 2023, 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 8.1 to 1 5.6 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, 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 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 March 31, 2023, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, foreign currency exchange contracts and foreign currency option contracts had maturity dates through February 2026 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 AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS The following table contains information on the outstanding interest rate swaps as of March 31, 2023: 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 7 years 200,000 2021 Incremental Term Loan Facility 0.67 % 1.65 % 2.32 % December 2022 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 of 0.1%. (c) Rate is before estimated patronage payments. FORWARD-STARTING INTEREST RATE SWAPS In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rates swaps, resulting in slightly favorable fixed rates. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2023: 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 0.78 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.64 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2023 and 2022: Three Months Ended Income Statement Location 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $3,813 $3,417 Other operating expense, net (2,429) 97 Foreign currency option contracts Other comprehensive (loss) income (270) 136 Interest rate products Other comprehensive (loss) income (9,660) 35,129 Interest expense, net (3,463) 2,670 During the next 12 months, the amount of the March 31, 2023 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $19.3 million. The following table contains details of the expected reclassified amounts into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts ($2,930) Foreign currency option contracts (257) Interest rate products (a) 22,498 Total estimated gain on derivatives contracts $19,311 (a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows. The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $128,750 $138,250 Foreign currency option contracts 78,000 78,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 150,000 150,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2023 and December 31, 2022. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $63 $25 Other assets 1,063 1,303 Other current liabilities (4,133) (5,457) Other non-current liabilities (146) (410) Foreign currency option contracts Other current assets 83 66 Other assets 1,734 2,131 Other current liabilities (440) (347) Other non-current liabilities (1,079) (1,281) Interest rate swaps Other assets 50,525 60,843 Other non-current liabilities (1,549) (51) Forward-starting interest rate swaps Other assets 10,456 11,939 Total derivative contracts: Other current assets $146 $91 Other assets 63,778 76,216 Total derivative assets $63,924 $76,307 Other current liabilities (4,573) (5,804) Other non-current liabilities (2,774) (1,742) Total derivative liabilities ($7,347) ($7,546) (a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2023 and December 31, 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2023 December 31, 2022 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $98,774 $98,774 — $114,255 $114,255 — Restricted cash (b) 4,962 4,962 — 1,152 1,152 — Long-term debt (c) (1,514,127) — (1,441,247) (1,514,721) — (1,438,736) Interest rate swaps (d) 48,976 — 48,976 60,792 — 60,792 Forward-starting interest rate swaps (d) 10,456 — 10,456 11,939 — 11,939 Foreign currency exchange contracts (d) (3,153) — (3,153) (4,539) — (4,539) Foreign currency option contracts (d) 298 — 298 569 — 569 Noncontrolling interests in the operating partnership (e) 82,461 — 82,461 105,763 — 105,763 (a) We did not have Level 3 assets or liabilities at March 31, 2023 and December 31, 2022. (b) Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (d) See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information. We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL AND NATURAL RESOU

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	3 Months Ended
	Mar. 31, 2023
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release. Changes in environmental and NRD liabilities from December 31, 2022 to March 31, 2023 are shown below: Port Gamble, WA Non-current portion at December 31, 2022 $14,418 Plus: Current portion 1,175 Total Balance at December 31, 2022 15,593 Expenditures charged to liabilities (110) Total Balance at March 31, 2023 15,483 Less: Current portion (1,175) Non-current portion at March 31, 2023 $14,308 It is expected that the upland mill site cleanup and NRD restoration will occur over the next one Commitments in our 2022 Form 10-K. 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	3 Months Ended
	Mar. 31, 2023
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2023, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $3,779 Surety bonds (c) 23,204 Total financial commitments $26,983 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Approximately $2.9 million of the standby letters of credit serve as credit support for real estate construction in our 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	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTSWe 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, 2022 to March 31, 2023 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, 2022 $91,374 $23,723 $115,097 Plus: Current portion (a) 408 17,501 17,909 Total Balance at December 31, 2022 91,782 41,224 133,006 Non-cash cost of land and improved development (457) (2,943) (3,400) Amortization of parcel real estate development investments — (2,127) (2,127) Timber depletion from harvesting activities and basis of timber sold in real estate sales (345) — (345) Capitalized real estate development investments (b) — 10,913 10,913 Capital expenditures (silviculture) 89 — 89 Total Balance at March 31, 2023 91,069 47,067 138,136 Less: Current portion (a) (579) (17,856) (18,435) Non-current portion at March 31, 2023 $90,490 $29,211 $119,701 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information. (b) Capitalized real estate development investments include $0.2 million of capitalized interest and $3.2 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of March 31, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows: March 31, 2023 December 31, 2022 Finished goods inventory Real estate inventory (a) $18,435 $17,909 Log inventory 11,394 5,347 Carbon unit inventory (b) 468 473 Total inventory $30,297 $23,729 (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 12 — 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.

OTHER OPERATING EXPENSE, NET

OTHER OPERATING EXPENSE, NET	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
OTHER OPERATING EXPENSE, NET	OTHER OPERATING EXPENSE, NET Other operating expense, net consisted of the following: Three Months Ended March 31, 2023 2022 Loss on foreign currency remeasurement, net of cash flow hedges ($2,484) ($571) Gain on sale or disposal of property and equipment 2 25 Equity loss related to Bainbridge Landing LLC joint venture — (227) Miscellaneous expense, net (34) (211) Total ($2,516) ($984)

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 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 We expect to make cash contributions of approximately $7.6 million during the settlement process 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 settlement is expected to be completed by the end of Q1 2024. The Excess Benefit Plan will be settled entirely with lump sum payments upon termination with expected cash contributions in 2024 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 and interest rates, as well as prevailing market conditions. The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2023 2022 2023 2022 Service cost Selling and general expenses — — $1 $2 Interest cost Interest and other miscellaneous income (expense), net 844 609 17 13 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (887) (872) — — Amortization of losses Interest and other miscellaneous income (expense), net 1 184 — 4 Net periodic benefit (credit) cost ($42) ($79) $18 $19 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2023 net periodic benefit cost for pension benefit s is 5.0%.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of March 31, 2023, Rayonier owns a 98.4% inter est in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes. PROVISION FOR INCOME TAXES The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended 2023 2022 Income tax expense ($1,039) ($5,515) ANNUAL EFFECTIVE TAX RATE The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2023 2022 Annualized effective tax rate after discrete items 7.9 % 10.5 %

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in AOCI by component for the three months ended March 31, 2023 and the year ended December 31, 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive income (loss) before reclassifications (22,282) — 78,166 (a) 874 56,758 (1,323) 55,435 Amounts reclassified from accumulated other comprehensive income (loss) — — (1,799) 753 (b) (1,046) 1,028 (18) Net other comprehensive income (loss) (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 Other comprehensive (loss) income before reclassifications (3,552) — (7,696) (a) — (11,248) 231 (11,017) Amounts reclassified from accumulated other comprehensive income — — (4,808) 1 (b) (4,807) 879 (3,928) Net other comprehensive income (loss) (3,552) — (12,504) 1 (16,055) 1,110 (14,945) Balance as of March 31, 2023 ($21,619) $1,321 $54,700 ($10,208) $24,194 ($3,326) $20,868 (a) The three months ended March 31, 2023 includes $9.6 million of other comprehensive loss related to interest rate products. The three months ended December 31, 2022 included $75.0 million of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2023 and March 31, 2022: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the Income Statement March 31, 2023 March 31, 2022 Realized (gain) loss on foreign currency exchange contracts ($2,429) $9 Other operating expense, net Noncontrolling interests 559 (2) Comprehensive loss (income) attributable to noncontrolling interests Realized (gain) loss on interest rate contracts (3,463) 2,670 Interest expense Income tax effect from net gain (loss) on foreign currency contracts 525 (2) Income tax expense Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($4,808) $2,675

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Mar. 31, 2023
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH 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 cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales. Restricted cash, Timber Funds includes the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Restricted cash, excluding Timber Funds: Restricted cash deposited with LKE intermediary $1,646 — Restricted cash held in escrow 3,316 625 Total restricted cash, excluding Timber Funds 4,962 625 Restricted cash, Timber Funds — 5,464 Cash and cash equivalents 98,774 259,722 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $103,736 $265,811

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of March 31, 2023 and December 31, 2022, the basis in properties meeting this classification was $1.2 million and $0.7 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC (the “2022 Form 10-K”).
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS There have been no recently adopted or pending accounting pronouncements which are applicable or are expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated events occurring from March 31, 2023 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
SEGMENT REPORTING	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest expense, miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
REVENUE RECOGNITION	REVENUE RECOGNITION NON-TIMBER SALES Carbon Capture and Storage Sales Carbon capture and storage (CCS) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the mostly likely amount of consideration we expect to receive as of the reporting date. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates. We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised. PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
DERIVATIVE	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging
FAIR VALUE OF FINANCIAL INSTRUMENTS	We use the following methods and assumptions in estimating the fair value of our financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables summarize the segment information for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, SALES 2023 2022 Southern Timber $71,842 $76,763 Pacific Northwest Timber 34,419 46,281 New Zealand Timber 44,105 51,389 Real Estate 16,276 34,195 Trading 12,569 13,461 Intersegment Eliminations (a) (129) (48) Total $179,082 $222,041 (a) Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended March 31, OPERATING INCOME 2023 2022 Southern Timber $22,223 $30,342 Pacific Northwest Timber (3,543) 6,606 New Zealand Timber (a) (663) 5,392 Real Estate 883 10,181 Trading 341 351 Corporate and Other (8,619) (7,554) Total Operating Income 10,622 45,318 Unallocated interest expense and other (b) (2,146) (8,805) Total Income before Income Taxes $8,476 $36,513 (a) The three months ended March 31, 2023 includes a $2.3 million timber write-off resulting from a casualty event. Timber write-offs resulting from a casualty event are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales”. (b) The three months ended March 31, 2023 includes a $9.1 million net recovery associated with a legal settlement. Three Months Ended March 31, DEPRECIATION, DEPLETION AND AMORTIZATION 2023 2022 Southern Timber $20,610 $18,059 Pacific Northwest Timber 10,650 14,916 New Zealand Timber 4,455 4,989 Real Estate 1,503 9,145 Corporate and Other 381 310 Total $37,599 $47,419 Three Months Ended March 31, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2023 2022 Real Estate $4,208 $5,359 Total $4,208 $5,359

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Balances	The following table summarizes revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the contract liability balance at the beginning of each year: Three Months Ended March 31, 2023 2022 Revenue recognized from contract liability balance at the beginning of the year (a) $11,400 $7,533 (a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post-closing obligations on real estate sales.
Schedule of Disaggregation of Revenue by Product	The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total March 31, 2023 Pulpwood $26,783 $3,715 $6,081 — $1,439 — $38,018 Sawtimber 34,543 29,781 37,683 — 10,667 — 112,674 Hardwood 1,120 — — — — — 1,120 Total Timber Sales 62,446 33,496 43,764 — 12,106 — 151,812 License Revenue, Primarily from Hunting 5,268 136 55 — — — 5,459 Other Non-Timber/Carbon Revenue (a) 4,128 787 286 — — — 5,201 Agency Fee Income — — — — 334 — 334 Total Non-Timber Sales 9,396 923 341 — 334 — 10,994 Improved Development — — — 4,802 — — 4,802 Rural — — — 6,499 — — 6,499 Timberland & Non-Strategic — — — 1,637 — — 1,637 Deferred Revenue/Other (b) — — — 3,093 — — 3,093 Total Real Estate Sales — — — 16,031 — — 16,031 Revenue from Contracts with Customers 71,842 34,419 44,105 16,031 12,440 — 178,837 Lease Revenue — — — 245 — — 245 Intersegment — — — — 129 (129) — Total Revenue $71,842 $34,419 $44,105 $16,276 $12,569 ($129) $179,082 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total March 31, 2022 Pulpwood $37,611 $2,918 $7,595 — $1,525 — $49,649 Sawtimber 27,516 42,215 42,100 — 11,538 — 123,369 Hardwood 5,849 — — — — — 5,849 Total Timber Sales 70,976 45,133 49,695 — 13,063 — 178,867 License Revenue, Primarily from Hunting 4,688 116 62 — — — 4,866 Other Non-Timber/Carbon Revenue 1,099 1,032 1,632 — — — 3,763 Agency Fee Income — — — — 350 — 350 Total Non-Timber Sales 5,787 1,148 1,694 — 350 — 8,979 Improved Development — — — 4,966 — — 4,966 Rural — — — 16,950 — — 16,950 Timberland & Non-Strategic — — — 11,400 — — 11,400 Deferred Revenue/Other (b) — — — 636 — — 636 Total Real Estate Sales — — — 33,952 — — 33,952 Revenue from Contracts with Customers 76,763 46,281 51,389 33,952 13,413 — 221,798 Lease Revenue — — — 243 — — 243 Intersegment — — — — 48 (48) — Total Revenue $76,763 $46,281 $51,389 $34,195 $13,461 ($48) $222,041 (a) Includes $0.6 million of CCS revenue. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total March 31, 2023 Stumpage Pay-as-Cut $30,477 — — — $30,477 Stumpage Lump Sum 105 624 — — 729 Total Stumpage 30,582 624 — — 31,206 Delivered Wood (Domestic) 29,413 29,168 11,595 403 70,579 Delivered Wood (Export) 2,451 3,704 32,169 11,703 50,027 Total Delivered 31,864 32,872 43,764 12,106 120,606 Total Timber Sales $62,446 $33,496 $43,764 $12,106 $151,812 March 31, 2022 Stumpage Pay-as-Cut $36,206 — — — $36,206 Stumpage Lump Sum — 5,388 — — 5,388 Total Stumpage 36,206 5,388 — — 41,594 Delivered Wood (Domestic) 32,128 39,446 13,481 625 85,680 Delivered Wood (Export) 2,642 299 36,214 12,438 51,593 Total Delivered 34,770 39,745 49,695 13,063 137,273 Total Timber Sales $70,976 $45,133 $49,695 $13,063 $178,867

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries	The following table sets forth the Company’s noncontrolling interests in the operating partnership: Three Months Ended 2023 2022 Beginning noncontrolling interests in the operating partnership $105,763 $133,823 Adjustment of noncontrolling interests in the operating partnership 2,376 2,645 Conversions of Redeemable Operating Partnership Units to Common Shares (23,881) (104) Net Income attributable to noncontrolling interests in the operating partnership 174 669 Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership (1,110) 101 Distributions to noncontrolling interests in the operating partnership (861) (895) Total noncontrolling interests in the operating partnership $82,461 $136,239

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended March 31, 2023 2022 Earnings per common share - basic Numerator: Net Income $7,437 $30,998 Less: Net income attributable to noncontrolling interests in the operating partnership (174) (669) Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income attributable to Rayonier Inc. $8,300 $29,317 Denominator: Denominator for basic earnings per common share - weighted average shares 147,377,448 145,430,171 Basic earnings per common share attributable to Rayonier Inc.: $0.06 $0.20 Earnings per common share - diluted Numerator: Net Income $7,437 $30,998 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $8,474 $29,986 Denominator: Denominator for basic earnings per common share - weighted average shares 147,377,448 145,430,171 Add: Dilutive effect of: Stock options 1,886 7,229 Performance shares, restricted shares and restricted stock units 612,412 794,892 Noncontrolling interests in operating partnership units 3,087,383 3,314,784 Denominator for diluted earnings per common share - adjusted weighted average shares 151,079,129 149,547,076 Diluted earnings per common share attributable to Rayonier Inc.: $0.06 $0.20 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended March 31, 2023 2022 Earnings per unit - basic Numerator: Net Income $7,437 $30,998 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income available to unitholders $8,474 $29,986 Denominator: Denominator for basic earnings per unit - weighted average units 150,464,831 148,744,955 Basic earnings per unit attributable to Rayonier, L.P.: $0.06 $0.20 Earnings per unit - diluted Numerator: Net Income $7,437 $30,998 Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 1,037 (1,012) Net income available to unitholders $8,474 $29,986 Denominator: Denominator for basic earnings per unit - weighted average units 150,464,831 148,744,955 Add: Dilutive effect of unit equivalents: Stock options 1,886 7,229 Performance shares, restricted shares and restricted stock units 612,412 794,892 Denominator for diluted earnings per unit - adjusted weighted average units 151,079,129 149,547,076 Diluted earnings per unit attributable to Rayonier, L.P.: $0.06 $0.20
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended March 31, 2023 2022 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 64,667 254 Total 64,667 254 Three Months Ended March 31, 2023 2022 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 64,667 254 Total 64,667 254

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Our debt consisted of the following at March 31, 2023: March 31, 2023 Debt Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 2015 Term Loan borrowings due 2028 at a variable interest rate of 6.34% at March 31, 2023 350,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.34% at March 31, 2023 250,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.39% at March 31, 2023 200,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.29% at March 31, 2023 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 25,280 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 25,280 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 21,669 Total principal debt 1,522,229 Less: Unamortized discounts (3,022) Less: Deferred financing costs (5,080) Total long-term debt $1,514,127 (a) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. The following table contains information on the outstanding variable rate debt as of March 31, 2023: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b) 2015 Term Loan Daily Simple SOFR + 1.70% 3.03 % 2022 Incremental Term Loan Daily Simple SOFR + 1.70% 5.13 % 2016 Incremental Term Loan Daily Simple SOFR + 1.75% 2.40 % 2021 Incremental Term Loan Daily Simple SOFR + 1.65% 1.46 % (a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage refunds.
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: Total 2023 — 2024 — 2025 21,669 2026 225,280 2027 275,280 Thereafter 1,000,000 Total Debt $1,522,229
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2023, 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 8.1 to 1 5.6 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)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table contains information on the outstanding interest rate swaps as of March 31, 2023: 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 7 years 200,000 2021 Incremental Term Loan Facility 0.67 % 1.65 % 2.32 % December 2022 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 of 0.1%. (c) Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of March 31, 2023: 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 0.78 % Term Credit Agreement August 2024 N/A May 2020 4 years 50,000 0.64 % Term Credit Agreement August 2024 N/A (a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2023 and 2022: Three Months Ended Income Statement Location 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income $3,813 $3,417 Other operating expense, net (2,429) 97 Foreign currency option contracts Other comprehensive (loss) income (270) 136 Interest rate products Other comprehensive (loss) income (9,660) 35,129 Interest expense, net (3,463) 2,670 Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts ($2,930) Foreign currency option contracts (257) Interest rate products (a) 22,498 Total estimated gain on derivatives contracts $19,311 (a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount March 31, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $128,750 $138,250 Foreign currency option contracts 78,000 78,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 150,000 150,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2023 and December 31, 2022. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) March 31, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $63 $25 Other assets 1,063 1,303 Other current liabilities (4,133) (5,457) Other non-current liabilities (146) (410) Foreign currency option contracts Other current assets 83 66 Other assets 1,734 2,131 Other current liabilities (440) (347) Other non-current liabilities (1,079) (1,281) Interest rate swaps Other assets 50,525 60,843 Other non-current liabilities (1,549) (51) Forward-starting interest rate swaps Other assets 10,456 11,939 Total derivative contracts: Other current assets $146 $91 Other assets 63,778 76,216 Total derivative assets $63,924 $76,307 Other current liabilities (4,573) (5,804) Other non-current liabilities (2,774) (1,742) Total derivative liabilities ($7,347) ($7,546) (a) See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, by Balance Sheet Grouping	The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2023 and December 31, 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP: March 31, 2023 December 31, 2022 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $98,774 $98,774 — $114,255 $114,255 — Restricted cash (b) 4,962 4,962 — 1,152 1,152 — Long-term debt (c) (1,514,127) — (1,441,247) (1,514,721) — (1,438,736) Interest rate swaps (d) 48,976 — 48,976 60,792 — 60,792 Forward-starting interest rate swaps (d) 10,456 — 10,456 11,939 — 11,939 Foreign currency exchange contracts (d) (3,153) — (3,153) (4,539) — (4,539) Foreign currency option contracts (d) 298 — 298 569 — 569 Noncontrolling interests in the operating partnership (e) 82,461 — 82,461 105,763 — 105,763 (a) We did not have Level 3 assets or liabilities at March 31, 2023 and December 31, 2022. (b) Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information. (c) The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information. (d) See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments. (e) Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information.

ENVIRONMENTAL AND NATURAL RES_2

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2022 to March 31, 2023 are shown below: Port Gamble, WA Non-current portion at December 31, 2022 $14,418 Plus: Current portion 1,175 Total Balance at December 31, 2022 15,593 Expenditures charged to liabilities (110) Total Balance at March 31, 2023 15,483 Less: Current portion (1,175) Non-current portion at March 31, 2023 $14,308

GUARANTEES (Tables)

GUARANTEES (Tables)	3 Months Ended
	Mar. 31, 2023
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of March 31, 2023, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $3,779 Surety bonds (c) 23,204 Total financial commitments $26,983 (a) We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance. (b) Approximately $2.9 million of the standby letters of credit serve as credit support for real estate construction in our 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)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Higher and Better Use Timberlands and Real Estate Development Investments	Changes in higher and better use timberlands and real estate development investments from December 31, 2022 to March 31, 2023 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, 2022 $91,374 $23,723 $115,097 Plus: Current portion (a) 408 17,501 17,909 Total Balance at December 31, 2022 91,782 41,224 133,006 Non-cash cost of land and improved development (457) (2,943) (3,400) Amortization of parcel real estate development investments — (2,127) (2,127) Timber depletion from harvesting activities and basis of timber sold in real estate sales (345) — (345) Capitalized real estate development investments (b) — 10,913 10,913 Capital expenditures (silviculture) 89 — 89 Total Balance at March 31, 2023 91,069 47,067 138,136 Less: Current portion (a) (579) (17,856) (18,435) Non-current portion at March 31, 2023 $90,490 $29,211 $119,701 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information. (b) Capitalized real estate development investments include $0.2 million of capitalized interest and $3.2 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows: March 31, 2023 December 31, 2022 Finished goods inventory Real estate inventory (a) $18,435 $17,909 Log inventory 11,394 5,347 Carbon unit inventory (b) 468 473 Total inventory $30,297 $23,729 (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 12 — 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.

OTHER OPERATING EXPENSE, NET (T

OTHER OPERATING EXPENSE, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Operating Expense, Net	Other operating expense, net consisted of the following: Three Months Ended March 31, 2023 2022 Loss on foreign currency remeasurement, net of cash flow hedges ($2,484) ($571) Gain on sale or disposal of property and equipment 2 25 Equity loss related to Bainbridge Landing LLC joint venture — (227) Miscellaneous expense, net (34) (211) Total ($2,516) ($984)

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs	The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2023 2022 2023 2022 Service cost Selling and general expenses — — $1 $2 Interest cost Interest and other miscellaneous income (expense), net 844 609 17 13 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (887) (872) — — Amortization of losses Interest and other miscellaneous income (expense), net 1 184 — 4 Net periodic benefit (credit) cost ($42) ($79) $18 $19 (a) The weighted-average expected long-term rate of return on plan assets used in computing 2023 net periodic benefit cost for pension benefit s is 5.0%.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended 2023 2022 Income tax expense ($1,039) ($5,515)
Schedule of Effective Income Tax Rate Reconciliation	The following table contains the Company’s annualized effective tax rate after discrete items: Three Months Ended 2023 2022 Annualized effective tax rate after discrete items 7.9 % 10.5 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component for the three months ended March 31, 2023 and the year ended December 31, 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (loss) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation to Operating Partnership Total Rayonier Inc. Balance as of December 31, 2021 $4,215 $1,321 ($9,163) ($11,836) ($15,463) ($4,141) ($19,604) Other comprehensive income (loss) before reclassifications (22,282) — 78,166 (a) 874 56,758 (1,323) 55,435 Amounts reclassified from accumulated other comprehensive income (loss) — — (1,799) 753 (b) (1,046) 1,028 (18) Net other comprehensive income (loss) (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 Other comprehensive (loss) income before reclassifications (3,552) — (7,696) (a) — (11,248) 231 (11,017) Amounts reclassified from accumulated other comprehensive income — — (4,808) 1 (b) (4,807) 879 (3,928) Net other comprehensive income (loss) (3,552) — (12,504) 1 (16,055) 1,110 (14,945) Balance as of March 31, 2023 ($21,619) $1,321 $54,700 ($10,208) $24,194 ($3,326) $20,868 (a) The three months ended March 31, 2023 includes $9.6 million of other comprehensive loss related to interest rate products. The three months ended December 31, 2022 included $75.0 million of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. See Note 15 — 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 three months ended March 31, 2023 and March 31, 2022: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the Income Statement March 31, 2023 March 31, 2022 Realized (gain) loss on foreign currency exchange contracts ($2,429) $9 Other operating expense, net Noncontrolling interests 559 (2) Comprehensive loss (income) attributable to noncontrolling interests Realized (gain) loss on interest rate contracts (3,463) 2,670 Interest expense Income tax effect from net gain (loss) on foreign currency contracts 525 (2) Income tax expense Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($4,808) $2,675

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2023
Restricted Cash and Investments [Abstract]
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Restricted cash, excluding Timber Funds: Restricted cash deposited with LKE intermediary $1,646 — Restricted cash held in escrow 3,316 625 Total restricted cash, excluding Timber Funds 4,962 625 Restricted cash, Timber Funds — 5,464 Cash and cash equivalents 98,774 259,722 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $103,736 $265,811

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - Operating Partnership	Mar. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest (as a percent)	98.40%
Ownership interest owned by limited partners (as a percent)	1.60%

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
SALES	$ 179,082	$ 222,041
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(129)	(48)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	71,842	76,763
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	34,419	46,281
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	44,105	51,389
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	16,276	34,195
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	12,569	13,461
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
SALES	129	48
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (129)	$ (48)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total Operating Income	$ 10,622	$ 45,318
Unallocated interest expense and other	(2,146)	(8,805)
Total Income before Income Taxes	8,476	36,513
Gain from net recovery with legal settlement	9,100
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events	2,300
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	22,223	30,342
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(3,543)	6,606
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	(663)	5,392
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	883	10,181
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	341	351
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (8,619)	$ (7,554)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 37,599	$ 47,419
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	20,610	18,059
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	10,650	14,916
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,455	4,989
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	1,503	9,145
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 381	$ 310

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 4,208	$ 5,359
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 4,208	$ 5,359

REVENUE - Schedule of Remaining

REVENUE - Schedule of Remaining Performance Obligations (Details)	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, period	12 months

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract liabilities, current	$ 19,095	$ 22,762
Contract liabilities, non-current	$ 11,337	$ 6,895

REVENUE - Revenue Recognized Fr

REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 11,400	$ 7,533

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 178,837	$ 221,798
Lease Revenue	245	243
Total Revenue	179,082	222,041
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	151,812	178,867
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	38,018	49,649
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	112,674	123,369
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,120	5,849
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,994	8,979
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,459	4,866
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,201	3,763
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	334	350
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,031	33,952
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,802	4,966
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,499	16,950
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,637	11,400
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,093	636
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(129)	(48)
CCS | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	600
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	71,842	76,763
Total Revenue	71,842	76,763
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,446	70,976
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,783	37,611
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,543	27,516
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,120	5,849
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,396	5,787
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,268	4,688
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,128	1,099
Operating Segments | Southern Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,419	46,281
Total Revenue	34,419	46,281
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,496	45,133
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,715	2,918
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,781	42,215
Operating Segments | Pacific Northwest Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	923	1,148
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	136	116
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	787	1,032
Operating Segments | Pacific Northwest Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	44,105	51,389
Total Revenue	44,105	51,389
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,764	49,695
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,081	7,595
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	37,683	42,100
Operating Segments | New Zealand Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	341	1,694
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	55	62
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	286	1,632
Operating Segments | New Zealand Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,031	33,952
Lease Revenue	245	243
Total Revenue	16,276	34,195
Operating Segments | Real Estate | Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,031	33,952
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,802	4,966
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,499	16,950
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,637	11,400
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,093	636
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,440	13,413
Total Revenue	12,569	13,461
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,106	13,063
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,439	1,525
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,667	11,538
Operating Segments | Trading | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	334	350
Operating Segments | Trading | License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Trading | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	334	350
Intersegment | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	129	48
Intersegment | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (129)	$ (48)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 178,837	$ 221,798
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,206	41,594
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,477	36,206
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	729	5,388
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	120,606	137,273
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,579	85,680
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	50,027	51,593
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	151,812	178,867
Southern Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,582	36,206
Southern Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,477	36,206
Southern Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	105	0
Southern Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,864	34,770
Southern Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,413	32,128
Southern Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,451	2,642
Pacific Northwest Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	624	5,388
Pacific Northwest Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Pacific Northwest Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	624	5,388
Pacific Northwest Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,872	39,745
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,168	39,446
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,704	299
New Zealand Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
New Zealand Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,764	49,695
New Zealand Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,595	13,481
New Zealand Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,169	36,214
Trading | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Trading | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,106	13,063
Trading | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	403	625
Trading | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,703	12,438
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	71,842	76,763
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,446	70,976
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,419	46,281
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,496	45,133
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	44,105	51,389
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,764	49,695
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,440	13,413
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 12,106	$ 13,063

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Mar. 31, 2023 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned	419
Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as a percent)	77%
Rayonier New Zealand Subsidiary
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners (as a percent)	23%

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the operating partnership	$ 105,763	$ 133,823
Adjustment of noncontrolling interests in the operating partnership	2,376	2,645
Conversions of Redeemable Operating Partnership Units to Common Shares	(23,881)	(104)
Net Income attributable to noncontrolling interests in the operating partnership	174	669
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership	(1,110)	101
Distributions to noncontrolling interests in the operating partnership	(861)	(895)
Total noncontrolling interests in the operating partnership	$ 82,461	$ 136,239

EARNINGS PER SHARE AND PER UN_3

EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net Income	$ 7,437	$ 30,998
Less: Net income attributable to noncontrolling interests in the operating partnership	(174)	(669)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,037	(1,012)
Net income available to unitholders	$ 8,300	$ 29,317
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	147,377,448	145,430,171
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.06	$ 0.20
Numerator:
Net Income	$ 7,437	$ 30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	(1,037)	1,012
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 8,474	$ 29,986
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	147,377,448	145,430,171
Add: Dilutive effect of:
Stock options (in shares/units)	1,886	7,229
Performance shares, restricted shares and restricted stock units (in shares/units)	612,412	794,892
Noncontrolling interests in operating partnership units (in shares)	3,087,383	3,314,784
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	151,079,129	149,547,076
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.06	$ 0.20
Rayonier Limited Partnership
Numerator:
Net Income	$ 7,437	$ 30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	1,037	(1,012)
Net income available to unitholders	$ 8,474	$ 29,986
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,464,831	148,744,955
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.06	$ 0.20
Numerator:
Net Income	$ 7,437	$ 30,998
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	$ (1,037)	$ 1,012
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,464,831	148,744,955
Add: Dilutive effect of:
Stock options (in shares/units)	1,886	7,229
Performance shares, restricted shares and restricted stock units (in shares/units)	612,412	794,892
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	151,079,129	149,547,076
Diluted earnings (loss) per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.06	$ 0.20

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares)	64,667	254
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares)	64,667	254

DEBT - Schedule of Long Term De

DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal debt	$ 1,522,229
Less: Unamortized discounts	(3,022)
Less: Deferred financing costs	(5,080)
Total long-term debt	$ 1,514,127	$ 1,514,721
Credit Spread Option | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%
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%
Total principal debt	$ 450,000
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.34% at March 31, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.34%
Total principal debt	$ 350,000
Effective fixed interest rate (as a percent)	3.03%
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.34% at March 31, 2023 | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.70%
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.34% at March 31, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.34%
Total principal debt	$ 250,000
Effective fixed interest rate (as a percent)	5.13%
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.34% at March 31, 2023 | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.70%
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.39% at March 31, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.39%
Total principal debt	$ 200,000
Effective fixed interest rate (as a percent)	2.40%
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.39% at March 31, 2023 | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.75%
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.29% at March 31, 2023
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.29%
Total principal debt	$ 200,000
Effective fixed interest rate (as a percent)	1.46%
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.29% at March 31, 2023 | SOFR
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	1.65%
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Total principal debt	$ 25,280
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%
Total principal debt	$ 25,280
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) | Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%
Total principal debt	$ 21,669

DEBT - Schedule of Long Term Ma

DEBT - Schedule of Long Term Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	21,669
2026	225,280
2027	275,280
Thereafter	1,000,000
Total Debt	$ 1,522,229

DEBT - Narrative (Details)

DEBT - Narrative (Details) - 3 months ended Mar. 31, 2023 $ in Thousands, $ in Millions	USD ($)	NZD ($)
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments	$ 0
Remaining borrowing capacity		$ 20
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at March 31, 2023
Debt Instrument [Line Items]
Borrowings, net of repayments	0
Remaining borrowing capacity	296,200
Amount to secure outstanding letters of credit	$ 3,800

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details)	Mar. 31, 2023
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, covenant requirement	2.5
Covenant EBITDA to consolidated interest expense, actual ratio	8.1
Covenant EBITDA to consolidated interest expense, favorable	5.6
Covenant debt to net worth plus covenant debt, covenant requirement (as a percent)	0.65
Covenant debt to net worth plus covenant debt, actual ratio (as a percent)	0.45
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.20

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 19,311
Forecasted Sales and Purchases, term 1 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum | Forecasted Sales and Purchases, term 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50%
Minimum | Forecasted Sales and Purchases, term 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Minimum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Maximum | Forecasted Sales and Purchases, term 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90%
Maximum | Forecasted Sales and Purchases, term 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months (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	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	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) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Credit Spread Option | SOFR
Derivative [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed Rate of Swap	2.10%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.80%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed Rate of Swap	2.26%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	3.96%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.50%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.25%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100
Fixed Rate of Swap	1.51%
Bank Margin on Debt	1.75%
Total Effective Interest Rate	3.26%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest Rate Swap 5
Derivative [Line Items]
Term	7 years
Notional Amount	$ 200
Fixed Rate of Swap	0.67%
Bank Margin on Debt	1.65%
Total Effective Interest Rate	2.32%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest Rate Swap 6
Derivative [Line Items]
Term	5 years
Notional Amount	$ 100
Fixed Rate of Swap	3.72%
Bank Margin on Debt	1.70%
Total Effective Interest Rate	5.42%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ (12,319)	$ 40,427
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Forward-Starting Interest Rate Swap 1
Derivative Instruments, Gain (Loss) [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed Rate of Swap	0.78%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Forward-Starting Interest Rate Swap 2
Derivative Instruments, Gain (Loss) [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed Rate of Swap	0.64%
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	$ 128,750		$ 138,250
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	3,813	3,417
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other operating income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(2,429)	97
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	78,000		$ 78,000
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(270)	136
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate products | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	(9,660)	35,129
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge, gain (loss) recognized in income	$ (3,463)	$ 2,670

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 19,311
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(2,930)
Realized loss on foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(257)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,498

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 128,750	$ 138,250
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	78,000	78,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	850,000	850,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 150,000	$ 150,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 63,924	$ 76,307
Fair value, derivative liability	(7,347)	(7,546)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	146	91
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	63,778	76,216
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(4,573)	(5,804)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,774)	(1,742)
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	63	25
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,063	1,303
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(4,133)	(5,457)
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(146)	(410)
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	83	66
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,734	2,131
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(440)	(347)
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,079)	(1,281)
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	50,525	60,843
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,549)	(51)
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Forward-starting interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 10,456	$ 11,939

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash, excluding Timber Funds:	$ 4,962	$ 1,152
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	98,774	114,255
Restricted cash, excluding Timber Funds:	4,962	1,152
Long-term debt	(1,514,127)	(1,514,721)
Noncontrolling interests in the operating partnership	82,461	105,763
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	48,976	60,792
Carrying Amount | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	10,456	11,939
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(3,153)	(4,539)
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	298	569
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	98,774	114,255
Restricted cash, excluding Timber Funds:	4,962	1,152
Long-term debt	0	0
Noncontrolling interests in the operating partnership	0	0
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	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, assets	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash, excluding Timber Funds:	0	0
Long-term debt	(1,441,247)	(1,438,736)
Noncontrolling interests in the operating partnership	82,461	105,763
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	48,976	60,792
Fair Value | Level 2 | Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	10,456	11,939
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	(3,153)	(4,539)
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	$ 298	$ 569

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 14,418
Beginning balance, plus: current portion	1,175
Beginning balance	15,593
Expenditures charged to liabilities	(110)
Ending balance	15,483
Ending balance, less: current portion	(1,175)
Ending balance, non-current portion	$ 14,308

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
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	Mar. 31, 2023 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 26,983
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	$ 23,204

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 115,097
Plus: Current portion, beginning balance	17,909
Total balance, beginning balance	133,006
Non-cash cost of land and improved development	(3,400)
Amortization of parcel real estate development investments	(2,127)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(345)
Capitalized real estate development investments	10,913
Capital expenditures (silviculture)	89
Total balance, ending balance	138,136
Less: Current portion, ending balance	(18,435)
Non-current portion, ending balance	119,701
Capitalized interest	200
Parcel real estate development investments	3,200
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	91,374
Plus: Current portion, beginning balance	408
Total balance, beginning balance	91,782
Non-cash cost of land and improved development	(457)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(345)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	89
Total balance, ending balance	91,069
Less: Current portion, ending balance	(579)
Non-current portion, ending balance	90,490
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	23,723
Plus: Current portion, beginning balance	17,501
Total balance, beginning balance	41,224
Non-cash cost of land and improved development	(2,943)
Amortization of parcel real estate development investments	(2,127)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	10,913
Capital expenditures (silviculture)	0
Total balance, ending balance	47,067
Less: Current portion, ending balance	(17,856)
Non-current portion, ending balance	$ 29,211

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Total inventory	$ 30,297	$ 23,729
Real Estate Inventory
Inventory [Line Items]
Total inventory	18,435	17,909
Log inventory
Inventory [Line Items]
Total inventory	11,394	5,347
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 468	$ 473

OTHER OPERATING EXPENSE, NET (D

OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Loss on foreign currency remeasurement, net of cash flow hedges	$ (2,484)	$ (571)
Gain on sale or disposal of property and equipment	2	25
Equity loss related to Bainbridge Landing LLC joint venture	0	(227)
Miscellaneous expense, net	(34)	(211)
Total	$ (2,516)	$ (984)

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) plan	Mar. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans | plan	1
Weighted-average expected long-term rate of return on plan assets (as a percent)	5%
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	$ 7,600
Service cost	0	$ 0
Interest cost	844	609
Expected return on plan assets	(887)	(872)
Amortization of losses	1	184
Net periodic benefit (credit) cost	(42)	(79)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	1,300
Service cost	1	2
Interest cost	17	13
Expected return on plan assets	0	0
Amortization of losses	0	4
Net periodic benefit (credit) cost	$ 18	$ 19

INCOME TAXES (Details)

INCOME TAXES (Details)	Mar. 31, 2023
Operating Partnership
Income Taxes
Ownership interest (as a percent)	98.40%

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ (1,039)	$ (5,515)

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	7.90%	10.50%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,865,395
Other comprehensive income (loss) before reclassifications	(11,017)	$ 55,435
Amounts reclassified from accumulated other comprehensive income	(3,928)	(18)
Net other comprehensive income (loss)	(14,945)	55,417
Ending balance	1,840,531	1,865,395
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	35,813	(19,604)
Ending balance	20,868	35,813
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(18,067)	4,215
Other comprehensive income (loss) before reclassifications	(3,552)	(22,282)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income (loss)	(3,552)	(22,282)
Ending balance	(21,619)	(18,067)
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income (loss)	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	67,204	(9,163)
Other comprehensive income (loss) before reclassifications	(7,696)	78,166
Amounts reclassified from accumulated other comprehensive income	(4,808)	(1,799)
Net other comprehensive income (loss)	(12,504)	76,367
Ending balance	54,700	67,204
Cash flow hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	9,600	75,000
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(10,209)	(11,836)
Other comprehensive income (loss) before reclassifications	0	874
Amounts reclassified from accumulated other comprehensive income	1	753
Net other comprehensive income (loss)	1	1,627
Ending balance	(10,208)	(10,209)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	40,249	(15,463)
Other comprehensive income (loss) before reclassifications	(11,248)	56,758
Amounts reclassified from accumulated other comprehensive income	(4,807)	(1,046)
Net other comprehensive income (loss)	(16,055)	55,712
Ending balance	24,194	40,249
Allocation to Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,436)	(4,141)
Other comprehensive income (loss) before reclassifications	231	(1,323)
Amounts reclassified from accumulated other comprehensive income	879	1,028
Net other comprehensive income (loss)	1,110	(295)
Ending balance	$ (3,326)	$ (4,436)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ 2,516	$ 984
Interest expense	(11,700)	(8,337)
Income tax expense	(1,039)	(5,515)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(7,437)	(30,998)
Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(4,808)	2,675
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense	525	(2)
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income (loss) | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	(2,429)	9
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	(3,463)	2,670
Cash Flow Hedges, Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive loss (income) attributable to noncontrolling interests	$ 559	$ (2)

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Restricted Cash and Investments [Abstract]
Period for proceeds to be returned	180 days

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	$ 4,962	$ 1,152
Cash and cash equivalents	98,774	114,255	$ 259,722
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	103,736	$ 115,407	265,811	$ 369,139
Excluding Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	4,962		625
Excluding Timber Funds | Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	1,646		0
Excluding Timber Funds | Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	3,316		625
Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, Timber Funds	$ 0		$ 5,464

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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	$ 1.2	$ 0.7
Asset impairment recognized	$ 0