Rayonier (RYN) 10-Q3 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 27, 2023
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		148,292,759
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		2,447,848
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
SALES	$ 201,579	$ 195,287	$ 589,526	$ 663,674
Costs and Expenses
Cost of sales	(145,622)	(152,079)	(463,197)	(507,381)
Selling and general expenses	(18,947)	(16,886)	(54,677)	(49,002)
Other operating (expense) income, net (Note 14)	(1,654)	14,581	(5,571)	14,398
Costs and expenses	(166,223)	(154,384)	(523,445)	(541,985)
OPERATING INCOME	35,356	40,903	66,081	121,689
Interest expense, net	(12,598)	(9,056)	(36,755)	(26,476)
Interest and other miscellaneous income, net	529	1,252	21,725	990
INCOME BEFORE INCOME TAXES	23,287	33,099	51,051	96,203
Income tax expense (Note 16)	(547)	(1,238)	(1,777)	(8,056)
NET INCOME	22,740	31,861	49,274	88,147
Less: Net income attributable to noncontrolling interests in the operating partnership	(320)	(455)	(811)	(1,670)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,183)	(10,828)	(1,902)	(12,478)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,237	20,578	46,561	73,999
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	(4,413)	(25,392)	(17,350)	(55,220)
Cash flow hedges, net of income tax effect of $75, $2,488, $322 and $5,677	7,379	20,147	7,002	66,329
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	2	188	4	564
Total other comprehensive income (loss)	2,968	(5,057)	(10,344)	11,673
COMPREHENSIVE INCOME	25,708	26,804	38,930	99,820
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership	(373)	(490)	(592)	(2,147)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(2,906)	(8,029)	(884)	(6,670)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 22,429	$ 18,285	$ 37,454	$ 91,003
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.13	$ 0.14	$ 0.31	$ 0.51
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.13	$ 0.14	$ 0.31	$ 0.50

RAYONIER INC. AND SUBSIDIARIE_2

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, net income tax	75	2,488	322	5,677
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

RAYONIER INC. AND SUBSIDIARIE_3

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 107,784	$ 114,255
Trade receivables, less allowance for doubtful accounts of $217 and $74	31,447	27,837
Other receivables	9,894	14,701
Inventory (Note 13)	33,139	23,729
Prepaid expenses	20,415	20,573
Assets held for sale (Note 19)	18,320	713
Other current assets	1,929	573
Total current assets	222,928	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,138,136	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	106,657	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,121	31,020
Machinery and equipment	6,581	6,568
Construction in progress	1,331	653
Total property, plant and equipment, gross	44,486	44,694
Less — accumulated depreciation	(18,478)	(17,505)
Total property, plant and equipment, net	26,008	27,189
RESTRICTED CASH (NOTE 18)	1,804	1,152
RIGHT-OF-USE ASSETS	92,736	97,167
OTHER ASSETS	119,480	115,481
TOTAL ASSETS	3,707,749	3,789,371
CURRENT LIABILITIES
Accounts payable	25,960	22,100
Accrued taxes	8,920	3,734
Accrued payroll and benefits	10,443	12,564
Accrued interest	10,605	5,920
Deferred revenue	23,835	22,762
Other current liabilities	30,856	28,247
Total current liabilities	110,619	95,327
LONG-TERM DEBT, NET (NOTE 6)	1,511,470	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	8,356	8,510
LONG-TERM LEASE LIABILITY	85,111	88,756
LONG-TERM DEFERRED REVENUE	11,317	6,895
OTHER NON-CURRENT LIABILITIES	78,744	88,687
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)	69,820	105,763
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,287,338 and 147,282,631 shares issued and outstanding	1,493,511	1,462,945
Retained earnings	295,096	366,637
Accumulated other comprehensive income (Note 17)	27,504	35,813
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,816,111	1,865,395
Noncontrolling interests in consolidated affiliates (Note 4)	16,201	15,317
TOTAL SHAREHOLDERS’ EQUITY	1,832,312	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,707,749	$ 3,789,371

RAYONIER INC. AND SUBSIDIARIE_4

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 217	$ 74
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,287,338	147,282,631
Common shares, shares outstanding (in shares)	148,287,338	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 (loss) 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends (in dollars per share)	[1]	$ 0.27
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 attributable to noncontrolling interests in the operating partnership		(1,670)
Amortization of pension and postretirement plan liabilities		564
Foreign currency translation adjustment		(55,220)
Ending balance (in shares) at Sep. 30, 2022			146,422,825
Ending balance at Sep. 30, 2022		1,824,663	$ 1,430,622	384,384	(1,599)	11,256
Beginning balance (in shares) at Mar. 31, 2022			146,107,688
Beginning balance at Mar. 31, 2022		1,881,639	$ 1,421,946	389,077	25,973	44,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		25,287		24,650		637
Net income attributable to noncontrolling interests in the operating partnership		(546)		(546)
Dividends	[1]	(42,098)		(42,098)
Issuance of shares under incentive stock plans (in shares)			304,887
Issuance of shares under incentive stock plans		1,983	$ 1,983
Stock-based compensation		4,412	$ 4,412
Repurchase of common shares (in shares)			(91,820)
Repurchase of common shares		(3,991)	$ (3,991)
Adjustment of noncontrolling interests in the operating partnership		11,412		11,412
Conversion of units into common shares (in shares)			977
Conversion of units into common shares		42	$ 42
Costs associated with the “at-the-market” (ATM) equity offering program		(63)	$ (63)
Amortization of pension and postretirement plan liabilities		188			188
Foreign currency translation adjustment		(36,285)			(34,373)	(1,912)
Cash flow hedges		5,755			8,247	(2,492)
Allocation of other comprehensive income (loss) to noncontrolling interests in the operating partnership		575			575
Noncontrolling interests in consolidated affiliates redemption of shares		(27,860)				(27,860)
Ending balance (in shares) at Jun. 30, 2022			146,321,732
Ending balance at Jun. 30, 2022		$ 1,820,450	$ 1,424,329	382,495	610	13,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends (in dollars per share)		$ 0.285
Net income (loss)		$ 31,861		21,033		10,828
Net income attributable to noncontrolling interests in the operating partnership		(455)		(455)
Dividends	[1]	(42,052)		(42,052)
Issuance of shares under incentive stock plans (in shares)			760
Issuance of shares under incentive stock plans		19	$ 19
Stock-based compensation		2,636	$ 2,636
Repurchase of common shares (in shares)			(569)
Repurchase of common shares		(20)	$ (20)
Adjustment of noncontrolling interests in the operating partnership		23,363		23,363
Conversion of units into common shares (in shares)			100,902
Conversion of units into common shares		3,696	$ 3,696
Costs associated with the “at-the-market” (ATM) equity offering program		(38)	$ (38)
Amortization of pension and postretirement plan liabilities		188			188
Foreign currency translation adjustment		(25,392)			(24,065)	(1,327)
Cash flow hedges		20,147			21,619	(1,472)
Allocation of other comprehensive income (loss) to noncontrolling interests in the operating partnership		49			49
Distributions to noncontrolling interests in consolidated affiliates		(9,789)				(9,789)
Ending balance (in shares) at Sep. 30, 2022			146,422,825
Ending balance at Sep. 30, 2022		$ 1,824,663	$ 1,430,622	384,384	(1,599)	11,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends (in dollars per share)		$ 0.285
Beginning balance (in shares) at Dec. 31, 2022		147,282,631	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
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 (loss) 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends (in dollars per share)	[2]	$ 0.285
Beginning balance (in shares) at Dec. 31, 2022		147,282,631	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 attributable to noncontrolling interests in the operating partnership		(811)
Amortization of pension and postretirement plan liabilities		4
Foreign currency translation adjustment		$ (17,350)
Ending balance (in shares) at Sep. 30, 2023		148,287,338	148,287,338
Ending balance at Sep. 30, 2023		$ 1,832,312	$ 1,493,511	295,096	27,504	16,201
Beginning balance (in shares) at Mar. 31, 2023			148,012,979
Beginning balance at Mar. 31, 2023		1,854,815	$ 1,489,274	330,389	20,868	14,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		19,096		19,341		(245)
Net income attributable to noncontrolling interests in the operating partnership		(318)		(318)
Dividends	[2]	(42,279)		(42,279)
Issuance of shares under incentive stock plans (in shares)			372,149
Stock-based compensation		4,336	$ 4,336
Repurchase of common shares (in shares)			(126,788)
Repurchase of common shares		(4,147)	$ (4,147)
Adjustment of noncontrolling interests in the operating partnership		4,296		4,296
Conversion of units into common shares (in shares)			10,103
Conversion of units into common shares		304	$ 304
Costs associated with the “at-the-market” (ATM) equity offering program		(71)	$ (71)
Amortization of pension and postretirement plan liabilities		2			2
Foreign currency translation adjustment		(9,203)			(8,790)	(413)
Cash flow hedges		11,942			12,273	(331)
Allocation of other comprehensive income (loss) to noncontrolling interests in the operating partnership		(58)			(58)
Ending balance (in shares) at Jun. 30, 2023			148,268,443
Ending balance at Jun. 30, 2023		$ 1,838,715	$ 1,489,696	311,429	24,295	13,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends (in dollars per share)		$ 0.285
Net income (loss)		$ 22,740		19,557		3,183
Net income attributable to noncontrolling interests in the operating partnership		(320)		(320)
Dividends	[2]	(42,460)		(42,460)
Issuance of shares under incentive stock plans (in shares)			3,959
Issuance of shares under incentive stock plans		0	$ 0
Stock-based compensation		3,365	$ 3,365
Repurchase of common shares (in shares)			(968)
Repurchase of common shares		(29)	$ (29)
Adjustment of noncontrolling interests in the operating partnership		6,890		6,890
Conversion of units into common shares (in shares)			15,904
Conversion of units into common shares		479	$ 479
Amortization of pension and postretirement plan liabilities		2			2
Foreign currency translation adjustment		(4,413)			(4,180)	(233)
Cash flow hedges		7,379			7,423	(44)
Allocation of other comprehensive income (loss) to noncontrolling interests in the operating partnership		$ (36)			(36)
Ending balance (in shares) at Sep. 30, 2023		148,287,338	148,287,338
Ending balance at Sep. 30, 2023		$ 1,832,312	$ 1,493,511	$ 295,096	$ 27,504	$ 16,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends (in dollars per share)		$ 0.285

[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
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023		Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.285	$ 0.285	$ 0.285	[1]	$ 0.285	$ 0.285	$ 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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income		$ 49,274	$ 88,147
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		114,281	114,221
Non-cash cost of land and improved development		20,189	20,289
Stock-based incentive compensation expense		10,201	9,844
Deferred income taxes		(2,855)	(6,678)
Amortization of losses from pension and postretirement plans		4	564
Timber write-offs resulting from casualty events		2,302	1,088
Other		7,822	(2,854)
Changes in operating assets and liabilities:
Receivables		251	(12,845)
Inventories		(1,190)	(6,238)
Accounts payable		3,630	6,833
All other operating activities		5,027	(2,482)
CASH PROVIDED BY OPERATING ACTIVITIES		208,936	209,889
INVESTING ACTIVITIES
Capital expenditures		(53,128)	(48,211)
Real estate development investments		(18,757)	(10,935)
Purchase of timberlands		(13,988)	(3,242)
Other		6,197	6,531
CASH USED FOR INVESTING ACTIVITIES		(79,676)	(55,857)
FINANCING ACTIVITIES
Issuance of debt		0	406,842
Repayment of debt		0	(531,842)
Dividends paid on common shares		(127,587)	(123,619)
Distributions to noncontrolling interests in the operating partnership		(2,265)	(2,754)
Proceeds from the issuance of common shares under incentive stock plan		0	2,580
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(82)	31,877
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,217)	(4,225)
Distributions to noncontrolling interests in consolidated affiliates		0	(16,472)
CASH USED FOR FINANCING ACTIVITIES		(134,151)	(237,613)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(928)	(6,038)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(5,819)	(89,619)
Balance, beginning of year		115,407	369,139
Balance, end of period		109,588	279,520
Cash paid during the period:
Interest	[1]	31,556	24,161
Income taxes	[2]	4,651	14,627
Non-cash investing activity:
Capital assets purchased on account		5,161	4,882
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[3]	$ 0	$ 27,860

[1] Interest paid is presented net of patronage paymen ts receive d of $6.2 million a n d $6.0 million for the nine months ended September 30, 2023 and September 30, 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 Thousands		3 Months Ended	9 Months Ended
		Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Patronage refunds received, netted with interest paid			$ 6,200	$ 6,000
Noncontrolling interests in consolidated affiliates redemption of shares	[1]		$ 0	$ 27,860
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 \| Subsidiaries
Noncontrolling interests in consolidated affiliates redemption of shares		$ 27,900

[1]In the second quarter of 2022, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million.

RAYONIER, L.P. AND SUBSIDIARIES

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
SALES	$ 201,579	$ 195,287	$ 589,526	$ 663,674
Costs and Expenses
Cost of sales	(145,622)	(152,079)	(463,197)	(507,381)
Selling and general expenses	(18,947)	(16,886)	(54,677)	(49,002)
Other operating (expense) income, net (Note 14)	(1,654)	14,581	(5,571)	14,398
Costs and expenses	(166,223)	(154,384)	(523,445)	(541,985)
OPERATING INCOME	35,356	40,903	66,081	121,689
Interest expense, net	(12,598)	(9,056)	(36,755)	(26,476)
Interest and other miscellaneous income, net	529	1,252	21,725	990
INCOME BEFORE INCOME TAXES	23,287	33,099	51,051	96,203
Income tax expense (Note 16)	(547)	(1,238)	(1,777)	(8,056)
NET INCOME	22,740	31,861	49,274	88,147
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,183)	(10,828)	(1,902)	(12,478)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,237	20,578	46,561	73,999
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	(4,413)	(25,392)	(17,350)	(55,220)
Cash flow hedges, net of income tax effect of $75, $2,488, $322 and $5,677	7,379	20,147	7,002	66,329
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	2	188	4	564
Total other comprehensive income (loss)	2,968	(5,057)	(10,344)	11,673
COMPREHENSIVE INCOME	25,708	26,804	38,930	99,820
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(2,906)	(8,029)	(884)	(6,670)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	22,429	18,285	37,454	91,003
Rayonier Limited Partnership
SALES	201,579	195,287	589,526	663,674
Costs and Expenses
Cost of sales	(145,622)	(152,079)	(463,197)	(507,381)
Selling and general expenses	(18,947)	(16,886)	(54,677)	(49,002)
Other operating (expense) income, net (Note 14)	(1,654)	14,581	(5,571)	14,398
Costs and expenses	(166,223)	(154,384)	(523,445)	(541,985)
OPERATING INCOME	35,356	40,903	66,081	121,689
Interest expense, net	(12,598)	(9,056)	(36,755)	(26,476)
Interest and other miscellaneous income, net	529	1,252	21,725	990
INCOME BEFORE INCOME TAXES	23,287	33,099	51,051	96,203
Income tax expense (Note 16)	(547)	(1,238)	(1,777)	(8,056)
NET INCOME	22,740	31,861	49,274	88,147
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,183)	(10,828)	(1,902)	(12,478)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,557	21,033	47,372	75,669
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	(4,413)	(25,392)	(17,350)	(55,220)
Cash flow hedges, net of income tax effect of $75, $2,488, $322 and $5,677	7,379	20,147	7,002	66,329
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	2	188	4	564
Total other comprehensive income (loss)	2,968	(5,057)	(10,344)	11,673
COMPREHENSIVE INCOME	25,708	26,804	38,930	99,820
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(2,906)	(8,029)	(884)	(6,670)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 22,802	$ 18,775	$ 38,046	$ 93,150
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13	$ 0.14	$ 0.31	$ 0.51
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13	$ 0.14	$ 0.31	$ 0.50
Rayonier Limited Partnership \| Limited Partners’ Capital
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 19,361	$ 20,823	$ 46,898	$ 74,912
Rayonier Limited Partnership \| General Partners’ Capital
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 196	$ 210	$ 474	$ 757

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, net income tax	75	2,488	322	5,677
Amortization of pension and postretirement plans, tax expense	0	0	0	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0	0
Cash flow hedges, net income tax	75	2,488	322	5,677
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

RAYONIER, L.P. AND SUBSIDIARI_3

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 107,784	$ 114,255
Trade receivables, less allowance for doubtful accounts of $217 and $74	31,447	27,837
Other receivables	9,894	14,701
Inventory (Note 13)	33,139	23,729
Prepaid expenses	20,415	20,573
Assets held for sale (Note 19)	18,320	713
Other current assets	1,929	573
Total current assets	222,928	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,138,136	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	106,657	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,121	31,020
Machinery and equipment	6,581	6,568
Construction in progress	1,331	653
Total property, plant and equipment, gross	44,486	44,694
Less — accumulated depreciation	(18,478)	(17,505)
Total property, plant and equipment, net	26,008	27,189
RESTRICTED CASH (NOTE 18)	1,804	1,152
RIGHT-OF-USE ASSETS	92,736	97,167
OTHER ASSETS	119,480	115,481
TOTAL ASSETS	3,707,749	3,789,371
CURRENT LIABILITIES
Accounts payable	25,960	22,100
Accrued taxes	8,920	3,734
Accrued payroll and benefits	10,443	12,564
Accrued interest	10,605	5,920
Deferred revenue	23,835	22,762
Other current liabilities	30,856	28,247
Total current liabilities	110,619	95,327
LONG-TERM DEBT, NET (NOTE 6)	1,511,470	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	8,356	8,510
LONG-TERM LEASE LIABILITY	85,111	88,756
LONG-TERM DEFERRED REVENUE	11,317	6,895
OTHER NON-CURRENT LIABILITIES	78,744	88,687
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,453,269 and 3,208,827 Units outstanding, respectively	69,820	105,763
CAPITAL
Accumulated other comprehensive income (Note 17)	27,504	35,813
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,707,749	3,789,371
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	107,784	114,255
Trade receivables, less allowance for doubtful accounts of $217 and $74	31,447	27,837
Other receivables	9,894	14,701
Inventory (Note 13)	33,139	23,729
Prepaid expenses	20,415	20,573
Assets held for sale (Note 19)	18,320	713
Other current assets	1,929	573
Total current assets	222,928	202,381
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	3,138,136	3,230,904
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	106,657	115,097
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	30,121	31,020
Machinery and equipment	6,581	6,568
Construction in progress	1,331	653
Total property, plant and equipment, gross	44,486	44,694
Less — accumulated depreciation	(18,478)	(17,505)
Total property, plant and equipment, net	26,008	27,189
RESTRICTED CASH (NOTE 18)	1,804	1,152
RIGHT-OF-USE ASSETS	92,736	97,167
OTHER ASSETS	119,480	115,481
TOTAL ASSETS	3,707,749	3,789,371
CURRENT LIABILITIES
Accounts payable	25,960	22,100
Accrued taxes	8,920	3,734
Accrued payroll and benefits	10,443	12,564
Accrued interest	10,605	5,920
Deferred revenue	23,835	22,762
Other current liabilities	30,856	28,247
Total current liabilities	110,619	95,327
LONG-TERM DEBT, NET (NOTE 6)	1,511,470	1,514,721
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	8,356	8,510
LONG-TERM LEASE LIABILITY	85,111	88,756
LONG-TERM DEFERRED REVENUE	11,317	6,895
OTHER NON-CURRENT LIABILITIES	78,744	88,687
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,453,269 and 3,208,827 Units outstanding, respectively	69,820	105,763
CAPITAL
General partners’ capital	17,852	18,251
Limited partners’ capital	1,767,335	1,806,895
Accumulated other comprehensive income (Note 17)	30,924	40,249
TOTAL CONTROLLING INTEREST CAPITAL	1,816,111	1,865,395
Noncontrolling interests in consolidated affiliates (Note 4)	16,201	15,317
TOTAL CAPITAL	1,832,312	1,880,712
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,707,749	$ 3,789,371

RAYONIER, L.P. AND SUBSIDIARI_4

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Allowance for doubtful accounts	$ 217	$ 74
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 217	$ 74
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	2,453,269	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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	$ 22,740			$ 31,861			$ 49,274	$ 88,147
Costs associated with the “at-the-market” (ATM) equity offering program		$ (71)		(38)	$ (63)
Amortization of pension and postretirement plan liabilities	2	2	$ 1	188	188	$ 188	4	564
Foreign currency translation adjustment	(4,413)	(9,203)	(3,733)	(25,392)	(36,285)	6,458	(17,350)	(55,220)
Cash flow hedges	7,379	11,942	(12,319)	20,147	5,755	40,427
Distributions to noncontrolling interests in consolidated affiliates				(9,789)		(1,566)
Noncontrolling interests in consolidated affiliates redemption of shares					(27,860)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,838,715	1,854,815	1,880,712	1,820,450	1,881,639	1,815,578	1,880,712	1,815,578
Net (loss) income	22,740	19,096	7,437	31,861	25,287	30,998	49,274	88,147
Distributions	(43,159)	(42,984)	(43,033)	(42,967)	(43,042)	(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				19	1,983	415
Costs associated with the “at-the-market” (ATM) equity offering program		(71)		(38)	(63)
Stock-based compensation	3,365	4,336	2,499	2,636	4,412	2,797
Repurchase of units	(29)	(4,147)	(41)	(20)	(3,991)	(214)
Adjustment of Redeemable Operating Partnership Units	7,233	4,625	(579)	23,872	12,385	(2,521)
Conversion of units into common shares	479	304	23,881	3,696	42	104
Amortization of pension and postretirement plan liabilities	2	2	1	188	188	188	4	564
Foreign currency translation adjustment	(4,413)	(9,203)	(3,733)	(25,392)	(36,285)	6,458	(17,350)	(55,220)
Cash flow hedges	7,379	11,942	(12,319)	20,147	5,755	40,427
Distributions to noncontrolling interests in consolidated affiliates				(9,789)		(1,566)
Noncontrolling interests in consolidated affiliates redemption of shares					(27,860)
Ending balance	$ 1,832,312	$ 1,838,715	$ 1,854,815	$ 1,824,663	$ 1,820,450	$ 1,881,639	1,832,312	1,824,663
Distributions declared (in dollars per unit)	$ 0.285	$ 0.285	$ 0.285	$ 0.285	$ 0.285	$ 0.27
Rayonier Limited Partnership \| Units \| General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 17,977	$ 18,163	$ 18,251	$ 18,031	$ 18,068	$ 17,872	18,251	17,872
Net (loss) income	196	193	85	210	246	300
Distributions	(432)	(429)	(431)	(430)	(430)	(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					20	4
Costs associated with the “at-the-market” (ATM) equity offering program		(1)		(1)	(1)
Stock-based compensation	34	43	25	27	44	28
Repurchase of units		(41)			(40)	(2)
Adjustment of Redeemable Operating Partnership Units	72	46	(6)	239	124	(25)
Conversion of units into common shares	5	3	239	37		1
Ending balance	17,852	17,977	18,163	18,113	18,031	18,068	17,852	18,113
Rayonier Limited Partnership \| Units \| Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,779,764	1,798,174	1,806,895	1,785,126	1,788,713	1,769,367	1,806,895	1,769,367
Net (loss) income	19,361	19,148	8,389	20,823	24,404	29,686
Distributions	(42,727)	(42,555)	(42,602)	(42,537)	(42,612)	(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				19	1,963	411
Costs associated with the “at-the-market” (ATM) equity offering program		(70)		(37)	(62)
Stock-based compensation	3,331	4,293	2,474	2,609	4,368	2,769
Repurchase of units	(29)	(4,106)	(41)	(20)	(3,951)	(212)
Adjustment of Redeemable Operating Partnership Units	7,161	4,579	(573)	23,633	12,261	(2,496)
Conversion of units into common shares	474	301	23,642	3,659	42	103
Ending balance	1,767,335	1,779,764	1,798,174	1,793,275	1,785,126	1,788,713	1,767,335	1,793,275
Rayonier Limited Partnership \| Accumulated Other Comprehensive Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	27,679	24,194	40,249	4,277	30,215	(15,463)	40,249	(15,463)
Amortization of pension and postretirement plan liabilities	2	2	1	188	188	188
Foreign currency translation adjustment	(4,180)	(8,790)	(3,552)	(24,065)	(34,373)	5,668
Cash flow hedges	7,423	12,273	(12,504)	21,619	8,247	39,822
Ending balance	30,924	27,679	24,194	2,019	4,277	30,215	30,924	2,019
Rayonier Limited Partnership \| Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	13,295	14,284	15,317	13,016	44,643	43,802	15,317	43,802
Net (loss) income	3,183	(245)	(1,037)	10,828	637	1,012
Foreign currency translation adjustment	(233)	(413)	(181)	(1,327)	(1,912)	790
Cash flow hedges	(44)	(331)	185	(1,472)	(2,492)	605
Distributions to noncontrolling interests in consolidated affiliates				(9,789)		(1,566)
Noncontrolling interests in consolidated affiliates redemption of shares					(27,860)
Ending balance	$ 16,201	$ 13,295	$ 14,284	$ 11,256	$ 13,016	$ 44,643	$ 16,201	$ 11,256

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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income		$ 49,274	$ 88,147
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		114,281	114,221
Non-cash cost of land and improved development		20,189	20,289
Stock-based incentive compensation expense		10,201	9,844
Deferred income taxes		(2,855)	(6,678)
Amortization of losses from pension and postretirement plans		4	564
Timber write-offs resulting from casualty events		2,302	1,088
Other		7,822	(2,854)
Changes in operating assets and liabilities:
Receivables		251	(12,845)
Inventories		(1,190)	(6,238)
Accounts payable		3,630	6,833
All other operating activities		5,027	(2,482)
CASH PROVIDED BY OPERATING ACTIVITIES		208,936	209,889
INVESTING ACTIVITIES
Capital expenditures		(53,128)	(48,211)
Real estate development investments		(18,757)	(10,935)
Purchase of timberlands		(13,988)	(3,242)
Other		6,197	6,531
CASH USED FOR INVESTING ACTIVITIES		(79,676)	(55,857)
FINANCING ACTIVITIES
Issuance of debt		0	406,842
Repayment of debt		0	(531,842)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(82)	31,877
Distributions to noncontrolling interests in consolidated affiliates		0	(16,472)
CASH USED FOR FINANCING ACTIVITIES		(134,151)	(237,613)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(928)	(6,038)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(5,819)	(89,619)
Balance, beginning of year		115,407	369,139
Balance, end of period		109,588	279,520
Cash paid during the period:
Interest	[1]	31,556	24,161
Income taxes	[2]	4,651	14,627
Non-cash investing activity:
Capital assets purchased on account		5,161	4,882
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[3]	0	27,860
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		49,274	88,147
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		114,281	114,221
Non-cash cost of land and improved development		20,189	20,289
Stock-based incentive compensation expense		10,201	9,844
Deferred income taxes		(2,855)	(6,678)
Amortization of losses from pension and postretirement plans		4	564
Timber write-offs resulting from casualty events		2,302	1,088
Other		7,822	(2,854)
Changes in operating assets and liabilities:
Receivables		251	(12,845)
Inventories		(1,190)	(6,238)
Accounts payable		3,630	6,833
All other operating activities		5,027	(2,482)
CASH PROVIDED BY OPERATING ACTIVITIES		208,936	209,889
INVESTING ACTIVITIES
Capital expenditures		(53,128)	(48,211)
Real estate development investments		(18,757)	(10,935)
Purchase of timberlands		(13,988)	(3,242)
Other		6,197	6,531
CASH USED FOR INVESTING ACTIVITIES		(79,676)	(55,857)
FINANCING ACTIVITIES
Issuance of debt		0	406,842
Repayment of debt		0	(531,842)
Distributions on units		(129,852)	(126,373)
Proceeds from the issuance of units under incentive stock plan		0	2,580
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(82)	31,877
Repurchase of units to pay withholding taxes on vested incentive stock awards		(4,217)	(4,225)
Distributions to noncontrolling interests in consolidated affiliates		0	(16,472)
CASH USED FOR FINANCING ACTIVITIES		(134,151)	(237,613)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(928)	(6,038)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(5,819)	(89,619)
Balance, beginning of year		115,407	369,139
Balance, end of period		109,588	279,520
Cash paid during the period:
Interest	[4]	31,556	24,161
Income taxes	[5]	4,651	14,627
Non-cash investing activity:
Capital assets purchased on account		5,161	4,882
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[6]	$ 0	$ 27,860

[1] Interest paid is presented net of patronage paymen ts receive d of $6.2 million a n d $6.0 million for the nine months ended September 30, 2023 and September 30, 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 $6.2 million an d $6.0 million for the nine months ended September 30, 2023 and September 30, 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 Thousands		3 Months Ended	9 Months Ended
		Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Patronage refunds received, netted with interest paid			$ 6,200	$ 6,000
Noncontrolling interests in consolidated affiliates redemption of shares	[1]		0	27,860
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 \| Subsidiaries
Noncontrolling interests in consolidated affiliates redemption of shares		$ 27,900
Rayonier Limited Partnership
Patronage refunds received, netted with interest paid			6,200	6,000
Noncontrolling interests in consolidated affiliates redemption of shares	[2]		$ 0	$ 27,860
Rayonier Limited Partnership \| New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 \| Subsidiaries
Noncontrolling interests in consolidated affiliates redemption of shares		$ 27,900

[1]In the second quarter of 2022, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million.[2]In the second quarter of 2022, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 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 September 30, 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 most 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 Announcement of Oregon Disposition As disclosed in our Current Report on Form 8-K filed with the SEC on November 2, 2023, we entered into an agreement for the sale of approximately 55,000 acres of timberland in Oregon to Manulife Investment Management on behalf of clients for $242 million (~$4,400 per acre). The transaction is expected to close in the fourth quarter of 2023, and $150 million of the proceeds are expected to be used to repay the unhedged portion of our 2022 Incremental Term Loan borrowings. See Note 6 – Debt for additional information. Defined Benefit Pension Plan Distributions In connection with the termination of the Company’s Defined Benefit Plan (“the Plan”), payments were disbursed to plan participants who chose the lump sum distribution option on October 31, 2023. The lump sum disbursements were sourced from Plan assets. We expect to make cash contributions to fund the Defined Benefit Plan on a plan termination basis in 2024. See Note 15 – Employee Benefit Plans for additional information.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	9 Months Ended
SEGMENT AND GEOGRAPHICAL INFORMATION	Sep. 30, 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 benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, SALES 2023 2022 2023 2022 Southern Timber $63,973 $64,549 $204,125 $207,584 Pacific Northwest Timber 29,325 34,397 96,061 119,834 New Zealand Timber 70,435 72,452 175,438 202,723 Real Estate 31,175 12,435 79,492 81,032 Trading 6,782 11,582 34,767 52,727 Intersegment Eliminations (a) (111) (128) (357) (226) Total $201,579 $195,287 $589,526 $663,674 (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 September 30, Nine Months Ended September 30, OPERATING INCOME 2023 2022 2023 2022 Southern Timber $18,634 $22,474 $62,565 $76,883 Pacific Northwest Timber (a) (557) 2,179 (6,475) 11,729 New Zealand Timber (b) 17,555 9,280 19,265 22,653 Real Estate (c) 9,187 15,749 18,720 36,953 Trading (52) 177 356 84 Corporate and Other (9,411) (8,956) (28,350) (26,613) Total Operating Income 35,356 40,903 66,081 121,689 Unallocated interest expense and other (d) (12,069) (7,804) (15,030) (25,486) Total Income before Income Taxes $23,287 $33,099 $51,051 $96,203 (a) The three and nine months ended September 30, 2022 include $1.1 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales.” (b) The nine months ended September 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales.” (c) The three and nine months ended September 30, 2022 include an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” (d) The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2023 2022 2023 2022 Southern Timber $19,153 $14,116 $61,631 $46,832 Pacific Northwest Timber 8,330 9,356 28,221 35,587 New Zealand Timber 5,952 6,302 16,335 18,192 Real Estate 3,088 961 6,826 12,671 Corporate and Other 444 316 1,268 939 Total $36,967 $31,051 $114,281 $114,221 Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2023 2022 2023 2022 Real Estate $6,586 $3,149 $20,189 $20,289 Total $6,586 $3,149 $20,189 $20,289

REVENUE

REVENUE	9 Months Ended
REVENUE	Sep. 30, 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”). Unsatisfied performance obligations as of September 30, 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. Of these performance obligations, $23.8 million is expected to be recognized within the next twelve months, with the remaining $11.3 million expected to be recognized thereafter as we satisfy our performance obligations. 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 trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables 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 contains contract balances recorded in the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Balance Sheet Location Contract assets Trade receivables, net (a) $31,447 $27,837 Trade receivables Contract liabilities Deferred revenue, current (b) 23,835 22,762 Deferred revenue Deferred revenue, non-current (c) 11,317 6,895 Long-term deferred revenue (a) The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b) The increase in deferred revenue, current is driven by the timing of renewals of hunting contracts and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023, partially offset by the satisfaction of post-closing obligations on real estate sales and stumpage contracts. (c) The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023. The following table summarizes revenue recognized during the three and nine months ended September 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue recognized from contract liability balance at the beginning of the year (a) $2,216 $1,957 $19,950 $14,458 (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 and nine months ended September 30, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $25,514 $1,440 $6,507 — $447 — $33,908 Sawtimber 27,274 26,401 48,356 — 5,954 — 107,985 Hardwood 1,343 — — — — — 1,343 Total Timber Sales 54,131 27,841 54,863 — 6,401 — 143,236 License Revenue, Primarily from Hunting 7,178 439 90 — — — 7,707 Other Non-Timber/Carbon Revenue 2,664 1,045 15,482 — — — 19,191 Agency Fee Income — — — — 270 — 270 Total Non-Timber Sales 9,842 1,484 15,572 — 270 — 27,168 Improved Development — — — 3,120 — — 3,120 Unimproved Development — — — 114 — — 114 Rural — — — 20,461 — — 20,461 Timberland & Non-Strategic — — — 1,055 — — 1,055 Deferred Revenue/Other (a) — — — 5,981 — — 5,981 Total Real Estate Sales — — — 30,731 — — 30,731 Revenue from Contracts with Customers 63,973 29,325 70,435 30,731 6,671 — 201,135 Lease Revenue — — — 444 — — 444 Intersegment — — — — 111 (111) — Total Revenue $63,973 $29,325 $70,435 $31,175 $6,782 ($111) $201,579 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2022 Pulpwood $32,564 $2,989 $7,645 — $1,112 — $44,310 Sawtimber 20,943 29,630 58,412 — 10,053 — 119,038 Hardwood 4,221 — — — — — 4,221 Total Timber Sales 57,728 32,619 66,057 — 11,165 — 167,569 License Revenue, Primarily from Hunting 5,141 326 118 — — — 5,585 Other Non-Timber/Carbon Revenue 1,680 1,452 6,277 — — — 9,409 Agency Fee Income — — — — 289 — 289 Total Non-Timber Sales 6,821 1,778 6,395 — 289 — 15,283 Improved Development — — — 2,296 — — 2,296 Rural — — — 6,964 — — 6,964 Deferred Revenue/Other (a) — — — 2,769 — — 2,769 Total Real Estate Sales — — — 12,029 — — 12,029 Revenue from Contracts with Customers 64,549 34,397 72,452 12,029 11,454 — 194,881 Lease Revenue — — — 406 — — 406 Intersegment — — — — 128 (128) — Total Revenue $64,549 $34,397 $72,452 $12,435 $11,582 ($128) $195,287 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $76,152 $7,358 $20,953 — $3,328 — $107,791 Sawtimber 95,663 83,963 137,868 — 30,130 — 347,624 Hardwood 3,169 — — — — — 3,169 Total Timber Sales 174,984 91,321 158,821 — 33,458 — 458,584 License Revenue, Primarily From Hunting 17,632 780 212 — — — 18,624 Other Non-Timber/Carbon Revenue 11,509 3,960 16,405 — — — 31,874 Agency Fee Income — — — — 952 — 952 Total Non-Timber Sales 29,141 4,740 16,617 — 952 — 51,450 Improved Development — — — 20,155 — — 20,155 Unimproved Development — — — 114 — — 114 Rural — — — 42,587 — — 42,587 Timberland & Non-Strategic — — — 2,947 — — 2,947 Deferred Revenue/Other (a) — — — 12,642 — — 12,642 Total Real Estate Sales — — — 78,445 — — 78,445 Revenue from Contracts with Customers 204,125 96,061 175,438 78,445 34,410 — 588,479 Lease Revenue — — — 1,047 — — 1,047 Intersegment — — — — 357 (357) — Total Revenue $204,125 $96,061 $175,438 $79,492 $34,767 ($357) $589,526 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2022 Pulpwood $100,945 $9,478 $26,091 — $5,636 — $142,150 Sawtimber 70,203 106,155 164,759 — 45,910 — 387,027 Hardwood 15,776 — — — — — 15,776 Total Timber Sales 186,924 115,633 190,850 — 51,546 — 544,953 License Revenue, Primarily from Hunting 16,322 571 266 — — — 17,159 Other Non-Timber/Carbon Revenue 4,338 3,630 11,607 — — — 19,575 Agency Fee Income — — — — 955 — 955 Total Non-Timber Sales 20,660 4,201 11,873 — 955 — 37,689 Improved Development — — — 18,828 — — 18,828 Rural — — — 47,333 — — 47,333 Timberland & Non-Strategic — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — 2,498 — — 2,498 Total Real Estate Sales — — — 80,059 — — 80,059 Revenue from Contracts with Customers 207,584 119,834 202,723 80,059 52,501 — 662,701 Lease Revenue — — — 973 — — 973 Intersegment — — — — 226 (226) — Total Revenue $207,584 $119,834 $202,723 $81,032 $52,727 ($226) $663,674 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2023 Stumpage Pay-as-Cut $25,454 — — — $25,454 Stumpage Lump Sum — 969 — — 969 Total Stumpage 25,454 969 — — 26,423 Delivered Wood (Domestic) 26,907 24,085 15,265 10 66,267 Delivered Wood (Export) 1,770 2,787 39,598 6,391 50,546 Total Delivered 28,677 26,872 54,863 6,401 116,813 Total Timber Sales $54,131 $27,841 $54,863 $6,401 $143,236 September 30, 2022 Stumpage Pay-as-Cut $21,111 — — — $21,111 Stumpage Lump Sum 288 121 — — 409 Total Stumpage 21,399 121 — — 21,520 Delivered Wood (Domestic) 33,010 30,837 18,825 260 82,932 Delivered Wood (Export) 3,319 1,661 47,232 10,905 63,117 Total Delivered 36,329 32,498 66,057 11,165 146,049 Total Timber Sales $57,728 $32,619 $66,057 $11,165 $167,569 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2023 Stumpage Pay-as-Cut $86,424 — — — $86,424 Stumpage Lump Sum 387 1,592 — — 1,979 Total Stumpage 86,811 1,592 — — 88,403 Delivered Wood (Domestic) 81,757 80,249 39,419 501 201,926 Delivered Wood (Export) 6,416 9,480 119,402 32,957 168,255 Total Delivered 88,173 89,729 158,821 33,458 370,181 Total Timber Sales $174,984 $91,321 $158,821 $33,458 $458,584 September 30, 2022 Stumpage Pay-as-Cut $78,643 — — — $78,643 Stumpage Lump Sum 378 5,593 — — 5,971 Total Stumpage 79,021 5,593 — — 84,614 Delivered Wood (Domestic) 98,386 104,239 50,358 1,989 254,972 Delivered Wood (Export) 9,517 5,801 140,492 49,557 205,367 Total Delivered 107,903 110,040 190,850 51,546 460,339 Total Timber Sales $186,924 $115,633 $190,850 $51,546 $544,953

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
NONCONTROLLING INTERESTS	Sep. 30, 2023
Noncontrolling Interest [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 September 30, Nine Months Ended 2023 2022 2023 2022 Beginning noncontrolling interests in the operating partnership $77,532 $123,811 $105,763 $133,823 Adjustment of noncontrolling interests in the operating partnership (6,890) (23,363) (8,810) (32,131) Conversions of Redeemable Operating Partnership Units to Common Shares (479) (3,696) (24,663) (3,842) Net Income attributable to noncontrolling interests in the operating partnership 320 455 811 1,670 Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership 36 (49) (1,016) (523) Distributions to noncontrolling interests in the operating partnership (699) (915) (2,265) (2,754) Total noncontrolling interests in the operating partnership $69,820 $96,243 $69,820 $96,243

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	9 Months Ended
EARNINGS PER SHARE AND PER UNIT	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings per common share - basic Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in the operating partnership (320) (455) (811) (1,670) Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income attributable to Rayonier Inc. $19,237 $20,578 $46,561 $73,999 Denominator: Denominator for basic earnings per common share - weighted average shares 148,274,209 146,370,340 147,959,983 146,022,718 Basic earnings per common share attributable to Rayonier Inc.: $0.13 $0.14 $0.31 $0.51 Earnings per common share - diluted Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $19,557 $21,033 $47,372 $75,669 Denominator: Denominator for basic earnings per common share - weighted average shares 148,274,209 146,370,340 147,959,983 146,022,718 Add: Dilutive effect of: Stock options — 3,271 629 6,200 Performance shares, restricted shares and restricted stock units 299,613 620,316 394,006 693,954 Noncontrolling interests in operating partnership units 2,462,431 3,238,962 2,676,911 3,288,409 Denominator for diluted earnings per common share - adjusted weighted average shares 151,036,253 150,232,889 151,031,529 150,011,281 Diluted earnings per common share attributable to Rayonier Inc.: $0.13 $0.14 $0.31 $0.50 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 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 164,521 126,132 156,835 78,634 Total 164,521 126,132 156,835 78,634 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings per unit - basic Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income available to unitholders $19,557 $21,033 $47,372 $75,669 Denominator: Denominator for basic earnings per unit - weighted average units 150,736,640 149,609,302 150,636,894 149,311,127 Basic earnings per unit attributable to Rayonier, L.P.: $0.13 $0.14 $0.31 $0.51 Earnings per unit - diluted Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income available to unitholders $19,557 $21,033 $47,372 $75,669 Denominator: Denominator for basic earnings per unit - weighted average units 150,736,640 149,609,302 150,636,894 149,311,127 Add: Dilutive effect of unit equivalents: Stock options — 3,271 629 6,200 Performance shares, restricted shares and restricted stock units 299,613 620,316 394,006 693,954 Denominator for diluted earnings per unit - adjusted weighted average units 151,036,253 150,232,889 151,031,529 150,011,281 Diluted earnings per unit attributable to Rayonier, L.P.: $0.13 $0.14 $0.31 $0.50 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 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 164,521 126,132 156,835 78,634 Total 164,521 126,132 156,835 78,634

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at September 30, 2023: September 30, 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 7.00% 350,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.00% 250,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.05% 200,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.95% 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 24,161 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 24,161 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 20,709 Total principal debt 1,519,031 Less: Unamortized discounts (2,857) Less: Deferred financing costs (4,704) Total long-term debt $1,511,470 (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 September 30, 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% 5.53 % 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 20,709 2026 224,161 2027 274,161 Thereafter 1,000,000 Total Debt $1,519,031 2023 DEBT ACTIVITY U.S. Debt During the nine months ended September 30, 2023, we made no borrowings or repayments on our Revolving Credit Facility. At September 30, 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. See Note 1 - Basis of Presentation for information regarding subsequent events related to our 2022 Incremental Term Loan borrowings. New Zealand Debt In July 2023, the New Zealand subsidiary renewed its NZ$20 million working capital facility, extending its maturity date to June 30, 2024. During the nine months ended September 30, 2023, the New Zealand subsidiary made no borrowings or repayments on its working capital facility (the “New Zealand Working Capital Facility”). At September 30, 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 September 30, 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 6.9 to 1 4.4 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 46 % 19 % In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2023, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	Sep. 30, 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 36 months and up to 25% of the foreign exchange exposure for the forward 36 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 September 30, 2023, foreign currency exchange contracts and foreign currency option contracts had maturity dates through September 2026 and July 2026, 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 in 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 September 30, 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. In May 2023, we entered into a new $50 million forward-starting interest rate swap, benchmarked to Daily Simple SOFR. The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 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 May 2023 4 years 50,000 3.29 % 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 and nine months ended September 30, 2023 and 2022: Three Months Ended Income Statement Location 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,752 ($4,464) Other operating (expense) income, net (1,796) (2,669) Foreign currency option contracts Other comprehensive income (loss) (26) (1,754) Other operating (expense) income, net (196) — Interest rate products Other comprehensive income (loss) 12,381 26,607 Interest expense, net (4,810) (62) Nine Months Ended Income Statement Location 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $5,753 ($15,373) Other operating (expense) income, net (5,801) (2,598) Foreign currency option contracts Other comprehensive income (loss) (858) (2,304) Other operating (expense) income, net (244) — Interest rate products Other comprehensive income (loss) 20,416 76,372 Interest expense, net (12,587) 4,555 During the next 12 months, the amount of the September 30, 2023 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximate ly $24.7 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 ($2,763) Foreign currency option contracts (279) Interest rate products (a) 27,734 Total estimated gain on derivatives contracts $24,692 (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 September 30, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $127,200 $138,250 Foreign currency option contracts 86,000 78,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 200,000 150,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 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) September 30, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $63 $25 Other assets 391 1,303 Other current liabilities (3,900) (5,457) Other non-current liabilities (1,139) (410) Foreign currency option contracts Other current assets 77 66 Other assets 1,032 2,131 Other current liabilities (464) (347) Other non-current liabilities (1,179) (1,281) Interest rate swaps Other assets 62,520 60,843 Other non-current liabilities — (51) Forward-starting interest rate swaps Other assets 17,501 11,939 Total derivative contracts: Other current assets $140 $91 Other assets 81,444 76,216 Total derivative assets $81,584 $76,307 Other current liabilities (4,364) (5,804) Other non-current liabilities (2,318) (1,742) Total derivative liabilities ($6,682) ($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	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 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 September 30, 2023 and December 31, 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 30, 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 $107,784 $107,784 — $114,255 $114,255 — Restricted cash (b) 1,804 1,804 — 1,152 1,152 — Long-term debt (c) (1,511,470) — (1,422,224) (1,514,721) — (1,438,736) Interest rate swaps (d) 62,520 — 62,520 60,792 — 60,792 Forward-starting interest rate swaps (d) 17,501 — 17,501 11,939 — 11,939 Foreign currency exchange contracts (d) (4,585) — (4,585) (4,539) — (4,539) Foreign currency option contracts (d) (534) — (534) 569 — 569 Noncontrolling interests in the operating partnership (e) 69,820 — 69,820 105,763 — 105,763 (a) We did not have Level 3 assets or liabilities at September 30, 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	9 Months Ended
CONTINGENCIES	Sep. 30, 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	9 Months Ended
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	Sep. 30, 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 September 30, 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 (304) Increase to liabilities (a) 411 Total Balance at September 30, 2023 15,700 Less: Current portion (6,689) Non-current portion at September 30, 2023 $9,011 (a) Reflects revised environmental and NRD cost estimates recorded during the nine months ended September 30, 2023. 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	9 Months Ended
GUARANTEES	Sep. 30, 2023
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 30, 2023, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $3,779 Surety bonds (c) 23,605 Total financial commitments $27,384 (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 2024 and will be renewed as required. (c) Surety bonds are issued primarily to secure performance obligations related to various operational activities and 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	9 Months Ended
	Sep. 30, 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 September 30, 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 (1,998) (13,711) (15,709) Amortization of parcel real estate development investments — (7,689) (7,689) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,556) — (1,556) Capitalized real estate development investments (b) — 24,038 24,038 Capital expenditures (silviculture) 23 — 23 Intersegment transfers 554 — 554 Total Balance at September 30, 2023 88,805 43,862 132,667 Less: Current portion (a) (1,601) (24,409) (26,010) Non-current portion at September 30, 2023 $87,204 $19,453 $106,657 (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 $0.6 million of capitalized interest and $5.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

INVENTORY

INVENTORY	9 Months Ended
INVENTORY	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of September 30, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows: September 30, 2023 December 31, 2022 Finished goods inventory Real estate inventory (a) $26,010 $17,909 Log inventory 6,831 5,347 Carbon unit inventory (b) 298 473 Total inventory $33,139 $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) INCOM

OTHER OPERATING (EXPENSE) INCOME, NET	9 Months Ended
OTHER OPERATING (EXPENSE) INCOME, NET	Sep. 30, 2023
Other Income and Expenses [Abstract]
OTHER OPERATING (EXPENSE) INCOME, NET	OTHER OPERATING (EXPENSE) INCOME, NET Other operating (expense) income, net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Loss on foreign currency remeasurement, net of cash flow hedges ($1,555) ($1,158) ($5,713) ($481) Gain on sale or disposal of property and equipment — 9 37 40 Equity income related to Bainbridge Landing LLC joint venture (a) — 15,848 — 15,477 Miscellaneous (expense) income, net (99) (118) 105 (638) Total ($1,654) $14,581 ($5,571) $14,398 (a) The three and nine months ended September 30, 2022 include $16.0 million of equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
EMPLOYEE BENEFIT PLANS	Sep. 30, 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. On July 20, 2023, the Rayonier Board of Directors approved the resolution to terminate the unfunded plan and will 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 Q2 2024. The Excess Benefit Plan will be settled entirely with lump sum payments 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. See Note 1 – Basis of Presentation for information regarding subsequent events related to the Defined Benefit Pension Plan. 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, net 844 609 17 13 Expected return on plan assets (a) Interest and other miscellaneous income, net (887) (872) — — Amortization of losses Interest and other miscellaneous income, net 1 184 — 4 Net periodic benefit (credit) cost ($42) ($79) $18 $19 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2023 2022 2023 2022 Service cost Selling and general expenses — — $3 $5 Interest cost Interest and other miscellaneous income, net 2,533 1,826 52 39 Expected return on plan assets (a) Interest and other miscellaneous income, net (2,663) (2,615) — — Amortization of losses Interest and other miscellaneous income, net 4 553 — 11 Net periodic benefit (credit) cost ($126) ($236) $55 $55 (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	9 Months Ended
INCOME TAXES	Sep. 30, 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 September 30, 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 Nine Months Ended 2023 2022 2023 2022 Income tax expense ($547) ($1,238) ($1,777) ($8,056) 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: Nine Months Ended 2023 2022 Annualized effective tax rate after discrete items 3.1 % 7.9 %

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Sep. 30, 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 nine months ended September 30, 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 income (loss) before reclassifications (16,522) — 23,131 (a) — 6,609 (62) 6,547 Amounts reclassified from accumulated other comprehensive income — — (15,938) 4 (b) (15,934) 1,078 (14,856) Net other comprehensive income (loss) (16,522) — 7,193 4 (9,325) 1,016 (8,309) Balance as of September 30, 2023 ($34,589) $1,321 $74,397 ($10,205) $30,924 ($3,420) $27,504 (a) The nine months ended September 30, 2023 includes $20.4 million of other comprehensive income related to interest rate products. The year ended December 31, 2022 included $75.0 million of other comprehensive income re lated 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 nine months ended September 30, 2023 and September 30, 2022: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the Income Statement September 30, 2023 September 30, 2022 Realized gain on foreign currency exchange contracts ($5,801) ($2,598) Other operating expense (income), net Realized gain on foreign currency option contracts (244) — Other operating expense (income), net Noncontrolling interests 1,391 598 Comprehensive income attributable to noncontrolling interests Realized (gain) loss on interest rate contracts (12,587) 4,555 Interest expense, net Income tax effect from net gain on foreign currency contracts 1,303 560 Income tax expense Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($15,938) $3,115

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
RESTRICTED CASH	Sep. 30, 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 nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Restricted cash, excluding Timber Funds: Restricted cash deposited with LKE intermediary $2 $15,627 Restricted cash held in escrow 1,802 625 Total restricted cash, excluding Timber Funds 1,804 16,252 Restricted cash, Timber Funds — 1,464 Cash and cash equivalents 107,784 261,804 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $109,588 $279,520

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
ASSETS HELD FOR SALE	Sep. 30, 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 September 30, 2023 and December 31, 2022, the basis in properties meeting this classification was $18.3 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to parent	$ 19,237	$ 20,578	$ 46,561	$ 73,999

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 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”).
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 most 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”). Unsatisfied performance obligations as of September 30, 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. Of these performance obligations, $23.8 million is expected to be recognized within the next twelve months, with the remaining $11.3 million expected to be recognized thereafter as we satisfy our performance obligations. 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 trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables 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.
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 Announcement of Oregon Disposition As disclosed in our Current Report on Form 8-K filed with the SEC on November 2, 2023, we entered into an agreement for the sale of approximately 55,000 acres of timberland in Oregon to Manulife Investment Management on behalf of clients for $242 million (~$4,400 per acre). The transaction is expected to close in the fourth quarter of 2023, and $150 million of the proceeds are expected to be used to repay the unhedged portion of our 2022 Incremental Term Loan borrowings. See Note 6 – Debt for additional information. Defined Benefit Pension Plan Distributions In connection with the termination of the Company’s Defined Benefit Plan (“the Plan”), payments were disbursed to plan participants who chose the lump sum distribution option on October 31, 2023. The lump sum disbursements were sourced from Plan assets. We expect to make cash contributions to fund the Defined Benefit Plan on a plan termination basis in 2024. See Note 15 – Employee Benefit Plans for additional information.
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 benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
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)	9 Months Ended
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables summarize the segment information for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, SALES 2023 2022 2023 2022 Southern Timber $63,973 $64,549 $204,125 $207,584 Pacific Northwest Timber 29,325 34,397 96,061 119,834 New Zealand Timber 70,435 72,452 175,438 202,723 Real Estate 31,175 12,435 79,492 81,032 Trading 6,782 11,582 34,767 52,727 Intersegment Eliminations (a) (111) (128) (357) (226) Total $201,579 $195,287 $589,526 $663,674 (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 September 30, Nine Months Ended September 30, OPERATING INCOME 2023 2022 2023 2022 Southern Timber $18,634 $22,474 $62,565 $76,883 Pacific Northwest Timber (a) (557) 2,179 (6,475) 11,729 New Zealand Timber (b) 17,555 9,280 19,265 22,653 Real Estate (c) 9,187 15,749 18,720 36,953 Trading (52) 177 356 84 Corporate and Other (9,411) (8,956) (28,350) (26,613) Total Operating Income 35,356 40,903 66,081 121,689 Unallocated interest expense and other (d) (12,069) (7,804) (15,030) (25,486) Total Income before Income Taxes $23,287 $33,099 $51,051 $96,203 (a) The three and nine months ended September 30, 2022 include $1.1 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales.” (b) The nine months ended September 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales.” (c) The three and nine months ended September 30, 2022 include an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” (d) The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2023 2022 2023 2022 Southern Timber $19,153 $14,116 $61,631 $46,832 Pacific Northwest Timber 8,330 9,356 28,221 35,587 New Zealand Timber 5,952 6,302 16,335 18,192 Real Estate 3,088 961 6,826 12,671 Corporate and Other 444 316 1,268 939 Total $36,967 $31,051 $114,281 $114,221 Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2023 2022 2023 2022 Real Estate $6,586 $3,149 $20,189 $20,289 Total $6,586 $3,149 $20,189 $20,289

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Balances	The following table contains contract balances recorded in the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Balance Sheet Location Contract assets Trade receivables, net (a) $31,447 $27,837 Trade receivables Contract liabilities Deferred revenue, current (b) 23,835 22,762 Deferred revenue Deferred revenue, non-current (c) 11,317 6,895 Long-term deferred revenue (a) The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b) The increase in deferred revenue, current is driven by the timing of renewals of hunting contracts and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023, partially offset by the satisfaction of post-closing obligations on real estate sales and stumpage contracts. (c) The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023. The following table summarizes revenue recognized during the three and nine months ended September 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue recognized from contract liability balance at the beginning of the year (a) $2,216 $1,957 $19,950 $14,458 (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 and nine months ended September 30, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $25,514 $1,440 $6,507 — $447 — $33,908 Sawtimber 27,274 26,401 48,356 — 5,954 — 107,985 Hardwood 1,343 — — — — — 1,343 Total Timber Sales 54,131 27,841 54,863 — 6,401 — 143,236 License Revenue, Primarily from Hunting 7,178 439 90 — — — 7,707 Other Non-Timber/Carbon Revenue 2,664 1,045 15,482 — — — 19,191 Agency Fee Income — — — — 270 — 270 Total Non-Timber Sales 9,842 1,484 15,572 — 270 — 27,168 Improved Development — — — 3,120 — — 3,120 Unimproved Development — — — 114 — — 114 Rural — — — 20,461 — — 20,461 Timberland & Non-Strategic — — — 1,055 — — 1,055 Deferred Revenue/Other (a) — — — 5,981 — — 5,981 Total Real Estate Sales — — — 30,731 — — 30,731 Revenue from Contracts with Customers 63,973 29,325 70,435 30,731 6,671 — 201,135 Lease Revenue — — — 444 — — 444 Intersegment — — — — 111 (111) — Total Revenue $63,973 $29,325 $70,435 $31,175 $6,782 ($111) $201,579 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2022 Pulpwood $32,564 $2,989 $7,645 — $1,112 — $44,310 Sawtimber 20,943 29,630 58,412 — 10,053 — 119,038 Hardwood 4,221 — — — — — 4,221 Total Timber Sales 57,728 32,619 66,057 — 11,165 — 167,569 License Revenue, Primarily from Hunting 5,141 326 118 — — — 5,585 Other Non-Timber/Carbon Revenue 1,680 1,452 6,277 — — — 9,409 Agency Fee Income — — — — 289 — 289 Total Non-Timber Sales 6,821 1,778 6,395 — 289 — 15,283 Improved Development — — — 2,296 — — 2,296 Rural — — — 6,964 — — 6,964 Deferred Revenue/Other (a) — — — 2,769 — — 2,769 Total Real Estate Sales — — — 12,029 — — 12,029 Revenue from Contracts with Customers 64,549 34,397 72,452 12,029 11,454 — 194,881 Lease Revenue — — — 406 — — 406 Intersegment — — — — 128 (128) — Total Revenue $64,549 $34,397 $72,452 $12,435 $11,582 ($128) $195,287 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $76,152 $7,358 $20,953 — $3,328 — $107,791 Sawtimber 95,663 83,963 137,868 — 30,130 — 347,624 Hardwood 3,169 — — — — — 3,169 Total Timber Sales 174,984 91,321 158,821 — 33,458 — 458,584 License Revenue, Primarily From Hunting 17,632 780 212 — — — 18,624 Other Non-Timber/Carbon Revenue 11,509 3,960 16,405 — — — 31,874 Agency Fee Income — — — — 952 — 952 Total Non-Timber Sales 29,141 4,740 16,617 — 952 — 51,450 Improved Development — — — 20,155 — — 20,155 Unimproved Development — — — 114 — — 114 Rural — — — 42,587 — — 42,587 Timberland & Non-Strategic — — — 2,947 — — 2,947 Deferred Revenue/Other (a) — — — 12,642 — — 12,642 Total Real Estate Sales — — — 78,445 — — 78,445 Revenue from Contracts with Customers 204,125 96,061 175,438 78,445 34,410 — 588,479 Lease Revenue — — — 1,047 — — 1,047 Intersegment — — — — 357 (357) — Total Revenue $204,125 $96,061 $175,438 $79,492 $34,767 ($357) $589,526 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2022 Pulpwood $100,945 $9,478 $26,091 — $5,636 — $142,150 Sawtimber 70,203 106,155 164,759 — 45,910 — 387,027 Hardwood 15,776 — — — — — 15,776 Total Timber Sales 186,924 115,633 190,850 — 51,546 — 544,953 License Revenue, Primarily from Hunting 16,322 571 266 — — — 17,159 Other Non-Timber/Carbon Revenue 4,338 3,630 11,607 — — — 19,575 Agency Fee Income — — — — 955 — 955 Total Non-Timber Sales 20,660 4,201 11,873 — 955 — 37,689 Improved Development — — — 18,828 — — 18,828 Rural — — — 47,333 — — 47,333 Timberland & Non-Strategic — — — 11,400 — — 11,400 Deferred Revenue/Other (a) — — — 2,498 — — 2,498 Total Real Estate Sales — — — 80,059 — — 80,059 Revenue from Contracts with Customers 207,584 119,834 202,723 80,059 52,501 — 662,701 Lease Revenue — — — 973 — — 973 Intersegment — — — — 226 (226) — Total Revenue $207,584 $119,834 $202,723 $81,032 $52,727 ($226) $663,674 (a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2023 Stumpage Pay-as-Cut $25,454 — — — $25,454 Stumpage Lump Sum — 969 — — 969 Total Stumpage 25,454 969 — — 26,423 Delivered Wood (Domestic) 26,907 24,085 15,265 10 66,267 Delivered Wood (Export) 1,770 2,787 39,598 6,391 50,546 Total Delivered 28,677 26,872 54,863 6,401 116,813 Total Timber Sales $54,131 $27,841 $54,863 $6,401 $143,236 September 30, 2022 Stumpage Pay-as-Cut $21,111 — — — $21,111 Stumpage Lump Sum 288 121 — — 409 Total Stumpage 21,399 121 — — 21,520 Delivered Wood (Domestic) 33,010 30,837 18,825 260 82,932 Delivered Wood (Export) 3,319 1,661 47,232 10,905 63,117 Total Delivered 36,329 32,498 66,057 11,165 146,049 Total Timber Sales $57,728 $32,619 $66,057 $11,165 $167,569 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2023 Stumpage Pay-as-Cut $86,424 — — — $86,424 Stumpage Lump Sum 387 1,592 — — 1,979 Total Stumpage 86,811 1,592 — — 88,403 Delivered Wood (Domestic) 81,757 80,249 39,419 501 201,926 Delivered Wood (Export) 6,416 9,480 119,402 32,957 168,255 Total Delivered 88,173 89,729 158,821 33,458 370,181 Total Timber Sales $174,984 $91,321 $158,821 $33,458 $458,584 September 30, 2022 Stumpage Pay-as-Cut $78,643 — — — $78,643 Stumpage Lump Sum 378 5,593 — — 5,971 Total Stumpage 79,021 5,593 — — 84,614 Delivered Wood (Domestic) 98,386 104,239 50,358 1,989 254,972 Delivered Wood (Export) 9,517 5,801 140,492 49,557 205,367 Total Delivered 107,903 110,040 190,850 51,546 460,339 Total Timber Sales $186,924 $115,633 $190,850 $51,546 $544,953

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
NONCONTROLLING INTERESTS (Tables)	Sep. 30, 2023
Noncontrolling Interest [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 September 30, Nine Months Ended 2023 2022 2023 2022 Beginning noncontrolling interests in the operating partnership $77,532 $123,811 $105,763 $133,823 Adjustment of noncontrolling interests in the operating partnership (6,890) (23,363) (8,810) (32,131) Conversions of Redeemable Operating Partnership Units to Common Shares (479) (3,696) (24,663) (3,842) Net Income attributable to noncontrolling interests in the operating partnership 320 455 811 1,670 Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership 36 (49) (1,016) (523) Distributions to noncontrolling interests in the operating partnership (699) (915) (2,265) (2,754) Total noncontrolling interests in the operating partnership $69,820 $96,243 $69,820 $96,243

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	9 Months Ended
EARNINGS PER SHARE AND PER UNIT (Tables)	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings per common share - basic Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in the operating partnership (320) (455) (811) (1,670) Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income attributable to Rayonier Inc. $19,237 $20,578 $46,561 $73,999 Denominator: Denominator for basic earnings per common share - weighted average shares 148,274,209 146,370,340 147,959,983 146,022,718 Basic earnings per common share attributable to Rayonier Inc.: $0.13 $0.14 $0.31 $0.51 Earnings per common share - diluted Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership $19,557 $21,033 $47,372 $75,669 Denominator: Denominator for basic earnings per common share - weighted average shares 148,274,209 146,370,340 147,959,983 146,022,718 Add: Dilutive effect of: Stock options — 3,271 629 6,200 Performance shares, restricted shares and restricted stock units 299,613 620,316 394,006 693,954 Noncontrolling interests in operating partnership units 2,462,431 3,238,962 2,676,911 3,288,409 Denominator for diluted earnings per common share - adjusted weighted average shares 151,036,253 150,232,889 151,031,529 150,011,281 Diluted earnings per common share attributable to Rayonier Inc.: $0.13 $0.14 $0.31 $0.50 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings per unit - basic Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income available to unitholders $19,557 $21,033 $47,372 $75,669 Denominator: Denominator for basic earnings per unit - weighted average units 150,736,640 149,609,302 150,636,894 149,311,127 Basic earnings per unit attributable to Rayonier, L.P.: $0.13 $0.14 $0.31 $0.51 Earnings per unit - diluted Numerator: Net Income $22,740 $31,861 $49,274 $88,147 Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478) Net income available to unitholders $19,557 $21,033 $47,372 $75,669 Denominator: Denominator for basic earnings per unit - weighted average units 150,736,640 149,609,302 150,636,894 149,311,127 Add: Dilutive effect of unit equivalents: Stock options — 3,271 629 6,200 Performance shares, restricted shares and restricted stock units 299,613 620,316 394,006 693,954 Denominator for diluted earnings per unit - adjusted weighted average units 151,036,253 150,232,889 151,031,529 150,011,281 Diluted earnings per unit attributable to Rayonier, L.P.: $0.13 $0.14 $0.31 $0.50
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 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 164,521 126,132 156,835 78,634 Total 164,521 126,132 156,835 78,634 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 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 164,521 126,132 156,835 78,634 Total 164,521 126,132 156,835 78,634

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt consisted of the following at September 30, 2023: September 30, 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 7.00% 350,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.00% 250,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.05% 200,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.95% 200,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 24,161 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 24,161 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 20,709 Total principal debt 1,519,031 Less: Unamortized discounts (2,857) Less: Deferred financing costs (4,704) Total long-term debt $1,511,470 (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 September 30, 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% 5.53 % 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 20,709 2026 224,161 2027 274,161 Thereafter 1,000,000 Total Debt $1,519,031
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of September 30, 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 6.9 to 1 4.4 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 46 % 19 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 May 2023 4 years 50,000 3.29 % 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 and nine months ended September 30, 2023 and 2022: Three Months Ended Income Statement Location 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,752 ($4,464) Other operating (expense) income, net (1,796) (2,669) Foreign currency option contracts Other comprehensive income (loss) (26) (1,754) Other operating (expense) income, net (196) — Interest rate products Other comprehensive income (loss) 12,381 26,607 Interest expense, net (4,810) (62) Nine Months Ended Income Statement Location 2023 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $5,753 ($15,373) Other operating (expense) income, net (5,801) (2,598) Foreign currency option contracts Other comprehensive income (loss) (858) (2,304) Other operating (expense) income, net (244) — Interest rate products Other comprehensive income (loss) 20,416 76,372 Interest expense, net (12,587) 4,555 Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts ($2,763) Foreign currency option contracts (279) Interest rate products (a) 27,734 Total estimated gain on derivatives contracts $24,692 (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 September 30, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $127,200 $138,250 Foreign currency option contracts 86,000 78,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 200,000 150,000
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 September 30, 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) September 30, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $63 $25 Other assets 391 1,303 Other current liabilities (3,900) (5,457) Other non-current liabilities (1,139) (410) Foreign currency option contracts Other current assets 77 66 Other assets 1,032 2,131 Other current liabilities (464) (347) Other non-current liabilities (1,179) (1,281) Interest rate swaps Other assets 62,520 60,843 Other non-current liabilities — (51) Forward-starting interest rate swaps Other assets 17,501 11,939 Total derivative contracts: Other current assets $140 $91 Other assets 81,444 76,216 Total derivative assets $81,584 $76,307 Other current liabilities (4,364) (5,804) Other non-current liabilities (2,318) (1,742) Total derivative liabilities ($6,682) ($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)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount And Financial Instruments	The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2023 and December 31, 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 30, 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 $107,784 $107,784 — $114,255 $114,255 — Restricted cash (b) 1,804 1,804 — 1,152 1,152 — Long-term debt (c) (1,511,470) — (1,422,224) (1,514,721) — (1,438,736) Interest rate swaps (d) 62,520 — 62,520 60,792 — 60,792 Forward-starting interest rate swaps (d) 17,501 — 17,501 11,939 — 11,939 Foreign currency exchange contracts (d) (4,585) — (4,585) (4,539) — (4,539) Foreign currency option contracts (d) (534) — (534) 569 — 569 Noncontrolling interests in the operating partnership (e) 69,820 — 69,820 105,763 — 105,763 (a) We did not have Level 3 assets or liabilities at September 30, 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)	9 Months Ended
	Sep. 30, 2023
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2022 to September 30, 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 (304) Increase to liabilities (a) 411 Total Balance at September 30, 2023 15,700 Less: Current portion (6,689) Non-current portion at September 30, 2023 $9,011 (a) Reflects revised environmental and NRD cost estimates recorded during the nine months ended September 30, 2023.

GUARANTEES (Tables)

GUARANTEES (Tables)	9 Months Ended
GUARANTEES (Tables)	Sep. 30, 2023
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of September 30, 2023, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $3,779 Surety bonds (c) 23,605 Total financial commitments $27,384 (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 2024 and will be renewed as required. (c) Surety bonds are issued primarily to secure performance obligations related to various operational activities and 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)	9 Months Ended
	Sep. 30, 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 September 30, 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 (1,998) (13,711) (15,709) Amortization of parcel real estate development investments — (7,689) (7,689) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,556) — (1,556) Capitalized real estate development investments (b) — 24,038 24,038 Capital expenditures (silviculture) 23 — 23 Intersegment transfers 554 — 554 Total Balance at September 30, 2023 88,805 43,862 132,667 Less: Current portion (a) (1,601) (24,409) (26,010) Non-current portion at September 30, 2023 $87,204 $19,453 $106,657 (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 $0.6 million of capitalized interest and $5.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
INVENTORY (Tables)	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	As of September 30, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows: September 30, 2023 December 31, 2022 Finished goods inventory Real estate inventory (a) $26,010 $17,909 Log inventory 6,831 5,347 Carbon unit inventory (b) 298 473 Total inventory $33,139 $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) INC_2

OTHER OPERATING (EXPENSE) INCOME, NET (Tables)	9 Months Ended
OTHER OPERATING (EXPENSE) INCOME, NET (Tables)	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Operating (Income) Expense, Net	Other operating (expense) income, net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Loss on foreign currency remeasurement, net of cash flow hedges ($1,555) ($1,158) ($5,713) ($481) Gain on sale or disposal of property and equipment — 9 37 40 Equity income related to Bainbridge Landing LLC joint venture (a) — 15,848 — 15,477 Miscellaneous (expense) income, net (99) (118) 105 (638) Total ($1,654) $14,581 ($5,571) $14,398 (a) The three and nine months ended September 30, 2022 include $16.0 million of equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Sep. 30, 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, net 844 609 17 13 Expected return on plan assets (a) Interest and other miscellaneous income, net (887) (872) — — Amortization of losses Interest and other miscellaneous income, net 1 184 — 4 Net periodic benefit (credit) cost ($42) ($79) $18 $19 Components of Net Periodic Benefit (Credit) Cost Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2023 2022 2023 2022 Service cost Selling and general expenses — — $3 $5 Interest cost Interest and other miscellaneous income, net 2,533 1,826 52 39 Expected return on plan assets (a) Interest and other miscellaneous income, net (2,663) (2,615) — — Amortization of losses Interest and other miscellaneous income, net 4 553 — 11 Net periodic benefit (credit) cost ($126) ($236) $55 $55 (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)	9 Months Ended
INCOME TAXES (Tables)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income tax expense ($547) ($1,238) ($1,777) ($8,056)
Schedule of Effective Income Tax Rate Reconciliation	The following table contains the Company’s annualized effective tax rate after discrete items: Nine Months Ended 2023 2022 Annualized effective tax rate after discrete items 3.1 % 7.9 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table summarizes the changes in AOCI by component for the nine months ended September 30, 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 income (loss) before reclassifications (16,522) — 23,131 (a) — 6,609 (62) 6,547 Amounts reclassified from accumulated other comprehensive income — — (15,938) 4 (b) (15,934) 1,078 (14,856) Net other comprehensive income (loss) (16,522) — 7,193 4 (9,325) 1,016 (8,309) Balance as of September 30, 2023 ($34,589) $1,321 $74,397 ($10,205) $30,924 ($3,420) $27,504 (a) The nine months ended September 30, 2023 includes $20.4 million of other comprehensive income related to interest rate products. The year ended December 31, 2022 included $75.0 million of other comprehensive income re lated 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 nine months ended September 30, 2023 and September 30, 2022: Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the Income Statement September 30, 2023 September 30, 2022 Realized gain on foreign currency exchange contracts ($5,801) ($2,598) Other operating expense (income), net Realized gain on foreign currency option contracts (244) — Other operating expense (income), net Noncontrolling interests 1,391 598 Comprehensive income attributable to noncontrolling interests Realized (gain) loss on interest rate contracts (12,587) 4,555 Interest expense, net Income tax effect from net gain on foreign currency contracts 1,303 560 Income tax expense Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income ($15,938) $3,115

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
RESTRICTED CASH (Tables)	Sep. 30, 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 nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Restricted cash, excluding Timber Funds: Restricted cash deposited with LKE intermediary $2 $15,627 Restricted cash held in escrow 1,802 625 Total restricted cash, excluding Timber Funds 1,804 16,252 Restricted cash, Timber Funds — 1,464 Cash and cash equivalents 107,784 261,804 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $109,588 $279,520

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)		3 Months Ended	9 Months Ended
BASIS OF PRESENTATION (Details)	Sep. 30, 2023	Dec. 31, 2023 USD ($) a	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Subsequent Event [Line Items]
Repayments of debt			$ 0	$ 531,842,000
Forecast \| 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.00%
Subsequent Event [Line Items]
Repayments of debt		$ 150,000,000
Forecast \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Oregon Disposition
Subsequent Event [Line Items]
Area of land sold \| a		55,000
Proceeds from sale acres of timberland		$ 242,000,000
Proceeds from sale acres of timberland per acre		$ 4,400
Operating Partnership
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
SALES	$ 201,579	$ 195,287	$ 589,526	$ 663,674
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(111)	(128)	(357)	(226)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	63,973	64,549	204,125	207,584
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	29,325	34,397	96,061	119,834
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	70,435	72,452	175,438	202,723
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	31,175	12,435	79,492	81,032
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	6,782	11,582	34,767	52,727
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES		0
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	111	128	357	226
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (111)	$ (128)	$ (357)	$ (226)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total Operating Income	$ 35,356	$ 40,903	$ 66,081	$ 121,689
Unallocated interest expense and other	(12,069)	(7,804)	(15,030)	(25,486)
Total Income before Income Taxes	23,287	33,099	51,051	96,203
Gain from net recovery with legal settlement			20,500
Pacific Northwest Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events		1,100		1,100
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events			2,300
Real Estate \| Disposal Group, Not Discontinued Operations \| Multi-Family Apartment Complex Sale
Segment Reporting Information [Line Items]
Gain on sale		11,500		11,500
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	18,634	22,474	62,565	76,883
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(557)	2,179	(6,475)	11,729
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	17,555	9,280	19,265	22,653
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	9,187	15,749	18,720	36,953
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	(52)	177	356	84
Corporate and Other
Segment Reporting Information [Line Items]
Total Operating Income	$ (9,411)	$ (8,956)	$ (28,350)	$ (26,613)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 36,967	$ 31,051	$ 114,281	$ 114,221
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	19,153	14,116	61,631	46,832
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	8,330	9,356	28,221	35,587
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,952	6,302	16,335	18,192
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	3,088	961	6,826	12,671
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 444	$ 316	$ 1,268	$ 939

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 6,586	$ 3,149	$ 20,189	$ 20,289
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 6,586	$ 3,149	$ 20,189	$ 20,289

REVENUE - Performance Obligatio

REVENUE - Performance Obligations Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 23.8
Remaining performance obligation, expected to satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 11.3
Remaining performance obligation, expected to satisfaction, period

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 31,447	$ 27,837
Deferred revenue, current	23,835	22,762
Deferred revenue, non-current	$ 11,317	$ 6,895

REVENUE - Revenue Recognized Fr

REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 2,216	$ 1,957	$ 19,950	$ 14,458

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 201,135	$ 194,881	$ 588,479	$ 662,701
Lease Revenue	444	406	1,047	973
Total Revenue	201,579	195,287	589,526	663,674
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	143,236	167,569	458,584	544,953
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,908	44,310	107,791	142,150
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	107,985	119,038	347,624	387,027
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,343	4,221	3,169	15,776
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,168	15,283	51,450	37,689
License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,707	5,585	18,624	17,159
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,191	9,409	31,874	19,575
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	270	289	952	955
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,731	12,029	78,445	80,059
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,120	2,296	20,155	18,828
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	114		114
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,461	6,964	42,587	47,333
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,055		2,947	11,400
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,981	2,769	12,642	2,498
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(111)	(128)	(357)	(226)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	63,973	64,549	204,125	207,584
Total Revenue	63,973	64,549	204,125	207,584
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	54,131	57,728	174,984	186,924
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,514	32,564	76,152	100,945
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,274	20,943	95,663	70,203
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,343	4,221	3,169	15,776
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,842	6,821	29,141	20,660
Operating Segments \| Southern Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,178	5,141	17,632	16,322
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,664	1,680	11,509	4,338
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,325	34,397	96,061	119,834
Total Revenue	29,325	34,397	96,061	119,834
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,841	32,619	91,321	115,633
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,440	2,989	7,358	9,478
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,401	29,630	83,963	106,155
Operating Segments \| Pacific Northwest Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,484	1,778	4,740	4,201
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	439	326	780	571
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,045	1,452	3,960	3,630
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,435	72,452	175,438	202,723
Total Revenue	70,435	72,452	175,438	202,723
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	54,863	66,057	158,821	190,850
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,507	7,645	20,953	26,091
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	48,356	58,412	137,868	164,759
Operating Segments \| New Zealand Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,572	6,395	16,617	11,873
Operating Segments \| New Zealand Timber \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	90	118	212	266
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,482	6,277	16,405	11,607
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,731	12,029	78,445	80,059
Lease Revenue	444	406	1,047	973
Total Revenue	31,175	12,435	79,492	81,032
Operating Segments \| Real Estate \| Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,731	12,029	78,445	80,059
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,120	2,296	20,155	18,828
Operating Segments \| Real Estate \| Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	114		114
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,461	6,964	42,587	47,333
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,055		2,947	11,400
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,981	2,769	12,642	2,498
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,671	11,454	34,410	52,501
Total Revenue	6,782	11,582	34,767	52,727
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,401	11,165	33,458	51,546
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	447	1,112	3,328	5,636
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,954	10,053	30,130	45,910
Operating Segments \| Trading \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	270	289	952	955
Operating Segments \| Trading \| License Revenue, Primarily from Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	270	289	952	955
Intersegment
Disaggregation of Revenue [Line Items]
Total Revenue		0
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	111	128	357	226
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (111)	$ (128)	$ (357)	$ (226)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 201,135	$ 194,881	$ 588,479	$ 662,701
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,423	21,520	88,403	84,614
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,454	21,111	86,424	78,643
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	969	409	1,979	5,971
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	116,813	146,049	370,181	460,339
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,267	82,932	201,926	254,972
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	50,546	63,117	168,255	205,367
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	143,236	167,569	458,584	544,953
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,454	21,399	86,811	79,021
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,454	21,111	86,424	78,643
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	288	387	378
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,677	36,329	88,173	107,903
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,907	33,010	81,757	98,386
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,770	3,319	6,416	9,517
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	969	121	1,592	5,593
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	969	121	1,592	5,593
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,872	32,498	89,729	110,040
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,085	30,837	80,249	104,239
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,787	1,661	9,480	5,801
New Zealand Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	54,863	66,057	158,821	190,850
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,265	18,825	39,419	50,358
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	39,598	47,232	119,402	140,492
Trading \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,401	11,165	33,458	51,546
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10	260	501	1,989
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,391	10,905	32,957	49,557
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	63,973	64,549	204,125	207,584
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	54,131	57,728	174,984	186,924
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,325	34,397	96,061	119,834
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,841	32,619	91,321	115,633
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	70,435	72,452	175,438	202,723
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	54,863	66,057	158,821	190,850
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,671	11,454	34,410	52,501
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 6,401	$ 11,165	$ 33,458	$ 51,546

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the operating partnership	$ 77,532	$ 123,811	$ 105,763	$ 133,823
Adjustment of noncontrolling interests in the operating partnership	(6,890)	(23,363)	(8,810)	(32,131)
Conversions of Redeemable Operating Partnership Units to Common Shares	(479)	(3,696)	(24,663)	(3,842)
Net Income attributable to noncontrolling interests in the operating partnership	320	455	811	1,670
Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership	36	(49)	(1,016)	(523)
Distributions to noncontrolling interests in the operating partnership	(699)	(915)	(2,265)	(2,754)
Ending noncontrolling interests in the operating partnership	$ 69,820	$ 96,243	$ 69,820	$ 96,243

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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net Income	$ 22,740			$ 31,861			$ 49,274	$ 88,147
Less: Net income attributable to noncontrolling interests in the operating partnership	(320)	$ (318)	$ (174)	(455)	$ (546)	$ (669)	(811)	(1,670)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,183)			(10,828)			(1,902)	(12,478)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 19,237			$ 20,578			$ 46,561	$ 73,999
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,274,209			146,370,340			147,959,983	146,022,718
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.13			$ 0.14			$ 0.31	$ 0.51
Numerator:
Net Income	$ 22,740			$ 31,861			$ 49,274	$ 88,147
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,183)			(10,828)			(1,902)	(12,478)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership	$ 19,557			$ 21,033			$ 47,372	$ 75,669
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,274,209			146,370,340			147,959,983	146,022,718
Add: Dilutive effect of:
Stock options (in shares/units)	0			3,271			629	6,200
Performance shares, restricted shares and restricted stock units (in shares/units)	299,613			620,316			394,006	693,954
Noncontrolling interests in operating partnership units (in shares)	2,462,431			3,238,962			2,676,911	3,288,409
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	151,036,253			150,232,889			151,031,529	150,011,281
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.13			$ 0.14			$ 0.31	$ 0.50
Rayonier Limited Partnership
Numerator:
Net Income	$ 22,740	19,096	7,437	$ 31,861	25,287	30,998	$ 49,274	$ 88,147
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(3,183)			(10,828)			(1,902)	(12,478)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 19,557			$ 21,033			$ 47,372	$ 75,669
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,736,640			149,609,302			150,636,894	149,311,127
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13			$ 0.14			$ 0.31	$ 0.51
Numerator:
Net Income	$ 22,740	$ 19,096	$ 7,437	$ 31,861	$ 25,287	$ 30,998	$ 49,274	$ 88,147
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ (3,183)			$ (10,828)			$ (1,902)	$ (12,478)
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,736,640			149,609,302			150,636,894	149,311,127
Add: Dilutive effect of:
Stock options (in shares/units)	0			3,271			629	6,200
Performance shares, restricted shares and restricted stock units (in shares/units)	299,613			620,316			394,006	693,954
Denominator for diluted earnings per unit - adjusted weighted average units (in shares/units)	151,036,253			150,232,889			151,031,529	150,011,281
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.13			$ 0.14			$ 0.31	$ 0.50

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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)	164,521	126,132	156,835	78,634
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)	164,521	126,132	156,835	78,634

DEBT - Schedule of Long-term De

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal debt	$ 1,519,031
Less: Unamortized discounts	(2,857)
Less: Deferred financing costs	(4,704)
Total long-term debt	$ 1,511,470	$ 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 7.00%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7%
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 7.00% \| 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 7.00%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7%
Total principal debt	$ 250,000
Effective fixed interest rate (as a percent)	5.53%
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.00% \| 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 7.05%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.05%
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 7.05% \| 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 6.95%
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.95%
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 6.95% \| 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	$ 24,161
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	$ 24,161
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	$ 20,709

DEBT - Schedule of Long-term Ma

DEBT - Schedule of Long-term Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	20,709
2026	224,161
2027	274,161
Thereafter	1,000,000
Total Debt	$ 1,519,031

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Millions	9 Months Ended
DEBT - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 NZD ($)	Jul. 31, 2023 NZD ($)
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments	$ 0
Remaining borrowing capacity		$ 20
Maximum borrowing capacity			$ 20
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.3% at September 30, 2023
Debt Instrument [Line Items]
Borrowings, net of repayments	0
Remaining borrowing capacity	296,200,000
Amount to secure outstanding letters of credit	$ 3,800,000

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details)	Sep. 30, 2023
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, covenant requirement	2.5
Covenant EBITDA to consolidated interest expense, actual ratio	6.9
Covenant EBITDA to consolidated interest expense, favorable	4.4
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)	0.46
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.19

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	May 31, 2023	Dec. 31, 2022
Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 24,692
Forecasted Sales and Purchases, term 1 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Forward-starting interest rate swaps \| Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Notional Amount	$ 200,000		$ 150,000
Forward-Starting Interest Rate Swap 3 \| Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Notional Amount	$ 50,000	$ 50,000
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
Minimum \| Forecasted Sales and Purchases, term 5 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 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	36 months
Percent of forecast sales and purchases hedged for 24 to 36 months (as a percent)	50%
Maximum \| Forecasted Sales and Purchases, term 5 \| New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent)	25%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	May 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ 7,379	$ 11,942	$ (12,319)	$ 20,147	$ 5,755	$ 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						$ 100,000
Fixed Rate of Swap	0.78%						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						$ 50,000
Fixed Rate of Swap	0.64%						0.64%
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-Starting Interest Rate Swap 3
Derivative Instruments, Gain (Loss) [Line Items]
Term							4 years
Notional Amount	$ 50,000						$ 50,000		$ 50,000
Fixed Rate of Swap	3.29%						3.29%
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	$ 127,200						$ 127,200			$ 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 hedges	1,752			(4,464)			5,753	$ (15,373)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other operating (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	(1,796)			(2,669)			(5,801)	(2,598)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	86,000						86,000			$ 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 hedges	(26)			(1,754)			(858)	(2,304)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other operating (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	(196)			0			(244)	0
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 hedges	12,381			26,607			20,416	76,372
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate products \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ (4,810)			$ (62)			$ (12,587)	$ 4,555

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 24,692
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(2,763)
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	(279)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 27,734

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	Sep. 30, 2023	Dec. 31, 2022
Realized gain on foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 127,200	$ 138,250
Realized gain on foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	86,000	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	$ 200,000	$ 150,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 81,584	$ 76,307
Fair value, derivative liability	(6,682)	(7,546)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	140	91
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	81,444	76,216
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(4,364)	(5,804)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,318)	(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	391	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	(3,900)	(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	(1,139)	(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	77	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	1,032	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	(464)	(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	(1,179)	(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	62,520	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	0	(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	$ 17,501	$ 11,939

FAIR VALUE MEASUREMENTS - (Deta

FAIR VALUE MEASUREMENTS - (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 1,804	$ 1,152
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	107,784	114,255
Restricted cash	1,804	1,152
Long-term debt	(1,511,470)	(1,514,721)
Noncontrolling interests in the operating partnership	69,820	105,763
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward-starting and interest rate swaps	62,520	60,792
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward-starting and interest rate swaps	17,501	11,939
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange and option contracts	(4,585)	(4,539)
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange and option contracts	(534)
Foreign currency option contracts, assets		569
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	107,784	114,255
Restricted cash	1,804	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]
Forward-starting and interest rate swaps	0	0
Fair Value \| Level 1 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward-starting and interest rate swaps	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 exchange and option contracts	0	0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange and option contracts	0
Foreign currency option contracts, assets		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	0	0
Long-term debt	(1,422,224)	(1,438,736)
Noncontrolling interests in the operating partnership	69,820	105,763
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward-starting and interest rate swaps	62,520	60,792
Fair Value \| Level 2 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward-starting and interest rate swaps	17,501	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 exchange and option contracts	(4,585)	(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 exchange and option contracts	$ (534)
Foreign currency option contracts, assets		$ 569

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	(304)
Increase to liabilities	411
Ending balance	15,700
Ending balance, less: current portion	(6,689)
Ending balance, non-current portion	$ 9,011

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 27,384
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	$ 23,605

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	(15,709)
Amortization of parcel real estate development investments	(7,689)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,556)
Capitalized real estate development investments	24,038
Capital expenditures (silviculture)	23
Intersegment transfers	554
Total balance, ending balance	132,667
Less: Current portion, ending balance	(26,010)
Non-current portion, ending balance	106,657
Capitalized interest	600
Parcel real estate development investments	5,300
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	(1,998)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,556)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	23
Intersegment transfers	554
Total balance, ending balance	88,805
Less: Current portion, ending balance	(1,601)
Non-current portion, ending balance	87,204
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	(13,711)
Amortization of parcel real estate development investments	(7,689)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	24,038
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	43,862
Less: Current portion, ending balance	(24,409)
Non-current portion, ending balance	$ 19,453

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Total inventory	$ 33,139	$ 23,729
Real Estate Inventory
Inventory [Line Items]
Total inventory	26,010	17,909
Log inventory
Inventory [Line Items]
Total inventory	6,831	5,347
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 298	$ 473

OTHER OPERATING (EXPENSE) INC_3

OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Loss on foreign currency remeasurement, net of cash flow hedges	$ (1,555)	$ (1,158)	$ (5,713)	$ (481)
Gain on sale or disposal of property and equipment	0	9	37	40
Equity income related to Bainbridge Landing LLC joint venture (a)	0	15,848	0	15,477
Miscellaneous (expense) income, net	(99)	(118)	105	(638)
Total	$ (1,654)	14,581	$ (5,571)	14,398
Gain (loss) from joint venture, gross		16,000		16,000
Gain (loss) from joint venture, portion attributable to parent		$ 4,500		$ 4,500

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	9 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of qualified defined benefit plans \| plan	1
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	$ 7.6
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	$ 1.3

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Weighted-average expected long-term rate of return on plan assets (as a percent)			5%
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	844	609	2,533	1,826
Expected return on plan assets	(887)	(872)	(2,663)	(2,615)
Amortization of losses	1	184	4	553
Net periodic benefit (credit) cost	(42)	(79)	(126)	(236)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2	3	5
Interest cost	17	13	52	39
Expected return on plan assets	0	0	0	0
Amortization of losses	0	4	0	11
Net periodic benefit (credit) cost	$ 18	$ 19	$ 55	$ 55

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ (547)	$ (1,238)	$ (1,777)	$ (8,056)

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	3.10%	7.90%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,865,395
Other comprehensive income (loss) before reclassifications	6,547	$ 55,435
Amounts reclassified from accumulated other comprehensive income (loss)	(14,856)	(18)
Net other comprehensive income (loss)	(8,309)	55,417
Ending balance	1,816,111	1,865,395
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	35,813	(19,604)
Ending balance	27,504	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	(16,522)	(22,282)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net other comprehensive income (loss)	(16,522)	(22,282)
Ending balance	(34,589)	(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 (loss)	0	0
Net other comprehensive income (loss)	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	67,204	(9,163)
Other comprehensive income (loss) before reclassifications	23,131	78,166
Amounts reclassified from accumulated other comprehensive income (loss)	(15,938)	(1,799)
Net other comprehensive income (loss)	7,193	76,367
Ending balance	74,397	67,204
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications	20,400	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 (loss)	4	753
Net other comprehensive income (loss)	4	1,627
Ending balance	(10,205)	(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	6,609	56,758
Amounts reclassified from accumulated other comprehensive income (loss)	(15,934)	(1,046)
Net other comprehensive income (loss)	(9,325)	55,712
Ending balance	30,924	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	(62)	(1,323)
Amounts reclassified from accumulated other comprehensive income (loss)	1,078	1,028
Net other comprehensive income (loss)	1,016	(295)
Ending balance	$ (3,420)	$ (4,436)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense (income), net	$ 1,654	$ (14,581)	$ 5,571	$ (14,398)
Interest expense, net	(12,598)	(9,056)	(36,755)	(26,476)
Income tax expense	(547)	(1,238)	(1,777)	(8,056)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	$ (22,740)	$ (31,861)	(49,274)	(88,147)
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			(15,938)	3,115
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense			1,303	560
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense (income), net			(5,801)	(2,598)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Realized gain on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense (income), net			(244)	0
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income (loss) \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net			(12,587)	4,555
Cash Flow Hedges, Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income attributable to noncontrolling interests			$ 1,391	$ 598

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details)	9 Months Ended
RESTRICTED CASH - Narrative (Details)	Sep. 30, 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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	$ 1,804	$ 1,152
Cash and cash equivalents	107,784	114,255	$ 261,804
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	109,588	$ 115,407	279,520	$ 369,139
Total
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	1,804		16,252
Total \| Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	2		15,627
Total \| Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, excluding Timber Funds:	1,802		625
Timber Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, Timber Funds	$ 0		$ 1,464

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 18.3	$ 0.7
Asset impairment recognized	$ 0