Rayonier (RYN) 10-Q8 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		148,981,703
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		2,027,814
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

RAYONIER INC. AND SUBSIDIARIES

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
SALES (NOTE 3)	$ 173,609	$ 208,865	$ 341,706	$ 387,947
Costs and Expenses
Cost of sales	(138,671)	(168,410)	(271,851)	(317,576)
Selling and general expenses	(20,603)	(18,952)	(39,581)	(35,729)
Other operating expense, net (Note 14)	(1,894)	(1,401)	(1,623)	(3,917)
Costs and expenses	(161,168)	(188,763)	(313,055)	(357,222)
OPERATING INCOME	12,441	20,102	28,651	30,725
Interest expense, net	(9,811)	(12,457)	(19,555)	(24,158)
Interest and other miscellaneous income (expense), net	905	11,644	(4,087)	21,197
INCOME BEFORE INCOME TAXES	3,535	19,289	5,009	27,764
Income tax (expense) benefit (Note 16)	(500)	(193)	332	(1,230)
NET INCOME	3,035	19,096	5,341	26,534
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(26)	(318)	(46)	(492)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,106)	245	(2,035)	1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	1,903	19,023	3,260	27,323
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	6,014	(9,203)	(10,937)	(12,937)
Cash flow hedges, net of income tax effect of $892, $560, $973 and $247	198	11,942	3,164	(378)
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $1,222 and $0	0	2	9,562	3
Total other comprehensive income (loss)	6,212	2,741	1,789	(13,312)
COMPREHENSIVE INCOME	9,247	21,837	7,130	13,222
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(100)	(375)	(83)	(220)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,920)	989	(972)	2,023
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 7,227	$ 22,451	$ 6,075	$ 15,025
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.01	$ 0.13	$ 0.02	$ 0.18
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.01	$ 0.13	$ 0.02	$ 0.18

RAYONIER INC. AND SUBSIDIARIE_2

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	892	560	(973)	247
Pension and postretirement plans, tax expense	$ 0	$ 0	$ (1,222)	$ 0

RAYONIER INC. AND SUBSIDIARIE_3

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 141,906	$ 207,696
Trade receivables, less allowance for doubtful accounts of $85 and $210	31,398	28,652
Other receivables	8,201	11,517
Inventory (Note 13)	23,887	31,017
Prepaid expenses	20,012	19,070
Assets held for sale (Note 19)	1,024	9,932
Other current assets	3,551	9,074
Total current assets	229,979	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,947,061	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	135,353	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,187	31,251
Machinery and equipment	6,647	6,523
Construction in progress	2,056	1,841
Total property, plant and equipment, gross	46,343	46,068
Less — accumulated depreciation	(20,213)	(19,059)
Total property, plant and equipment, net	26,130	27,009
RESTRICTED CASH (NOTE 18)	677	678
RIGHT-OF-USE ASSETS	91,039	95,474
OTHER ASSETS	108,907	97,555
TOTAL ASSETS	3,539,146	3,647,585
CURRENT LIABILITIES
Accounts payable	25,764	26,561
Accrued taxes	5,947	4,394
Accrued payroll and benefits	8,858	14,215
Accrued interest	6,298	7,094
Pension and other postretirement benefits (Note 15)	1,223	8,444
Dividend and distribution payable	0	30,148
Deferred revenue	34,021	19,012
Other current liabilities	33,993	30,409
Total current liabilities	116,104	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,363,651	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,453	1,441
LONG-TERM LEASE LIABILITY	84,140	87,684
LONG-TERM DEFERRED REVENUE	15,238	11,294
OTHER NON-CURRENT LIABILITIES	78,448	81,863
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)	59,047	81,651
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,979,418 and 148,299,117 shares issued and outstanding	1,515,026	1,497,641
Retained earnings	264,012	338,244
Accumulated other comprehensive income (Note 17)	27,749	24,651
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,806,787	1,860,536
Noncontrolling interests in consolidated affiliates (Note 4)	14,278	17,066
TOTAL SHAREHOLDERS’ EQUITY	1,821,065	1,877,602
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,539,146	$ 3,647,585

RAYONIER INC. AND SUBSIDIARIE_4

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Allowance for doubtful accounts	$ 85	$ 210
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	148,979,418	148,299,117
Common shares, shares outstanding (in shares)	148,979,418	148,299,117

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, 2022			147,282,631
Beginning balance at Dec. 31, 2022		$ 1,880,712	$ 1,462,945	$ 366,637	$ 35,813	$ 15,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		7,437		8,474		(1,037)
Net income attributable to noncontrolling interests in the Operating Partnership		(174)		(174)
Dividends	[1]	(42,172)		(42,172)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $24 (in shares)			400
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $24		(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
Pension and postretirement benefit plans		1			1
Foreign currency translation adjustment		(3,733)			(3,552)	(181)
Cash flow hedges		(12,319)			(12,504)	185
Allocation of other comprehensive loss (income) to noncontrolling interests in the Operating Partnership		1,110			1,110
Ending balance (in shares) at Mar. 31, 2023			148,012,979
Ending balance at Mar. 31, 2023		1,854,815	$ 1,489,274	330,389	20,868	14,284
Beginning balance (in shares) at Dec. 31, 2022			147,282,631
Beginning balance at Dec. 31, 2022		1,880,712	$ 1,462,945	366,637	35,813	15,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests in the Operating Partnership		(492)
Pension and postretirement benefit plans		3
Foreign currency translation adjustment		(12,937)
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
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	[1]	(42,279)		(42,279)
Costs associated with the “at-the-market” (ATM) equity offering program		(71)	$ (71)
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
Pension and postretirement benefit plans		2			2
Foreign currency translation adjustment		(9,203)			(8,790)	(413)
Cash flow hedges		11,942			12,273	(331)
Allocation of other comprehensive loss (income) 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
Beginning balance (in shares) at Dec. 31, 2023		148,299,117	148,299,117
Beginning balance at Dec. 31, 2023		$ 1,877,602	$ 1,497,641	338,244	24,651	17,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,306		1,377		929
Net income attributable to noncontrolling interests in the Operating Partnership		(20)		(20)
Dividends	[2]	(42,777)		(42,777)
Issuance of shares under incentive stock plans (in shares)			752
Stock-based compensation		3,218	$ 3,218
Repurchase of common shares (in shares)			(924)
Repurchase of common shares		(31)	$ (31)
Adjustment of noncontrolling interests in the Operating Partnership		(291)		(291)
Conversion of units into common shares (in shares)			350,376
Conversion of units into common shares		11,511	$ 11,511
Pension and postretirement benefit plans		9,562			9,562
Foreign currency translation adjustment		(16,951)			(16,178)	(773)
Cash flow hedges		2,966			4,070	(1,104)
Allocation of other comprehensive loss (income) to noncontrolling interests in the Operating Partnership		265			265
Distributions to noncontrolling interests in consolidated affiliates		(1,713)				(1,713)
Ending balance (in shares) at Mar. 31, 2024			148,649,321
Ending balance at Mar. 31, 2024		$ 1,845,647	$ 1,512,339	296,533	22,370	14,405
Beginning balance (in shares) at Dec. 31, 2023		148,299,117	148,299,117
Beginning balance at Dec. 31, 2023		$ 1,877,602	$ 1,497,641	338,244	24,651	17,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests in the Operating Partnership		(46)
Pension and postretirement benefit plans		9,562
Foreign currency translation adjustment		$ (10,937)
Ending balance (in shares) at Jun. 30, 2024		148,979,418	148,979,418
Ending balance at Jun. 30, 2024		$ 1,821,065	$ 1,515,026	264,012	27,749	14,278
Beginning balance (in shares) at Mar. 31, 2024			148,649,321
Beginning balance at Mar. 31, 2024		1,845,647	$ 1,512,339	296,533	22,370	14,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		3,035		1,929		1,106
Net income attributable to noncontrolling interests in the Operating Partnership		(26)		(26)
Dividends	[2]	(42,517)		(42,517)
Issuance of shares under incentive stock plans (in shares)			396,849
Stock-based compensation		4,904	$ 4,904
Repurchase of common shares (in shares)			(130,460)
Repurchase of common shares		(4,132)	$ (4,132)
Adjustment of noncontrolling interests in the Operating Partnership		8,093		8,093
Conversion of units into common shares (in shares)			63,708
Conversion of units into common shares		1,915	$ 1,915
Pension and postretirement benefit plans		0
Foreign currency translation adjustment		6,014			5,728	286
Cash flow hedges		198			(330)	528
Allocation of other comprehensive loss (income) to noncontrolling interests in the Operating Partnership		(19)			(19)
Distributions to noncontrolling interests in consolidated affiliates		$ (2,047)				(2,047)
Ending balance (in shares) at Jun. 30, 2024		148,979,418	148,979,418
Ending balance at Jun. 30, 2024		$ 1,821,065	$ 1,515,026	$ 264,012	$ 27,749	$ 14,278

[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
	Dec. 29, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.20	$ 0.285	$ 0.285	$ 0.285	$ 0.285
Offering issuance costs					$ 24

RAYONIER INC. AND SUBSIDIARIE_7

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income		$ 5,341	$ 26,534
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		73,177	77,314
Non-cash cost of land and improved development		9,372	13,603
Stock-based incentive compensation expense		8,122	6,836
Deferred income taxes		(2,319)	(2,375)
Pension settlement charge		5,673	0
Timber write-offs resulting from casualty events		0	2,302
Other		1,262	(538)
Changes in operating assets and liabilities:
Receivables		(4,760)	(10,400)
Inventories		(379)	(1,083)
Accounts payable		2,385	112
All other operating activities		9,753	14,018
CASH PROVIDED BY OPERATING ACTIVITIES		107,627	126,323
INVESTING ACTIVITIES
Capital expenditures		(36,942)	(36,798)
Real estate development investments		(10,124)	(14,757)
Purchase of timberlands		0	(9,295)
Other		(379)	4,378
CASH USED FOR INVESTING ACTIVITIES		(47,445)	(56,472)
FINANCING ACTIVITIES
Dividends paid on common shares	[1]	(115,491)	(85,189)
Distributions to noncontrolling interests in the Operating Partnership	[2]	(1,664)	(1,566)
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	(82)
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,163)	(4,188)
Distributions to noncontrolling interests in consolidated affiliates		(3,760)	0
CASH USED FOR FINANCING ACTIVITIES		(125,078)	(91,025)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(895)	(867)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(65,791)	(22,041)
Balance, beginning of year		208,374	115,407
Balance, end of period		142,583	93,366
Cash paid during the period:
Interest	[3]	15,727	20,733
Income taxes		3,839	3,688
Non-cash investing activity:
Capital assets purchased on account		$ 4,766	$ 5,303

[1] The six months ended June 30, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023. The six months ended June 30, 2024 includes an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023. Interest paid is presented net of patronage paymen ts receive d of $8.3 million a n d $6.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.

RAYONIER INC. AND SUBSIDIARIE_8

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) $ in Millions	Jan. 12, 2024 USD ($)
Statement of Cash Flows [Abstract]
Additional cash dividends	$ 29.8
Additional cash distributions	$ 0.5

RAYONIER, L.P. AND SUBSIDIARIES

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SALES (NOTE 3)	$ 173,609	$ 208,865	$ 341,706	$ 387,947
Costs and Expenses
Cost of sales	(138,671)	(168,410)	(271,851)	(317,576)
Selling and general expenses	(20,603)	(18,952)	(39,581)	(35,729)
Other operating expense, net (Note 14)	(1,894)	(1,401)	(1,623)	(3,917)
Costs and expenses	(161,168)	(188,763)	(313,055)	(357,222)
OPERATING INCOME	12,441	20,102	28,651	30,725
Interest expense, net	(9,811)	(12,457)	(19,555)	(24,158)
Interest and other miscellaneous income (expense), net	905	11,644	(4,087)	21,197
INCOME BEFORE INCOME TAXES	3,535	19,289	5,009	27,764
Income tax (expense) benefit (Note 16)	(500)	(193)	332	(1,230)
NET INCOME	3,035	19,096	5,341	26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,106)	245	(2,035)	1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	1,903	19,023	3,260	27,323
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	6,014	(9,203)	(10,937)	(12,937)
Cash flow hedges, net of income tax effect of $892, $560, $973 and $247	198	11,942	3,164	(378)
Pension and postretirement benefit plans, net of income tax expense of $0, $0, $1,222 and $0	0	2	9,562	3
Total other comprehensive income (loss)	6,212	2,741	1,789	(13,312)
COMPREHENSIVE INCOME	9,247	21,837	7,130	13,222
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,920)	989	(972)	2,023
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	7,227	22,451	6,075	15,025
Rayonier Limited Partnership
SALES (NOTE 3)	173,609	208,865	341,706	387,947
Costs and Expenses
Cost of sales	(138,671)	(168,410)	(271,851)	(317,576)
Selling and general expenses	(20,603)	(18,952)	(39,581)	(35,729)
Other operating expense, net (Note 14)	(1,894)	(1,401)	(1,623)	(3,917)
Costs and expenses	(161,168)	(188,763)	(313,055)	(357,222)
OPERATING INCOME	12,441	20,102	28,651	30,725
Interest expense, net	(9,811)	(12,457)	(19,555)	(24,158)
Interest and other miscellaneous income (expense), net	905	11,644	(4,087)	21,197
INCOME BEFORE INCOME TAXES	3,535	19,289	5,009	27,764
Income tax (expense) benefit (Note 16)	(500)	(193)	332	(1,230)
NET INCOME	3,035	19,096	5,341	26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,106)	245	(2,035)	1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	1,929	19,341	3,306	27,815
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	6,014	(9,203)	(10,937)	(12,937)
Cash flow hedges, net of income tax effect of $892, $560, $973 and $247	198	11,942	3,164	(378)
Pension and postretirement benefit plans, net of income tax expense of $0, $0, $1,222 and $0	0	2	9,562	3
Total other comprehensive income (loss)	6,212	2,741	1,789	(13,312)
COMPREHENSIVE INCOME	9,247	21,837	7,130	13,222
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,920)	989	(972)	2,023
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 7,327	$ 22,826	$ 6,158	$ 15,245
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.13	$ 0.02	$ 0.18
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01	$ 0.13	$ 0.02	$ 0.18
Rayonier Limited Partnership \| Limited Partners
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,910	$ 19,148	$ 3,273	$ 27,537
Rayonier Limited Partnership \| General Partners
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 19	$ 193	$ 33	$ 278

RAYONIER, L.P. AND SUBSIDIARI_2

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	892	560	(973)	247
Pension and postretirement plans, tax expense	0	0	(1,222)	0
Rayonier Limited Partnership
Foreign currency translation adjustment, tax expense	0	0	0	0
Cash flow hedges, tax expense	892	560	(973)	247
Pension and postretirement plans, tax expense	$ 0	$ 0	$ (1,222)	$ 0

RAYONIER, L.P. AND SUBSIDIARI_3

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 141,906	$ 207,696
Trade receivables, less allowance for doubtful accounts of $85 and $210	31,398	28,652
Other receivables	8,201	11,517
Inventory (Note 13)	23,887	31,017
Prepaid expenses	20,012	19,070
Assets held for sale (Note 19)	1,024	9,932
Other current assets	3,551	9,074
Total current assets	229,979	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,947,061	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	135,353	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,187	31,251
Machinery and equipment	6,647	6,523
Construction in progress	2,056	1,841
Total property, plant and equipment, gross	46,343	46,068
Less — accumulated depreciation	(20,213)	(19,059)
Total property, plant and equipment, net	26,130	27,009
RESTRICTED CASH (NOTE 18)	677	678
RIGHT-OF-USE ASSETS	91,039	95,474
OTHER ASSETS	108,907	97,555
TOTAL ASSETS	3,539,146	3,647,585
CURRENT LIABILITIES
Accounts payable	25,764	26,561
Accrued taxes	5,947	4,394
Accrued payroll and benefits	8,858	14,215
Accrued interest	6,298	7,094
Pension and other postretirement benefits (Note 15)	1,223	8,444
Deferred revenue	34,021	19,012
Other current liabilities	33,993	30,409
Total current liabilities	116,104	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,363,651	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,453	1,441
LONG-TERM LEASE LIABILITY	84,140	87,684
LONG-TERM DEFERRED REVENUE	15,238	11,294
OTHER NON-CURRENT LIABILITIES	78,448	81,863
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,029,814 and 2,443,898 Units outstanding, respectively	59,047	81,651
CAPITAL
Accumulated other comprehensive income (Note 17)	27,749	24,651
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,539,146	3,647,585
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	141,906	207,696
Trade receivables, less allowance for doubtful accounts of $85 and $210	31,398	28,652
Other receivables	8,201	11,517
Inventory (Note 13)	23,887	31,017
Prepaid expenses	20,012	19,070
Assets held for sale (Note 19)	1,024	9,932
Other current assets	3,551	9,074
Total current assets	229,979	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,947,061	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	135,353	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,187	31,251
Machinery and equipment	6,647	6,523
Construction in progress	2,056	1,841
Total property, plant and equipment, gross	46,343	46,068
Less — accumulated depreciation	(20,213)	(19,059)
Total property, plant and equipment, net	26,130	27,009
RESTRICTED CASH (NOTE 18)	677	678
RIGHT-OF-USE ASSETS	91,039	95,474
OTHER ASSETS	108,907	97,555
TOTAL ASSETS	3,539,146	3,647,585
CURRENT LIABILITIES
Accounts payable	25,764	26,561
Accrued taxes	5,947	4,394
Accrued payroll and benefits	8,858	14,215
Accrued interest	6,298	7,094
Pension and other postretirement benefits (Note 15)	1,223	8,444
Distribution Payable	0	30,148
Deferred revenue	34,021	19,012
Other current liabilities	33,993	30,409
Total current liabilities	116,104	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,363,651	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,453	1,441
LONG-TERM LEASE LIABILITY	84,140	87,684
LONG-TERM DEFERRED REVENUE	15,238	11,294
OTHER NON-CURRENT LIABILITIES	78,448	81,863
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,029,814 and 2,443,898 Units outstanding, respectively	59,047	81,651
CAPITAL
General partners’ capital	17,759	18,325
Limited partners’ capital	1,758,158	1,814,193
Accumulated other comprehensive income (Note 17)	30,870	28,018
TOTAL CONTROLLING INTEREST CAPITAL	1,806,787	1,860,536
Noncontrolling interests in consolidated affiliates (Note 4)	14,278	17,066
TOTAL CAPITAL	1,821,065	1,877,602
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,539,146	$ 3,647,585

RAYONIER, L.P. AND SUBSIDIARI_4

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Allowance for doubtful accounts	$ 85	$ 210
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 85	$ 210
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	2,029,814	2,443,898

RAYONIER, L.P. AND SUBSIDIARI_5

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	$ 3,035		$ 19,096		$ 5,341	$ 26,534
Costs associated with the “at-the-market” (ATM) equity offering program			(71)
Pension and postretirement benefit plans	0	$ 9,562	2	$ 1	9,562	3
Foreign currency translation adjustment	6,014	(16,951)	(9,203)	(3,733)	(10,937)	(12,937)
Cash flow hedges	198	2,966	11,942	(12,319)
Distributions to noncontrolling interests in consolidated affiliates	(2,047)	(1,713)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,845,647	1,877,602	1,854,815	1,880,712	1,877,602	1,880,712
Net income (loss)	3,035	2,306	19,096	7,437	5,341	26,534
Distributions on units	(43,095)	(43,374)	(42,984)	(43,033)
Costs associated with the “at-the-market” (ATM) equity offering program			(71)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24				(10)
Stock-based compensation	4,904	3,218	4,336	2,499
Repurchase of units	(4,132)	(31)	(4,147)	(41)
Adjustment of Redeemable Operating Partnership Units	8,626	551	4,625	(579)
Conversion of units into common shares	1,915	11,511	304	23,881
Pension and postretirement benefit plans	0	9,562	2	1	9,562	3
Foreign currency translation adjustment	6,014	(16,951)	(9,203)	(3,733)	(10,937)	(12,937)
Cash flow hedges	198	2,966	11,942	(12,319)
Distributions to noncontrolling interests in consolidated affiliates	(2,047)	(1,713)
Ending balance	1,821,065	1,845,647	1,838,715	1,854,815	1,821,065	1,838,715
Rayonier Limited Partnership \| Units \| General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,057	18,325	18,163	18,251	18,325	18,251
Net income (loss)	19	14	193	85
Distributions on units	(430)	(434)	(429)	(431)
Costs associated with the “at-the-market” (ATM) equity offering program			(1)
Stock-based compensation	49	32	43	25
Repurchase of units	(41)	(1)	(41)
Adjustment of Redeemable Operating Partnership Units	86	6	46	(6)
Conversion of units into common shares	19	115	3	239
Ending balance	17,759	18,057	17,977	18,163	17,759	17,977
Rayonier Limited Partnership \| Units \| Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,787,713	1,814,193	1,798,174	1,806,895	1,814,193	1,806,895
Net income (loss)	1,910	1,363	19,148	8,389
Distributions on units	(42,665)	(42,940)	(42,555)	(42,602)
Costs associated with the “at-the-market” (ATM) equity offering program			(70)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24				(10)
Stock-based compensation	4,855	3,186	4,293	2,474
Repurchase of units	(4,091)	(30)	(4,106)	(41)
Adjustment of Redeemable Operating Partnership Units	8,540	545	4,579	(573)
Conversion of units into common shares	1,896	11,396	301	23,642
Ending balance	1,758,158	1,787,713	1,779,764	1,798,174	1,758,158	1,779,764
Rayonier Limited Partnership \| Accumulated Other Comprehensive Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	25,472	28,018	24,194	40,249	28,018	40,249
Pension and postretirement benefit plans		9,562	2	1
Foreign currency translation adjustment	5,728	(16,178)	(8,790)	(3,552)
Cash flow hedges	(330)	4,070	12,273	(12,504)
Ending balance	30,870	25,472	27,679	24,194	30,870	27,679
Rayonier Limited Partnership \| Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	14,405	17,066	14,284	15,317	17,066	15,317
Net income (loss)	1,106	929	(245)	(1,037)
Foreign currency translation adjustment	286	(773)	(413)	(181)
Cash flow hedges	528	(1,104)	(331)	185
Distributions to noncontrolling interests in consolidated affiliates	(2,047)	(1,713)
Ending balance	$ 14,278	$ 14,405	$ 13,295	$ 14,284	$ 14,278	$ 13,295

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
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Offering issuance costs				$ 24
Rayonier Limited Partnership
Distributions declared (in dollars per unit)	$ 0.285	$ 0.285	$ 0.285	$ 0.285
Offering issuance costs				$ 24

RAYONIER, L.P. AND SUBSIDIARI_7

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income		$ 5,341	$ 26,534
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		73,177	77,314
Non-cash cost of land and improved development		9,372	13,603
Stock-based incentive compensation expense		8,122	6,836
Deferred income taxes		(2,319)	(2,375)
Pension settlement charge		5,673	0
Timber write-offs resulting from casualty events		0	2,302
Other		1,262	(538)
Changes in operating assets and liabilities:
Receivables		(4,760)	(10,400)
Inventories		(379)	(1,083)
Accounts payable		2,385	112
All other operating activities		9,753	14,018
CASH PROVIDED BY OPERATING ACTIVITIES		107,627	126,323
INVESTING ACTIVITIES
Capital expenditures		(36,942)	(36,798)
Real estate development investments		(10,124)	(14,757)
Purchase of timberlands		0	(9,295)
Other		(379)	4,378
CASH USED FOR INVESTING ACTIVITIES		(47,445)	(56,472)
FINANCING ACTIVITIES
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	(82)
Distributions to noncontrolling interests in consolidated affiliates		(3,760)	0
CASH USED FOR FINANCING ACTIVITIES		(125,078)	(91,025)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(895)	(867)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(65,791)	(22,041)
Balance, beginning of year		208,374	115,407
Balance, end of period		142,583	93,366
Cash paid during the period:
Interest	[1]	15,727	20,733
Income taxes		3,839	3,688
Non-cash investing activity:
Capital assets purchased on account		4,766	5,303
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		5,341	26,534
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		73,177	77,314
Non-cash cost of land and improved development		9,372	13,603
Stock-based incentive compensation expense		8,122	6,836
Deferred income taxes		(2,319)	(2,375)
Pension settlement charge		5,673	0
Timber write-offs resulting from casualty events		0	2,302
Other		1,262	(538)
Changes in operating assets and liabilities:
Receivables		(4,760)	(10,400)
Inventories		(379)	(1,083)
Accounts payable		2,385	112
All other operating activities		9,753	14,018
CASH PROVIDED BY OPERATING ACTIVITIES		107,627	126,323
INVESTING ACTIVITIES
Capital expenditures		(36,942)	(36,798)
Real estate development investments		(10,124)	(14,757)
Purchase of timberlands		0	(9,295)
Other		(379)	4,378
CASH USED FOR INVESTING ACTIVITIES		(47,445)	(56,472)
FINANCING ACTIVITIES
Distributions on units	[2]	(117,155)	(86,755)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	(82)
Repurchase of units to pay withholding taxes on vested incentive stock awards		(4,163)	(4,188)
Distributions to noncontrolling interests in consolidated affiliates		(3,760)	0
CASH USED FOR FINANCING ACTIVITIES		(125,078)	(91,025)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(895)	(867)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(65,791)	(22,041)
Balance, beginning of year		208,374	115,407
Balance, end of period		142,583	93,366
Cash paid during the period:
Interest	[3]	15,727	20,733
Income taxes		3,839	3,688
Non-cash investing activity:
Capital assets purchased on account		$ 4,766	$ 5,303

[1] Interest paid is presented net of patronage paymen ts receive d of $8.3 million a n d $6.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K. The six months ended June 30, 2024 includes an additional cash distribution of $.20 per Redeemable Operating Partnership Unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023. Interest paid is presented net of patronage paymen ts received of $8.3 million an d $6.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.

RAYONIER, L.P. AND SUBSIDIARI_8

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions			6 Months Ended
	Jan. 12, 2024	Dec. 29, 2023	Jun. 30, 2024	Jun. 30, 2023
Distributions declared (in dollars per unit)		$ 0.20
Additional cash distributions	$ 0.5
Patronage refunds received, netted with interest paid			$ 8.3	$ 6.2
Rayonier Limited Partnership
Distributions declared (in dollars per unit)		$ 0.20
Additional cash distributions	$ 30.2
Patronage refunds received, netted with interest paid			$ 8.3	$ 6.2

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
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, 2023, as filed with the SEC (the “2023 Form 10-K”). As of June 30, 2024, the Company owned a 98.7% interest in the Operating Partnership, with the remaining 1.3% 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 2023 Form 10-K. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements as this is a disclosure only ASU. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements as this is a disclosure only ASU. Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows. SUBSEQUENT EVENTS We have evaluated events occurring from June 30, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	6 Months Ended
SEGMENT AND GEOGRAPHICAL INFORMATION	Jun. 30, 2024
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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, SALES 2024 2023 2024 2023 Southern Timber $59,325 $68,310 $129,302 $140,152 Pacific Northwest Timber 24,283 32,317 49,475 66,736 New Zealand Timber 53,782 60,898 99,482 105,004 Real Estate 30,971 32,041 46,535 48,317 Trading 5,282 15,415 17,056 27,984 Intersegment Eliminations (a) (34) (116) (144) (246) Total $173,609 $208,865 $341,706 $387,947 (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 June 30, Six Months Ended June 30, OPERATING INCOME (LOSS) 2024 2023 2024 2023 Southern Timber $17,093 $21,708 $40,098 $43,931 Pacific Northwest Timber (1,467) (2,376) (5,827) (5,919) New Zealand Timber (a) 2,918 2,373 10,348 1,710 Real Estate 5,780 8,649 5,651 9,532 Trading 137 67 178 409 Corporate and Other (b) (12,020) (10,319) (21,797) (18,938) Total Operating Income 12,441 20,102 28,651 30,725 Unallocated interest expense and other (c) (8,906) (813) (23,642) (2,961) Total Income before Income Taxes $3,535 $19,289 $5,009 $27,764 (a) The six months ended June 30, 2023 includes $2.3 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 (Loss) under the caption “Cost of sales.” (b) The three and six months ended June 30, 2024 include $0.7 million of costs related to disposition initiatives. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.” (c) The three months ended June 30, 2024 includes $1.1 million of net costs associated with legal settlements. The six months ended June 30, 2024 includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. The three and six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements. Net costs (recoveries) associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Interest and other miscellaneous income (expense), net.” Three Months Ended June 30, Six Months Ended June 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2024 2023 2024 2023 Southern Timber $16,758 $21,868 $38,554 $42,478 Pacific Northwest Timber 7,389 9,242 16,464 19,892 New Zealand Timber 4,803 5,927 8,823 10,382 Real Estate 6,700 2,235 8,449 3,738 Corporate and Other 444 443 887 824 Total $36,094 $39,715 $73,177 $77,314 Three Months Ended June 30, Six Months Ended June 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2024 2023 2024 2023 Real Estate $6,419 $9,395 $9,372 $13,603 Total $6,419 $9,395 $9,372 $13,603

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2024
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 June 30, 2024 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, $34.0 million is expected to be recognized within the next twelve months, with the remaining $15.2 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Balance Sheet Location Contract assets Trade receivables, net (a) $31,398 $28,652 Trade receivables Contract liabilities Deferred revenue, current (b) 34,021 19,012 Deferred revenue Deferred revenue, non-current (c) 15,238 11,294 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 carbon capture and storage contracts entered into during 2024, partially offset by the satisfaction of post-closing obligations on real estate sales. (c) The increase in deferred revenue, non-current is primarily driven by carbon capture and storage contracts entered into during 2024. The following table summarizes revenue recognized during the three and six months ended June 30, 2024 and 2023 that was included in the contract liability balance at the beginning of each year: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue recognized from contract liability balance at the beginning of the year (a) $8,281 $6,335 $18,529 $17,735 (a) Revenue recognized was primarily from hunting licenses, carbon capture and storage (“CCS”), 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 six months ended June 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2024 Pulpwood $24,027 $1,461 $9,052 — $579 — $35,119 Sawtimber 25,200 21,439 40,111 — 4,373 — 91,123 Hardwood 672 — — — — — 672 Total Timber Sales 49,899 22,900 49,163 — 4,952 — 126,914 License Revenue, Primarily from Hunting 5,284 130 74 — — — 5,488 Land-Based Solutions (a) 2,586 10 — — — — 2,596 Other Non-Timber/Carbon Credit Revenue 1,556 1,243 4,545 — — — 7,344 Agency Fee Income — — — — 296 — 296 Total Non-Timber Sales 9,426 1,383 4,619 — 296 — 15,724 Improved Development — — — 2,575 — — 2,575 Rural — — — 7,470 — — 7,470 Timberland & Non-Strategic — — — 15,501 — — 15,501 Deferred Revenue/Other (b) — — — 5,050 — — 5,050 Total Real Estate Sales — — — 30,596 — — 30,596 Revenue from Contracts with Customers 59,325 24,283 53,782 30,596 5,248 — 173,234 Lease Revenue — — — 375 — — 375 Intersegment — — — — 34 (34) — Total Revenue $59,325 $24,283 $53,782 $30,971 $5,282 ($34) $173,609 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2023 Pulpwood $23,855 $2,204 $8,364 — $1,442 — $35,865 Sawtimber 33,846 27,781 51,829 — 13,510 — 126,966 Hardwood 706 — — — — — 706 Total Timber Sales 58,407 29,985 60,193 — 14,952 — 163,537 License Revenue, Primarily from Hunting 5,120 203 68 — — — 5,391 Land-Based Solutions (a) 1,033 1,334 — — — — 2,367 Other Non-Timber/Carbon Credit Revenue 3,750 795 637 — — — 5,182 Agency Fee Income — — — — 347 — 347 Total Non-Timber Sales 9,903 2,332 705 — 347 — 13,287 Improved Development — — — 12,233 — — 12,233 Rural — — — 15,626 — — 15,626 Timberland & Non-Strategic — — — 255 — — 255 Deferred Revenue/Other (b) — — — 3,568 — — 3,568 Total Real Estate Sales — — — 31,682 — — 31,682 Revenue from Contracts with Customers 68,310 32,317 60,898 31,682 15,299 — 208,506 Lease Revenue — — — 359 — — 359 Intersegment — — — — 116 (116) — Total Revenue $68,310 $32,317 $60,898 $32,041 $15,415 ($116) $208,865 (a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts and conservation easements for habitat protection. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2024 Pulpwood $49,958 $3,012 $16,806 — $1,717 — $71,493 Sawtimber 58,940 44,116 74,516 — 14,568 — 192,140 Hardwood 1,867 — — — — — 1,867 Total Timber Sales 110,765 47,128 91,322 — 16,285 — 265,500 License Revenue, Primarily From Hunting 10,559 225 125 — — — 10,909 Land-Based Solutions (a) 4,294 20 — — — — 4,314 Other Non-Timber/Carbon Credit Revenue 3,684 2,102 8,035 — — — 13,821 Agency Fee Income — — — — 627 — 627 Total Non-Timber Sales 18,537 2,347 8,160 — 627 — 29,671 Improved Development — — — 4,400 — — 4,400 Rural — — — 16,198 — — 16,198 Timberland & Non-Strategic — — — 16,111 — — 16,111 Deferred Revenue/Other (b) — — — 9,162 — — 9,162 Total Real Estate Sales — — — 45,871 — — 45,871 Revenue from Contracts with Customers 129,302 49,475 99,482 45,871 16,912 — 341,042 Lease Revenue — — — 664 — — 664 Intersegment — — — — 144 (144) — Total Revenue $129,302 $49,475 $99,482 $46,535 $17,056 ($144) $341,706 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2023 Pulpwood $50,638 $5,919 $14,446 — $2,881 — $73,884 Sawtimber 68,389 57,562 89,512 — 24,176 — 239,639 Hardwood 1,826 — — — — — 1,826 Total Timber Sales 120,853 63,481 103,958 — 27,057 — 315,349 License Revenue, Primarily from Hunting 10,342 340 123 — — — 10,805 Land-Based Solutions (a) 1,868 1,337 — — — — 3,205 Other Non-Timber/Carbon Credit Revenue 7,089 1,578 923 — — — 9,590 Agency Fee Income — — — — 681 — 681 Total Non-Timber Sales 19,299 3,255 1,046 — 681 — 24,281 Improved Development — — — 17,035 — — 17,035 Rural — — — 22,125 — — 22,125 Timberland & Non-Strategic — — — 1,892 — — 1,892 Deferred Revenue/Other (b) — — — 6,661 — — 6,661 Total Real Estate Sales — — — 47,713 — — 47,713 Revenue from Contracts with Customers 140,152 66,736 105,004 47,713 27,738 — 387,343 Lease Revenue — — — 604 — — 604 Intersegment — — — — 246 (246) — Total Revenue $140,152 $66,736 $105,004 $48,317 $27,984 ($246) $387,947 (a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts and conservation easements for habitat protection. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2024 Stumpage Pay-as-Cut $26,095 $5 — — $26,100 Stumpage Lump Sum — 1,554 — — 1,554 Total Stumpage 26,095 1,559 — — 27,654 Delivered Wood (Domestic) 22,005 21,341 12,669 709 56,724 Delivered Wood (Export) 1,799 — 36,494 4,243 42,536 Total Delivered 23,804 21,341 49,163 4,952 99,260 Total Timber Sales $49,899 $22,900 $49,163 $4,952 $126,914 June 30, 2023 Stumpage Pay-as-Cut $30,493 — — — $30,493 Stumpage Lump Sum 281 — — — 281 Total Stumpage 30,774 — — — 30,774 Delivered Wood (Domestic) 25,437 26,996 12,559 89 65,081 Delivered Wood (Export) 2,196 2,989 47,634 14,863 67,682 Total Delivered 27,633 29,985 60,193 14,952 132,763 Total Timber Sales $58,407 $29,985 $60,193 $14,952 $163,537 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2024 Stumpage Pay-as-Cut $59,624 $8 — — $59,632 Stumpage Lump Sum — 3,535 — — 3,535 Total Stumpage 59,624 3,543 — — 63,167 Delivered Wood (Domestic) 47,118 40,901 23,497 1,467 112,983 Delivered Wood (Export) 4,023 2,684 67,825 14,818 89,350 Total Delivered 51,141 43,585 91,322 16,285 202,333 Total Timber Sales $110,765 $47,128 $91,322 $16,285 $265,500 June 30, 2023 Stumpage Pay-as-Cut $60,970 — — — $60,970 Stumpage Lump Sum 387 624 — — 1,011 Total Stumpage 61,357 624 — — 61,981 Delivered Wood (Domestic) 54,850 56,164 24,154 491 135,659 Delivered Wood (Export) 4,646 6,693 79,804 26,566 117,709 Total Delivered 59,496 62,857 103,958 27,057 253,368 Total Timber Sales $120,853 $63,481 $103,958 $27,057 $315,349

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
NONCONTROLLING INTERESTS	Jun. 30, 2024
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 410,000 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 (Loss) under the caption “Net (income) loss attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. 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 Six Months Ended 2024 2023 2024 2023 Beginning noncontrolling interests in the Operating Partnership $69,589 $82,461 $81,651 $105,763 Adjustment of noncontrolling interests in the Operating Partnership (8,093) (4,296) (7,802) (1,920) Conversions of Redeemable Operating Partnership Units to common shares (1,915) (304) (13,426) (24,185) Net income attributable to noncontrolling interests in the Operating Partnership 26 318 46 492 Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership 19 58 (246) (1,052) Distributions to noncontrolling interests in the Operating Partnership (579) (705) (1,176) (1,566) Total noncontrolling interests in the Operating Partnership $59,047 $77,532 $59,047 $77,532

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	6 Months Ended
EARNINGS PER SHARE AND PER UNIT	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND PER UNIT	EARNINGS PER SHARE AND PER UNIT Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Operating Partnership units. The following table provides details of the calculations of basic and diluted earnings per common share of the Company: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings per common share - basic Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net income attributable to noncontrolling interests in the Operating Partnership (26) (318) (46) (492) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income attributable to Rayonier Inc. $1,903 $19,023 $3,260 $27,323 Denominator: Denominator for basic earnings per common share - weighted average shares 148,910,214 148,218,436 148,738,795 147,800,265 Basic earnings per common share attributable to Rayonier Inc.: $0.01 $0.13 $0.02 $0.18 Earnings per common share - diluted Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $1,929 $19,341 $3,306 $27,815 Denominator: Denominator for basic earnings per common share - weighted average shares 148,910,214 148,218,436 148,738,795 147,800,265 Add: Dilutive effect of: Stock options — — 82 943 Performance shares, restricted shares and restricted stock units 298,655 269,994 464,463 441,204 Noncontrolling interests in Operating Partnership units 2,059,420 2,476,761 2,118,829 2,785,928 Denominator for diluted earnings per common share - adjusted weighted average shares 151,268,289 150,965,191 151,322,169 151,028,340 Diluted earnings per common share attributable to Rayonier Inc.: $0.01 $0.13 $0.02 $0.18 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 205,155 241,316 149,365 152,992 Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units. The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings per unit - basic Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income available to unitholders $1,929 $19,341 $3,306 $27,815 Denominator: Denominator for basic earnings per unit - weighted average units 150,969,634 150,695,197 150,857,624 150,586,193 Basic earnings per unit attributable to Rayonier, L.P.: $0.01 $0.13 $0.02 $0.18 Earnings per unit - diluted Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income available to unitholders $1,929 $19,341 $3,306 $27,815 Denominator: Denominator for basic earnings per unit - weighted average units 150,969,634 150,695,197 150,857,624 150,586,193 Add: Dilutive effect of unit equivalents: Stock options — — 82 943 Performance shares, restricted shares and restricted stock units 298,655 269,994 464,463 441,204 Denominator for diluted earnings per unit - adjusted weighted average units 151,268,289 150,965,191 151,322,169 151,028,340 Diluted earnings per unit attributable to Rayonier, L.P.: $0.01 $0.13 $0.02 $0.18 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 205,155 241,316 149,365 152,992

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at June 30, 2024: June 30, 2024 Debt Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 2015 Term Loan borrowings due 2028 at a variable interest rate of 6.92% 350,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.97% 200,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.07% 200,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.02% 100,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 24,535 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 24,535 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 21,030 Total principal debt 1,370,100 Less: Unamortized discounts (2,602) Less: Deferred financing costs (3,847) Total long-term debt $1,363,651 (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 June 30, 2024: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b) 2015 Term Loan Daily Simple SOFR + 1.60% 2.91 % 2022 Incremental Term Loan Daily Simple SOFR + 1.70% 4.55 % 2016 Incremental Term Loan Daily Simple SOFR + 1.75% 2.38 % 2021 Incremental Term Loan Daily Simple SOFR + 1.65% 1.45 % (a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage. Principal payments due during the next five years and thereafter are as follows: Total 2024 — 2025 21,030 2026 224,535 2027 124,535 2028 350,000 Thereafter 650,000 Total Debt $1,370,100 2024 DEBT ACTIVITY U.S. Debt During the six months ended June 30, 2024, we made no borrowings or repayments on our Revolving Credit Facility. At June 30, 2024, we had available borrowings of $293.0 million under the Revolving Credit Facility, net of $7.0 million to secure our outstanding letters of credit. New Zealand Debt During the six months ended June 30, 2024, the New Zealand subsidiary made no borrowings or repayments on its working capital facility (the “New Zealand Working Capital Facility”). At June 30, 2024, 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 Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2024, 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 11.9 to 1 9.4 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 44 % 21 % In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 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 June 30, 2024, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	Jun. 30, 2024
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 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 June 30, 2024, foreign currency exchange contracts and foreign currency option contracts had maturity dates through May 2027 and April 2027, 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 June 30, 2024: 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 2015 Term Loan 2.10 % 1.60 % 3.70 % August 2015 9 years 180,000 2015 Term Loan 2.26 % 1.60 % 3.86 % April 2016 10 years 100,000 2016 Incremental Term Loan 1.50 % 1.75 % 3.25 % April 2016 10 years 100,000 2016 Incremental Term Loan 1.51 % 1.75 % 3.26 % May 2021 7 years 200,000 2021 Incremental Term Loan 0.67 % 1.65 % 2.32 % December 2022 5 years 100,000 2022 Incremental Term Loan 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 The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2024: 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 % 2015 Term Loan August 2024 N/A May 2020 4 years 50,000 0.64 % 2015 Term Loan August 2024 N/A May 2023 4 years 50,000 3.29 % 2015 Term Loan 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 (Loss) for the three and six months ended June 30, 2024 and 2023: Three Months Ended Income Statement Location 2024 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,636 $188 Other operating expense, net 934 (1,577) Foreign currency option contracts Other comprehensive income (loss) 618 (561) Other operating expense, net — (48) Interest rate products Other comprehensive income (loss) 5,181 17,695 Interest expense, net (7,278) (4,314) Six Months Ended Income Statement Location 2024 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($3,855) $4,001 Other operating expense, net 1,392 (4,005) Foreign currency option contracts Other comprehensive income (loss) (1,021) (831) Other operating expense, net 8 (48) Interest rate products Other comprehensive income (loss) 20,222 8,035 Interest expense, net (14,557) (7,777) During the next 12 months, the amount of the June 30, 2024 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approxim ately $23.0 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 $97 Foreign currency option contracts 25 Interest rate products (a) 22,860 Total estimated net gain on derivatives contracts $22,982 (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 June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $130,450 $122,700 Foreign currency option contracts 122,000 98,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 200,000 200,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at June 30, 2024 and December 31, 2023. 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) June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $781 $1,175 Other assets 507 2,405 Other current liabilities (646) (664) Other non-current liabilities (188) — Foreign currency option contracts Other current assets 305 342 Other assets 1,640 2,158 Other current liabilities (270) (139) Other non-current liabilities (1,116) (789) Interest rate swaps Other current assets 943 5,742 Other assets 41,853 37,983 Other non-current liabilities — (546) Forward-starting interest rate swaps Other assets 18,472 12,790 Other non-current liabilities — (8) Total derivative contracts: Other current assets $2,029 $7,259 Other assets 62,472 55,336 Total derivative assets $64,501 $62,595 Other current liabilities (916) (803) Other non-current liabilities (1,304) (1,343) Total derivative liabilities ($2,220) ($2,146) (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	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP: June 30, 2024 December 31, 2023 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $141,906 $141,906 — $207,696 $207,696 — Restricted cash (b) 677 677 — 678 678 — Long-term debt (c) (1,363,651) — (1,307,553) (1,365,773) — (1,299,951) Interest rate swaps (d) 42,796 — 42,796 43,179 — 43,179 Forward-starting interest rate swaps (d) 18,472 — 18,472 12,782 — 12,782 Foreign currency exchange contracts (d) 454 — 454 2,916 — 2,916 Foreign currency option contracts (d) 559 — 559 1,572 — 1,572 Noncontrolling interests in the Operating Partnership (e) 59,047 — 59,047 81,651 — 81,651 (a) We did not have Level 3 assets or liabilities at June 30, 2024 and December 31, 2023. (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	6 Months Ended
CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

ENVIRONMENTAL AND NATURAL RESOU

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	6 Months Ended
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES	Jun. 30, 2024
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, 2023 to June 30, 2024 are shown below: Port Gamble, WA Non-current portion at December 31, 2023 $4,785 Plus: Current portion 11,793 Total Balance at December 31, 2023 16,578 Expenditures charged to liabilities (331) Increase to liabilities (a) 2,874 Total Balance at June 30, 2024 19,121 Less: Current portion (14,681) Non-current portion at June 30, 2024 $4,440 (a) The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the six months ended June 30, 2024. It is expected that the upland mill site cleanup and NRD restoration will occur over the next one 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	6 Months Ended
GUARANTEES	Jun. 30, 2024
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2024, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $6,996 Surety bonds (c) 20,019 Total financial commitments $27,015 (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 $6.3 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. These letters of credit will expire at various dates during 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 2024, 2025, 2026, and 2027 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2023 to June 30, 2024 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, 2023 $86,986 $18,609 $105,595 Plus: Current portion (a) 1,699 24,639 26,338 Total Balance at December 31, 2023 88,685 43,248 131,933 Non-cash cost of land and improved development (369) (4,589) (4,958) Amortization of parcel real estate development investments — (3,941) (3,941) Timber depletion from harvesting activities and basis of timber sold in real estate sales (389) — (389) Capitalized real estate development investments (b) — 16,542 16,542 Capital expenditures (silviculture) 84 — 84 Intersegment transfers 14,319 — 14,319 Total Balance at June 30, 2024 102,330 51,260 153,590 Less: Current portion (a) (12,168) (6,069) (18,237) Non-current portion at June 30, 2024 $90,162 $45,191 $135,353 (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 $6.4 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

INVENTORY

INVENTORY	6 Months Ended
INVENTORY	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of June 30, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows: June 30, 2024 December 31, 2023 Finished goods inventory Real estate inventory (a) $18,237 $26,338 Log inventory 5,467 4,490 Carbon unit inventory (b) 183 189 Total inventory $23,887 $31,017 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. (b) Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.

OTHER OPERATING EXPENSE, NET

OTHER OPERATING EXPENSE, NET	6 Months Ended
OTHER OPERATING EXPENSE, NET	Jun. 30, 2024
Other Income and Expenses [Abstract]
OTHER OPERATING EXPENSE, NET	OTHER OPERATING EXPENSE, NET Other operating expense, net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Loss on foreign currency remeasurement, net of cash flow hedges ($1,170) ($1,674) ($928) ($4,157) Gain on sale or disposal of property and equipment 3 35 13 37 Costs related to disposition initiatives (a) (696) — (696) — Miscellaneous (expense) income, net (31) 238 (12) 203 Total ($1,894) ($1,401) ($1,623) ($3,917) (a) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
EMPLOYEE BENEFIT PLANS	Jun. 30, 2024
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 The unfunded plan will be settled entirely with lump sum cash payments estimated at $1.2 million. We expect to recognize additional pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the remaining obligations of the unfunded plan. These payments and charges are currently expected to occur in 2024, with the specific timing and final amounts dependent upon several factors. Projected cash contributions are an estimate, as actual amounts and timing are dependent upon several factors. See Note 17 — Accumulated Other Comprehensive Income for additional information. The net pension and postretirement benefit costs (credits) that have been recorded are shown in the following tables: Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2024 2023 2024 2023 Service cost Selling and general expenses — — $1 $1 Interest cost Interest and other miscellaneous income (expense), net 16 844 18 17 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net — (887) — — Amortization of losses Interest and other miscellaneous income (expense), net — 1 — — Net periodic benefit cost (credit) $16 ($42) $19 $18 Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Six Months Ended Six Months Ended 2024 2023 2024 2023 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous income (expense), net 530 1,689 35 35 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (542) (1,776) — — Amortization of losses Interest and other miscellaneous income (expense), net — 3 — — Pension settlement loss Interest and other miscellaneous income (expense), net 5,673 — — — Net periodic benefit cost (credit) $5,661 ($84) $37 $37 (a)

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of June 30, 2024, Rayonier owns a 98.7% 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 (Loss): Three Months Ended Six Months Ended 2024 2023 2024 2023 Income tax (expense) benefit (a) ($500) ($193) $332 ($1,230) (a) The six months ended June 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement. ANNUAL EFFECTIVE TAX RATE The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items: Six Months Ended 2024 2023 Annualized effective tax rate after discrete items 11.8 % 3.9 %

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in AOCI by component for the six months ended June 30, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (losses) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation of Operating Partnership Total Rayonier Inc. Balance as of December 31, 2022 ($18,067) $1,321 $67,204 ($10,209) $40,249 ($4,436) $35,813 Other comprehensive (loss) income before reclassifications (1,466) — 10,537 (a) (1,449) 7,622 (75) 7,547 Amounts reclassified from accumulated other comprehensive income — — (21,895) 2,042 (b) (19,853) 1,144 (18,709) Net other comprehensive (loss) income (1,466) — (11,358) 593 (12,231) 1,069 (11,162) Balance as of December 31, 2023 ($19,533) $1,321 $55,846 ($9,616) $28,018 ($3,367) $24,651 Other comprehensive (loss) income before reclassifications (10,450) — 17,520 (a) 5,110 12,180 (166) 12,014 Amounts reclassified from accumulated other comprehensive income — — (13,780) 4,452 (b) (9,328) 412 (8,916) Net other comprehensive (loss) income (10,450) — 3,740 9,562 2,852 246 3,098 Balance as of June 30, 2024 ($29,983) $1,321 $59,586 ($54) $30,870 ($3,121) $27,749 (a) The six months ended June 30, 2024 includes $20.2 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 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. The six months ended June 30, 2024 includes a pension settlement charge of $4.5 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. 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 six months ended June 30, 2024 and June 30, 2023: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the Income Statement June 30, 2024 June 30, 2023 Realized loss (gain) on foreign currency exchange contracts $1,392 ($4,005) Other operating expense, net Realized loss (gain) on foreign currency option contracts 8 (48) Other operating expense, net Noncontrolling interests (322) 932 Comprehensive (income) loss attributable to noncontrolling interests Realized gain on interest rate contracts (14,557) (7,777) Interest expense, net Income tax effect from net (loss) gain on foreign currency contracts (301) 875 Income tax (expense) benefit Net gain on cash flow hedges reclassified from accumulated other comprehensive income ($13,780) ($10,023)

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
RESTRICTED CASH	Jun. 30, 2024
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash 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 includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Restricted cash: Restricted cash deposited with LKE intermediary — $1,646 Restricted cash held in escrow 677 3,316 Total restricted cash 677 4,962 Cash and cash equivalents 141,906 88,404 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $142,583 $93,366

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
ASSETS HELD FOR SALE	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEAssets held for sale is composed of properties not included in inventory which are under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of June 30, 2024 and December 31, 2023, the basis in properties meeting this classification was $1.0 million and $9.9 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		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to parent	$ 1,903	$ 19,023	$ 3,260	$ 27,323

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
V. Larkin Martin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 13, 2024, V. Larkin Martin, a member of the Company's Board of Directors, adopted a trading arrangement for the sale of shares of Common Stock (a "Rule 10b5-1 Trading Plan") that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). Ms. Martin's Rule 10b5-1 Trading Plan, which has a term expiring on September 17, 2024, provides for the sale of up to 22,009 shares of Common Stock pursuant to the terms of the plan.
Name	V. Larkin Martin
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Expiration Date	September 17, 2024
Arrangement Duration	96 days
Aggregate Available	22,009	22,009

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2024
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, 2023, as filed with the SEC (the “2023 Form 10-K”).
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED	ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements as this is a disclosure only ASU. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements as this is a disclosure only ASU.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated events occurring from June 30, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
SEGMENT REPORTING	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
REVENUE RECOGNITION	PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of June 30, 2024 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, $34.0 million is expected to be recognized within the next twelve months, with the remaining $15.2 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.
EARNINGS PER COMMON SHARE	Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Operating Partnership units.
EARNINGS PER UNIT	Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares and restricted stock units.
DERIVATIVE	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging 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.
FAIR VALUE OF FINANCIAL INSTRUMENTS	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. 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)	6 Months Ended
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables summarize the segment information for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, SALES 2024 2023 2024 2023 Southern Timber $59,325 $68,310 $129,302 $140,152 Pacific Northwest Timber 24,283 32,317 49,475 66,736 New Zealand Timber 53,782 60,898 99,482 105,004 Real Estate 30,971 32,041 46,535 48,317 Trading 5,282 15,415 17,056 27,984 Intersegment Eliminations (a) (34) (116) (144) (246) Total $173,609 $208,865 $341,706 $387,947 (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 June 30, Six Months Ended June 30, OPERATING INCOME (LOSS) 2024 2023 2024 2023 Southern Timber $17,093 $21,708 $40,098 $43,931 Pacific Northwest Timber (1,467) (2,376) (5,827) (5,919) New Zealand Timber (a) 2,918 2,373 10,348 1,710 Real Estate 5,780 8,649 5,651 9,532 Trading 137 67 178 409 Corporate and Other (b) (12,020) (10,319) (21,797) (18,938) Total Operating Income 12,441 20,102 28,651 30,725 Unallocated interest expense and other (c) (8,906) (813) (23,642) (2,961) Total Income before Income Taxes $3,535 $19,289 $5,009 $27,764 (a) The six months ended June 30, 2023 includes $2.3 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 (Loss) under the caption “Cost of sales.” (b) The three and six months ended June 30, 2024 include $0.7 million of costs related to disposition initiatives. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.” (c) The three months ended June 30, 2024 includes $1.1 million of net costs associated with legal settlements. The six months ended June 30, 2024 includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. The three and six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements. Net costs (recoveries) associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Interest and other miscellaneous income (expense), net.” Three Months Ended June 30, Six Months Ended June 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2024 2023 2024 2023 Southern Timber $16,758 $21,868 $38,554 $42,478 Pacific Northwest Timber 7,389 9,242 16,464 19,892 New Zealand Timber 4,803 5,927 8,823 10,382 Real Estate 6,700 2,235 8,449 3,738 Corporate and Other 444 443 887 824 Total $36,094 $39,715 $73,177 $77,314 Three Months Ended June 30, Six Months Ended June 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2024 2023 2024 2023 Real Estate $6,419 $9,395 $9,372 $13,603 Total $6,419 $9,395 $9,372 $13,603

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Balances	The following table contains contract balances recorded in the Consolidated Balance Sheets at June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Balance Sheet Location Contract assets Trade receivables, net (a) $31,398 $28,652 Trade receivables Contract liabilities Deferred revenue, current (b) 34,021 19,012 Deferred revenue Deferred revenue, non-current (c) 15,238 11,294 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 carbon capture and storage contracts entered into during 2024, partially offset by the satisfaction of post-closing obligations on real estate sales. (c) The increase in deferred revenue, non-current is primarily driven by carbon capture and storage contracts entered into during 2024. The following table summarizes revenue recognized during the three and six months ended June 30, 2024 and 2023 that was included in the contract liability balance at the beginning of each year: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue recognized from contract liability balance at the beginning of the year (a) $8,281 $6,335 $18,529 $17,735 (a) Revenue recognized was primarily from hunting licenses, carbon capture and storage (“CCS”), 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 six months ended June 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2024 Pulpwood $24,027 $1,461 $9,052 — $579 — $35,119 Sawtimber 25,200 21,439 40,111 — 4,373 — 91,123 Hardwood 672 — — — — — 672 Total Timber Sales 49,899 22,900 49,163 — 4,952 — 126,914 License Revenue, Primarily from Hunting 5,284 130 74 — — — 5,488 Land-Based Solutions (a) 2,586 10 — — — — 2,596 Other Non-Timber/Carbon Credit Revenue 1,556 1,243 4,545 — — — 7,344 Agency Fee Income — — — — 296 — 296 Total Non-Timber Sales 9,426 1,383 4,619 — 296 — 15,724 Improved Development — — — 2,575 — — 2,575 Rural — — — 7,470 — — 7,470 Timberland & Non-Strategic — — — 15,501 — — 15,501 Deferred Revenue/Other (b) — — — 5,050 — — 5,050 Total Real Estate Sales — — — 30,596 — — 30,596 Revenue from Contracts with Customers 59,325 24,283 53,782 30,596 5,248 — 173,234 Lease Revenue — — — 375 — — 375 Intersegment — — — — 34 (34) — Total Revenue $59,325 $24,283 $53,782 $30,971 $5,282 ($34) $173,609 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2023 Pulpwood $23,855 $2,204 $8,364 — $1,442 — $35,865 Sawtimber 33,846 27,781 51,829 — 13,510 — 126,966 Hardwood 706 — — — — — 706 Total Timber Sales 58,407 29,985 60,193 — 14,952 — 163,537 License Revenue, Primarily from Hunting 5,120 203 68 — — — 5,391 Land-Based Solutions (a) 1,033 1,334 — — — — 2,367 Other Non-Timber/Carbon Credit Revenue 3,750 795 637 — — — 5,182 Agency Fee Income — — — — 347 — 347 Total Non-Timber Sales 9,903 2,332 705 — 347 — 13,287 Improved Development — — — 12,233 — — 12,233 Rural — — — 15,626 — — 15,626 Timberland & Non-Strategic — — — 255 — — 255 Deferred Revenue/Other (b) — — — 3,568 — — 3,568 Total Real Estate Sales — — — 31,682 — — 31,682 Revenue from Contracts with Customers 68,310 32,317 60,898 31,682 15,299 — 208,506 Lease Revenue — — — 359 — — 359 Intersegment — — — — 116 (116) — Total Revenue $68,310 $32,317 $60,898 $32,041 $15,415 ($116) $208,865 (a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts and conservation easements for habitat protection. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2024 Pulpwood $49,958 $3,012 $16,806 — $1,717 — $71,493 Sawtimber 58,940 44,116 74,516 — 14,568 — 192,140 Hardwood 1,867 — — — — — 1,867 Total Timber Sales 110,765 47,128 91,322 — 16,285 — 265,500 License Revenue, Primarily From Hunting 10,559 225 125 — — — 10,909 Land-Based Solutions (a) 4,294 20 — — — — 4,314 Other Non-Timber/Carbon Credit Revenue 3,684 2,102 8,035 — — — 13,821 Agency Fee Income — — — — 627 — 627 Total Non-Timber Sales 18,537 2,347 8,160 — 627 — 29,671 Improved Development — — — 4,400 — — 4,400 Rural — — — 16,198 — — 16,198 Timberland & Non-Strategic — — — 16,111 — — 16,111 Deferred Revenue/Other (b) — — — 9,162 — — 9,162 Total Real Estate Sales — — — 45,871 — — 45,871 Revenue from Contracts with Customers 129,302 49,475 99,482 45,871 16,912 — 341,042 Lease Revenue — — — 664 — — 664 Intersegment — — — — 144 (144) — Total Revenue $129,302 $49,475 $99,482 $46,535 $17,056 ($144) $341,706 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2023 Pulpwood $50,638 $5,919 $14,446 — $2,881 — $73,884 Sawtimber 68,389 57,562 89,512 — 24,176 — 239,639 Hardwood 1,826 — — — — — 1,826 Total Timber Sales 120,853 63,481 103,958 — 27,057 — 315,349 License Revenue, Primarily from Hunting 10,342 340 123 — — — 10,805 Land-Based Solutions (a) 1,868 1,337 — — — — 3,205 Other Non-Timber/Carbon Credit Revenue 7,089 1,578 923 — — — 9,590 Agency Fee Income — — — — 681 — 681 Total Non-Timber Sales 19,299 3,255 1,046 — 681 — 24,281 Improved Development — — — 17,035 — — 17,035 Rural — — — 22,125 — — 22,125 Timberland & Non-Strategic — — — 1,892 — — 1,892 Deferred Revenue/Other (b) — — — 6,661 — — 6,661 Total Real Estate Sales — — — 47,713 — — 47,713 Revenue from Contracts with Customers 140,152 66,736 105,004 47,713 27,738 — 387,343 Lease Revenue — — — 604 — — 604 Intersegment — — — — 246 (246) — Total Revenue $140,152 $66,736 $105,004 $48,317 $27,984 ($246) $387,947 (a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts and conservation easements for habitat protection. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2024 Stumpage Pay-as-Cut $26,095 $5 — — $26,100 Stumpage Lump Sum — 1,554 — — 1,554 Total Stumpage 26,095 1,559 — — 27,654 Delivered Wood (Domestic) 22,005 21,341 12,669 709 56,724 Delivered Wood (Export) 1,799 — 36,494 4,243 42,536 Total Delivered 23,804 21,341 49,163 4,952 99,260 Total Timber Sales $49,899 $22,900 $49,163 $4,952 $126,914 June 30, 2023 Stumpage Pay-as-Cut $30,493 — — — $30,493 Stumpage Lump Sum 281 — — — 281 Total Stumpage 30,774 — — — 30,774 Delivered Wood (Domestic) 25,437 26,996 12,559 89 65,081 Delivered Wood (Export) 2,196 2,989 47,634 14,863 67,682 Total Delivered 27,633 29,985 60,193 14,952 132,763 Total Timber Sales $58,407 $29,985 $60,193 $14,952 $163,537 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2024 Stumpage Pay-as-Cut $59,624 $8 — — $59,632 Stumpage Lump Sum — 3,535 — — 3,535 Total Stumpage 59,624 3,543 — — 63,167 Delivered Wood (Domestic) 47,118 40,901 23,497 1,467 112,983 Delivered Wood (Export) 4,023 2,684 67,825 14,818 89,350 Total Delivered 51,141 43,585 91,322 16,285 202,333 Total Timber Sales $110,765 $47,128 $91,322 $16,285 $265,500 June 30, 2023 Stumpage Pay-as-Cut $60,970 — — — $60,970 Stumpage Lump Sum 387 624 — — 1,011 Total Stumpage 61,357 624 — — 61,981 Delivered Wood (Domestic) 54,850 56,164 24,154 491 135,659 Delivered Wood (Export) 4,646 6,693 79,804 26,566 117,709 Total Delivered 59,496 62,857 103,958 27,057 253,368 Total Timber Sales $120,853 $63,481 $103,958 $27,057 $315,349

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
NONCONTROLLING INTERESTS (Tables)	Jun. 30, 2024
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 Six Months Ended 2024 2023 2024 2023 Beginning noncontrolling interests in the Operating Partnership $69,589 $82,461 $81,651 $105,763 Adjustment of noncontrolling interests in the Operating Partnership (8,093) (4,296) (7,802) (1,920) Conversions of Redeemable Operating Partnership Units to common shares (1,915) (304) (13,426) (24,185) Net income attributable to noncontrolling interests in the Operating Partnership 26 318 46 492 Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership 19 58 (246) (1,052) Distributions to noncontrolling interests in the Operating Partnership (579) (705) (1,176) (1,566) Total noncontrolling interests in the Operating Partnership $59,047 $77,532 $59,047 $77,532

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	6 Months Ended
EARNINGS PER SHARE AND PER UNIT (Tables)	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings per common share - basic Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net income attributable to noncontrolling interests in the Operating Partnership (26) (318) (46) (492) Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income attributable to Rayonier Inc. $1,903 $19,023 $3,260 $27,323 Denominator: Denominator for basic earnings per common share - weighted average shares 148,910,214 148,218,436 148,738,795 147,800,265 Basic earnings per common share attributable to Rayonier Inc.: $0.01 $0.13 $0.02 $0.18 Earnings per common share - diluted Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $1,929 $19,341 $3,306 $27,815 Denominator: Denominator for basic earnings per common share - weighted average shares 148,910,214 148,218,436 148,738,795 147,800,265 Add: Dilutive effect of: Stock options — — 82 943 Performance shares, restricted shares and restricted stock units 298,655 269,994 464,463 441,204 Noncontrolling interests in Operating Partnership units 2,059,420 2,476,761 2,118,829 2,785,928 Denominator for diluted earnings per common share - adjusted weighted average shares 151,268,289 150,965,191 151,322,169 151,028,340 Diluted earnings per common share attributable to Rayonier Inc.: $0.01 $0.13 $0.02 $0.18 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings per unit - basic Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income available to unitholders $1,929 $19,341 $3,306 $27,815 Denominator: Denominator for basic earnings per unit - weighted average units 150,969,634 150,695,197 150,857,624 150,586,193 Basic earnings per unit attributable to Rayonier, L.P.: $0.01 $0.13 $0.02 $0.18 Earnings per unit - diluted Numerator: Net Income $3,035 $19,096 $5,341 $26,534 Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281 Net income available to unitholders $1,929 $19,341 $3,306 $27,815 Denominator: Denominator for basic earnings per unit - weighted average units 150,969,634 150,695,197 150,857,624 150,586,193 Add: Dilutive effect of unit equivalents: Stock options — — 82 943 Performance shares, restricted shares and restricted stock units 298,655 269,994 464,463 441,204 Denominator for diluted earnings per unit - adjusted weighted average units 151,268,289 150,965,191 151,322,169 151,028,340 Diluted earnings per unit attributable to Rayonier, L.P.: $0.01 $0.13 $0.02 $0.18
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Anti-dilutive shares excluded from the computations of diluted earnings per common share: Stock options, performance shares, restricted shares and restricted stock units 205,155 241,316 149,365 152,992 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: Stock options, performance shares, restricted shares and restricted stock units 205,155 241,316 149,365 152,992

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt consisted of the following at June 30, 2024: June 30, 2024 Debt Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 2015 Term Loan borrowings due 2028 at a variable interest rate of 6.92% 350,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.97% 200,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.07% 200,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.02% 100,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 24,535 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 24,535 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 21,030 Total principal debt 1,370,100 Less: Unamortized discounts (2,602) Less: Deferred financing costs (3,847) Total long-term debt $1,363,651 (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 June 30, 2024: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b) 2015 Term Loan Daily Simple SOFR + 1.60% 2.91 % 2022 Incremental Term Loan Daily Simple SOFR + 1.70% 4.55 % 2016 Incremental Term Loan Daily Simple SOFR + 1.75% 2.38 % 2021 Incremental Term Loan Daily Simple SOFR + 1.65% 1.45 % (a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage.
Schedule of Maturities of Long-term Debt	Principal payments due during the next five years and thereafter are as follows: Total 2024 — 2025 21,030 2026 224,535 2027 124,535 2028 350,000 Thereafter 650,000 Total Debt $1,370,100
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2024, 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 11.9 to 1 9.4 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 44 % 21 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table contains information on the outstanding interest rate swaps as of June 30, 2024: 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 2015 Term Loan 2.10 % 1.60 % 3.70 % August 2015 9 years 180,000 2015 Term Loan 2.26 % 1.60 % 3.86 % April 2016 10 years 100,000 2016 Incremental Term Loan 1.50 % 1.75 % 3.25 % April 2016 10 years 100,000 2016 Incremental Term Loan 1.51 % 1.75 % 3.26 % May 2021 7 years 200,000 2021 Incremental Term Loan 0.67 % 1.65 % 2.32 % December 2022 5 years 100,000 2022 Incremental Term Loan 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 June 30, 2024: 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 % 2015 Term Loan August 2024 N/A May 2020 4 years 50,000 0.64 % 2015 Term Loan August 2024 N/A May 2023 4 years 50,000 3.29 % 2015 Term Loan 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 (Loss) for the three and six months ended June 30, 2024 and 2023: Three Months Ended Income Statement Location 2024 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,636 $188 Other operating expense, net 934 (1,577) Foreign currency option contracts Other comprehensive income (loss) 618 (561) Other operating expense, net — (48) Interest rate products Other comprehensive income (loss) 5,181 17,695 Interest expense, net (7,278) (4,314) Six Months Ended Income Statement Location 2024 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) ($3,855) $4,001 Other operating expense, net 1,392 (4,005) Foreign currency option contracts Other comprehensive income (loss) (1,021) (831) Other operating expense, net 8 (48) Interest rate products Other comprehensive income (loss) 20,222 8,035 Interest expense, net (14,557) (7,777) Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $97 Foreign currency option contracts 25 Interest rate products (a) 22,860 Total estimated net gain on derivatives contracts $22,982 (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 June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $130,450 $122,700 Foreign currency option contracts 122,000 98,000 Interest rate swaps 850,000 850,000 Forward-starting interest rate swaps 200,000 200,000
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 June 30, 2024 and December 31, 2023. 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) June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $781 $1,175 Other assets 507 2,405 Other current liabilities (646) (664) Other non-current liabilities (188) — Foreign currency option contracts Other current assets 305 342 Other assets 1,640 2,158 Other current liabilities (270) (139) Other non-current liabilities (1,116) (789) Interest rate swaps Other current assets 943 5,742 Other assets 41,853 37,983 Other non-current liabilities — (546) Forward-starting interest rate swaps Other assets 18,472 12,790 Other non-current liabilities — (8) Total derivative contracts: Other current assets $2,029 $7,259 Other assets 62,472 55,336 Total derivative assets $64,501 $62,595 Other current liabilities (916) (803) Other non-current liabilities (1,304) (1,343) Total derivative liabilities ($2,220) ($2,146) (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)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP: June 30, 2024 December 31, 2023 Asset (Liability) (a) Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $141,906 $141,906 — $207,696 $207,696 — Restricted cash (b) 677 677 — 678 678 — Long-term debt (c) (1,363,651) — (1,307,553) (1,365,773) — (1,299,951) Interest rate swaps (d) 42,796 — 42,796 43,179 — 43,179 Forward-starting interest rate swaps (d) 18,472 — 18,472 12,782 — 12,782 Foreign currency exchange contracts (d) 454 — 454 2,916 — 2,916 Foreign currency option contracts (d) 559 — 559 1,572 — 1,572 Noncontrolling interests in the Operating Partnership (e) 59,047 — 59,047 81,651 — 81,651 (a) We did not have Level 3 assets or liabilities at June 30, 2024 and December 31, 2023. (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)	6 Months Ended
	Jun. 30, 2024
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2023 to June 30, 2024 are shown below: Port Gamble, WA Non-current portion at December 31, 2023 $4,785 Plus: Current portion 11,793 Total Balance at December 31, 2023 16,578 Expenditures charged to liabilities (331) Increase to liabilities (a) 2,874 Total Balance at June 30, 2024 19,121 Less: Current portion (14,681) Non-current portion at June 30, 2024 $4,440 (a) The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the six months ended June 30, 2024.

GUARANTEES (Tables)

GUARANTEES (Tables)	6 Months Ended
GUARANTEES (Tables)	Jun. 30, 2024
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of June 30, 2024, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $6,996 Surety bonds (c) 20,019 Total financial commitments $27,015 (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 $6.3 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. These letters of credit will expire at various dates during 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 2024, 2025, 2026, and 2027 and are expected to be renewed as required.

HIGHER AND BETTER USE TIMBERL_2

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 to June 30, 2024 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, 2023 $86,986 $18,609 $105,595 Plus: Current portion (a) 1,699 24,639 26,338 Total Balance at December 31, 2023 88,685 43,248 131,933 Non-cash cost of land and improved development (369) (4,589) (4,958) Amortization of parcel real estate development investments — (3,941) (3,941) Timber depletion from harvesting activities and basis of timber sold in real estate sales (389) — (389) Capitalized real estate development investments (b) — 16,542 16,542 Capital expenditures (silviculture) 84 — 84 Intersegment transfers 14,319 — 14,319 Total Balance at June 30, 2024 102,330 51,260 153,590 Less: Current portion (a) (12,168) (6,069) (18,237) Non-current portion at June 30, 2024 $90,162 $45,191 $135,353 (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 $6.4 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
INVENTORY (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows: June 30, 2024 December 31, 2023 Finished goods inventory Real estate inventory (a) $18,237 $26,338 Log inventory 5,467 4,490 Carbon unit inventory (b) 183 189 Total inventory $23,887 $31,017 (a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information. (b) Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.

OTHER OPERATING EXPENSE, NET (T

OTHER OPERATING EXPENSE, NET (Tables)	6 Months Ended
OTHER OPERATING EXPENSE, NET (Tables)	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Expense, Net	Other operating expense, net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Loss on foreign currency remeasurement, net of cash flow hedges ($1,170) ($1,674) ($928) ($4,157) Gain on sale or disposal of property and equipment 3 35 13 37 Costs related to disposition initiatives (a) (696) — (696) — Miscellaneous (expense) income, net (31) 238 (12) 203 Total ($1,894) ($1,401) ($1,623) ($3,917) (a) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs (Credits)	The net pension and postretirement benefit costs (credits) that have been recorded are shown in the following tables: Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Three Months Ended Three Months Ended 2024 2023 2024 2023 Service cost Selling and general expenses — — $1 $1 Interest cost Interest and other miscellaneous income (expense), net 16 844 18 17 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net — (887) — — Amortization of losses Interest and other miscellaneous income (expense), net — 1 — — Net periodic benefit cost (credit) $16 ($42) $19 $18 Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Six Months Ended Six Months Ended 2024 2023 2024 2023 Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous income (expense), net 530 1,689 35 35 Expected return on plan assets (a) Interest and other miscellaneous income (expense), net (542) (1,776) — — Amortization of losses Interest and other miscellaneous income (expense), net — 3 — — Pension settlement loss Interest and other miscellaneous income (expense), net 5,673 — — — Net periodic benefit cost (credit) $5,661 ($84) $37 $37 (a)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
INCOME TAXES (Tables)	Jun. 30, 2024
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 (Loss): Three Months Ended Six Months Ended 2024 2023 2024 2023 Income tax (expense) benefit (a) ($500) ($193) $332 ($1,230) (a) The six months ended June 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement.
Schedule of Effective Income Tax Rate Reconciliation	The following table contains the Company’s annualized effective tax rate after discrete items: Six Months Ended 2024 2023 Annualized effective tax rate after discrete items 11.8 % 3.9 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table summarizes the changes in AOCI by component for the six months ended June 30, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests. Foreign currency translation (losses) gains Net investment hedges of New Zealand subsidiary Cash flow hedges Employee benefit plans Total Rayonier, L.P. Allocation of Operating Partnership Total Rayonier Inc. Balance as of December 31, 2022 ($18,067) $1,321 $67,204 ($10,209) $40,249 ($4,436) $35,813 Other comprehensive (loss) income before reclassifications (1,466) — 10,537 (a) (1,449) 7,622 (75) 7,547 Amounts reclassified from accumulated other comprehensive income — — (21,895) 2,042 (b) (19,853) 1,144 (18,709) Net other comprehensive (loss) income (1,466) — (11,358) 593 (12,231) 1,069 (11,162) Balance as of December 31, 2023 ($19,533) $1,321 $55,846 ($9,616) $28,018 ($3,367) $24,651 Other comprehensive (loss) income before reclassifications (10,450) — 17,520 (a) 5,110 12,180 (166) 12,014 Amounts reclassified from accumulated other comprehensive income — — (13,780) 4,452 (b) (9,328) 412 (8,916) Net other comprehensive (loss) income (10,450) — 3,740 9,562 2,852 246 3,098 Balance as of June 30, 2024 ($29,983) $1,321 $59,586 ($54) $30,870 ($3,121) $27,749 (a) The six months ended June 30, 2024 includes $20.2 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 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. The six months ended June 30, 2024 includes a pension settlement charge of $4.5 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. 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 six months ended June 30, 2024 and June 30, 2023: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the Income Statement June 30, 2024 June 30, 2023 Realized loss (gain) on foreign currency exchange contracts $1,392 ($4,005) Other operating expense, net Realized loss (gain) on foreign currency option contracts 8 (48) Other operating expense, net Noncontrolling interests (322) 932 Comprehensive (income) loss attributable to noncontrolling interests Realized gain on interest rate contracts (14,557) (7,777) Interest expense, net Income tax effect from net (loss) gain on foreign currency contracts (301) 875 Income tax (expense) benefit Net gain on cash flow hedges reclassified from accumulated other comprehensive income ($13,780) ($10,023)

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	6 Months Ended
RESTRICTED CASH (Tables)	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Restricted cash: Restricted cash deposited with LKE intermediary — $1,646 Restricted cash held in escrow 677 3,316 Total restricted cash 677 4,962 Cash and cash equivalents 141,906 88,404 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $142,583 $93,366

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - Operating Partnership	Jun. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest (as a percent)	98.70%
Ownership interest owned by limited partners (as a percent)	1.30%

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Segment Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
SALES	$ 173,609	$ 208,865	$ 341,706	$ 387,947
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(34)	(116)	(144)	(246)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	59,325	68,310	129,302	140,152
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	24,283	32,317	49,475	66,736
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	53,782	60,898	99,482	105,004
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	30,971	32,041	46,535	48,317
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	5,282	15,415	17,056	27,984
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES		0
Intersegment Eliminations \| Trading
Segment Reporting Information [Line Items]
SALES	34	116	144	246
Intersegment Eliminations \| Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (34)	$ (116)	$ (144)	$ (246)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Operating Income	$ 12,441	$ 20,102	$ 28,651	$ 30,725
Unallocated interest expense and other	(8,906)	(813)	(23,642)	(2,961)
Total Income before Income Taxes	3,535	19,289	5,009	27,764
Costs related to disposition initiatives	696	0	696	0
Pension settlement charge			5,673	0
Gain (loss) from net recovery and costs with legal settlement	(1,100)	11,400	(2,400)	20,500
Pension
Segment Reporting Information [Line Items]
Pension settlement charge			5,700
New Zealand Timber
Segment Reporting Information [Line Items]
Timber write-offs from casualty events				2,300
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	17,093	21,708	40,098	43,931
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(1,467)	(2,376)	(5,827)	(5,919)
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	2,918	2,373	10,348	1,710
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	5,780	8,649	5,651	9,532
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	137	67	178	409
Corporate and Other (b)
Segment Reporting Information [Line Items]
Total Operating Income	$ (12,020)	$ (10,319)	$ (21,797)	$ (18,938)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 36,094	$ 39,715	$ 73,177	$ 77,314
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	16,758	21,868	38,554	42,478
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,389	9,242	16,464	19,892
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	4,803	5,927	8,823	10,382
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	6,700	2,235	8,449	3,738
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 444	$ 443	$ 887	$ 824

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 6,419	$ 9,395	$ 9,372	$ 13,603
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 6,419	$ 9,395	$ 9,372	$ 13,603

REVENUE - Performance Obligatio

REVENUE - Performance Obligations Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 34
Remaining performance obligation, expected to satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 15.2
Remaining performance obligation, expected to satisfaction, period

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 31,398	$ 28,652
Deferred revenue, current	34,021	19,012
Deferred revenue, non-current	$ 15,238	$ 11,294

REVENUE - Revenue Recognized Fr

REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 8,281	$ 6,335	$ 18,529	$ 17,735

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 173,234	$ 208,506	$ 341,042	$ 387,343
Lease Revenue	375	359	664	604
Total Revenue	173,609	208,865	341,706	387,947
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	126,914	163,537	265,500	315,349
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,119	35,865	71,493	73,884
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	91,123	126,966	192,140	239,639
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	672	706	1,867	1,826
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,724	13,287	29,671	24,281
License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,488	5,391	10,909	10,805
Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,596	2,367	4,314	3,205
Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,344	5,182	13,821	9,590
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	296	347	627	681
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,596	31,682	45,871	47,713
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,575	12,233	4,400	17,035
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,470	15,626	16,198	22,125
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,501	255	16,111	1,892
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,050	3,568	9,162	6,661
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(34)	(116)	(144)	(246)
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,325	68,310	129,302	140,152
Total Revenue	59,325	68,310	129,302	140,152
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,899	58,407	110,765	120,853
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,027	23,855	49,958	50,638
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,200	33,846	58,940	68,389
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	672	706	1,867	1,826
Operating Segments \| Southern Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,426	9,903	18,537	19,299
Operating Segments \| Southern Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,284	5,120	10,559	10,342
Operating Segments \| Southern Timber \| Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,586	1,033	4,294	1,868
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,556	3,750	3,684	7,089
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,283	32,317	49,475	66,736
Total Revenue	24,283	32,317	49,475	66,736
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,900	29,985	47,128	63,481
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,461	2,204	3,012	5,919
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,439	27,781	44,116	57,562
Operating Segments \| Pacific Northwest Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,383	2,332	2,347	3,255
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	130	203	225	340
Operating Segments \| Pacific Northwest Timber \| Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10	1,334	20	1,337
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,243	795	2,102	1,578
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	53,782	60,898	99,482	105,004
Total Revenue	53,782	60,898	99,482	105,004
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,163	60,193	91,322	103,958
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,052	8,364	16,806	14,446
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40,111	51,829	74,516	89,512
Operating Segments \| New Zealand Timber \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,619	705	8,160	1,046
Operating Segments \| New Zealand Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	74	68	125	123
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,545	637	8,035	923
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,596	31,682	45,871	47,713
Lease Revenue	375	359	664	604
Total Revenue	30,971	32,041	46,535	48,317
Operating Segments \| Real Estate \| Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,596	31,682	45,871	47,713
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,575	12,233	4,400	17,035
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,470	15,626	16,198	22,125
Operating Segments \| Real Estate \| Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,501	255	16,111	1,892
Operating Segments \| Real Estate \| Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,050	3,568	9,162	6,661
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,248	15,299	16,912	27,738
Total Revenue	5,282	15,415	17,056	27,984
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,952	14,952	16,285	27,057
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	579	1,442	1,717	2,881
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,373	13,510	14,568	24,176
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	296	347	627	681
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	296	347	627	681
Intersegment
Disaggregation of Revenue [Line Items]
Total Revenue		0
Intersegment \| Trading
Disaggregation of Revenue [Line Items]
Total Revenue	34	116	144	246
Intersegment \| Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (34)	$ (116)	$ (144)	$ (246)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 173,234	$ 208,506	$ 341,042	$ 387,343
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,654	30,774	63,167	61,981
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,100	30,493	59,632	60,970
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,554	281	3,535	1,011
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	99,260	132,763	202,333	253,368
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	56,724	65,081	112,983	135,659
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,536	67,682	89,350	117,709
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	126,914	163,537	265,500	315,349
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,095	30,774	59,624	61,357
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,095	30,493	59,624	60,970
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		281		387
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,804	27,633	51,141	59,496
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,005	25,437	47,118	54,850
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,799	2,196	4,023	4,646
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,559		3,543	624
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5		8
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,554		3,535	624
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,341	29,985	43,585	62,857
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,341	26,996	40,901	56,164
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		2,989	2,684	6,693
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,163	60,193	91,322	103,958
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,669	12,559	23,497	24,154
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,494	47,634	67,825	79,804
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,952	14,952	16,285	27,057
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	709	89	1,467	491
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,243	14,863	14,818	26,566
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	59,325	68,310	129,302	140,152
Operating Segments \| Southern Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,899	58,407	110,765	120,853
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,283	32,317	49,475	66,736
Operating Segments \| Pacific Northwest Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,900	29,985	47,128	63,481
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	53,782	60,898	99,482	105,004
Operating Segments \| New Zealand Timber \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,163	60,193	91,322	103,958
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,248	15,299	16,912	27,738
Operating Segments \| Trading \| Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 4,952	$ 14,952	$ 16,285	$ 27,057

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Jun. 30, 2024 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned	410
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 - Nonc

NONCONTROLLING INTERESTS - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 69,589	$ 82,461	$ 81,651	$ 105,763
Adjustment of noncontrolling interests in the Operating Partnership	(8,093)	(4,296)	(7,802)	(1,920)
Conversions of Redeemable Operating Partnership Units to common shares	(1,915)	(304)	(13,426)	(24,185)
Net income attributable to noncontrolling interests in the Operating Partnership	26	318	46	492
Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership	19	58	(246)	(1,052)
Distributions to noncontrolling interests in the Operating Partnership	(579)	(705)	(1,176)	(1,566)
Ending noncontrolling interests in the Operating Partnership	$ 59,047	$ 77,532	$ 59,047	$ 77,532

EARNINGS PER SHARE AND PER UN_3

EARNINGS PER SHARE AND PER UNIT - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income	$ 3,035		$ 19,096		$ 5,341	$ 26,534
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(26)	$ (20)	(318)	$ (174)	(46)	(492)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,106)		245		(2,035)	1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,903		$ 19,023		$ 3,260	$ 27,323
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,910,214		148,218,436		148,738,795	147,800,265
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.01		$ 0.13		$ 0.02	$ 0.18
Numerator:
Net Income	$ 3,035		$ 19,096		$ 5,341	$ 26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,106)		245		(2,035)	1,281
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$ 1,929		$ 19,341		$ 3,306	$ 27,815
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,910,214		148,218,436		148,738,795	147,800,265
Add: Dilutive effect of:
Stock options (in shares)	0		0		82	943
Performance shares, restricted shares and restricted stock units (in shares/units)	298,655		269,994		464,463	441,204
Noncontrolling interests in Operating Partnership units (in shares)	2,059,420		2,476,761		2,118,829	2,785,928
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	151,268,289		150,965,191		151,322,169	151,028,340
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.01		$ 0.13		$ 0.02	$ 0.18
Rayonier Limited Partnership
Numerator:
Net Income	$ 3,035	2,306	$ 19,096	7,437	$ 5,341	$ 26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	(1,106)		245		(2,035)	1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 1,929		$ 19,341		$ 3,306	$ 27,815
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,969,634		150,695,197		150,857,624	150,586,193
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01		$ 0.13		$ 0.02	$ 0.18
Numerator:
Net Income	$ 3,035	$ 2,306	$ 19,096	$ 7,437	$ 5,341	$ 26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates	$ (1,106)		$ 245		$ (2,035)	$ 1,281
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	150,969,634		150,695,197		150,857,624	150,586,193
Add: Dilutive effect of:
Stock options (in shares)	0		0		82	943
Performance shares, restricted shares and restricted stock units (in shares/units)	298,655		269,994		464,463	441,204
Denominator for diluted earnings per unit - adjusted weighted average units (in units)	151,268,289		150,965,191		151,322,169	151,028,340
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.01		$ 0.13		$ 0.02	$ 0.18

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options, performance shares, restricted shares and restricted stock units (in shares)	205,155	241,316	149,365	152,992
Rayonier Limited Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options, performance shares, restricted shares and restricted stock units (in shares)	205,155	241,316	149,365	152,992

DEBT - Long Term Debt (Details)

DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal debt	$ 1,370,100
Less: Unamortized discounts	(2,602)
Less: Deferred financing costs	(3,847)
Total long-term debt	$ 1,363,651	$ 1,365,773
Credit Spread Option
Debt Instrument [Line Items]
Basis points on periodic interest rate (as a percent)	0.10%
Senior Notes Due 2031
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.75%
Total principal debt	$ 450,000
2015 Term Loan Borrowings Due 2028
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.92%
Total principal debt	$ 350,000
Basis points on periodic interest rate (as a percent)	1.60%
Variable interest rate (as a percent)	2.91%
2021 Incremental Term Loan Borrowings Due 2029
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.97%
Total principal debt	$ 200,000
Basis points on periodic interest rate (as a percent)	1.65%
Variable interest rate (as a percent)	1.45%
2016 Incremental Term Loan Borrowings Due 2026
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.07%
Total principal debt	$ 200,000
Basis points on periodic interest rate (as a percent)	1.75%
Variable interest rate (as a percent)	2.38%
2022 Incremental Term Loan Borrowings Due 2027
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	7.02%
Total principal debt	$ 100,000
Basis points on periodic interest rate (as a percent)	1.70%
Variable interest rate (as a percent)	4.55%
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2026 \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	3.64%
Total principal debt	$ 24,535
New Zealand Subsidiary Noncontrolling Interest Shareholder Loan Due 2027 \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.48%
Total principal debt	$ 24,535
New Zealand Susidiary Noncontrolling Interest Shareholder Loan Due 2025 \| Matariki Forestry Group
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	2.95%
Total principal debt	$ 21,030

DEBT - Long Term Maturities (De

DEBT - Long Term Maturities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	21,030
2026	224,535
2027	124,535
2028	350,000
Thereafter	650,000
Total Debt	$ 1,370,100

DEBT - Narrative (Details)

DEBT - Narrative (Details) - 6 months ended Jun. 30, 2024 $ in Thousands, $ in Thousands	USD ($)	NZD ($)	NZD ($)
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments		$ 0
Remaining borrowing capacity			$ 20,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings, net of repayments	$ 0
Remaining borrowing capacity	293,000
Amount to secure outstanding letters of credit	$ 7,000

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details)	Jun. 30, 2024
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, covenant requirement	2.5
Covenant EBITDA to consolidated interest expense, actual ratio	11.9
Covenant EBITDA to consolidated interest expense, favorable	9.4
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)	0.44
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.21

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - New Zealand JV	6 Months Ended
	Jun. 30, 2024
Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50%
Minimum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum \| Forecasted Sales and Purchases, term 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Minimum \| Forecasted Sales and Purchases, term 4
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Minimum \| Forecasted Sales and Purchases, term 5
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 months
Maximum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90%
Maximum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months (as a percent)	75%
Maximum \| Forecasted Sales and Purchases, term 3
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
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
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) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Credit Spread Option
Derivative [Line Items]
Bank Margin on Debt	0.10%
Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170
Fixed Rate of Swap	2.10%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	3.70%
Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180
Fixed Rate of Swap	2.26%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	3.86%
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%
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%
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%
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%
Forward-Starting Interest Rate Swap 1
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100,000
Fixed Rate of Swap	0.78%
Forward-Starting Interest Rate Swap 2
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed Rate of Swap	0.64%
Forward-Starting Interest Rate Swap 3
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50,000
Fixed Rate of Swap	3.29%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ 198	$ 2,966	$ 11,942	$ (12,319)
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]
Derivatives designated as cash flow hedges	1,636		188		$ (3,855)	$ 4,001
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency exchange contracts \| Other operating expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	934		(1,577)		1,392	(4,005)
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]
Derivatives designated as cash flow hedges	618		(561)		(1,021)	(831)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other operating expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	0		(48)		8	(48)
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]
Derivatives designated as cash flow hedges	5,181		17,695		20,222	8,035
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate products \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	$ (7,278)		$ (4,314)		$ (14,557)	$ (7,777)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,982
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	97
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	25
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 22,860

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	Jun. 30, 2024	Dec. 31, 2023
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 130,450	$ 122,700
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	122,000	98,000
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	$ 200,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 64,501	$ 62,595
Fair value, derivative liability	(2,220)	(2,146)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	2,029	7,259
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	62,472	55,336
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(916)	(803)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,304)	(1,343)
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	781	1,175
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	507	2,405
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	(646)	(664)
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	(188)	0
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	305	342
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	1,640	2,158
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	(270)	(139)
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	(1,116)	(789)
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Interest rate swaps \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	943	5,742
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	41,853	37,983
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	(546)
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	18,472	12,790
Derivatives Designated as Cash Flow Hedges \| Derivatives Designated as Cash Flow Hedges \| Forward-starting interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (8)

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 677	$ 678	$ 4,962
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	141,906	207,696
Restricted cash	677	678
Long-term debt	(1,363,651)	(1,365,773)
Noncontrolling interests in the Operating Partnership	59,047	81,651
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	42,796	43,179
Carrying Amount \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	18,472	12,782
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	454	2,916
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	559	1,572
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	141,906	207,696
Restricted cash	677	678
Long-term debt	0	0
Noncontrolling interests in the Operating Partnership	0	0
Fair Value \| Level 1 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0	0
Fair Value \| Level 1 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	0	0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	0	0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term debt	(1,307,553)	(1,299,951)
Noncontrolling interests in the Operating Partnership	59,047	81,651
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	42,796	43,179
Fair Value \| Level 2 \| Forward-starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	18,472	12,782
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	454	2,916
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, assets	$ 559	$ 1,572

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Changes in Environmental and NRD Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, non-current portion	$ 4,785
Beginning balance, plus: current portion	11,793
Beginning balance	16,578
Expenditures charged to liabilities	(331)
Increase to liabilities	2,874
Ending balance	19,121
Ending balance, less: current portion	(14,681)
Ending balance, non-current portion	$ 4,440
Environmental Loss Contingency, Current, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities
Environmental Loss Contingency, Noncurrent, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	environmental and NRD liabilities

ENVIRONMENTAL AND NATURAL RES_4

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
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	Jun. 30, 2024 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 27,015
Standby Letters of Credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	6,996
Letter of credit for development project	6,300
Surety Bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 20,019

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 105,595
Plus: Current portion, beginning balance	26,338
Total balance, beginning balance	131,933
Non-cash cost of land and improved development	(4,958)
Amortization of parcel real estate development investments	(3,941)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(389)
Capitalized real estate development investments	16,542
Capital expenditures (silviculture)	84
Intersegment transfers	14,319
Total balance, ending balance	153,590
Less: Current portion, ending balance	(18,237)
Non-current portion, ending balance	135,353
Capitalized interest	600
Parcel real estate development investments	6,400
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	86,986
Plus: Current portion, beginning balance	1,699
Total balance, beginning balance	88,685
Non-cash cost of land and improved development	(369)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(389)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	84
Intersegment transfers	14,319
Total balance, ending balance	102,330
Less: Current portion, ending balance	(12,168)
Non-current portion, ending balance	90,162
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	18,609
Plus: Current portion, beginning balance	24,639
Total balance, beginning balance	43,248
Non-cash cost of land and improved development	(4,589)
Amortization of parcel real estate development investments	(3,941)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	16,542
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	51,260
Less: Current portion, ending balance	(6,069)
Non-current portion, ending balance	$ 45,191

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventory	$ 23,887	$ 31,017
Real Estate Inventory
Inventory [Line Items]
Total inventory	18,237	26,338
Log inventory
Inventory [Line Items]
Total inventory	5,467	4,490
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 183	$ 189

OTHER OPERATING EXPENSE, NET (D

OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Loss on foreign currency remeasurement, net of cash flow hedges	$ (1,170)	$ (1,674)	$ (928)	$ (4,157)
Gain on sale or disposal of property and equipment	3	35	13	37
Costs related to disposition initiatives	(696)	0	(696)	0
Miscellaneous (expense) income, net	(31)	238	(12)	203
Total	$ (1,894)	$ (1,401)	$ (1,623)	$ (3,917)

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	6 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) plan	Jun. 30, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of qualified defined benefit plans \| plan	1
Pension settlement charge	$ 5,673	$ 0
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	2,700
Pension settlement charge	5,700
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, expected future employer contributions, next fiscal year	$ 1,200

EMPLOYEE BENEFIT PLANS - Net Be

EMPLOYEE BENEFIT PLANS - Net Benefit Costs (Credits) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	16	844	530	1,689
Expected return on plan assets	0	(887)	(542)	(1,776)
Amortization of losses	0	1	0	3
Pension settlement loss			5,673	0
Net periodic benefit cost (credit)	16	(42)	$ 5,661	(84)
Weighted-average expected long-term rate of return on plan assets (as a percent)			5%
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	$ 2	2
Interest cost	18	17	35	35
Expected return on plan assets	0	0	0	0
Amortization of losses	0	0	0	0
Pension settlement loss			0	0
Net periodic benefit cost (credit)	$ 19	$ 18	$ 37	$ 37

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)		6 Months Ended
INCOME TAXES - Narrative (Details)	Jun. 30, 2024	Jun. 30, 2024
Income Taxes
U.S. federal statutory income tax rate (as a percent)		21%
Operating Partnership
Income Taxes
Ownership interest (as a percent)	98.70%

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Income tax (expense) benefit	$ (500)	$ (193)	$ 332	$ (1,230)
Pension
Income Taxes
Tax on settlement charge			$ 1,200

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	11.80%	3.90%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,860,536
Other comprehensive (loss) income before reclassifications	12,014	$ 7,547
Amounts reclassified from accumulated other comprehensive income	(8,916)	(18,709)
Net other comprehensive (loss) income	3,098	(11,162)
Ending balance	1,806,787	1,860,536
Pension
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Pre-tax non-cash pension settlement charge	4,500
Tax on settlement charge	1,200
Settlement charge		2,000
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	24,651	35,813
Ending balance	27,749	24,651
Foreign currency translation (losses) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(19,533)	(18,067)
Other comprehensive (loss) income before reclassifications	(10,450)	(1,466)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	(10,450)	(1,466)
Ending balance	(29,983)	(19,533)
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,321
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	0	0
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	55,846	67,204
Other comprehensive (loss) income before reclassifications	17,520	10,537
Amounts reclassified from accumulated other comprehensive income	(13,780)	(21,895)
Net other comprehensive (loss) income	3,740	(11,358)
Ending balance	59,586	55,846
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss) income before reclassifications	20,200	10,300
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,616)	(10,209)
Other comprehensive (loss) income before reclassifications	5,110	(1,449)
Amounts reclassified from accumulated other comprehensive income	4,452	2,042
Net other comprehensive (loss) income	9,562	593
Ending balance	(54)	(9,616)
Total Rayonier, L.P.
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	28,018	40,249
Other comprehensive (loss) income before reclassifications	12,180	7,622
Amounts reclassified from accumulated other comprehensive income	(9,328)	(19,853)
Net other comprehensive (loss) income	2,852	(12,231)
Ending balance	30,870	28,018
Allocation of Operating Partnership
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,367)	(4,436)
Other comprehensive (loss) income before reclassifications	(166)	(75)
Amounts reclassified from accumulated other comprehensive income	412	1,144
Net other comprehensive (loss) income	246	1,069
Ending balance	$ (3,121)	$ (3,367)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ 1,894	$ 1,401	$ 1,623	$ 3,917
Interest expense, net	(9,811)	(12,457)	(19,555)	(24,158)
Income tax (expense) benefit	(500)	(193)	332	(1,230)
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	$ (3,035)	$ (19,096)	(5,341)	(26,534)
Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain on cash flow hedges reclassified from accumulated other comprehensive income			(13,780)	(10,023)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax (expense) benefit			(301)	875
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income \| Realized loss (gain) on foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			1,392	(4,005)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income \| Realized loss (gain) on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net			8	(48)
Cash Flow Hedges, Parent \| Amount reclassified from accumulated other comprehensive income \| Realized gain on interest rate contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense, net			(14,557)	(7,777)
Cash Flow Hedges, Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (income) loss attributable to noncontrolling interests			$ (322)	$ 932

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details)	6 Months Ended
RESTRICTED CASH - Narrative (Details)	Jun. 30, 2024
Restricted Cash and Investments [Abstract]
Period for proceeds to be returned	180 days

RESTRICTED CASH - Restricted Ca

RESTRICTED CASH - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 677	$ 678	$ 4,962
Cash and cash equivalents	141,906	207,696	88,404
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	142,583	$ 208,374	93,366	$ 115,407
Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	0		1,646
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 677		$ 3,316

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize (in months)	12 months
Assets held for sale	$ 1	$ 9.9
Asset impairment recognized	$ 0