Rayonier (RYN) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		149,001,211
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Rayonier Limited Partnership
Entity Addresses [Line Items]
Entity Registrant Name	Rayonier, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-237246
Entity Tax Identification Number	91-1313292
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares/Units Outstanding		2,009,522
Entity Central Index key	0001806931
Current Fiscal year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
SALES (NOTE 3)	$ 194,993	$ 201,579	$ 536,700	$ 589,526
Costs and Expenses
Cost of sales	(147,202)	(145,622)	(419,053)	(463,197)
Selling and general expenses	(18,271)	(18,947)	(57,852)	(54,677)
Other operating expense, net (Note 14)	(1,914)	(1,654)	(3,538)	(5,571)
Costs and expenses	(167,387)	(166,223)	(480,443)	(523,445)
OPERATING INCOME	27,606	35,356	56,257	66,081
Interest expense, net	(10,021)	(12,598)	(29,576)	(36,755)
Interest and other miscellaneous income, net	12,892	529	8,805	21,725
INCOME BEFORE INCOME TAXES	30,477	23,287	35,486	51,051
Income tax (expense) benefit (Note 16)	(35)	(547)	297	(1,777)
NET INCOME	30,442	22,740	35,783	49,274
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(391)	(320)	(437)	(811)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,293)	(3,183)	(3,328)	(1,902)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	28,758	19,237	32,018	46,561
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	13,338	(4,413)	2,402	(17,350)
Cash flow hedges, net of income tax effect of $2,312, $75, $1,339 and $322	(15,827)	7,379	(12,664)	7,002
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $1,222 and $0	139	2	9,701	4
Total other comprehensive (loss) income	(2,350)	2,968	(561)	(10,344)
COMPREHENSIVE INCOME	28,092	25,708	35,222	38,930
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(334)	(373)	(417)	(592)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(3,195)	(2,906)	(4,168)	(884)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 24,563	$ 22,429	$ 30,637	$ 37,454
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.19	$ 0.13	$ 0.22	$ 0.31
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.19	$ 0.13	$ 0.21	$ 0.31

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	2,312	75	1,339	322
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	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 74,225	$ 207,696
Trade receivables, less allowance for doubtful accounts of $504 and $210	37,155	28,652
Other receivables	12,253	11,517
Inventory (Note 13)	18,656	31,017
Prepaid expenses	20,918	19,070
Assets held for sale (Note 19)	106,165	9,932
Other current assets	7,701	9,074
Total current assets	277,073	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,848,323	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	138,977	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,579	31,251
Machinery and equipment	5,070	6,523
Construction in progress	1,433	1,841
Total property, plant and equipment, gross	44,535	46,068
Less — accumulated depreciation	(20,146)	(19,059)
Total property, plant and equipment, net	24,389	27,009
RESTRICTED CASH (NOTE 18)	3,021	678
RIGHT-OF-USE ASSETS	93,988	95,474
OTHER ASSETS	93,463	97,555
TOTAL ASSETS	3,479,234	3,647,585
CURRENT LIABILITIES
Accounts payable	29,335	26,561
Current maturities of long-term debt, net (Note 6)	22,010	0
Accrued taxes	8,307	4,394
Accrued payroll and benefits	11,145	14,215
Accrued interest	9,050	7,094
Pension and other postretirement benefits (Note 15)	52	8,444
Dividend and distribution payable	0	30,148
Deferred revenue	29,570	19,012
Other current liabilities	29,993	30,409
Total current liabilities	139,462	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,285,239	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,483	1,441
LONG-TERM LEASE LIABILITY	86,980	87,684
LONG-TERM DEFERRED REVENUE	14,070	11,294
OTHER NON-CURRENT LIABILITIES	84,569	81,863
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)	64,666	81,651
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 149,000,336 and 148,299,117 shares issued and outstanding	1,519,570	1,497,641
Retained earnings	243,861	338,244
Accumulated other comprehensive income (Note 17)	23,574	24,651
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,787,005	1,860,536
Noncontrolling interests in consolidated affiliates (Note 4)	15,760	17,066
TOTAL SHAREHOLDERS’ EQUITY	1,802,765	1,877,602
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,479,234	$ 3,647,585

RAYONIER INC. AND SUBSIDIARIE_4

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Allowance for doubtful accounts	$ 504	$ 210
SHAREHOLDERS’ EQUITY
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	149,000,336	148,299,117
Common shares, shares outstanding (in shares)	149,000,336	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 incentive 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		(811)
Pension and postretirement benefit plans		4
Foreign currency translation adjustment		(17,350)
Cash flow hedges		7,002
Ending balance (in shares) at Sep. 30, 2023			148,287,338
Ending balance at Sep. 30, 2023		1,832,312	$ 1,493,511	295,096	27,504	16,201
Beginning balance (in shares) at Mar. 31, 2023			148,012,979
Beginning balance at Mar. 31, 2023		1,854,815	$ 1,489,274	330,389	20,868	14,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		19,096		19,341		(245)
Net income attributable to noncontrolling interests in the Operating Partnership		(318)		(318)
Dividends	[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 incentive 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		22,740		19,557		3,183
Net income attributable to noncontrolling interests in the Operating Partnership		(320)		(320)
Dividends	[1]	(42,460)		(42,460)
Issuance of shares under incentive stock plans (in shares)			3,959
Stock-based incentive compensation		3,365	$ 3,365
Repurchase of common shares (in shares)			(968)
Repurchase of common shares		(29)	$ (29)
Adjustment of noncontrolling interests in the Operating Partnership		6,890		6,890
Conversion of units into common shares (in shares)			15,904
Conversion of units into common shares		479	$ 479
Pension and postretirement benefit plans		2			2
Foreign currency translation adjustment		(4,413)			(4,180)	(233)
Cash flow hedges		7,379			7,423	(44)
Allocation of other comprehensive loss (income) to noncontrolling interests in the Operating Partnership		(36)			(36)
Ending balance (in shares) at Sep. 30, 2023			148,287,338
Ending balance at Sep. 30, 2023		$ 1,832,312	$ 1,493,511	295,096	27,504	16,201
Beginning balance (in shares) at 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 incentive 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		(437)
Pension and postretirement benefit plans		9,701
Foreign currency translation adjustment		2,402
Cash flow hedges		$ (12,664)
Ending balance (in shares) at Sep. 30, 2024		149,000,336	149,000,336
Ending balance at Sep. 30, 2024		$ 1,802,765	$ 1,519,570	243,861	23,574	15,760
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 incentive 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
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
Ending balance at Jun. 30, 2024		1,821,065	$ 1,515,026	264,012	27,749	14,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		30,442		29,149		1,293
Net income attributable to noncontrolling interests in the Operating Partnership		(391)		(391)
Dividends	[2]	(42,433)		(42,433)
Issuance of shares under incentive stock plans (in shares)			848
Stock-based incentive compensation		3,906	$ 3,906
Repurchase of common shares (in shares)			(222)
Repurchase of common shares		(5)	$ (5)
Adjustment of noncontrolling interests in the Operating Partnership		(6,476)		(6,476)
Conversion of units into common shares (in shares)			20,292
Conversion of units into common shares		643	$ 643
Pension and postretirement benefit plans		139			139
Foreign currency translation adjustment		13,338			12,804	534
Cash flow hedges		(15,827)			(17,195)	1,368
Allocation of other comprehensive loss (income) to noncontrolling interests in the Operating Partnership		77			77
Distributions to noncontrolling interests in consolidated affiliates		$ (1,713)				(1,713)
Ending balance (in shares) at Sep. 30, 2024		149,000,336	149,000,336
Ending balance at Sep. 30, 2024		$ 1,802,765	$ 1,519,570	$ 243,861	$ 23,574	$ 15,760
[1] For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests . For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests .

RAYONIER INC. AND SUBSIDIARIE_6

RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.285	$ 0.285	$ 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income		$ 35,783	$ 49,274
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		106,663	114,281
Non-cash cost of land and improved development		19,217	20,189
Stock-based incentive compensation expense		12,027	10,201
Deferred income taxes		(4,154)	(2,855)
Pension settlement charge		5,979	0
Timber write-offs resulting from casualty events		0	2,302
Other		51	7,826
Changes in operating assets and liabilities:
Receivables		(12,469)	251
Inventories		721	(1,190)
Accounts payable		5,000	3,630
All other operating activities		4,960	5,027
CASH PROVIDED BY OPERATING ACTIVITIES		173,778	208,936
INVESTING ACTIVITIES
Capital expenditures		(53,166)	(53,128)
Real estate development investments		(19,073)	(18,757)
Purchase of timberlands		(3,637)	(13,988)
Other		1,031	6,197
CASH USED FOR INVESTING ACTIVITIES		(74,845)	(79,676)
FINANCING ACTIVITIES
Repayment of debt		(60,000)	0
Dividends paid on common shares	[1]	(158,094)	(127,587)
Distributions to noncontrolling interests in the Operating Partnership	[2]	(2,192)	(2,265)
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		(4,167)	(4,217)
Distributions to noncontrolling interests in consolidated affiliates		(5,473)	0
CASH USED FOR FINANCING ACTIVITIES		(229,926)	(134,151)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(135)	(928)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(131,128)	(5,819)
Balance, beginning of year		208,374	115,407
Balance, end of period		77,246	109,588
Cash paid during the period:
Interest	[3]	24,900	31,556
Income taxes		5,493	4,651
Non-cash investing activity:
Capital assets purchased on account		$ 5,091	$ 5,161
[1] The nine months ended September 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 nine months ended September 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 nine months ended September 30, 2024 and September 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) - USD ($) $ in Millions		12 Months Ended
	Jan. 12, 2024	Dec. 31, 2023
Additional cash dividends	$ 29.8
Additional cash distributions	$ 0.5
S 2023 Q4 Dividends
Dividends (in dollars per share)		$ 0.20
S 2023 Q4 Distributions
Distributions declared (in dollars per unit)		$ 0.20

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SALES (NOTE 3)	$ 194,993	$ 201,579	$ 536,700	$ 589,526
Costs and Expenses
Cost of sales	(147,202)	(145,622)	(419,053)	(463,197)
Selling and general expenses	(18,271)	(18,947)	(57,852)	(54,677)
Other operating expense, net (Note 14)	(1,914)	(1,654)	(3,538)	(5,571)
Costs and expenses	(167,387)	(166,223)	(480,443)	(523,445)
OPERATING INCOME	27,606	35,356	56,257	66,081
Interest expense, net	(10,021)	(12,598)	(29,576)	(36,755)
Interest and other miscellaneous income, net	12,892	529	8,805	21,725
INCOME BEFORE INCOME TAXES	30,477	23,287	35,486	51,051
Income tax (expense) benefit (Note 16)	(35)	(547)	297	(1,777)
NET INCOME	30,442	22,740	35,783	49,274
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,293)	(3,183)	(3,328)	(1,902)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	28,758	19,237	32,018	46,561
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	13,338	(4,413)	2,402	(17,350)
Cash flow hedges, net of income tax effect of $2,312, $75, $1,339 and $322	(15,827)	7,379	(12,664)	7,002
Pension and postretirement benefit plans, net of income tax expense of $0, $0, $1,222 and $0	139	2	9,701	4
Total other comprehensive (loss) income	(2,350)	2,968	(561)	(10,344)
COMPREHENSIVE INCOME	28,092	25,708	35,222	38,930
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(3,195)	(2,906)	(4,168)	(884)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	24,563	22,429	30,637	37,454
Rayonier Limited Partnership
SALES (NOTE 3)	194,993	201,579	536,700	589,526
Costs and Expenses
Cost of sales	(147,202)	(145,622)	(419,053)	(463,197)
Selling and general expenses	(18,271)	(18,947)	(57,852)	(54,677)
Other operating expense, net (Note 14)	(1,914)	(1,654)	(3,538)	(5,571)
Costs and expenses	(167,387)	(166,223)	(480,443)	(523,445)
OPERATING INCOME	27,606	35,356	56,257	66,081
Interest expense, net	(10,021)	(12,598)	(29,576)	(36,755)
Interest and other miscellaneous income, net	12,892	529	8,805	21,725
INCOME BEFORE INCOME TAXES	30,477	23,287	35,486	51,051
Income tax (expense) benefit (Note 16)	(35)	(547)	297	(1,777)
NET INCOME	30,442	22,740	35,783	49,274
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,293)	(3,183)	(3,328)	(1,902)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	29,149	19,557	32,455	47,372
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0	13,338	(4,413)	2,402	(17,350)
Cash flow hedges, net of income tax effect of $2,312, $75, $1,339 and $322	(15,827)	7,379	(12,664)	7,002
Pension and postretirement benefit plans, net of income tax expense of $0, $0, $1,222 and $0	139	2	9,701	4
Total other comprehensive (loss) income	(2,350)	2,968	(561)	(10,344)
COMPREHENSIVE INCOME	28,092	25,708	35,222	38,930
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates	(3,195)	(2,906)	(4,168)	(884)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 24,897	$ 22,802	$ 31,054	$ 38,046
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.19	$ 0.13	$ 0.22	$ 0.31
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.19	$ 0.13	$ 0.21	$ 0.31
Rayonier Limited Partnership | Limited Partners
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 28,858	$ 19,361	$ 32,131	$ 46,898
Rayonier Limited Partnership | General Partners
Costs and Expenses
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 291	$ 196	$ 324	$ 474

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, tax expense	2,312	75	1,339	322
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	2,312	75	1,339	322
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	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 74,225	$ 207,696
Trade receivables, less allowance for doubtful accounts of $504 and $210	37,155	28,652
Other receivables	12,253	11,517
Inventory (Note 13)	18,656	31,017
Prepaid expenses	20,918	19,070
Assets held for sale (Note 19)	106,165	9,932
Other current assets	7,701	9,074
Total current assets	277,073	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,848,323	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	138,977	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,579	31,251
Machinery and equipment	5,070	6,523
Construction in progress	1,433	1,841
Total property, plant and equipment, gross	44,535	46,068
Less — accumulated depreciation	(20,146)	(19,059)
Total property, plant and equipment, net	24,389	27,009
RESTRICTED CASH (NOTE 18)	3,021	678
RIGHT-OF-USE ASSETS	93,988	95,474
OTHER ASSETS	93,463	97,555
TOTAL ASSETS	3,479,234	3,647,585
CURRENT LIABILITIES
Accounts payable	29,335	26,561
Current maturities of long-term debt, net (Note 6)	22,010	0
Accrued taxes	8,307	4,394
Accrued payroll and benefits	11,145	14,215
Accrued interest	9,050	7,094
Pension and other postretirement benefits (Note 15)	52	8,444
Deferred revenue	29,570	19,012
Other current liabilities	29,993	30,409
Total current liabilities	139,462	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,285,239	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,483	1,441
LONG-TERM LEASE LIABILITY	86,980	87,684
LONG-TERM DEFERRED REVENUE	14,070	11,294
OTHER NON-CURRENT LIABILITIES	84,569	81,863
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,009,522 and 2,443,898 Units outstanding, respectively	64,666	81,651
CAPITAL
Accumulated other comprehensive income (Note 17)	23,574	24,651
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,479,234	3,647,585
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	74,225	207,696
Trade receivables, less allowance for doubtful accounts of $504 and $210	37,155	28,652
Other receivables	12,253	11,517
Inventory (Note 13)	18,656	31,017
Prepaid expenses	20,918	19,070
Assets held for sale (Note 19)	106,165	9,932
Other current assets	7,701	9,074
Total current assets	277,073	316,958
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,848,323	3,004,316
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 12)	138,977	105,595
PROPERTY, PLANT AND EQUIPMENT
Land	6,453	6,453
Buildings	31,579	31,251
Machinery and equipment	5,070	6,523
Construction in progress	1,433	1,841
Total property, plant and equipment, gross	44,535	46,068
Less — accumulated depreciation	(20,146)	(19,059)
Total property, plant and equipment, net	24,389	27,009
RESTRICTED CASH (NOTE 18)	3,021	678
RIGHT-OF-USE ASSETS	93,988	95,474
OTHER ASSETS	93,463	97,555
TOTAL ASSETS	3,479,234	3,647,585
CURRENT LIABILITIES
Accounts payable	29,335	26,561
Current maturities of long-term debt, net (Note 6)	22,010	0
Accrued taxes	8,307	4,394
Accrued payroll and benefits	11,145	14,215
Accrued interest	9,050	7,094
Pension and other postretirement benefits (Note 15)	52	8,444
Distribution Payable	0	30,148
Deferred revenue	29,570	19,012
Other current liabilities	29,993	30,409
Total current liabilities	139,462	140,277
LONG-TERM DEBT, NET (NOTE 6)	1,285,239	1,365,773
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)	1,483	1,441
LONG-TERM LEASE LIABILITY	86,980	87,684
LONG-TERM DEFERRED REVENUE	14,070	11,294
OTHER NON-CURRENT LIABILITIES	84,569	81,863
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,009,522 and 2,443,898 Units outstanding, respectively	64,666	81,651
CAPITAL
General partners’ capital	17,603	18,325
Limited partners’ capital	1,742,784	1,814,193
Accumulated other comprehensive income (Note 17)	26,618	28,018
TOTAL CONTROLLING INTEREST CAPITAL	1,787,005	1,860,536
Noncontrolling interests in consolidated affiliates (Note 4)	15,760	17,066
TOTAL CAPITAL	1,802,765	1,877,602
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,479,234	$ 3,647,585

RAYONIER, L.P. AND SUBSIDIARI_4

RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Allowance for doubtful accounts	$ 504	$ 210
Rayonier Limited Partnership
CURRENT ASSETS
Allowance for doubtful accounts	$ 504	$ 210
SHAREHOLDERS’ EQUITY
Common units outstanding (in shares)	2,009,522	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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	$ 30,442			$ 22,740			$ 35,783	$ 49,274
Costs associated with the “at-the-market” (ATM) equity offering program					$ (71)
Pension and postretirement benefit plans	139		$ 9,562	2	2	$ 1	9,701	4
Foreign currency translation adjustment	13,338	$ 6,014	(16,951)	(4,413)	(9,203)	(3,733)	2,402	(17,350)
Cash flow hedges	(15,827)	198	2,966	7,379	11,942	(12,319)	(12,664)	7,002
Distributions to noncontrolling interests in consolidated affiliates	(1,713)	(2,047)	(1,713)
Rayonier Limited Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,821,065	1,845,647	1,877,602	1,838,715	1,854,815	1,880,712	1,877,602	1,880,712
Net income (loss)	30,442	3,035	2,306	22,740	19,096	7,437	35,783	49,274
Distributions on units	(42,961)	(43,095)	(43,374)	(43,159)	(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 incentive compensation	3,906	4,904	3,218	3,365	4,336	2,499
Repurchase of units	(5)	(4,132)	(31)	(29)	(4,147)	(41)
Adjustment of Redeemable Operating Partnership Units	(6,262)	8,626	551	7,233	4,625	(579)
Conversion of units into common shares	643	1,915	11,511	479	304	23,881
Pension and postretirement benefit plans	139		9,562	2	2	1	9,701	4
Foreign currency translation adjustment	13,338	6,014	(16,951)	(4,413)	(9,203)	(3,733)	2,402	(17,350)
Cash flow hedges	(15,827)	198	2,966	7,379	11,942	(12,319)	(12,664)	7,002
Distributions to noncontrolling interests in consolidated affiliates	(1,713)	(2,047)	(1,713)
Ending balance	1,802,765	1,821,065	1,845,647	1,832,312	1,838,715	1,854,815	1,802,765	1,832,312
Rayonier Limited Partnership | Units | General Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	17,759	18,057	18,325	17,977	18,163	18,251	18,325	18,251
Net income (loss)	291	19	14	196	193	85
Distributions on units	(430)	(430)	(434)	(432)	(429)	(431)
Costs associated with the “at-the-market” (ATM) equity offering program					(1)
Stock-based incentive compensation	39	49	32	34	43	25
Repurchase of units		(41)	(1)		(41)
Adjustment of Redeemable Operating Partnership Units	(62)	86	6	72	46	(6)
Conversion of units into common shares	6	19	115	5	3	239
Ending balance	17,603	17,759	18,057	17,852	17,977	18,163	17,603	17,852
Rayonier Limited Partnership | Units | Limited Partners’ Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,758,158	1,787,713	1,814,193	1,779,764	1,798,174	1,806,895	1,814,193	1,806,895
Net income (loss)	28,858	1,910	1,363	19,361	19,148	8,389
Distributions on units	(42,531)	(42,665)	(42,940)	(42,727)	(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 incentive compensation	3,867	4,855	3,186	3,331	4,293	2,474
Repurchase of units	(5)	(4,091)	(30)	(29)	(4,106)	(41)
Adjustment of Redeemable Operating Partnership Units	(6,200)	8,540	545	7,161	4,579	(573)
Conversion of units into common shares	637	1,896	11,396	474	301	23,642
Ending balance	1,742,784	1,758,158	1,787,713	1,767,335	1,779,764	1,798,174	1,742,784	1,767,335
Rayonier Limited Partnership | Accumulated Other Comprehensive Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	30,870	25,472	28,018	27,679	24,194	40,249	28,018	40,249
Pension and postretirement benefit plans	139		9,562	2	2	1
Foreign currency translation adjustment	12,804	5,728	(16,178)	(4,180)	(8,790)	(3,552)
Cash flow hedges	(17,195)	(330)	4,070	7,423	12,273	(12,504)
Ending balance	26,618	30,870	25,472	30,924	27,679	24,194	26,618	30,924
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	14,278	14,405	17,066	13,295	14,284	15,317	17,066	15,317
Net income (loss)	1,293	1,106	929	3,183	(245)	(1,037)
Foreign currency translation adjustment	534	286	(773)	(233)	(413)	(181)
Cash flow hedges	1,368	528	(1,104)	(44)	(331)	185
Distributions to noncontrolling interests in consolidated affiliates	(1,713)	(2,047)	(1,713)
Ending balance	$ 15,760	$ 14,278	$ 14,405	$ 16,201	$ 13,295	$ 14,284	$ 15,760	$ 16,201

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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	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	$ 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income		$ 35,783	$ 49,274
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		106,663	114,281
Non-cash cost of land and improved development		19,217	20,189
Stock-based incentive compensation expense		12,027	10,201
Deferred income taxes		(4,154)	(2,855)
Pension settlement charge		5,979	0
Timber write-offs resulting from casualty events		0	2,302
Other		51	7,826
Changes in operating assets and liabilities:
Receivables		(12,469)	251
Inventories		721	(1,190)
Accounts payable		5,000	3,630
All other operating activities		4,960	5,027
CASH PROVIDED BY OPERATING ACTIVITIES		173,778	208,936
INVESTING ACTIVITIES
Capital expenditures		(53,166)	(53,128)
Real estate development investments		(19,073)	(18,757)
Purchase of timberlands		(3,637)	(13,988)
Other		1,031	6,197
CASH USED FOR INVESTING ACTIVITIES		(74,845)	(79,676)
FINANCING ACTIVITIES
Repayment of debt		(60,000)	0
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		(5,473)	0
CASH USED FOR FINANCING ACTIVITIES		(229,926)	(134,151)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(135)	(928)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(131,128)	(5,819)
Balance, beginning of year		208,374	115,407
Balance, end of period		77,246	109,588
Cash paid during the period:
Interest	[1]	24,900	31,556
Income taxes		5,493	4,651
Non-cash investing activity:
Capital assets purchased on account		5,091	5,161
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		35,783	49,274
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		106,663	114,281
Non-cash cost of land and improved development		19,217	20,189
Stock-based incentive compensation expense		12,027	10,201
Deferred income taxes		(4,154)	(2,855)
Pension settlement charge		5,979	0
Timber write-offs resulting from casualty events		0	2,302
Other		51	7,826
Changes in operating assets and liabilities:
Receivables		(12,469)	251
Inventories		721	(1,190)
Accounts payable		5,000	3,630
All other operating activities		4,960	5,027
CASH PROVIDED BY OPERATING ACTIVITIES		173,778	208,936
INVESTING ACTIVITIES
Capital expenditures		(53,166)	(53,128)
Real estate development investments		(19,073)	(18,757)
Purchase of timberlands		(3,637)	(13,988)
Other		1,031	6,197
CASH USED FOR INVESTING ACTIVITIES		(74,845)	(79,676)
FINANCING ACTIVITIES
Repayment of debt		(60,000)	0
Distributions on units	[2]	(160,286)	(129,852)
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		(4,167)	(4,217)
Distributions to noncontrolling interests in consolidated affiliates		(5,473)	0
CASH USED FOR FINANCING ACTIVITIES		(229,926)	(134,151)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(135)	(928)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(131,128)	(5,819)
Balance, beginning of year		208,374	115,407
Balance, end of period		77,246	109,588
Cash paid during the period:
Interest	[3]	24,900	31,556
Income taxes		5,493	4,651
Non-cash investing activity:
Capital assets purchased on account		$ 5,091	$ 5,161
[1] Interest paid is presented net of patronage paymen ts receive d of $8.3 million a n d $6.2 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K. The nine months ended September 30, 2024 includes an additional cash distribution of $0.20 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 nine months ended September 30, 2024 and September 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		9 Months Ended		12 Months Ended
	Jan. 12, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Additional cash distributions	$ 0.5
Patronage refunds received, netted with interest paid		$ 8.3	$ 6.2
S 2023 Q4 Distributions
Distributions declared (in dollars per unit)				$ 0.20
Rayonier Limited Partnership
Additional cash distributions	$ 30.2
Patronage refunds received, netted with interest paid		$ 8.3	$ 6.2
Rayonier Limited Partnership | S 2023 Q4 Distributions
Distributions declared (in dollars per unit)				$ 0.20

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 September 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. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure about certain costs and expenses in the notes to financial statements. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The requirements in this ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements and disclosures. 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 Completed Timberland Dispositions In November 2024, we announced completed and pending timberland dispositions totaling approximately 200,000 acres for an aggregate purchase price of $495 million (~$2,475/acre). The dispositions consist of approximately 91,000 acres in Southeast Oklahoma and 109,000 acres on the Olympic Peninsula in Northwest Washington. Three of these transactions totaling $378 million have already closed during the fourth quarter, and the remaining transaction is expected to close before the end of the year. As of September 30, 2024, two of these properties met all of the criteria in ASC 360-10-45-9 and were classified as held for sale. See Note 19 — Assets Held for Sale for additional information. Debt Repayment On October 11, 2024, we repaid the $90 million unhedged portion of our 2015 Term Loan Agreement. Following the repayment, 100% of our debt is fixed through maturity. See Note 6 — Debt for additional information.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	9 Months Ended
	Sep. 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 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 nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, SALES 2024 2023 2024 2023 Southern Timber $62,019 $63,973 $191,322 $204,125 Pacific Northwest Timber 27,248 29,325 76,723 96,061 New Zealand Timber 66,774 70,435 166,256 175,438 Real Estate 30,061 31,175 76,596 79,492 Trading 8,979 6,782 26,035 34,767 Intersegment Eliminations (a) (88) (111) (232) (357) Total $194,993 $201,579 $536,700 $589,526 (a) Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended September 30, Nine Months Ended September 30, OPERATING INCOME (LOSS) 2024 2023 2024 2023 Southern Timber $19,821 $18,634 $59,919 $62,565 Pacific Northwest Timber 847 (557) (4,980) (6,475) New Zealand Timber (a) 8,936 17,555 19,284 19,265 Real Estate 8,632 9,187 14,284 18,720 Trading (117) (52) 60 356 Corporate and Other (b) (10,513) (9,411) (32,310) (28,350) Total Operating Income 27,606 35,356 56,257 66,081 Unallocated interest expense and other (c) 2,871 (12,069) (20,771) (15,030) Total Income before Income Taxes $30,477 $23,287 $35,486 $51,051 (a) The nine months ended September 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 nine months ended September 30, 2024 includes $0.9 million and $1.6 million, respectively, 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 September 30, 2024 includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. Net 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, net.” Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2024 2023 2024 2023 Southern Timber $18,118 $19,153 $56,672 $61,631 Pacific Northwest Timber 7,841 8,330 24,306 28,221 New Zealand Timber 5,632 5,952 14,454 16,335 Real Estate 1,451 3,088 9,900 6,826 Corporate and Other 444 444 1,331 1,268 Total $33,486 $36,967 $106,663 $114,281 Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2024 2023 2024 2023 Real Estate $9,845 $6,586 $19,217 $20,189 Total $9,845 $6,586 $19,217 $20,189

REVENUE

REVENUE	9 Months Ended
	Sep. 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 September 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, $29.6 million is expected to be recognized within the next twelve months, with the remaining $14.1 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table contains contract balances recorded in the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Balance Sheet Location Contract assets Trade receivables, net (a) $37,155 $28,652 Trade receivables Contract liabilities Deferred revenue, current (b) 29,570 19,012 Deferred revenue Deferred revenue, non-current (c) 14,070 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 nine months ended September 30, 2024 and 2023 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue recognized from contract liability balance at the beginning of the year (a) $2,122 $2,216 $20,377 $19,950 (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 nine months ended September 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2024 Pulpwood $23,182 $1,318 $8,307 — $358 — $33,165 Sawtimber 21,034 24,378 49,571 — 8,253 — 103,236 Hardwood 1,136 — — — — — 1,136 Total Timber Sales 45,352 25,696 57,878 — 8,611 — 137,537 License Revenue, Primarily from Hunting 5,348 290 96 — — — 5,734 Land-Based Solutions (a) 2,767 10 — — — — 2,777 Other Non-Timber/Carbon Credit Revenue 8,552 1,252 8,800 — — — 18,604 Agency Fee Income — — — — 280 — 280 Total Non-Timber Sales 16,667 1,552 8,896 — 280 — 27,395 Improved Development — — — 11,999 — — 11,999 Rural — — — 13,766 — — 13,766 Conservation Easement — — — 1,101 — — 1,101 Deferred Revenue/Other (b) — — — 2,740 — — 2,740 Total Real Estate Sales — — — 29,606 — — 29,606 Revenue from Contracts with Customers 62,019 27,248 66,774 29,606 8,891 — 194,538 Lease Revenue — — — 455 — — 455 Intersegment — — — — 88 (88) — Total Revenue $62,019 $27,248 $66,774 $30,061 $8,979 ($88) $194,993 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $25,514 $1,440 $6,507 — $447 — $33,908 Sawtimber 27,274 26,401 48,356 — 5,954 — 107,985 Hardwood 1,343 — — — — — 1,343 Total Timber Sales 54,131 27,841 54,863 — 6,401 — 143,236 License Revenue, Primarily from Hunting 7,133 439 90 — — — 7,662 Land-Based Solutions (a) 1,041 8 — — — — 1,049 Other Non-Timber/Carbon Credit Revenue 1,668 1,037 15,482 — — — 18,187 Agency Fee Income — — — — 270 — 270 Total Non-Timber Sales 9,842 1,484 15,572 — 270 — 27,168 Improved Development — — — 3,120 — — 3,120 Unimproved Development — — — 114 — — 114 Rural — — — 20,461 — — 20,461 Timberland & Non-Strategic — — — 1,055 — — 1,055 Deferred Revenue/Other (b) — — — 5,981 — — 5,981 Total Real Estate Sales — — — 30,731 — — 30,731 Revenue from Contracts with Customers 63,973 29,325 70,435 30,731 6,671 — 201,135 Lease Revenue — — — 444 — — 444 Intersegment — — — — 111 (111) — Total Revenue $63,973 $29,325 $70,435 $31,175 $6,782 ($111) $201,579 (a) Consists primarily of sales from carbon capture and storage (“CCS”), solar and wind energy contracts. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2024 Pulpwood $73,141 $4,329 $25,113 — $2,075 — $104,658 Sawtimber 79,973 68,495 124,087 — 22,822 — 295,377 Hardwood 3,003 — — — — — 3,003 Total Timber Sales 156,117 72,824 149,200 — 24,897 — 403,038 License Revenue, Primarily From Hunting 15,907 515 221 — — — 16,643 Land-Based Solutions (a) 7,062 30 — — — — 7,092 Other Non-Timber/Carbon Credit Revenue 12,236 3,354 16,835 — — — 32,425 Agency Fee Income — — — — 906 — 906 Total Non-Timber Sales 35,205 3,899 17,056 — 906 — 57,066 Improved Development — — — 16,399 — — 16,399 Rural — — — 29,964 — — 29,964 Timberland & Non-Strategic — — — 16,111 — — 16,111 Conservation Easement — — — 1,101 — — 1,101 Deferred Revenue/Other (b) — — — 11,902 — — 11,902 Total Real Estate Sales — — — 75,477 — — 75,477 Revenue from Contracts with Customers 191,322 76,723 166,256 75,477 25,803 — 535,581 Lease Revenue — — — 1,119 — — 1,119 Intersegment — — — — 232 (232) — Total Revenue $191,322 $76,723 $166,256 $76,596 $26,035 ($232) $536,700 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $76,152 $7,358 $20,953 — $3,328 — $107,791 Sawtimber 95,663 83,963 137,868 — 30,130 — 347,624 Hardwood 3,169 — — — — — 3,169 Total Timber Sales 174,984 91,321 158,821 — 33,458 — 458,584 License Revenue, Primarily from Hunting 17,475 780 212 — — — 18,467 Land-Based Solutions (a) 2,909 1,345 — — — — 4,254 Other Non-Timber/Carbon Credit Revenue 8,757 2,615 16,405 — — — 27,777 Agency Fee Income — — — — 952 — 952 Total Non-Timber Sales 29,141 4,740 16,617 — 952 — 51,450 Improved Development — — — 20,155 — — 20,155 Unimproved Development — — — 114 — — 114 Rural — — — 42,587 — — 42,587 Timberland & Non-Strategic — — — 2,947 — — 2,947 Deferred Revenue/Other (b) — — — 12,642 — — 12,642 Total Real Estate Sales — — — 78,445 — — 78,445 Revenue from Contracts with Customers 204,125 96,061 175,438 78,445 34,410 — 588,479 Lease Revenue — — — 1,047 — — 1,047 Intersegment — — — — 357 (357) — Total Revenue $204,125 $96,061 $175,438 $79,492 $34,767 ($357) $589,526 (a) Consists primarily 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 nine months ended September 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2024 Stumpage Pay-as-Cut $20,907 — — — $20,907 Stumpage Lump Sum — 3,846 — — 3,846 Total Stumpage 20,907 3,846 — — 24,753 Delivered Wood (Domestic) 23,733 20,612 15,872 477 60,694 Delivered Wood (Export) 712 1,238 42,006 8,134 52,090 Total Delivered 24,445 21,850 57,878 8,611 112,784 Total Timber Sales $45,352 $25,696 $57,878 $8,611 $137,537 September 30, 2023 Stumpage Pay-as-Cut $25,454 — — — $25,454 Stumpage Lump Sum — 969 — — 969 Total Stumpage 25,454 969 — — 26,423 Delivered Wood (Domestic) 26,907 24,085 15,265 10 66,267 Delivered Wood (Export) 1,770 2,787 39,598 6,391 50,546 Total Delivered 28,677 26,872 54,863 6,401 116,813 Total Timber Sales $54,131 $27,841 $54,863 $6,401 $143,236 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2024 Stumpage Pay-as-Cut $80,531 $8 — — $80,539 Stumpage Lump Sum — 7,381 — — 7,381 Total Stumpage 80,531 7,389 — — 87,920 Delivered Wood (Domestic) 70,851 61,513 39,368 1,945 173,677 Delivered Wood (Export) 4,735 3,922 109,832 22,952 141,441 Total Delivered 75,586 65,435 149,200 24,897 315,118 Total Timber Sales $156,117 $72,824 $149,200 $24,897 $403,038 September 30, 2023 Stumpage Pay-as-Cut $86,424 — — — $86,424 Stumpage Lump Sum 387 1,592 — — 1,979 Total Stumpage 86,811 1,592 — — 88,403 Delivered Wood (Domestic) 81,757 80,249 39,419 501 201,926 Delivered Wood (Export) 6,416 9,480 119,402 32,957 168,255 Total Delivered 88,173 89,729 158,821 33,458 370,181 Total Timber Sales $174,984 $91,321 $158,821 $33,458 $458,584

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 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 411,000 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 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 Nine Months Ended 2024 2023 2024 2023 Beginning noncontrolling interests in the Operating Partnership $59,047 $77,532 $81,651 $105,763 Adjustment of noncontrolling interests in the Operating Partnership 6,476 (6,890) (1,325) (8,810) Conversions of Redeemable Operating Partnership Units to common shares (643) (479) (14,070) (24,663) Net income attributable to noncontrolling interests in the Operating Partnership 391 320 437 811 Other comprehensive (loss) income attributable to noncontrolling interests in the Operating Partnership (77) 36 (323) (1,016) Distributions to noncontrolling interests in the Operating Partnership (528) (699) (1,704) (2,265) Total noncontrolling interests in the Operating Partnership $64,666 $69,820 $64,666 $69,820

EARNINGS PER SHARE AND PER UNIT

EARNINGS PER SHARE AND PER UNIT	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings per common share - basic Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in the Operating Partnership (391) (320) (437) (811) Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income attributable to Rayonier Inc. $28,758 $19,237 $32,018 $46,561 Denominator: Denominator for basic earnings per common share - weighted average shares 148,984,534 148,274,209 148,821,306 147,959,983 Basic earnings per common share attributable to Rayonier Inc.: $0.19 $0.13 $0.22 $0.31 Earnings per common share - diluted Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $29,149 $19,557 $32,455 $47,372 Denominator: Denominator for basic earnings per common share - weighted average shares 148,984,534 148,274,209 148,821,306 147,959,983 Add: Dilutive effect of: Stock options — — 55 629 Performance shares, restricted shares and restricted stock units 281,407 299,613 403,444 394,006 Noncontrolling interests in Operating Partnership units 2,027,053 2,462,431 2,088,013 2,676,911 Denominator for diluted earnings per common share - adjusted weighted average shares 151,292,994 151,036,253 151,312,818 151,031,529 Diluted earnings per common share attributable to Rayonier Inc.: $0.19 $0.13 $0.21 $0.31 Three Months Ended September 30, Nine Months Ended September 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 149,609 164,521 149,446 156,835 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings per unit - basic Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income available to unitholders $29,149 $19,557 $32,455 $47,372 Denominator: Denominator for basic earnings per unit - weighted average units 151,011,587 150,736,640 150,909,319 150,636,894 Basic earnings per unit attributable to Rayonier, L.P.: $0.19 $0.13 $0.22 $0.31 Earnings per unit - diluted Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income available to unitholders $29,149 $19,557 $32,455 $47,372 Denominator: Denominator for basic earnings per unit - weighted average units 151,011,587 150,736,640 150,909,319 150,636,894 Add: Dilutive effect of unit equivalents: Stock options — — 55 629 Performance shares, restricted shares and restricted stock units 281,407 299,613 403,444 394,006 Denominator for diluted earnings per unit - adjusted weighted average units 151,292,994 151,036,253 151,312,818 151,031,529 Diluted earnings per unit attributable to Rayonier, L.P.: $0.19 $0.13 $0.21 $0.31 Three Months Ended September 30, Nine Months Ended September 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 149,609 164,521 149,446 156,835

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consisted of the following at September 30, 2024: September 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 6.85% 290,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.90% 200,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.00% 200,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.95% 100,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 25,679 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 25,679 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 22,010 Total principal debt 1,313,368 Less: Current maturities of long-term debt (22,010) Less: Unamortized discounts (2,517) Less: Deferred financing costs (3,602) Total long-term debt $1,285,239 (a) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. The following table contains information on the outstanding variable rate debt as of September 30, 2024: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b) 2015 Term Loan Daily Simple SOFR + 1.60% 3.31 % 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 22,010 2026 225,679 2027 125,679 2028 290,000 Thereafter 650,000 Total Debt $1,313,368 2024 DEBT ACTIVITY U.S. Debt During the third quarter of 2024, we repaid $60 million of the principal balance on the 2015 Term Loan. Additionally, on August 1, 2024, three forward-starting interest rate swaps with a total notional amount of $200 million matured into active interest rate swaps. These interest rate swaps fixed $200 million of the 2015 Term Loan until the debt matures on April 1, 2028. We estimate the effective interest rate on the 2015 Term Loan to be approximately 3.3% after consideration of interest rate swaps and estimated patronage refunds. During the nine months ended September 30, 2024, we made no borrowings or repayments on our Revolving Credit Facility. At September 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 nine months ended September 30, 2024, the New Zealand subsidiary made no borrowings or repayments on its working capital facility (the “New Zealand Working Capital Facility”). At September 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 September 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 12.7 to 1 10.2 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 43 % 22 % 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 September 30, 2024, we were in compliance with all applicable covenants.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 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 September 30, 2024, foreign currency exchange contracts and foreign currency option contracts had maturity dates through July 2027. Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously in AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately. INTEREST RATE SWAPS The following table contains information on the outstanding interest rate swaps as of September 30, 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) 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 (d) 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 % April 2020 (e) 4 years 100,000 2015 Term Loan 0.78 % 1.60 % 2.38 % May 2020 (e) 4 years 50,000 2015 Term Loan 0.64 % 1.60 % 2.24 % May 2023 (e) 4 years 50,000 2015 Term Loan 3.29 % 1.60 % 4.89 % (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. (d) Matured into an active interest rate swap on February 1, 2022. (e) On August 1, 2024, our three forward-starting interest rate swaps with a total notional amount of $200 million matured into active interest rate swaps. See Note 6 — Debt for additional information. 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 nine months ended September 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) $5,758 $1,752 Other operating expense, net 349 (1,796) Foreign currency option contracts Other comprehensive income (loss) 2,143 (26) Other operating expense, net 5 (196) Interest rate products Other comprehensive income (loss) (14,949) 12,381 Interest expense, net (6,822) (4,810) Nine Months Ended Income Statement Location 2024 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,903 $5,753 Other operating expense, net 1,742 (5,801) Foreign currency option contracts Other comprehensive income (loss) 1,123 (858) Other operating expense, net 13 (244) Interest rate products Other comprehensive income (loss) 5,273 20,416 Interest expense, net (21,379) (12,587) During the next 12 months, the amount of the September 30, 2024 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approxim ately $17.9 million. The following table contains details of the expected reclassified amounts into earnings: Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $2,169 Foreign currency option contracts 781 Interest rate products (a) 14,998 Total estimated net gain on derivatives contracts $17,948 (a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows. The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $122,900 $122,700 Foreign currency option contracts 126,000 98,000 Interest rate swaps 700,000 850,000 Forward-starting interest rate swaps — 200,000 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 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) September 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $3,012 $1,175 Other assets 3,549 2,405 Other current liabilities — (664) Foreign currency option contracts Other current assets 1,193 342 Other assets 2,472 2,158 Other current liabilities (108) (139) Other non-current liabilities (850) (789) Interest rate swaps Other current assets — 5,742 Other assets 40,737 37,983 Other non-current liabilities (1,423) (546) Forward-starting interest rate swaps Other assets — 12,790 Other non-current liabilities — (8) Total derivative contracts: Other current assets $4,205 $7,259 Other assets 46,758 55,336 Total derivative assets $50,963 $62,595 Other current liabilities (108) (803) Other non-current liabilities (2,273) (1,343) Total derivative liabilities ($2,381) ($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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 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 $74,225 $74,225 — $207,696 $207,696 — Restricted cash (b) 3,021 3,021 — 678 678 — Current maturities of long-term debt (c) (22,010) — (22,522) — — — Long-term debt (c) (1,285,239) — (1,236,015) (1,365,773) — (1,299,951) Interest rate swaps (d) 39,314 — 39,314 43,179 — 43,179 Forward-starting interest rate swaps (d) — — — 12,782 — 12,782 Foreign currency exchange contracts (d) 6,561 — 6,561 2,916 — 2,916 Foreign currency option contracts (d) 2,707 — 2,707 1,572 — 1,572 Noncontrolling interests in the Operating Partnership (e) 64,666 — 64,666 81,651 — 81,651 (a) We did not have Level 3 assets or liabilities at September 30, 2024 or 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 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 (2,991) Increase to liabilities (a) 1,938 Total Balance at September 30, 2024 15,525 Less: Current portion (11,973) Non-current portion at September 30, 2024 $3,552 (a) The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the nine months ended September 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	9 Months Ended
	Sep. 30, 2024
Guarantees [Abstract]
GUARANTEES	GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 30, 2024, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $6,996 Surety bonds (c) 32,591 Total financial commitments $39,587 (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	9 Months Ended
	Sep. 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 September 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 (1,120) (12,835) (13,955) Amortization of parcel real estate development investments — (5,264) (5,264) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,115) — (1,115) Capitalized real estate development investments (b) — 26,878 26,878 Capital expenditures (silviculture) 233 — 233 Intersegment transfers 14,319 — 14,319 Total Balance at September 30, 2024 101,002 52,027 153,029 Less: Current portion (a) (12,942) (1,110) (14,052) Non-current portion at September 30, 2024 $88,060 $50,917 $138,977 (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 $1.0 million of capitalized interest and $7.8 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	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of September 30, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows: September 30, 2024 December 31, 2023 Finished goods inventory Real estate inventory (a) $14,052 $26,338 Log inventory 4,413 4,490 Carbon unit inventory (b) 191 189 Total inventory $18,656 $31,017 (a) Represents the cost of HBU real estate (including capitalized development investments) expected 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Loss on foreign currency remeasurement, net of cash flow hedges ($1,038) ($1,555) ($1,966) ($5,713) Gain on sale or disposal of property and equipment — — 13 37 Costs related to disposition initiatives (a) (857) — (1,553) — Miscellaneous (expense) income, net (19) (99) (32) 105 Total ($1,914) ($1,654) ($3,538) ($5,571) (a) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We had 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. DEFINED BENEFIT PLAN In December 2022, the Rayonier Board of Directors authorized the termination of its Defined Benefit Plan. Affected participants were notified of the termination and provided with alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. During the fourth quarter of 2023, lump sum distributions were made to participants who elected that option. The remaining plan liabilities were settled in March 2024 through the purchase of annuity contracts from a third-party insurance provider. In connection with the plan’s termination, we made a cash contribution of $2.7 million to fully fund the plan. Additionally, a pre-tax non-cash pension settlement charge of $5.7 million was recognized as a component of AOCI due to actuarial losses. UNFUNDED PLAN In July 2023, the Rayonier Board of Directors authorized the termination of the unfunded plan and distribution of all benefits in accordance with Section 409A of 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, net 5 844 18 17 Expected return on plan assets (a) Interest and other miscellaneous income, net — (887) — — Amortization of losses Interest and other miscellaneous income, net — 1 — — Pension settlement loss Interest and other miscellaneous income, net 306 — — — Net periodic benefit cost (credit) $311 ($42) $19 $18 Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2024 2023 2024 2023 Service cost Selling and general expenses — — $3 $3 Interest cost Interest and other miscellaneous income, net 535 2,533 53 52 Expected return on plan assets (a) Interest and other miscellaneous income, net (542) (2,663) — — Amortization of losses Interest and other miscellaneous income, net 1 4 — — Pension settlement loss Interest and other miscellaneous income, net 5,979 — — — Net periodic benefit cost (credit) $5,973 ($126) $56 $55 (a)

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 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 September 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) benefit recognized on the Consolidated Statements of Income and Comprehensive Income (Loss): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Income tax (expense) benefit (a) ($35) ($547) $297 ($1,777) (a) The nine months ended September 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: Nine Months Ended 2024 2023 Annualized effective tax rate after discrete items 1.6 % 3.1 %

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in AOCI by component for the nine months ended September 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 income (loss) before reclassifications 2,354 — 6,951 (a) 5,106 14,411 (196) 14,215 Amounts reclassified from accumulated other comprehensive income — — (20,406) 4,595 (b) (15,811) 519 (15,292) Net other comprehensive income (loss) 2,354 — (13,455) 9,701 (1,400) 323 (1,077) Balance as of September 30, 2024 ($17,179) $1,321 $42,391 $85 $26,618 ($3,044) $23,574 (a) The nine months ended September 30, 2024 includes $5.3 million o f 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 nine months ended September 30, 2024 includes a pension settlement charge of $4.6 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 nine months ended September 30, 2024 and September 30, 2023: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the Income Statement September 30, 2024 September 30, 2023 Realized loss (gain) on foreign currency exchange contracts $1,742 ($5,801) Other operating expense, net Realized loss (gain) on foreign currency option contracts 13 (244) Other operating expense, net Noncontrolling interests (404) 1,391 Comprehensive income attributable to noncontrolling interests Realized gain on interest rate contracts (21,379) (12,587) Interest expense, net Income tax effect from net (loss) gain on foreign currency contracts (378) 1,303 Income tax (expense) benefit Net gain on cash flow hedges reclassified from accumulated other comprehensive income ($20,406) ($15,938)

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 Restricted cash: Restricted cash deposited with LKE intermediary $2,345 $2 Restricted cash held in escrow 676 1,802 Total restricted cash 3,021 1,804 Cash and cash equivalents 74,225 107,784 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $77,246 $109,588

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Assets held for sale is composed of properties not included in inventory which are expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of September 30, 2024 and December 31, 2023, the basis in properties meeting this classification was $106.2 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. See Note 1 — Basis of Presentation for additional information regarding our assets held for sale balance as of September 30, 2024 and related subsequent events.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to parent	$ 28,758	$ 19,237	$ 32,018	$ 46,561

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	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 was intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). On September 12, 2024, Ms. Martin's Rule 10b5-1 Trading Plan automatically terminated pursuant to its terms following the sale of 22,009 shares of Common Stock, which represented all shares to be sold under such plan.
Name	V. Larkin Martin
Title	Board of Directors
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 12, 2024
Aggregate Available	22,009	22,009

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure about certain costs and expenses in the notes to financial statements. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The requirements in this ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements and disclosures.
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Completed Timberland Dispositions In November 2024, we announced completed and pending timberland dispositions totaling approximately 200,000 acres for an aggregate purchase price of $495 million (~$2,475/acre). The dispositions consist of approximately 91,000 acres in Southeast Oklahoma and 109,000 acres on the Olympic Peninsula in Northwest Washington. Three of these transactions totaling $378 million have already closed during the fourth quarter, and the remaining transaction is expected to close before the end of the year. As of September 30, 2024, two of these properties met all of the criteria in ASC 360-10-45-9 and were classified as held for sale. See Note 19 — Assets Held for Sale for additional information. Debt Repayment On October 11, 2024, we repaid the $90 million unhedged portion of our 2015 Term Loan Agreement. Following the repayment, 100% of our debt is fixed through maturity. See Note 6 — Debt for additional information.
SEGMENT REPORTING	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income (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 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 September 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, $29.6 million is expected to be recognized within the next twelve months, with the remaining $14.1 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)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables summarize the segment information for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, SALES 2024 2023 2024 2023 Southern Timber $62,019 $63,973 $191,322 $204,125 Pacific Northwest Timber 27,248 29,325 76,723 96,061 New Zealand Timber 66,774 70,435 166,256 175,438 Real Estate 30,061 31,175 76,596 79,492 Trading 8,979 6,782 26,035 34,767 Intersegment Eliminations (a) (88) (111) (232) (357) Total $194,993 $201,579 $536,700 $589,526 (a) Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. Three Months Ended September 30, Nine Months Ended September 30, OPERATING INCOME (LOSS) 2024 2023 2024 2023 Southern Timber $19,821 $18,634 $59,919 $62,565 Pacific Northwest Timber 847 (557) (4,980) (6,475) New Zealand Timber (a) 8,936 17,555 19,284 19,265 Real Estate 8,632 9,187 14,284 18,720 Trading (117) (52) 60 356 Corporate and Other (b) (10,513) (9,411) (32,310) (28,350) Total Operating Income 27,606 35,356 56,257 66,081 Unallocated interest expense and other (c) 2,871 (12,069) (20,771) (15,030) Total Income before Income Taxes $30,477 $23,287 $35,486 $51,051 (a) The nine months ended September 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 nine months ended September 30, 2024 includes $0.9 million and $1.6 million, respectively, 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 September 30, 2024 includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. Net 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, net.” Three Months Ended September 30, Nine Months Ended September 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2024 2023 2024 2023 Southern Timber $18,118 $19,153 $56,672 $61,631 Pacific Northwest Timber 7,841 8,330 24,306 28,221 New Zealand Timber 5,632 5,952 14,454 16,335 Real Estate 1,451 3,088 9,900 6,826 Corporate and Other 444 444 1,331 1,268 Total $33,486 $36,967 $106,663 $114,281 Three Months Ended September 30, Nine Months Ended September 30, NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2024 2023 2024 2023 Real Estate $9,845 $6,586 $19,217 $20,189 Total $9,845 $6,586 $19,217 $20,189

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Balance Sheet Location Contract assets Trade receivables, net (a) $37,155 $28,652 Trade receivables Contract liabilities Deferred revenue, current (b) 29,570 19,012 Deferred revenue Deferred revenue, non-current (c) 14,070 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 nine months ended September 30, 2024 and 2023 that was included in the contract liability balance at the beginning of each year: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue recognized from contract liability balance at the beginning of the year (a) $2,122 $2,216 $20,377 $19,950 (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 nine months ended September 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2024 Pulpwood $23,182 $1,318 $8,307 — $358 — $33,165 Sawtimber 21,034 24,378 49,571 — 8,253 — 103,236 Hardwood 1,136 — — — — — 1,136 Total Timber Sales 45,352 25,696 57,878 — 8,611 — 137,537 License Revenue, Primarily from Hunting 5,348 290 96 — — — 5,734 Land-Based Solutions (a) 2,767 10 — — — — 2,777 Other Non-Timber/Carbon Credit Revenue 8,552 1,252 8,800 — — — 18,604 Agency Fee Income — — — — 280 — 280 Total Non-Timber Sales 16,667 1,552 8,896 — 280 — 27,395 Improved Development — — — 11,999 — — 11,999 Rural — — — 13,766 — — 13,766 Conservation Easement — — — 1,101 — — 1,101 Deferred Revenue/Other (b) — — — 2,740 — — 2,740 Total Real Estate Sales — — — 29,606 — — 29,606 Revenue from Contracts with Customers 62,019 27,248 66,774 29,606 8,891 — 194,538 Lease Revenue — — — 455 — — 455 Intersegment — — — — 88 (88) — Total Revenue $62,019 $27,248 $66,774 $30,061 $8,979 ($88) $194,993 Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $25,514 $1,440 $6,507 — $447 — $33,908 Sawtimber 27,274 26,401 48,356 — 5,954 — 107,985 Hardwood 1,343 — — — — — 1,343 Total Timber Sales 54,131 27,841 54,863 — 6,401 — 143,236 License Revenue, Primarily from Hunting 7,133 439 90 — — — 7,662 Land-Based Solutions (a) 1,041 8 — — — — 1,049 Other Non-Timber/Carbon Credit Revenue 1,668 1,037 15,482 — — — 18,187 Agency Fee Income — — — — 270 — 270 Total Non-Timber Sales 9,842 1,484 15,572 — 270 — 27,168 Improved Development — — — 3,120 — — 3,120 Unimproved Development — — — 114 — — 114 Rural — — — 20,461 — — 20,461 Timberland & Non-Strategic — — — 1,055 — — 1,055 Deferred Revenue/Other (b) — — — 5,981 — — 5,981 Total Real Estate Sales — — — 30,731 — — 30,731 Revenue from Contracts with Customers 63,973 29,325 70,435 30,731 6,671 — 201,135 Lease Revenue — — — 444 — — 444 Intersegment — — — — 111 (111) — Total Revenue $63,973 $29,325 $70,435 $31,175 $6,782 ($111) $201,579 (a) Consists primarily of sales from carbon capture and storage (“CCS”), solar and wind energy contracts. (b) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2024 Pulpwood $73,141 $4,329 $25,113 — $2,075 — $104,658 Sawtimber 79,973 68,495 124,087 — 22,822 — 295,377 Hardwood 3,003 — — — — — 3,003 Total Timber Sales 156,117 72,824 149,200 — 24,897 — 403,038 License Revenue, Primarily From Hunting 15,907 515 221 — — — 16,643 Land-Based Solutions (a) 7,062 30 — — — — 7,092 Other Non-Timber/Carbon Credit Revenue 12,236 3,354 16,835 — — — 32,425 Agency Fee Income — — — — 906 — 906 Total Non-Timber Sales 35,205 3,899 17,056 — 906 — 57,066 Improved Development — — — 16,399 — — 16,399 Rural — — — 29,964 — — 29,964 Timberland & Non-Strategic — — — 16,111 — — 16,111 Conservation Easement — — — 1,101 — — 1,101 Deferred Revenue/Other (b) — — — 11,902 — — 11,902 Total Real Estate Sales — — — 75,477 — — 75,477 Revenue from Contracts with Customers 191,322 76,723 166,256 75,477 25,803 — 535,581 Lease Revenue — — — 1,119 — — 1,119 Intersegment — — — — 232 (232) — Total Revenue $191,322 $76,723 $166,256 $76,596 $26,035 ($232) $536,700 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total September 30, 2023 Pulpwood $76,152 $7,358 $20,953 — $3,328 — $107,791 Sawtimber 95,663 83,963 137,868 — 30,130 — 347,624 Hardwood 3,169 — — — — — 3,169 Total Timber Sales 174,984 91,321 158,821 — 33,458 — 458,584 License Revenue, Primarily from Hunting 17,475 780 212 — — — 18,467 Land-Based Solutions (a) 2,909 1,345 — — — — 4,254 Other Non-Timber/Carbon Credit Revenue 8,757 2,615 16,405 — — — 27,777 Agency Fee Income — — — — 952 — 952 Total Non-Timber Sales 29,141 4,740 16,617 — 952 — 51,450 Improved Development — — — 20,155 — — 20,155 Unimproved Development — — — 114 — — 114 Rural — — — 42,587 — — 42,587 Timberland & Non-Strategic — — — 2,947 — — 2,947 Deferred Revenue/Other (b) — — — 12,642 — — 12,642 Total Real Estate Sales — — — 78,445 — — 78,445 Revenue from Contracts with Customers 204,125 96,061 175,438 78,445 34,410 — 588,479 Lease Revenue — — — 1,047 — — 1,047 Intersegment — — — — 357 (357) — Total Revenue $204,125 $96,061 $175,438 $79,492 $34,767 ($357) $589,526 (a) Consists primarily 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 nine months ended September 30, 2024 and 2023: Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2024 Stumpage Pay-as-Cut $20,907 — — — $20,907 Stumpage Lump Sum — 3,846 — — 3,846 Total Stumpage 20,907 3,846 — — 24,753 Delivered Wood (Domestic) 23,733 20,612 15,872 477 60,694 Delivered Wood (Export) 712 1,238 42,006 8,134 52,090 Total Delivered 24,445 21,850 57,878 8,611 112,784 Total Timber Sales $45,352 $25,696 $57,878 $8,611 $137,537 September 30, 2023 Stumpage Pay-as-Cut $25,454 — — — $25,454 Stumpage Lump Sum — 969 — — 969 Total Stumpage 25,454 969 — — 26,423 Delivered Wood (Domestic) 26,907 24,085 15,265 10 66,267 Delivered Wood (Export) 1,770 2,787 39,598 6,391 50,546 Total Delivered 28,677 26,872 54,863 6,401 116,813 Total Timber Sales $54,131 $27,841 $54,863 $6,401 $143,236 Nine Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total September 30, 2024 Stumpage Pay-as-Cut $80,531 $8 — — $80,539 Stumpage Lump Sum — 7,381 — — 7,381 Total Stumpage 80,531 7,389 — — 87,920 Delivered Wood (Domestic) 70,851 61,513 39,368 1,945 173,677 Delivered Wood (Export) 4,735 3,922 109,832 22,952 141,441 Total Delivered 75,586 65,435 149,200 24,897 315,118 Total Timber Sales $156,117 $72,824 $149,200 $24,897 $403,038 September 30, 2023 Stumpage Pay-as-Cut $86,424 — — — $86,424 Stumpage Lump Sum 387 1,592 — — 1,979 Total Stumpage 86,811 1,592 — — 88,403 Delivered Wood (Domestic) 81,757 80,249 39,419 501 201,926 Delivered Wood (Export) 6,416 9,480 119,402 32,957 168,255 Total Delivered 88,173 89,729 158,821 33,458 370,181 Total Timber Sales $174,984 $91,321 $158,821 $33,458 $458,584

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2024 2023 2024 2023 Beginning noncontrolling interests in the Operating Partnership $59,047 $77,532 $81,651 $105,763 Adjustment of noncontrolling interests in the Operating Partnership 6,476 (6,890) (1,325) (8,810) Conversions of Redeemable Operating Partnership Units to common shares (643) (479) (14,070) (24,663) Net income attributable to noncontrolling interests in the Operating Partnership 391 320 437 811 Other comprehensive (loss) income attributable to noncontrolling interests in the Operating Partnership (77) 36 (323) (1,016) Distributions to noncontrolling interests in the Operating Partnership (528) (699) (1,704) (2,265) Total noncontrolling interests in the Operating Partnership $64,666 $69,820 $64,666 $69,820

EARNINGS PER SHARE AND PER UN_2

EARNINGS PER SHARE AND PER UNIT (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings per common share - basic Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in the Operating Partnership (391) (320) (437) (811) Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income attributable to Rayonier Inc. $28,758 $19,237 $32,018 $46,561 Denominator: Denominator for basic earnings per common share - weighted average shares 148,984,534 148,274,209 148,821,306 147,959,983 Basic earnings per common share attributable to Rayonier Inc.: $0.19 $0.13 $0.22 $0.31 Earnings per common share - diluted Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership $29,149 $19,557 $32,455 $47,372 Denominator: Denominator for basic earnings per common share - weighted average shares 148,984,534 148,274,209 148,821,306 147,959,983 Add: Dilutive effect of: Stock options — — 55 629 Performance shares, restricted shares and restricted stock units 281,407 299,613 403,444 394,006 Noncontrolling interests in Operating Partnership units 2,027,053 2,462,431 2,088,013 2,676,911 Denominator for diluted earnings per common share - adjusted weighted average shares 151,292,994 151,036,253 151,312,818 151,031,529 Diluted earnings per common share attributable to Rayonier Inc.: $0.19 $0.13 $0.21 $0.31 The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings per unit - basic Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income available to unitholders $29,149 $19,557 $32,455 $47,372 Denominator: Denominator for basic earnings per unit - weighted average units 151,011,587 150,736,640 150,909,319 150,636,894 Basic earnings per unit attributable to Rayonier, L.P.: $0.19 $0.13 $0.22 $0.31 Earnings per unit - diluted Numerator: Net Income $30,442 $22,740 $35,783 $49,274 Less: Net income attributable to noncontrolling interests in consolidated affiliates (1,293) (3,183) (3,328) (1,902) Net income available to unitholders $29,149 $19,557 $32,455 $47,372 Denominator: Denominator for basic earnings per unit - weighted average units 151,011,587 150,736,640 150,909,319 150,636,894 Add: Dilutive effect of unit equivalents: Stock options — — 55 629 Performance shares, restricted shares and restricted stock units 281,407 299,613 403,444 394,006 Denominator for diluted earnings per unit - adjusted weighted average units 151,292,994 151,036,253 151,312,818 151,031,529 Diluted earnings per unit attributable to Rayonier, L.P.: $0.19 $0.13 $0.21 $0.31
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 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 149,609 164,521 149,446 156,835 Three Months Ended September 30, Nine Months Ended September 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 149,609 164,521 149,446 156,835

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt consisted of the following at September 30, 2024: September 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 6.85% 290,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.90% 200,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.00% 200,000 2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.95% 100,000 New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) 25,679 New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) 25,679 New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) 22,010 Total principal debt 1,313,368 Less: Current maturities of long-term debt (22,010) Less: Unamortized discounts (2,517) Less: Deferred financing costs (3,602) Total long-term debt $1,285,239 (a) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception. The following table contains information on the outstanding variable rate debt as of September 30, 2024: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b) 2015 Term Loan Daily Simple SOFR + 1.60% 3.31 % 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 22,010 2026 225,679 2027 125,679 2028 290,000 Thereafter 650,000 Total Debt $1,313,368
Schedule of Debt Covenants	The covenants listed below, which are the most significant financial covenants in effect as of September 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 12.7 to 1 10.2 Covenant debt to covenant net worth plus covenant debt shall not exceed 65 % 43 % 22 %

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 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 September 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) 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 (d) 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 % April 2020 (e) 4 years 100,000 2015 Term Loan 0.78 % 1.60 % 2.38 % May 2020 (e) 4 years 50,000 2015 Term Loan 0.64 % 1.60 % 2.24 % May 2023 (e) 4 years 50,000 2015 Term Loan 3.29 % 1.60 % 4.89 % (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. (d) Matured into an active interest rate swap on February 1, 2022. (e) On August 1, 2024, our three forward-starting interest rate swaps with a total notional amount of $200 million matured into active interest rate swaps. See Note 6 — Debt for additional information.
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 nine months ended September 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) $5,758 $1,752 Other operating expense, net 349 (1,796) Foreign currency option contracts Other comprehensive income (loss) 2,143 (26) Other operating expense, net 5 (196) Interest rate products Other comprehensive income (loss) (14,949) 12,381 Interest expense, net (6,822) (4,810) Nine Months Ended Income Statement Location 2024 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,903 $5,753 Other operating expense, net 1,742 (5,801) Foreign currency option contracts Other comprehensive income (loss) 1,123 (858) Other operating expense, net 13 (244) Interest rate products Other comprehensive income (loss) 5,273 20,416 Interest expense, net (21,379) (12,587) Amount expected to be reclassified into earnings in next 12 months Derivatives designated as cash flow hedges: Foreign currency exchange contracts $2,169 Foreign currency option contracts 781 Interest rate products (a) 14,998 Total estimated net gain on derivatives contracts $17,948 (a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $122,900 $122,700 Foreign currency option contracts 126,000 98,000 Interest rate swaps 700,000 850,000 Forward-starting interest rate swaps — 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 September 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) September 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $3,012 $1,175 Other assets 3,549 2,405 Other current liabilities — (664) Foreign currency option contracts Other current assets 1,193 342 Other assets 2,472 2,158 Other current liabilities (108) (139) Other non-current liabilities (850) (789) Interest rate swaps Other current assets — 5,742 Other assets 40,737 37,983 Other non-current liabilities (1,423) (546) Forward-starting interest rate swaps Other assets — 12,790 Other non-current liabilities — (8) Total derivative contracts: Other current assets $4,205 $7,259 Other assets 46,758 55,336 Total derivative assets $50,963 $62,595 Other current liabilities (108) (803) Other non-current liabilities (2,273) (1,343) Total derivative liabilities ($2,381) ($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)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, using market information and what we believe to be appropriate valuation methodologies under GAAP: September 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 $74,225 $74,225 — $207,696 $207,696 — Restricted cash (b) 3,021 3,021 — 678 678 — Current maturities of long-term debt (c) (22,010) — (22,522) — — — Long-term debt (c) (1,285,239) — (1,236,015) (1,365,773) — (1,299,951) Interest rate swaps (d) 39,314 — 39,314 43,179 — 43,179 Forward-starting interest rate swaps (d) — — — 12,782 — 12,782 Foreign currency exchange contracts (d) 6,561 — 6,561 2,916 — 2,916 Foreign currency option contracts (d) 2,707 — 2,707 1,572 — 1,572 Noncontrolling interests in the Operating Partnership (e) 64,666 — 64,666 81,651 — 81,651 (a) We did not have Level 3 assets or liabilities at September 30, 2024 or 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)	9 Months Ended
	Sep. 30, 2024
Environmental Remediation Obligations [Abstract]
Schedule of Environmental Loss Contingencies by Site	Changes in environmental and NRD liabilities from December 31, 2023 to September 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 (2,991) Increase to liabilities (a) 1,938 Total Balance at September 30, 2024 15,525 Less: Current portion (11,973) Non-current portion at September 30, 2024 $3,552 (a) The increase in liabilities reflects revised environmental and NRD cost estimates recorded during the nine months ended September 30, 2024.

GUARANTEES (Tables)

GUARANTEES (Tables)	9 Months Ended
	Sep. 30, 2024
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of September 30, 2024, the following financial guarantees were outstanding: Financial Commitments (a) Maximum Potential Standby letters of credit (b) $6,996 Surety bonds (c) 32,591 Total financial commitments $39,587 (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)	9 Months Ended
	Sep. 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 September 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 (1,120) (12,835) (13,955) Amortization of parcel real estate development investments — (5,264) (5,264) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,115) — (1,115) Capitalized real estate development investments (b) — 26,878 26,878 Capital expenditures (silviculture) 233 — 233 Intersegment transfers 14,319 — 14,319 Total Balance at September 30, 2024 101,002 52,027 153,029 Less: Current portion (a) (12,942) (1,110) (14,052) Non-current portion at September 30, 2024 $88,060 $50,917 $138,977 (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 $1.0 million of capitalized interest and $7.8 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)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	As of September 30, 2024 and December 31, 2023, our inventory consisted entirely of finished goods, as follows: September 30, 2024 December 31, 2023 Finished goods inventory Real estate inventory (a) $14,052 $26,338 Log inventory 4,413 4,490 Carbon unit inventory (b) 191 189 Total inventory $18,656 $31,017 (a) Represents the cost of HBU real estate (including capitalized development investments) expected 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)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Expense, Net	Other operating expense, net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Loss on foreign currency remeasurement, net of cash flow hedges ($1,038) ($1,555) ($1,966) ($5,713) Gain on sale or disposal of property and equipment — — 13 37 Costs related to disposition initiatives (a) (857) — (1,553) — Miscellaneous (expense) income, net (19) (99) (32) 105 Total ($1,914) ($1,654) ($3,538) ($5,571) (a) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 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, net 5 844 18 17 Expected return on plan assets (a) Interest and other miscellaneous income, net — (887) — — Amortization of losses Interest and other miscellaneous income, net — 1 — — Pension settlement loss Interest and other miscellaneous income, net 306 — — — Net periodic benefit cost (credit) $311 ($42) $19 $18 Components of Net Periodic Benefit Cost (Credit) Income Statement Location Pension Postretirement Nine Months Ended Nine Months Ended 2024 2023 2024 2023 Service cost Selling and general expenses — — $3 $3 Interest cost Interest and other miscellaneous income, net 535 2,533 53 52 Expected return on plan assets (a) Interest and other miscellaneous income, net (542) (2,663) — — Amortization of losses Interest and other miscellaneous income, net 1 4 — — Pension settlement loss Interest and other miscellaneous income, net 5,979 — — — Net periodic benefit cost (credit) $5,973 ($126) $56 $55 (a)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table contains the income tax (expense) benefit recognized on the Consolidated Statements of Income and Comprehensive Income (Loss): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Income tax (expense) benefit (a) ($35) ($547) $297 ($1,777) (a) The nine months ended September 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: Nine Months Ended 2024 2023 Annualized effective tax rate after discrete items 1.6 % 3.1 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table summarizes the changes in AOCI by component for the nine months ended September 30, 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 income (loss) before reclassifications 2,354 — 6,951 (a) 5,106 14,411 (196) 14,215 Amounts reclassified from accumulated other comprehensive income — — (20,406) 4,595 (b) (15,811) 519 (15,292) Net other comprehensive income (loss) 2,354 — (13,455) 9,701 (1,400) 323 (1,077) Balance as of September 30, 2024 ($17,179) $1,321 $42,391 $85 $26,618 ($3,044) $23,574 (a) The nine months ended September 30, 2024 includes $5.3 million o f 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 nine months ended September 30, 2024 includes a pension settlement charge of $4.6 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 nine months ended September 30, 2024 and September 30, 2023: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the Income Statement September 30, 2024 September 30, 2023 Realized loss (gain) on foreign currency exchange contracts $1,742 ($5,801) Other operating expense, net Realized loss (gain) on foreign currency option contracts 13 (244) Other operating expense, net Noncontrolling interests (404) 1,391 Comprehensive income attributable to noncontrolling interests Realized gain on interest rate contracts (21,379) (12,587) Interest expense, net Income tax effect from net (loss) gain on foreign currency contracts (378) 1,303 Income tax (expense) benefit Net gain on cash flow hedges reclassified from accumulated other comprehensive income ($20,406) ($15,938)

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 Restricted cash: Restricted cash deposited with LKE intermediary $2,345 $2 Restricted cash held in escrow 676 1,802 Total restricted cash 3,021 1,804 Cash and cash equivalents 74,225 107,784 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $77,246 $109,588

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 11, 2024 USD ($)	Sep. 30, 2024 property	Nov. 08, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) a $ / a
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Repayment of debt					$ 60,000	$ 0
2015 Term Loan Borrowings Due 2028
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Repayment of debt				$ 60,000
Oklahoma and Washington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties held for sale | property		2		2	2
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of debt fixed through maturity	100%
Subsequent Event | 2015 Term Loan Borrowings Due 2028
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Repayment of debt	$ 90,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from sale of land			$ 378,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event | Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of land | a							200,000
Aggregate purchase price							$ 495,000
Aggregate purchase price per acre | $ / a							2,475
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event | Oklahoma | Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of land | a							91,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event | WASHINGTON | Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of land | a							109,000
Operating Partnership
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
SALES	$ 194,993	$ 201,579	$ 536,700	$ 589,526
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	(88)	(111)	(232)	(357)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	62,019	63,973	191,322	204,125
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	27,248	29,325	76,723	96,061
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	66,774	70,435	166,256	175,438
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	30,061	31,175	76,596	79,492
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	8,979	6,782	26,035	34,767
Intersegment Eliminations | Trading
Segment Reporting Information [Line Items]
SALES	88	111	232	357
Intersegment Eliminations | Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (88)	$ (111)	$ (232)	$ (357)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Operating Income	$ 27,606		$ 35,356	$ 56,257	$ 66,081
Unallocated interest expense and other	2,871		(12,069)	(20,771)	(15,030)
Total Income before Income Taxes	30,477		23,287	35,486	51,051
Costs related to disposition initiatives	857		0	1,553	0
Gain (loss) from net recovery and costs with legal settlement	12,000			9,600	20,500
Pension settlement charge				5,979	0
Pension
Segment Reporting Information [Line Items]
Pension settlement charge	300	$ 5,700		6,000
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	19,821		18,634	59,919	62,565
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	847		(557)	(4,980)	(6,475)
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	8,936		17,555	19,284	19,265
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	8,632		9,187	14,284	18,720
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	(117)		(52)	60	356
Corporate and Other (b)
Segment Reporting Information [Line Items]
Total Operating Income	$ (10,513)		$ (9,411)	$ (32,310)	$ (28,350)

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 33,486	$ 36,967	$ 106,663	$ 114,281
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	18,118	19,153	56,672	61,631
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,841	8,330	24,306	28,221
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,632	5,952	14,454	16,335
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	1,451	3,088	9,900	6,826
Corporate and Other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 444	$ 444	$ 1,331	$ 1,268

SEGMENT AND GEOGRAPHICAL INFO_6

SEGMENT AND GEOGRAPHICAL INFORMATION - Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 9,845	$ 6,586	$ 19,217	$ 20,189
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 9,845	$ 6,586	$ 19,217	$ 20,189

REVENUE - Performance Obligatio

REVENUE - Performance Obligations Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 29.6
Remaining performance obligation, expected to satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected to satisfaction, amount	$ 14.1
Remaining performance obligation, expected to satisfaction, period

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 37,155	$ 28,652
Deferred revenue, current	29,570	19,012
Deferred revenue, non-current	$ 14,070	$ 11,294

REVENUE - Revenue Recognized Fr

REVENUE - Revenue Recognized From Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 2,122	$ 2,216	$ 20,377	$ 19,950

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 194,538	$ 201,135	$ 535,581	$ 588,479
Lease Revenue	455	444	1,119	1,047
Total Revenue	194,993	201,579	536,700	589,526
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	137,537	143,236	403,038	458,584
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,165	33,908	104,658	107,791
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	103,236	107,985	295,377	347,624
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,136	1,343	3,003	3,169
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,395	27,168	57,066	51,450
License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,734	7,662	16,643	18,467
Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,777	1,049	7,092	4,254
Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,604	18,187	32,425	27,777
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	280	270	906	952
Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,606	30,731	75,477	78,445
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,999	3,120	16,399	20,155
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		114		114
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,766	20,461	29,964	42,587
Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,101		1,101
Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		1,055	16,111	2,947
Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,740	5,981	11,902	12,642
Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,352	54,131	156,117	174,984
Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,696	27,841	72,824	91,321
New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,878	54,863	149,200	158,821
Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,611	6,401	24,897	33,458
Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	(88)	(111)	(232)	(357)
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,019	63,973	191,322	204,125
Total Revenue	62,019	63,973	191,322	204,125
Operating Segments | Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,352	54,131	156,117	174,984
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,182	25,514	73,141	76,152
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,034	27,274	79,973	95,663
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,136	1,343	3,003	3,169
Operating Segments | Southern Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,667	9,842	35,205	29,141
Operating Segments | Southern Timber | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,348	7,133	15,907	17,475
Operating Segments | Southern Timber | Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,767	1,041	7,062	2,909
Operating Segments | Southern Timber | Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,552	1,668	12,236	8,757
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,248	29,325	76,723	96,061
Total Revenue	27,248	29,325	76,723	96,061
Operating Segments | Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,696	27,841	72,824	91,321
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,318	1,440	4,329	7,358
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,378	26,401	68,495	83,963
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,552	1,484	3,899	4,740
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	290	439	515	780
Operating Segments | Pacific Northwest Timber | Land-Based Solutions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10	8	30	1,345
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,252	1,037	3,354	2,615
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,774	70,435	166,256	175,438
Total Revenue	66,774	70,435	166,256	175,438
Operating Segments | New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,878	54,863	149,200	158,821
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,307	6,507	25,113	20,953
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,571	48,356	124,087	137,868
Operating Segments | New Zealand Timber | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,896	15,572	17,056	16,617
Operating Segments | New Zealand Timber | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	96	90	221	212
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Credit Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,800	15,482	16,835	16,405
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,606	30,731	75,477	78,445
Lease Revenue	455	444	1,119	1,047
Total Revenue	30,061	31,175	76,596	79,492
Operating Segments | Real Estate | Total Real Estate Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,606	30,731	75,477	78,445
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,999	3,120	16,399	20,155
Operating Segments | Real Estate | Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		114		114
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,766	20,461	29,964	42,587
Operating Segments | Real Estate | Conservation Easement
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,101		1,101
Operating Segments | Real Estate | Timberland & Non-Strategic
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		1,055	16,111	2,947
Operating Segments | Real Estate | Deferred Revenue/Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,740	5,981	11,902	12,642
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,891	6,671	25,803	34,410
Total Revenue	8,979	6,782	26,035	34,767
Operating Segments | Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,611	6,401	24,897	33,458
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	358	447	2,075	3,328
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,253	5,954	22,822	30,130
Operating Segments | Trading | Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	280	270	906	952
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	280	270	906	952
Intersegment | Trading
Disaggregation of Revenue [Line Items]
Total Revenue	88	111	232	357
Intersegment | Elim.
Disaggregation of Revenue [Line Items]
Total Revenue	$ (88)	$ (111)	$ (232)	$ (357)

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 194,538	$ 201,135	$ 535,581	$ 588,479
Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,753	26,423	87,920	88,403
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,907	25,454	80,539	86,424
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,846	969	7,381	1,979
Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	112,784	116,813	315,118	370,181
Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	60,694	66,267	173,677	201,926
Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	52,090	50,546	141,441	168,255
Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	137,537	143,236	403,038	458,584
Southern Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,907	25,454	80,531	86,811
Southern Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,907	25,454	80,531	86,424
Southern Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers				387
Southern Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	24,445	28,677	75,586	88,173
Southern Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,733	26,907	70,851	81,757
Southern Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	712	1,770	4,735	6,416
Southern Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,352	54,131	156,117	174,984
Pacific Northwest Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,846	969	7,389	1,592
Pacific Northwest Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			8
Pacific Northwest Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,846	969	7,381	1,592
Pacific Northwest Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	21,850	26,872	65,435	89,729
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,612	24,085	61,513	80,249
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,238	2,787	3,922	9,480
Pacific Northwest Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25,696	27,841	72,824	91,321
New Zealand Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,878	54,863	149,200	158,821
New Zealand Timber | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,872	15,265	39,368	39,419
New Zealand Timber | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,006	39,598	109,832	119,402
New Zealand Timber | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	57,878	54,863	149,200	158,821
Trading | Total Delivered
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,611	6,401	24,897	33,458
Trading | Total Delivered | Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	477	10	1,945	501
Trading | Total Delivered | Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,134	6,391	22,952	32,957
Trading | Total Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 8,611	$ 6,401	$ 24,897	$ 33,458

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) - Matariki Forestry Group a in Thousands	Sep. 30, 2024 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned	411
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning noncontrolling interests in the Operating Partnership	$ 59,047	$ 77,532	$ 81,651	$ 105,763
Adjustment of noncontrolling interests in the Operating Partnership	6,476	(6,890)	(1,325)	(8,810)
Conversions of Redeemable Operating Partnership Units to common shares	(643)	(479)	(14,070)	(24,663)
Net income attributable to noncontrolling interests in the Operating Partnership	391	320	437	811
Other comprehensive (loss) income attributable to noncontrolling interests in the Operating Partnership	(77)	36	(323)	(1,016)
Distributions to noncontrolling interests in the Operating Partnership	(528)	(699)	(1,704)	(2,265)
Ending noncontrolling interests in the Operating Partnership	$ 64,666	$ 69,820	$ 64,666	$ 69,820

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income	$ 30,442			$ 22,740			$ 35,783	$ 49,274
Less: Net income attributable to noncontrolling interests in the Operating Partnership	(391)	$ (26)	$ (20)	(320)	$ (318)	$ (174)	(437)	(811)
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,293)			(3,183)			(3,328)	(1,902)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 28,758			$ 19,237			$ 32,018	$ 46,561
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,984,534			148,274,209			148,821,306	147,959,983
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.19			$ 0.13			$ 0.22	$ 0.31
Numerator:
Net Income	$ 30,442			$ 22,740			$ 35,783	$ 49,274
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,293)			(3,183)			(3,328)	(1,902)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership	$ 29,149			$ 19,557			$ 32,455	$ 47,372
Denominator:
Denominator for basic earnings per common share - weighted average shares (in shares)	148,984,534			148,274,209			148,821,306	147,959,983
Add: Dilutive effect of:
Stock options (in shares)	0			0			55	629
Performance shares, restricted shares and restricted stock units (in shares/units)	281,407			299,613			403,444	394,006
Noncontrolling interests in Operating Partnership units (in shares)	2,027,053			2,462,431			2,088,013	2,676,911
Denominator for diluted earnings per unit - adjusted weighted average units (in shares)	151,292,994			151,036,253			151,312,818	151,031,529
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.19			$ 0.13			$ 0.21	$ 0.31
Rayonier Limited Partnership
Numerator:
Net Income	$ 30,442	3,035	2,306	$ 22,740	19,096	7,437	$ 35,783	$ 49,274
Less: Net income attributable to noncontrolling interests in consolidated affiliates	(1,293)			(3,183)			(3,328)	(1,902)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 29,149			$ 19,557			$ 32,455	$ 47,372
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	151,011,587			150,736,640			150,909,319	150,636,894
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.19			$ 0.13			$ 0.22	$ 0.31
Numerator:
Net Income	$ 30,442	$ 3,035	$ 2,306	$ 22,740	$ 19,096	$ 7,437	$ 35,783	$ 49,274
Less: Net income attributable to noncontrolling interests in consolidated affiliates	$ (1,293)			$ (3,183)			$ (3,328)	$ (1,902)
Denominator:
Denominator for basic earnings per unit - weighted average units (in units)	151,011,587			150,736,640			150,909,319	150,636,894
Add: Dilutive effect of:
Stock options (in shares)	0			0			55	629
Performance shares, restricted shares and restricted stock units (in shares/units)	281,407			299,613			403,444	394,006
Denominator for diluted earnings per unit - adjusted weighted average units (in units)	151,292,994			151,036,253			151,312,818	151,031,529
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit)	$ 0.19			$ 0.13			$ 0.21	$ 0.31

EARNINGS PER SHARE AND PER UN_4

EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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)	149,609	164,521	149,446	156,835
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)	149,609	164,521	149,446	156,835

DEBT - Long Term Debt (Details)

DEBT - Long Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal debt	$ 1,313,368
Less: Current maturities of long-term debt	(22,010)	$ 0
Less: Unamortized discounts	(2,517)
Less: Deferred financing costs	(3,602)
Total long-term debt	$ 1,285,239	$ 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)	6.85%
Total principal debt	$ 290,000
Basis points on periodic interest rate (as a percent)	1.60%
Variable interest rate (as a percent)	3.31%
2021 Incremental Term Loan Borrowings Due 2029
Debt Instrument [Line Items]
Stated fixed interest rate (as a percent)	6.90%
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%
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)	6.95%
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	$ 25,679
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	$ 25,679
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	$ 22,010

DEBT - Long Term Maturities (De

DEBT - Long Term Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	22,010
2026	225,679
2027	125,679
2028	290,000
Thereafter	650,000
Total Debt	$ 1,313,368

DEBT - Narrative (Details)

DEBT - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 NZD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 NZD ($)	Aug. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayment of debt		$ 60,000,000		$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings, net of repayments		0
Remaining borrowing capacity	$ 293,000,000	293,000,000
Amount to secure outstanding letters of credit	7,000,000	$ 7,000,000
2015 Term Loan Borrowings Due 2028
Debt Instrument [Line Items]
Repayment of debt	$ 60,000,000
Variable interest rate (as a percent)	3.31%	3.31%			3.31%
Working Capital Facility
Debt Instrument [Line Items]
Borrowings, net of repayments			$ 0
Remaining borrowing capacity					$ 20,000,000
Interest rate swaps | Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges
Debt Instrument [Line Items]
Notional Amount	$ 700,000,000	$ 700,000,000				$ 200,000,000	$ 850,000,000

DEBT - Debt Covenants (Details)

DEBT - Debt Covenants (Details)	Sep. 30, 2024
Debt Disclosure [Abstract]
Covenant EBITDA to consolidated interest expense, covenant requirement	2.5
Covenant EBITDA to consolidated interest expense, actual ratio	12.7
Covenant EBITDA to consolidated interest expense, favorable	10.2
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)	0.43
Covenant debt to net worth plus covenant debt, favorable (as a percent)	0.22

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 17,948
Forecasted Sales and Purchases, term 1 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum | Forecasted Sales and Purchases, term 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	50%
Minimum | Forecasted Sales and Purchases, term 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	12 months
Minimum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Minimum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Minimum | Forecasted Sales and Purchases, term 5 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 months
Maximum | Forecasted Sales and Purchases, term 1 | New Zealand JV
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 12 months (as a percent)	90%
Maximum | Forecasted Sales and Purchases, term 2 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	18 months
Percent of forecast sales and purchases hedged for 12 to 18 months (as a percent)	75%
Maximum | Forecasted Sales and Purchases, term 3 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	24 months
Percent of forecast sales and purchases hedged for 18 to 24 months (as a percent)	50%
Maximum | Forecasted Sales and Purchases, term 4 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	36 months
Percent of forecast sales and purchases hedged for 24 to 36 months (as a percent)	50%
Maximum | Forecasted Sales and Purchases, term 5 | New Zealand JV
Derivative [Line Items]
Length of time, foreign currency cash flow hedge	48 months
Percent of forecast sales and purchases hedged for 36 to 48 months (as a percent)	25%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Credit Spread Option
Derivative [Line Items]
Bank Margin on Debt	0.10%
Interest Rate Swap 1
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 2
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 3
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 4
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%
Interest Rate Swap 5
Derivative [Line Items]
Term	4 years
Notional Amount	$ 100
Fixed Rate of Swap	0.78%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	2.38%
Interest Rate Swap 6
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50
Fixed Rate of Swap	0.64%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	2.24%
Interest Rate Swap 7
Derivative [Line Items]
Term	4 years
Notional Amount	$ 50
Fixed Rate of Swap	3.29%
Bank Margin on Debt	1.60%
Total Effective Interest Rate	4.89%

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign currency exchange contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	$ 5,758	$ 1,752	$ 1,903	$ 5,753
Foreign currency exchange contracts | Other operating expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	349	(1,796)	1,742	(5,801)
Foreign currency option contracts | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	2,143	(26)	1,123	(858)
Foreign currency option contracts | Other operating expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	5	(196)	13	(244)
Interest rate products | Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	(14,949)	12,381	5,273	20,416
Interest rate products | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated as cash flow hedges	$ (6,822)	$ (4,810)	$ (21,379)	$ (12,587)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives Designated as Cash Flow Hedges $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 17,948
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	2,169
Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	781
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount expected to be reclassified into earnings in next 12 months	$ 14,998

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives Designated as Cash Flow Hedges - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 01, 2024	Dec. 31, 2023
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 122,900		$ 122,700
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	126,000		98,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	700,000	$ 200,000	850,000
Forward-starting interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 0		$ 200,000

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 50,963	$ 62,595
Fair value, derivative liability	(2,381)	(2,146)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	4,205	7,259
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	46,758	55,336
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(108)	(803)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,273)	(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	3,012	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	3,549	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	0	(664)
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	1,193	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	2,472	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	(108)	(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	(850)	(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	0	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	40,737	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	(1,423)	(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	0	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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 3,021	$ 678	$ 1,804
Current maturities of long-term debt	(22,010)	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	74,225	207,696
Restricted cash	3,021	678
Current maturities of long-term debt	(22,010)	0
Long-term debt	(1,285,239)	(1,365,773)
Noncontrolling interests in the Operating Partnership	64,666	81,651
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, assets	39,314	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	0	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	6,561	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	2,707	1,572
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	74,225	207,696
Restricted cash	3,021	678
Current maturities of long-term debt	0	0
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
Current maturities of long-term debt	(22,522)	0
Long-term debt	(1,236,015)	(1,299,951)
Noncontrolling interests in the Operating Partnership	64,666	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	39,314	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	0	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	6,561	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	$ 2,707	$ 1,572

ENVIRONMENTAL AND NATURAL RES_3

ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Changes in Environmental and NRD Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 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	(2,991)
Increase to liabilities	1,938
Ending balance	15,525
Ending balance, less: current portion	(11,973)
Ending balance, non-current portion	$ 3,552
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)	9 Months Ended
	Sep. 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	Sep. 30, 2024 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 39,587
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	$ 32,591

HIGHER AND BETTER USE TIMBERL_3

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 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	(13,955)
Amortization of parcel real estate development investments	(5,264)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,115)
Capitalized real estate development investments	26,878
Capital expenditures (silviculture)	233
Intersegment transfers	14,319
Total balance, ending balance	153,029
Less: Current portion, ending balance	(14,052)
Non-current portion, ending balance	138,977
Capitalized interest	1,000
Parcel real estate development investments	7,800
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	(1,120)
Amortization of parcel real estate development investments	0
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,115)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	233
Intersegment transfers	14,319
Total balance, ending balance	101,002
Less: Current portion, ending balance	(12,942)
Non-current portion, ending balance	88,060
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	(12,835)
Amortization of parcel real estate development investments	(5,264)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	26,878
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total balance, ending balance	52,027
Less: Current portion, ending balance	(1,110)
Non-current portion, ending balance	$ 50,917

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventory	$ 18,656	$ 31,017
Real Estate Inventory
Inventory [Line Items]
Total inventory	14,052	26,338
Log inventory
Inventory [Line Items]
Total inventory	4,413	4,490
Carbon Unit Inventory
Inventory [Line Items]
Total inventory	$ 191	$ 189

OTHER OPERATING EXPENSE, NET (D

OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Loss on foreign currency remeasurement, net of cash flow hedges	$ (1,038)	$ (1,555)	$ (1,966)	$ (5,713)
Gain on sale or disposal of property and equipment	0	0	13	37
Costs related to disposition initiatives	(857)	0	(1,553)	0
Miscellaneous (expense) income, net	(19)	(99)	(32)	105
Total	$ (1,914)	$ (1,654)	$ (3,538)	$ (5,571)

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) plan	Sep. 30, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of qualified defined benefit plans | plan			1
Pension settlement charge			$ 5,979	$ 0
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash contribution		$ 2,700
Pension settlement charge	$ 300	$ 5,700	$ 6,000
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash contribution	$ 1,200

EMPLOYEE BENEFIT PLANS - Net Be

EMPLOYEE BENEFIT PLANS - Net Benefit Costs (Credits) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	5	844	535	2,533
Expected return on plan assets	0	(887)	(542)	(2,663)
Amortization of losses	0	1	1	4
Pension settlement loss	306	0	5,979	0
Net periodic benefit cost (credit)	311	(42)	$ 5,973	(126)
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	$ 3	3
Interest cost	18	17	53	52
Expected return on plan assets	0	0	0	0
Amortization of losses	0	0	0	0
Pension settlement loss	0	0	0	0
Net periodic benefit cost (credit)	$ 19	$ 18	$ 56	$ 55

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)		9 Months Ended
	Sep. 30, 2024	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Income tax (expense) benefit	$ (35)	$ (547)	$ 297	$ (1,777)
Pension
Income Taxes
Tax on settlement charge			$ 1,200

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Annualized effective tax rate after discrete items	1.60%	3.10%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,860,536
Other comprehensive (loss) income before reclassifications	14,215	$ 7,547
Amounts reclassified from accumulated other comprehensive income	(15,292)	(18,709)
Net other comprehensive income (loss)	(1,077)	(11,162)
Ending balance	1,787,005	1,860,536
Pension
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Pre-tax non-cash pension settlement charge	4,600
Tax on settlement charge	1,200
Pension settlement charge		2,000
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	24,651	35,813
Ending balance	23,574	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	2,354	(1,466)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income (loss)	2,354	(1,466)
Ending balance	(17,179)	(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 income (loss)	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	6,951	10,537
Amounts reclassified from accumulated other comprehensive income	(20,406)	(21,895)
Net other comprehensive income (loss)	(13,455)	(11,358)
Ending balance	42,391	55,846
Cash flow hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss) income before reclassifications	5,300	10,300
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,616)	(10,209)
Other comprehensive (loss) income before reclassifications	5,106	(1,449)
Amounts reclassified from accumulated other comprehensive income	4,595	2,042
Net other comprehensive income (loss)	9,701	593
Ending balance	85	(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	14,411	7,622
Amounts reclassified from accumulated other comprehensive income	(15,811)	(19,853)
Net other comprehensive income (loss)	(1,400)	(12,231)
Ending balance	26,618	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	(196)	(75)
Amounts reclassified from accumulated other comprehensive income	519	1,144
Net other comprehensive income (loss)	323	1,069
Ending balance	$ (3,044)	$ (3,367)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassified AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating expense, net	$ 1,914	$ 1,654	$ 3,538	$ 5,571
Interest expense, net	(10,021)	(12,598)	(29,576)	(36,755)
Income tax (expense) benefit	(35)	(547)	297	(1,777)
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	$ (30,442)	$ (22,740)	(35,783)	(49,274)
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			(20,406)	(15,938)
Cash Flow Hedges, Parent | Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax (expense) benefit			(378)	1,303
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			1,742	(5,801)
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			13	(244)
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			(21,379)	(12,587)
Cash Flow Hedges, Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income attributable to noncontrolling interests			$ (404)	$ 1,391

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 3,021	$ 678	$ 1,804
Cash and cash equivalents	74,225	207,696	107,784
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	77,246	$ 208,374	109,588	$ 115,407
Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	2,345		2
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 676		$ 1,802

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($)	9 Months Ended
	Sep. 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	$ 106,200,000	$ 9,900,000
Asset impairment recognized	$ 0