QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Exchange | ||||||
☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | Emerging Growth Company |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | ☒ | Smaller Reporting Company | Emerging Growth Company |
Item | Page | ||||||||||
PART I - FINANCIAL INFORMATION | |||||||||||
1. | |||||||||||
2. | |||||||||||
3. | |||||||||||
4. | |||||||||||
PART II - OTHER INFORMATION | |||||||||||
1. | |||||||||||
2. | |||||||||||
6. | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | ( | ( | ( | ( | |||||||||||||||||||
Selling and general expenses | ( | ( | ( | ( | |||||||||||||||||||
( | ( | ||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
OPERATING INCOME | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest and other miscellaneous (expense) income, net | ( | ( | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
NET INCOME | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | |||||||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $ | ( | ( | |||||||||||||||||||||
Cash flow hedges, net of income tax effect of $ | ( | ( | ( | ||||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax expense of $ | |||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | ( | ||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | $ | $ | $ | ($ | |||||||||||||||||||
Basic earnings per share attributable to Rayonier Inc. | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share attributable to Rayonier Inc. | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents, excluding Timber Funds | $ | $ | |||||||||
Cash and cash equivalents, Timber Funds | |||||||||||
Total cash and cash equivalents | |||||||||||
Accounts receivable, less allowance for doubtful accounts of $ | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | |||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Land | |||||||||||
Buildings | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Total property, plant and equipment, gross | |||||||||||
Less — accumulated depreciation | ( | ( | |||||||||
Total property, plant and equipment, net | |||||||||||
RIGHT-OF-USE ASSETS | |||||||||||
OTHER ASSETS | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued taxes | |||||||||||
Accrued payroll and benefits | |||||||||||
Accrued interest | |||||||||||
Deferred revenue | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
LONG-TERM LEASE LIABILITY | |||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common Shares, | |||||||||||
Retained earnings | |||||||||||
( | ( | ||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | |||||||||||
TOTAL SHAREHOLDERS’ EQUITY | |||||||||||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $ | $ |
Common Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $ | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | — | |||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Conversion of units into common shares | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Cash flow hedges | — | — | — | ( | |||||||||||||||||||||||||||||||
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $ | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | — | |||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Conversion of units into common shares | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ||||||||||||||||||||||||||||||||
Cash flow hedges | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||||||||
Common Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Cash flow hedges | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||||||||
Issuances of shares associated with the merger with Pope Resources | — | — | — | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Acquisition of noncontrolling interests in consolidated affiliates | — | — | — | — | |||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ||||||||||||||||||||||||||||||||
Cash flow hedges | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Non-cash cost of land and improved development | |||||||||||
Stock-based incentive compensation expense | |||||||||||
Deferred income taxes | |||||||||||
Amortization of losses from pension and postretirement plans | |||||||||||
Gain on sale of large disposition of timberlands | ( | ( | |||||||||
Other | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | |||||||||||
All other operating activities | ( | ( | |||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Real estate development investments | ( | ( | |||||||||
Purchase of timberlands | ( | ( | |||||||||
Net proceeds from large disposition of timberlands | |||||||||||
Net cash consideration for merger with Pope Resources | ( | ||||||||||
Other | |||||||||||
CASH USED FOR INVESTING ACTIVITIES | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Issuance of debt | |||||||||||
Repayment of debt | ( | ( | |||||||||
Dividends paid on common stock | ( | ( | |||||||||
Distributions to noncontrolling interests in the Operating Partnership | ( | ( | |||||||||
Proceeds from the issuance of common shares under incentive stock plan | |||||||||||
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | |||||||||||
Repurchase of common shares | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Repurchase of common shares made under repurchase program | ( | ||||||||||
Distributions to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||
CASH PROVIDED BY FINANCING ACTIVITIES | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ( | ||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Change in cash, cash equivalents and restricted cash | |||||||||||
Balance, beginning of year | |||||||||||
Balance, end of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid during the period: | |||||||||||
Interest (a) | $ | $ | |||||||||
Income taxes | |||||||||||
Non-cash investing activity: | |||||||||||
Capital assets purchased on account | |||||||||||
Non-cash financing activity: | |||||||||||
Equity consideration for merger with Pope Resources | $ | ||||||||||
Redeemable Operating Partnership Unit consideration for merger with Pope Resources | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | ( | ( | ( | ( | |||||||||||||||||||
Selling and general expenses | ( | ( | ( | ( | |||||||||||||||||||
( | ( | ||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
OPERATING INCOME | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest and other miscellaneous (expense) income, net | ( | ( | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
NET INCOME | |||||||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | |||||||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $ | ( | ( | |||||||||||||||||||||
Cash flow hedges, net of income tax effect of $ | ( | ( | ( | ||||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax expense of $ | |||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | ( | ||||||||||||||||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | $ | $ | $ | ($ | |||||||||||||||||||
Basic earnings per unit attributable to Rayonier, L.P. | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P. | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents, excluding Timber Funds | $ | $ | |||||||||
Cash and cash equivalents, Timber Funds | |||||||||||
Total cash and cash equivalents | |||||||||||
Accounts receivable, less allowance for doubtful accounts of $ | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | |||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Land | |||||||||||
Buildings | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Total property, plant and equipment, gross | |||||||||||
Less — accumulated depreciation | ( | ( | |||||||||
Total property, plant and equipment, net | |||||||||||
RIGHT-OF-USE ASSETS | |||||||||||
OTHER ASSETS | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued taxes | |||||||||||
Accrued payroll and benefits | |||||||||||
Accrued interest | |||||||||||
Deferred revenue | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
LONG-TERM LEASE LIABILITY | |||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 6) | |||||||||||
CAPITAL | |||||||||||
General partners’ capital | |||||||||||
Limited partners’ capital | |||||||||||
( | ( | ||||||||||
TOTAL CONTROLLING INTEREST CAPITAL | |||||||||||
TOTAL CAPITAL | |||||||||||
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | $ | $ |
Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total Capital | |||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | ($ | $ | $ | |||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||
Distributions on units ($ | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $ | — | — | ||||||||||||||||||||||||||||||
Issuance of units under incentive stock plans | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | ||||||||||||||||||||||||||||||
Repurchase of units | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Conversion of units into common shares | — | — | ||||||||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | |||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | ( | ( | ( | |||||||||||||||||||||||||||
Cash flow hedges | — | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | ($ | $ | $ | |||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||
Distributions on units ($ | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $ | — | — | ||||||||||||||||||||||||||||||
Issuance of units under incentive stock plans | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | ||||||||||||||||||||||||||||||
Repurchase of units | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Conversion of units into common shares | — | — | ||||||||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | |||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | ||||||||||||||||||||||||||||||
Cash flow hedges | — | — | ( | ( | ( | |||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | ($ | $ | $ | |||||||||||||||||||||||||||
Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total Capital | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||
Distributions on units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of units under incentive stock plans | — | — | |||||||||||||||||||||||||||
Stock-based compensation | — | — | |||||||||||||||||||||||||||
Repurchase of units | ( | ( | — | — | ( | ||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | ( | ( | ( | ||||||||||||||||||||||||
Cash flow hedges | — | — | ( | ( | ( | ||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
Issuance of units associated with the merger with Pope Resources | — | — | |||||||||||||||||||||||||||
Net income (loss) | — | ( | |||||||||||||||||||||||||||
Distributions on units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of units under incentive stock plans | — | — | |||||||||||||||||||||||||||
Stock-based compensation | — | — | |||||||||||||||||||||||||||
Repurchase of units | ( | ( | — | — | ( | ||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | ( | ( | — | — | ( | ||||||||||||||||||||||||
Acquisition of noncontrolling interests in consolidated affiliates | — | — | — | ||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | — | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | |||||||||||||||||||||||||||
Cash flow hedges | — | — | ( | ( | |||||||||||||||||||||||||
Distribution to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Non-cash cost of land and improved development | |||||||||||
Stock-based incentive compensation expense | |||||||||||
Deferred income taxes | |||||||||||
Amortization of losses from pension and postretirement plans | |||||||||||
Gain on sale of large disposition of timberlands | ( | ( | |||||||||
Other | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | |||||||||||
All other operating activities | ( | ( | |||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Real estate development investments | ( | ( | |||||||||
Purchase of timberlands | ( | ( | |||||||||
Net proceeds from large disposition of timberlands | |||||||||||
Cash consideration for merger with Pope Resources, net of cash acquired | ( | ||||||||||
Other | |||||||||||
CASH USED FOR INVESTING ACTIVITIES | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Issuance of debt | |||||||||||
Repayment of debt | ( | ( | |||||||||
Distributions on units | ( | ( | |||||||||
Proceeds from the issuance of units under incentive stock plan | |||||||||||
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | |||||||||||
Repurchase of units | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Repurchase of units made under repurchase program | ( | ||||||||||
Distributions to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||
CASH PROVIDED BY FINANCING ACTIVITIES | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ( | ||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Change in cash, cash equivalents and restricted cash | |||||||||||
Balance, beginning of year | |||||||||||
Balance, end of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Cash paid during the period: | |||||||||||
Interest (a) | $ | $ | |||||||||
Income taxes | |||||||||||
Non-cash investing activity: | |||||||||||
Capital assets purchased on account | |||||||||||
Non-cash financing activity: | |||||||||||
Equity consideration for merger with Pope Resources | $ | ||||||||||
Redeemable Operating Partnership Unit consideration for merger with Pope Resources | |||||||||||
Cash consideration | $ | ||||
Equity consideration | |||||
Redeemable Operating Partnership Unit consideration | |||||
Fair value of Pope Resources units held by us (a) | |||||
Total purchase price | $ |
Three months ended June 30, 2021 | |||||||||||||||||
Pacific Northwest Timber | Timber Funds | Total | |||||||||||||||
Depletion | ($ | ($ | ($ | ||||||||||||||
Total | ($ | ($ | ($ | ||||||||||||||
Core Timberlands | Timber Funds | Total | |||||||||||||||
Timberland and Real Estate Business | |||||||||||||||||
Cash | $ | $ | $ | ||||||||||||||
Accounts receivable | |||||||||||||||||
Other current assets | |||||||||||||||||
Timber and Timberlands | |||||||||||||||||
Higher and Better Use Timberlands and Real Estate Development Investments | |||||||||||||||||
Property, plant and equipment | |||||||||||||||||
Other assets (a) | |||||||||||||||||
Total identifiable assets acquired | $ | $ | $ | ||||||||||||||
Accounts payable | |||||||||||||||||
Current maturities of long-term debt | |||||||||||||||||
Accrued interest | |||||||||||||||||
Other current liabilities | |||||||||||||||||
Long-term debt | |||||||||||||||||
Long-term environmental liabilities | |||||||||||||||||
Other non-current liabilities (b) | |||||||||||||||||
Total liabilities assumed | $ | $ | $ | ||||||||||||||
Net identifiable assets | $ | $ | $ | ||||||||||||||
Less: noncontrolling interests | ( | ( | ( | ||||||||||||||
Total net assets acquired | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2020 | |||||||||||||||||
Sales | $ | $ | |||||||||||||||
Net income attributable to Rayonier Inc. | $ | $ | |||||||||||||||
Basic earnings per share attributable to Rayonier Inc. | $ | $ | |||||||||||||||
Diluted earnings per share attributable to Rayonier Inc. | $ | $ | |||||||||||||||
Net income attributable to Rayonier, L.P. | $ | $ | |||||||||||||||
Basic earnings per unit attributable to Rayonier, L.P. | $ | $ | |||||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P. | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
SALES | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Southern Timber | $ | $ | $ | $ | |||||||||||||||||||
Pacific Northwest Timber | |||||||||||||||||||||||
New Zealand Timber | |||||||||||||||||||||||
Timber Funds (a) | |||||||||||||||||||||||
Real Estate (b) | |||||||||||||||||||||||
Trading | |||||||||||||||||||||||
Intersegment Eliminations (c) | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
OPERATING INCOME (LOSS) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Southern Timber | $ | $ | $ | $ | |||||||||||||||||||
Pacific Northwest Timber | ( | ( | |||||||||||||||||||||
New Zealand Timber | |||||||||||||||||||||||
Timber Funds (a) | ( | ( | |||||||||||||||||||||
Real Estate (b) | |||||||||||||||||||||||
Trading | |||||||||||||||||||||||
Corporate and Other (c) | ( | ( | ( | ( | |||||||||||||||||||
Total Operating Income | |||||||||||||||||||||||
Unallocated interest expense and other | ( | ( | ( | ( | |||||||||||||||||||
Total Income before Income Taxes | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Southern Timber | $ | $ | $ | $ | |||||||||||||||||||
Pacific Northwest Timber | |||||||||||||||||||||||
New Zealand Timber | |||||||||||||||||||||||
Timber Funds (a) | |||||||||||||||||||||||
Real Estate (b) | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Real Estate (a) | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue recognized from contract liability balance at the beginning of the year (a) | $ | $ | $ | $ |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||||||||||
Sawtimber | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Conservation Easement | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Large Dispositions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | — | ||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | $ | $ | ($ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||||||||||
Sawtimber | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Unimproved Development | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | — | ||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | $ | $ | ($ | $ | |||||||||||||||||||||||||||||||||||||||
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||||||||||
Sawtimber | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily From Hunting | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Conservation Easement | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Large Dispositions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | — | ||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | $ | $ | ($ | $ | |||||||||||||||||||||||||||||||||||||||
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||||||||||
Sawtimber | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Unimproved Development | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Large Dispositions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | — | ||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | $ | $ | ($ | $ |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Trading | Total | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $ | $ | $ | ||||||||||||||||||||||||||||||||
Stumpage Lump Sum | |||||||||||||||||||||||||||||||||||
Total Stumpage | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | |||||||||||||||||||||||||||||||||||
Total Delivered | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $ | $ | $ | ||||||||||||||||||||||||||||||||
Stumpage Lump Sum | |||||||||||||||||||||||||||||||||||
Total Stumpage | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | |||||||||||||||||||||||||||||||||||
Total Delivered | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Trading | Total | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $ | $ | $ | ||||||||||||||||||||||||||||||||
Stumpage Lump Sum | |||||||||||||||||||||||||||||||||||
Total Stumpage | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | |||||||||||||||||||||||||||||||||||
Total Delivered | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $ | $ | $ | ||||||||||||||||||||||||||||||||
Stumpage Lump Sum | |||||||||||||||||||||||||||||||||||
Total Stumpage | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | |||||||||||||||||||||||||||||||||||
Total Delivered | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
Lease Income Components | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Operating lease income | $ | $ | $ | $ | |||||||||||||||||||||||||
Total lease income | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income attributable to noncontrolling interests in the New Zealand subsidiary | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests in the Funds | $ | ($ | $ | ($ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income attributable to noncontrolling interests in Ferncliff Investors | ($ | $ | ($ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Beginning noncontrolling interests in the Operating Partnership | $ | $ | |||||||||||||||||||||
Issuances of Redeemable Operating Partnership Units | |||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership | |||||||||||||||||||||||
Conversions of Redeemable Operating Partnership Units to Common Shares | ( | ( | |||||||||||||||||||||
Net Income attributable to noncontrolling interests in the Operating Partnership | |||||||||||||||||||||||
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership | ( | ||||||||||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Total noncontrolling interests in the Operating Partnership | $ | $ | $ | $ |
Timber Funds | June 30, 2021 | ||||
Assets: | |||||
Cash and cash equivalents | $ | ||||
Accounts receivable | |||||
Other current assets | |||||
Total current assets | |||||
Timber and timberlands, net of depletion and amortization | |||||
Other assets | |||||
Total assets | $ | ||||
Liabilities and Equity: | |||||
Accounts payable | $ | ||||
Intercompany payable (a) | |||||
Accrued taxes | |||||
Accrued interest | |||||
Deferred revenue | |||||
Other current liabilities | |||||
Total current liabilities | |||||
Long-term debt, net of deferred financing costs | |||||
Funds’ equity | |||||
Total liabilities and equity | $ |
Ferncliff Investors | June 30, 2021 | ||||
Assets: | |||||
Cash and cash equivalents | $ | ||||
Total current assets | |||||
Advances to real estate joint venture entity | |||||
Total assets | $ | ||||
Liabilities and equity: | |||||
Total liabilities | $ | ||||
Ferncliff Investors’ equity | ( | ||||
Total liabilities and equity | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings per common share - basic | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||||||||||||||
Net income attributable to Rayonier Inc. | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per common share - weighted average shares | |||||||||||||||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share - diluted | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||||||||||||||
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per common share - weighted average shares | |||||||||||||||||||||||
Add: Dilutive effect of: | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Performance shares, restricted shares and restricted stock units | |||||||||||||||||||||||
Noncontrolling interests in Redeemable Operating Partnership units | |||||||||||||||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares | |||||||||||||||||||||||
Diluted earnings per common share attributable to Rayonier Inc.: | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per common share: | |||||||||||||||||||||||
Stock options, performance shares, restricted shares and restricted stock units | |||||||||||||||||||||||
Total |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings per unit - basic | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||||||||||||||
Net income available to unitholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per unit - weighted average units | |||||||||||||||||||||||
Basic earnings per unit attributable to Rayonier, L.P.: | $ | $ | $ | $ | |||||||||||||||||||
Earnings per unit - diluted | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||||||||||||||
Net income available to unitholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per unit - weighted average units | |||||||||||||||||||||||
Add: Dilutive effect of unit equivalents: | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Performance shares, restricted shares and restricted stock units | |||||||||||||||||||||||
Denominator for diluted earnings per unit - adjusted weighted average units | |||||||||||||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P.: | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: | |||||||||||||||||||||||
Stock options, performance shares, restricted shares and restricted stock units | |||||||||||||||||||||||
Total |
June 30, 2021 | |||||
Debt, excluding Timber Funds: | |||||
Term Credit Agreement borrowings due 2028 at a variable interest rate of | $ | ||||
Senior Notes due 2022 at a fixed interest rate of | |||||
Senior Notes due 2031 at a fixed interest rate of | |||||
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of | |||||
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, with the following tranches | |||||
Due 2025 at a fixed interest rate of | |||||
Due 2028 at a fixed interest rate of | |||||
Due 2029 at a fixed interest rate of | |||||
Due 2029 at a fixed interest rate of | |||||
Total principal debt, excluding Timber Funds | |||||
Add: Fair value adjustments, excluding Timber Funds | |||||
Less: Unamortized discounts, excluding Timber Funds | ( | ||||
Less: Current maturities of long-term debt, excluding Timber Funds | ( | ||||
Less: Deferred financing costs, excluding Timber Funds | ( | ||||
Total long-term debt, excluding Timber Funds | |||||
Debt, Timber Funds: | |||||
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (c) | |||||
Due 2022 at a variable interest rate of | |||||
Due 2022 at a variable interest rate of | |||||
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows: (d) | |||||
Due 2023 at a fixed interest rate of | |||||
Due 2024 at a fixed interest rate of | |||||
Total principal debt, Timber Funds | |||||
Add: Fair value adjustments, Timber Funds | |||||
Less: Deferred financing costs, Timber Funds | ( | ||||
Total long-term debt, Timber Funds | |||||
Total long-term debt | $ |
Excluding Timber Funds | Timber Funds | Total | |||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
Thereafter | |||||||||||
Total Debt | $ | $ | $ |
Covenant Requirement | Actual Ratio | Favorable | |||||||||||||||
Covenant EBITDA to consolidated interest expense should not be less than | |||||||||||||||||
Covenant debt to covenant net worth plus covenant debt shall not exceed | % | % | % |
Covenant Requirement | Actual Ratio | Favorable | |||||||||||||||
Covenant EBITDA to consolidated interest expense should not be less than | |||||||||||||||||
Covenant debt to covenant net worth plus covenant debt shall not exceed | % | % | % |
Outstanding Interest Rate Swaps (a) | ||||||||||||||||||||
Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt | Total Effective Interest Rate (b) | ||||||||||||||
August 2015 | $ | Term Credit Agreement | % | % | % | |||||||||||||||
August 2015 | Term Credit Agreement | % | % | % | ||||||||||||||||
April 2016 | Incremental Term Loan | % | % | % | ||||||||||||||||
April 2016 | Incremental Term Loan | % | % | % |
Outstanding Forward-Starting Interest Rate Swaps (a) | ||||||||||||||||||||
Date Entered Into | Term | Notional Amount | Fixed Rate of Swap | Related Debt Facility | Forward Date | Maximum Period Ending for Forecasted Issuance Date | ||||||||||||||
March 2020 | $ | % | Term Credit Agreement | August 2024 | N/A | |||||||||||||||
May 2020 | % | Term Credit Agreement | August 2024 | N/A | ||||||||||||||||
May 2021 (b) | % | Future Issuance | Feb. 2022 | N/A |
Three Months Ended June 30, | |||||||||||||||||
Income Statement Location | 2021 | 2020 | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | ($ | $ | ||||||||||||||
Foreign currency option contracts | Other comprehensive income (loss) | ( | |||||||||||||||
Interest rate products | Other comprehensive income (loss) | ( | ( | ||||||||||||||
Interest expense | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Carbon option contracts | Interest and other miscellaneous income, net | ||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
Income Statement Location | 2021 | 2020 | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | ($ | ($ | ||||||||||||||
Foreign currency option contracts | Other comprehensive income (loss) | ( | ( | ||||||||||||||
Interest rate products | Other comprehensive income (loss) | ( | |||||||||||||||
Interest expense | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Carbon option contracts | Interest and other miscellaneous income, net | ||||||||||||||||
Amount expected to be reclassified into earnings in next 12 months | |||||
Derivatives designated as cash flow hedges: | |||||
Foreign currency exchange contracts | $ | ||||
Foreign currency option contracts | |||||
Interest rate products | |||||
Total estimated gain on derivatives contracts | $ |
Notional Amount | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Foreign currency exchange contracts | $ | $ | |||||||||
Foreign currency option contracts | |||||||||||
Interest rate swaps | |||||||||||
Forward-starting interest rate swaps | |||||||||||
Location on Balance Sheet | Fair Value Assets / (Liabilities) (a) | ||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | $ | ||||||||||||||
Other assets | |||||||||||||||||
Other current liabilities | ( | ||||||||||||||||
Other non-current liabilities | ( | ||||||||||||||||
Foreign currency option contracts | Other current assets | ||||||||||||||||
Other current liabilities | ( | ||||||||||||||||
Interest rate swaps | Other non-current liabilities | ( | ( | ||||||||||||||
Forward-starting interest rate swaps | Other assets | ||||||||||||||||
Other non-current liabilities | ( | ||||||||||||||||
Total derivative contracts: | |||||||||||||||||
Other current assets | $ | $ | |||||||||||||||
Other assets | |||||||||||||||||
Total derivative assets | $ | $ | |||||||||||||||
Other current liabilities | ( | ( | |||||||||||||||
Other non-current liabilities | ( | ( | |||||||||||||||
Total derivative liabilities | ($ | ($ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Asset (Liability) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents, excluding Timber Funds | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents, Timber Funds | ||||||||||||||||||||||||||||||||||||||
Restricted cash (b) | ||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt, excluding Timber Funds (c) | ( | ( | ||||||||||||||||||||||||||||||||||||
Long-term debt, excluding Timber Funds (c) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Long-term debt, Timber Funds (c) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Interest rate swaps (d) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps (d) | ( | ( | ||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts (d) | ||||||||||||||||||||||||||||||||||||||
Foreign currency option contracts (d) | ||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership (e) |
Environmental Remediation (a) | Development Projects (b) | Commitments (c) | Total | ||||||||||||||||||||
Remaining 2021 | $ | $ | $ | $ | |||||||||||||||||||
2022 | |||||||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
$ | $ | $ | $ |
Port Gamble, WA | |||||
Non-current portion at December 31, 2020 | $ | ||||
Plus: Current portion | |||||
Total Balance at December 31, 2020 | |||||
Expenditures charged to liabilities | ( | ||||
Increase to liabilities | |||||
Total Balance at June 30, 2021 | |||||
Less: Current portion | ( | ||||
Non-current portion at June 30, 2021 | $ |
Financial Commitments (a) | Maximum Potential Payment | |||||||
Standby letters of credit | $ | |||||||
Surety bonds (b) | ||||||||
Total financial commitments | $ |
Higher and Better Use Timberlands and Real Estate Development Investments | |||||||||||||||||
Land and Timber | Development Investments | Total | |||||||||||||||
Non-current portion at December 31, 2020 | $ | $ | $ | ||||||||||||||
Plus: Current portion (a) | |||||||||||||||||
Total Balance at December 31, 2020 | |||||||||||||||||
Non-cash cost of land and improved development | ( | ( | ( | ||||||||||||||
Amortization of parcel real estate development investments | ( | ( | |||||||||||||||
Timber depletion from harvesting activities and basis of timber sold in real estate sales | ( | ( | |||||||||||||||
Capitalized real estate development investments (b) | |||||||||||||||||
Capital expenditures (silviculture) | |||||||||||||||||
Intersegment transfers | |||||||||||||||||
Purchase price allocation adjustment (c) | |||||||||||||||||
Total Balance at June 30, 2021 | |||||||||||||||||
Less: Current portion (a) | ( | ( | ( | ||||||||||||||
Non-current portion at June 30, 2021 | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Finished goods inventory | |||||||||||
Real estate inventory (a) | $ | $ | |||||||||
Log inventory | |||||||||||
Total inventory | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gain (loss) on foreign currency remeasurement, net of cash flow hedges | $ | ($ | $ | ($ | |||||||||||||||||||
Gain on sale or disposal of property and equipment | |||||||||||||||||||||||
Log trading marketing fees | |||||||||||||||||||||||
Costs related to the merger with Pope Resources (a) | ( | ( | |||||||||||||||||||||
Equity income (loss) related to Bainbridge Landing LLC joint venture (b) | ( | ( | |||||||||||||||||||||
Miscellaneous expense, net | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | ($ | $ | ($ |
Components of Net Periodic Benefit (Credit) Cost | Income Statement Location | Pension | Postretirement | ||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Service cost | Selling and general expenses | $ | $ | ||||||||||||||||||||||||||
Interest cost | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Expected return on plan assets (a) | Interest and other miscellaneous (expense) income, net | ( | ( | ||||||||||||||||||||||||||
Amortization of losses | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | ($ | $ | $ | $ | |||||||||||||||||||||||||
Components of Net Periodic Benefit (Credit) Cost | Income Statement Location | Pension | Postretirement | ||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Service cost | Selling and general expenses | $ | $ | ||||||||||||||||||||||||||
Interest cost | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Expected return on plan assets (a) | Interest and other miscellaneous (expense) income, net | ( | ( | ||||||||||||||||||||||||||
Amortization of losses | Interest and other miscellaneous (expense) income, net | ||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | ($ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Income tax expense | ($ | ($ | ($ | ($ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Annualized effective tax rate after discrete items | % | % |
Foreign currency translation (loss) gains | Net investment hedges of New Zealand subsidiary | Cash flow hedges | Employee benefit plans | Total Rayonier, L.P. | Allocation to Operating Partnership | Total Rayonier Inc. | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | ($ | $ | ($ | ($ | ($ | ($ | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (b) | ( | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | ($ | ($ | ($ | ($ | ($ | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | (a) | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (b) | ( | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | ($ | ($ | ($ | ($ | ($ |
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the income statement | ||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||
Realized loss (gain) on foreign currency exchange contracts | $ | ($ | Other operating expense, net | |||||||||||||||||
Realized loss on foreign currency option contracts | Other operating expense, net | |||||||||||||||||||
Noncontrolling interests | ( | Comprehensive (loss) income attributable to noncontrolling interests | ||||||||||||||||||
Realized loss on interest rate contracts | Interest expense | |||||||||||||||||||
Income tax effect from net (loss) gain on foreign currency contracts | ( | Income tax expense | ||||||||||||||||||
Net loss from accumulated other comprehensive income | $ | $ |
June 30, 2021 | |||||
Restricted cash held in escrow | $ | ||||
Total restricted cash shown in the Consolidated Balance Sheets | |||||
Cash and cash equivalents | |||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Termination benefits | $ | $ | ||||||||||||||||||
Acceleration of share-based compensation related to qualifying terminations | ||||||||||||||||||||
Professional services | ||||||||||||||||||||
Other integration and restructuring costs | ||||||||||||||||||||
Total integration and restructuring charges related to the merger with Pope Resources | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Related Party Transaction | Location on Statement of Income and Comprehensive Income | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||
Mattamy Contract | Sales | $ | $ |
Core Timberland Holdings | |||||||||||||||||||||||||||||||||||
(acres in 000s) | As of June 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||
Owned | Leased | Total | Owned | Leased | Total | ||||||||||||||||||||||||||||||
Southern | |||||||||||||||||||||||||||||||||||
Alabama | 223 | 14 | 237 | 223 | 14 | 237 | |||||||||||||||||||||||||||||
Arkansas | — | 6 | 6 | — | 6 | 6 | |||||||||||||||||||||||||||||
Florida | 349 | 56 | 405 | 327 | 61 | 388 | |||||||||||||||||||||||||||||
Georgia | 604 | 64 | 668 | 602 | 71 | 673 | |||||||||||||||||||||||||||||
Louisiana | 140 | — | 140 | 140 | — | 140 | |||||||||||||||||||||||||||||
Oklahoma | 92 | — | 92 | 92 | — | 92 | |||||||||||||||||||||||||||||
South Carolina | 16 | — | 16 | 16 | — | 16 | |||||||||||||||||||||||||||||
Texas | 179 | — | 179 | 181 | — | 181 | |||||||||||||||||||||||||||||
1,603 | 140 | 1,743 | 1,581 | 152 | 1,733 | ||||||||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||||||||
Oregon | 61 | — | 61 | 61 | — | 61 | |||||||||||||||||||||||||||||
Washington | 434 | 4 | 438 | 442 | 4 | 446 | |||||||||||||||||||||||||||||
495 | 4 | 499 | 503 | 4 | 507 | ||||||||||||||||||||||||||||||
New Zealand (a) | 187 | 232 | 419 | 185 | 232 | 417 | |||||||||||||||||||||||||||||
Total | 2,285 | 376 | 2,661 | 2,269 | 388 | 2,657 |
Timber Fund Holdings (a) | |||||||||||||||||||||||
(acres in 000s) | As of June 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||
Total | Look-through | Total | Look-through | ||||||||||||||||||||
Timber Funds | |||||||||||||||||||||||
Oregon | 51 | 7 | 51 | 7 | |||||||||||||||||||
Washington | 71 | 9 | 71 | 9 | |||||||||||||||||||
California | 19 | 1 | 19 | 1 | |||||||||||||||||||
Total | 141 | 17 | 141 | 17 |
Total Timberland under Management | |||||||||||
(acres in 000s) | As of June 30, 2021 | As of December 31, 2020 | |||||||||
Total | Total | ||||||||||
Southern | 1,743 | 1,733 | |||||||||
Pacific Northwest | 499 | 507 | |||||||||
New Zealand | 419 | 417 | |||||||||
Timber Funds (a) | 141 | 141 | |||||||||
Total | 2,802 | 2,798 |
(acres in 000s) | Acres Owned | ||||||||||||||||||||||||||||
December 31, 2020 | Acquisitions | Sales | Other | June 30, 2021 | |||||||||||||||||||||||||
Southern | |||||||||||||||||||||||||||||
Alabama | 223 | — | — | — | 223 | ||||||||||||||||||||||||
Florida | 327 | 23 | (1) | — | 349 | ||||||||||||||||||||||||
Georgia | 602 | 9 | (7) | — | 604 | ||||||||||||||||||||||||
Louisiana | 140 | — | — | — | 140 | ||||||||||||||||||||||||
Oklahoma | 92 | — | — | — | 92 | ||||||||||||||||||||||||
South Carolina | 16 | — | — | — | 16 | ||||||||||||||||||||||||
Texas | 181 | — | (2) | — | 179 | ||||||||||||||||||||||||
1,581 | 32 | (10) | — | 1,603 | |||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||
Oregon | 61 | — | — | — | 61 | ||||||||||||||||||||||||
Washington | 442 | — | (8) | — | 434 | ||||||||||||||||||||||||
503 | — | (8) | — | 495 | |||||||||||||||||||||||||
New Zealand (a) | 185 | 2 | — | — | 187 | ||||||||||||||||||||||||
Total | 2,269 | 34 | (18) | — | 2,285 |
(acres in 000s) | Acres Leased | ||||||||||||||||||||||||||||
December 31, 2020 | New Leases | Sold/Expired Leases (a) | Other (b) | June 30, 2021 | |||||||||||||||||||||||||
Southern | |||||||||||||||||||||||||||||
Alabama | 14 | — | — | — | 14 | ||||||||||||||||||||||||
Arkansas | 6 | — | — | — | 6 | ||||||||||||||||||||||||
Florida | 61 | — | (3) | (2) | 56 | ||||||||||||||||||||||||
Georgia | 71 | — | (1) | (6) | 64 | ||||||||||||||||||||||||
152 | — | (4) | (8) | 140 | |||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||
Washington (c) | 4 | — | — | — | 4 | ||||||||||||||||||||||||
New Zealand (d) | 232 | — | — | — | 232 | ||||||||||||||||||||||||
Total | 388 | — | (4) | (8) | 376 |
(acres in 000s) | Acres Owned | ||||||||||||||||||||||||||||
December 31, 2020 | Acquisitions | Sales | Other | June 30, 2021 | |||||||||||||||||||||||||
Fund II | |||||||||||||||||||||||||||||
Oregon | 18 | — | — | — | 18 | ||||||||||||||||||||||||
Washington | 13 | — | — | — | 13 | ||||||||||||||||||||||||
Total Fund II | 31 | — | — | — | 31 | ||||||||||||||||||||||||
Look-through share of Fund II | 6 | — | — | — | 6 | ||||||||||||||||||||||||
Fund III (a) | |||||||||||||||||||||||||||||
Oregon | 13 | — | — | — | 13 | ||||||||||||||||||||||||
Washington | 25 | — | — | — | 25 | ||||||||||||||||||||||||
California | 19 | — | — | — | 19 | ||||||||||||||||||||||||
Total Fund III | 57 | — | — | — | 57 | ||||||||||||||||||||||||
Look-through share of Fund III | 3 | — | — | — | 3 | ||||||||||||||||||||||||
Fund IV (a) | |||||||||||||||||||||||||||||
Oregon | 20 | — | — | — | 20 | ||||||||||||||||||||||||
Washington | 33 | — | — | — | 33 | ||||||||||||||||||||||||
Total Fund IV | 53 | — | — | — | 53 | ||||||||||||||||||||||||
Look-through share of Fund IV | 8 | — | — | — | 8 | ||||||||||||||||||||||||
Total Timber Funds | 141 | — | — | — | 141 | ||||||||||||||||||||||||
Look-through share of Funds | 17 | — | — | — | 17 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Financial Information (in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales | |||||||||||||||||||||||
Southern Timber | $49.3 | $46.8 | $101.0 | $99.7 | |||||||||||||||||||
Pacific Northwest Timber | 35.3 | 26.2 | 76.8 | 57.2 | |||||||||||||||||||
New Zealand Timber | 80.6 | 41.8 | 138.1 | 79.3 | |||||||||||||||||||
Timber Funds | 18.6 | 7.5 | 33.6 | 7.5 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||
Improved Development | 19.3 | 6.4 | 19.6 | 6.4 | |||||||||||||||||||
Unimproved Development | — | 8.4 | — | 8.4 | |||||||||||||||||||
Rural | 20.3 | 27.2 | 30.1 | 29.6 | |||||||||||||||||||
Timberland & Non-Strategic | — | 9.6 | — | 9.6 | |||||||||||||||||||
Conservation Easement | 3.9 | — | 3.9 | — | |||||||||||||||||||
Deferred Revenue/Other (a) | (5.0) | (1.7) | (4.5) | (1.5) | |||||||||||||||||||
Large Dispositions | 36.0 | — | 36.0 | 116.0 | |||||||||||||||||||
Total Real Estate | 74.5 | 50.0 | 85.0 | 168.6 | |||||||||||||||||||
Trading | 34.5 | 24.3 | 51.2 | 43.3 | |||||||||||||||||||
Intersegment Eliminations | (1.4) | (1.0) | (2.8) | (0.9) | |||||||||||||||||||
Total Sales | $291.4 | $195.6 | $482.9 | $454.8 | |||||||||||||||||||
Operating Income (Loss) | |||||||||||||||||||||||
Southern Timber | $17.0 | $11.2 | $34.3 | $26.3 | |||||||||||||||||||
Pacific Northwest Timber | 1.9 | (6.7) | 3.2 | (7.6) | |||||||||||||||||||
New Zealand Timber | 20.7 | 5.0 | 34.7 | 10.4 | |||||||||||||||||||
Timber Funds | 2.0 | (1.9) | 3.5 | (1.9) | |||||||||||||||||||
Real Estate (a)(b) | 50.5 | 24.8 | 52.2 | 51.6 | |||||||||||||||||||
Trading | 0.4 | 0.1 | 0.7 | 0.1 | |||||||||||||||||||
Corporate and Other | (8.0) | (20.9) | (15.6) | (28.6) | |||||||||||||||||||
Operating Income | 84.4 | 11.7 | 112.9 | 50.2 | |||||||||||||||||||
Interest expense, interest income and other | (14.1) | (8.3) | (24.1) | (16.6) | |||||||||||||||||||
Income tax expense | (6.9) | (2.9) | (10.3) | (6.7) | |||||||||||||||||||
Net Income | 63.4 | 0.5 | 78.5 | 26.9 | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (4.5) | 1.4 | (8.3) | 0.9 | |||||||||||||||||||
Net Income Attributable to Rayonier, L.P. | $58.9 | $1.9 | $70.2 | $27.8 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the Operating Partnership | (1.7) | (0.2) | (2.1) | (0.2) | |||||||||||||||||||
Net Income Attributable to Rayonier Inc. | $57.2 | $1.7 | $68.1 | $27.6 | |||||||||||||||||||
Adjusted EBITDA (c) | |||||||||||||||||||||||
Southern Timber | $30.6 | $26.4 | $62.3 | $59.7 | |||||||||||||||||||
Pacific Northwest Timber | 13.9 | 3.9 | 31.5 | 13.7 | |||||||||||||||||||
New Zealand Timber | 27.7 | 9.9 | 48.9 | 20.1 | |||||||||||||||||||
Timber Funds | 1.4 | 0.7 | 2.3 | 0.7 | |||||||||||||||||||
Real Estate | 29.1 | 44.6 | 34.1 | 43.5 | |||||||||||||||||||
Trading | 0.4 | 0.1 | 0.7 | 0.1 | |||||||||||||||||||
Corporate and Other | (7.7) | (7.0) | (15.1) | (12.0) | |||||||||||||||||||
Total Adjusted EBITDA | $95.3 | $78.6 | $164.7 | $125.7 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Southern Timber Overview | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales Volume (in thousands of tons) | |||||||||||||||||||||||
Pine Pulpwood | 889 | 1,003 | 1,732 | 2,136 | |||||||||||||||||||
Pine Sawtimber | 516 | 497 | 1,154 | 1,177 | |||||||||||||||||||
Total Pine Volume | 1,405 | 1,500 | 2,886 | 3,313 | |||||||||||||||||||
Hardwood | 63 | 35 | 95 | 65 | |||||||||||||||||||
Total Volume | 1,468 | 1,535 | 2,980 | 3,379 | |||||||||||||||||||
Percentage Delivered Sales | 39 | % | 41 | % | 38 | % | 36 | % | |||||||||||||||
Percentage Stumpage Sales | 61 | % | 59 | % | 62 | % | 64 | % | |||||||||||||||
Net Stumpage Pricing (dollars per ton) | |||||||||||||||||||||||
Pine Pulpwood | $18.22 | $15.94 | $17.69 | $16.00 | |||||||||||||||||||
Pine Sawtimber | 27.96 | 25.48 | 27.69 | 26.16 | |||||||||||||||||||
Weighted Average Pine | $21.80 | $19.11 | $21.69 | $19.61 | |||||||||||||||||||
Hardwood | 17.49 | 10.80 | 15.20 | 11.68 | |||||||||||||||||||
Weighted Average Total | $21.61 | $18.91 | $21.48 | $19.45 | |||||||||||||||||||
Summary Financial Data (in millions of dollars) | |||||||||||||||||||||||
Timber Sales | $43.7 | $41.6 | $87.9 | $89.0 | |||||||||||||||||||
Less: Cut, Haul & Freight | (12.0) | (12.5) | (23.9) | (23.3) | |||||||||||||||||||
Net Stumpage Sales | $31.7 | $29.0 | $64.0 | $65.7 | |||||||||||||||||||
Non-Timber Sales | 5.6 | 5.2 | 13.1 | 10.7 | |||||||||||||||||||
Total Sales | $49.3 | $46.8 | $101.0 | $99.7 | |||||||||||||||||||
Operating Income | $17.0 | $11.2 | $34.3 | $26.3 | |||||||||||||||||||
(+) Depreciation, depletion and amortization | 13.6 | 15.2 | 27.9 | 33.4 | |||||||||||||||||||
Adjusted EBITDA (a) | $30.6 | $26.4 | $62.3 | $59.7 | |||||||||||||||||||
Other Data | |||||||||||||||||||||||
Period-End Acres (in thousands) | 1,743 | 1,763 | 1,743 | 1,763 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Pacific Northwest Timber Overview | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Sales Volume (in thousands of tons) | ||||||||||||||||||||||||||
Pulpwood | 70 | 86 | 150 | 168 | ||||||||||||||||||||||
Sawtimber | 330 | 299 | 786 | 693 | ||||||||||||||||||||||
Total Volume | 400 | 385 | 936 | 861 | ||||||||||||||||||||||
Sales Volume (converted to MBF) | ||||||||||||||||||||||||||
Pulpwood | 6,569 | 8,152 | 14,128 | 15,941 | ||||||||||||||||||||||
Sawtimber | 43,011 | 39,847 | 100,916 | 90,253 | ||||||||||||||||||||||
Total Volume | 49,580 | 47,999 | 115,044 | 106,193 | ||||||||||||||||||||||
Percentage Delivered Sales | 96 | % | 98 | % | 86 | % | 87 | % | ||||||||||||||||||
Percentage Sawtimber Sales | 82 | % | 78 | % | 84 | % | 81 | % | ||||||||||||||||||
Delivered Log Pricing (in dollars per ton) | ||||||||||||||||||||||||||
Pulpwood | $29.02 | $36.92 | $29.18 | $37.47 | ||||||||||||||||||||||
Sawtimber | 97.80 | 75.39 | 94.20 | 75.40 | ||||||||||||||||||||||
Weighted Average Log Price | $85.47 | $66.74 | $83.56 | $67.51 | ||||||||||||||||||||||
Summary Financial Data (in millions of dollars) | ||||||||||||||||||||||||||
Timber Sales | $33.8 | $25.5 | $74.1 | $56.0 | ||||||||||||||||||||||
Less: Cut and Haul | (14.5) | (14.5) | (30.4) | (28.6) | ||||||||||||||||||||||
Net Stumpage Sales | $19.3 | $11.0 | $43.7 | $27.4 | ||||||||||||||||||||||
Non-Timber Sales | 1.5 | 0.7 | 2.8 | 1.2 | ||||||||||||||||||||||
Total Sales | $35.3 | $26.2 | $76.8 | $57.2 | ||||||||||||||||||||||
Operating Income (Loss) | $1.9 | ($6.7) | $3.2 | ($7.6) | ||||||||||||||||||||||
(+) Depreciation, depletion and amortization | 12.0 | 10.6 | 28.3 | 21.3 | ||||||||||||||||||||||
Adjusted EBITDA (a) | $13.9 | $3.9 | $31.5 | $13.7 | ||||||||||||||||||||||
Other Data | ||||||||||||||||||||||||||
Period-End Acres (in thousands) | 499 | 507 | 499 | 507 | ||||||||||||||||||||||
Sawtimber (in dollars per MBF) | $750 | $579 | $740 | $594 | ||||||||||||||||||||||
Estimated Percentage of Export Volume | 19 | % | 20 | % | 15 | % | 11 | % | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
New Zealand Timber Overview | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales Volume (in thousands of tons) | |||||||||||||||||||||||
Domestic Pulpwood (Delivered) | 104 | 106 | 210 | 207 | |||||||||||||||||||
Domestic Sawtimber (Delivered) | 174 | 130 | 333 | 277 | |||||||||||||||||||
Export Pulpwood (Delivered) | 56 | 27 | 103 | 44 | |||||||||||||||||||
Export Sawtimber (Delivered) | 359 | 266 | 646 | 482 | |||||||||||||||||||
Total Volume | 692 | 529 | 1,291 | 1,010 | |||||||||||||||||||
Delivered Log Pricing (in dollars per ton) | |||||||||||||||||||||||
Domestic Pulpwood | $43.31 | $32.10 | $41.72 | $32.95 | |||||||||||||||||||
Domestic Sawtimber | 85.09 | 66.95 | 83.11 | 68.55 | |||||||||||||||||||
Export Sawtimber | 148.28 | 98.75 | 136.45 | 97.00 | |||||||||||||||||||
Weighted Average Log Price | $115.92 | $76.92 | $106.54 | $75.60 | |||||||||||||||||||
Summary Financial Data (in millions of dollars) | |||||||||||||||||||||||
Timber Sales | $80.3 | $40.7 | $137.6 | $76.4 | |||||||||||||||||||
Less: Cut and Haul | (25.1) | (15.6) | (46.1) | (30.8) | |||||||||||||||||||
Less: Port and Freight Costs | (23.1) | (8.4) | (35.1) | (16.5) | |||||||||||||||||||
Net Stumpage Sales | $32.1 | $16.7 | $56.4 | $29.1 | |||||||||||||||||||
Non-Timber Sales / Carbon Credits | 0.3 | 1.0 | 0.6 | 2.9 | |||||||||||||||||||
Total Sales | $80.6 | $41.8 | $138.1 | $79.3 | |||||||||||||||||||
Operating Income | $20.7 | $5.0 | $34.7 | $10.4 | |||||||||||||||||||
(+) Depreciation, depletion and amortization | 7.0 | 4.9 | 14.2 | 9.7 | |||||||||||||||||||
Adjusted EBITDA (a) | $27.7 | $9.9 | $48.9 | $20.1 | |||||||||||||||||||
Other Data | |||||||||||||||||||||||
New Zealand Dollar to U.S. Dollar Exchange Rate (b) | 0.7164 | 0.6157 | 0.7189 | 0.6338 | |||||||||||||||||||
Net Plantable Period-End Acres (in thousands) | 296 | 296 | 296 | 296 | |||||||||||||||||||
Export Sawtimber (in dollars per JAS m3) | $172.41 | $114.82 | $158.65 | $112.79 | |||||||||||||||||||
Domestic Sawtimber (in $NZD per tonne) | $130.65 | $119.60 | $127.18 | $118.96 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Timber Funds Overview | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales Volume (in thousands of tons) | |||||||||||||||||||||||
Pulpwood | 14 | 10 | 23 | 10 | |||||||||||||||||||
Sawtimber | 161 | 80 | 297 | 80 | |||||||||||||||||||
Total Volume | 175 | 90 | 319 | 90 | |||||||||||||||||||
Summary Financial Data (in millions of dollars) | |||||||||||||||||||||||
Timber Sales | $16.8 | $6.6 | $30.4 | $6.6 | |||||||||||||||||||
Less: Cut and Haul | (7.5) | (2.9) | (12.9) | (2.9) | |||||||||||||||||||
Net Stumpage Sales | $9.3 | $3.7 | $17.5 | $3.7 | |||||||||||||||||||
Non-Timber Sales | 0.4 | — | 0.4 | — | |||||||||||||||||||
Timberland Management Fees | 1.4 | 0.9 | 2.8 | 0.9 | |||||||||||||||||||
Total Sales | $18.6 | $7.5 | $33.6 | $7.5 | |||||||||||||||||||
Operating Income (Loss) | $2.0 | ($1.9) | $3.5 | ($1.9) | |||||||||||||||||||
Operating (income) loss attributable to NCI in Timber Funds | (1.6) | 2.0 | (2.7) | 2.0 | |||||||||||||||||||
(+) Depreciation, depletion and amortization (“Look-through”) | 1.0 | 0.5 | 1.6 | 0.5 | |||||||||||||||||||
Adjusted EBITDA (a) | $1.4 | $0.7 | $2.3 | $0.7 | |||||||||||||||||||
Other Data | |||||||||||||||||||||||
Period-End Acres (in thousands) | 141 | 141 | 141 | 141 | |||||||||||||||||||
“Look-through” Period-End Acres (in thousands) | 17 | 17 | 17 | 17 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Trading Overview | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales Volume (in thousands of tons) | |||||||||||||||||||||||
NZ Trading - Domestic | 15 | 7 | 28 | 15 | |||||||||||||||||||
NZ Trading - Export | 228 | 259 | 356 | 458 | |||||||||||||||||||
Total Volume | 243 | 267 | 384 | 474 | |||||||||||||||||||
Summary Financial Data (in millions of dollars) | |||||||||||||||||||||||
Trading Sales | $34.2 | $24.3 | $50.4 | $42.9 | |||||||||||||||||||
Non-Timber Sales | 0.4 | 0.1 | 0.8 | 0.4 | |||||||||||||||||||
Total Sales | $34.5 | $24.3 | $51.2 | $43.3 | |||||||||||||||||||
Operating Income | $0.4 | $0.1 | $0.7 | $0.1 | |||||||||||||||||||
Adjusted EBITDA (a) | $0.4 | $0.1 | $0.7 | $0.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Real Estate Overview | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales (in millions of dollars) | |||||||||||||||||||||||
Improved Development | $19.3 | $6.4 | $19.6 | $6.4 | |||||||||||||||||||
Unimproved Development | — | 8.4 | — | 8.4 | |||||||||||||||||||
Rural | 20.3 | 27.2 | 30.1 | 29.6 | |||||||||||||||||||
Timberland & Non-Strategic | — | 9.6 | — | 9.6 | |||||||||||||||||||
Conservation Easement | 3.9 | — | 3.9 | — | |||||||||||||||||||
Deferred Revenue/Other (a) | (5.0) | (1.7) | (4.5) | (1.5) | |||||||||||||||||||
Large Dispositions (b) | 36.0 | — | 36.0 | 116.0 | |||||||||||||||||||
Total Sales | $74.5 | $50.0 | $85.0 | $168.6 | |||||||||||||||||||
Acres Sold | |||||||||||||||||||||||
Improved Development | 289.2 | 122.0 | 289.9 | 122.0 | |||||||||||||||||||
Unimproved Development | — | 570 | — | 570 | |||||||||||||||||||
Rural | 7,725 | 7,710 | 10,119 | 8,334 | |||||||||||||||||||
Timberland & Non-Strategic | — | 11,907 | — | 11,907 | |||||||||||||||||||
Large Dispositions (b) | 8,534 | — | 8,534 | 66,946 | |||||||||||||||||||
Total Acres Sold | 16,548 | 20,310 | 18,943 | 87,879 | |||||||||||||||||||
Gross Price per Acre (dollars per acre) | |||||||||||||||||||||||
Improved Development | $66,864 | $52,672 | $67,590 | $52,672 | |||||||||||||||||||
Unimproved Development | — | 14,780 | — | 14,780 | |||||||||||||||||||
Rural | 2,627 | 3,532 | 2,971 | 3,555 | |||||||||||||||||||
Timberland & Non-Strategic | — | 807 | — | 807 | |||||||||||||||||||
Large Dispositions (b) | 4,218 | — | 4,218 | 1,733 | |||||||||||||||||||
Weighted Average (Total) (c) | $4,946 | $2,545 | $4,770 | $2,584 | |||||||||||||||||||
Weighted Average (Adjusted) (d) | $2,627 | $2,242 | $2,971 | $2,290 | |||||||||||||||||||
Sales (Excluding Large Dispositions) | $38.5 | $50.0 | $49.0 | $52.5 | |||||||||||||||||||
Operating Income | $50.5 | $24.8 | $52.2 | $51.6 | |||||||||||||||||||
(+) Depreciation, depletion and amortization | 3.7 | 6.7 | 5.3 | 7.1 | |||||||||||||||||||
(+) Non-cash cost of land and improved development | 5.2 | 13.0 | 7.0 | 13.4 | |||||||||||||||||||
(–) Large Dispositions (b) | (30.3) | — | (30.3) | (28.7) | |||||||||||||||||||
Adjusted EBITDA (e) | $29.1 | $44.6 | $34.1 | $43.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Capital Expenditures By Segment (in millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Timber Capital Expenditures | |||||||||||||||||||||||
Southern Timber | |||||||||||||||||||||||
Reforestation, silviculture and other capital expenditures | $4.3 | $2.6 | $7.6 | $9.7 | |||||||||||||||||||
Property taxes | 1.8 | 1.7 | 3.3 | 3.4 | |||||||||||||||||||
Lease payments | 0.2 | 0.2 | 1.0 | 1.3 | |||||||||||||||||||
Allocated overhead | 1.0 | 1.0 | 2.2 | 2.2 | |||||||||||||||||||
Subtotal Southern Timber | $7.2 | $5.5 | $14.0 | $16.7 | |||||||||||||||||||
Pacific Northwest Timber | |||||||||||||||||||||||
Reforestation, silviculture and other capital expenditures | 1.7 | 0.9 | 4.4 | 3.3 | |||||||||||||||||||
Property taxes | 0.3 | 0.2 | 0.5 | 0.4 | |||||||||||||||||||
Allocated overhead | 1.2 | 1.0 | 2.3 | 1.8 | |||||||||||||||||||
Subtotal Pacific Northwest Timber | $3.1 | $2.2 | $7.3 | $5.5 | |||||||||||||||||||
New Zealand Timber | |||||||||||||||||||||||
Reforestation, silviculture and other capital expenditures | 3.1 | 2.0 | 5.0 | 3.5 | |||||||||||||||||||
Property taxes | 0.2 | 0.1 | 0.4 | 0.3 | |||||||||||||||||||
Lease payments | 0.7 | 0.9 | 1.2 | 1.3 | |||||||||||||||||||
Allocated overhead | 0.8 | 0.6 | 1.5 | 1.3 | |||||||||||||||||||
Subtotal New Zealand Timber | $4.7 | $3.7 | $8.1 | $6.3 | |||||||||||||||||||
Total Timber Segments Capital Expenditures | $15.1 | $11.4 | $29.3 | $28.5 | |||||||||||||||||||
Timber Funds (“Look-through”) (a) | 0.2 | 0.1 | 0.4 | 0.1 | |||||||||||||||||||
Real Estate | — | 0.1 | 0.1 | 0.2 | |||||||||||||||||||
Total Capital Expenditures | $15.2 | $11.6 | $29.7 | $28.8 | |||||||||||||||||||
Timberland Acquisitions | |||||||||||||||||||||||
Southern Timber | $11.0 | $0.1 | $41.0 | $24.2 | |||||||||||||||||||
Pacific Northwest Timber | — | — | — | — | |||||||||||||||||||
New Zealand Timber | 10.9 | — | 10.9 | — | |||||||||||||||||||
Timberland Acquisitions | $21.9 | $0.1 | $51.9 | $24.2 | |||||||||||||||||||
Real Estate Development Investments (b) | $3.3 | $1.9 | $6.3 | $3.6 | |||||||||||||||||||
Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | $46.8 | $26.2 | $41.8 | $7.5 | $50.0 | $24.3 | ($1.0) | $195.6 | ||||||||||||||||||||||||||||||||||||||||||
Volume | (1.3) | 0.4 | 13.1 | 0.5 | (30.6) | (2.1) | — | (20.0) | ||||||||||||||||||||||||||||||||||||||||||
Price | 4.0 | 7.9 | 11.7 | 0.4 | 18.6 | 12.0 | — | 54.6 | ||||||||||||||||||||||||||||||||||||||||||
Non-timber sales | 0.4 | 0.8 | (0.9) | — | — | 0.3 | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | — | — | 2.2 | — | — | — | — | 2.2 | ||||||||||||||||||||||||||||||||||||||||||
Other | (0.6) | (b) | — | (b) | 12.7 | (c) | 10.2 | (d) | 36.5 | (e) | — | (0.4) | (f) | 58.4 | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | $49.3 | $35.3 | $80.6 | $18.6 | $74.5 | $34.5 | ($1.4) | $291.4 |
Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | $99.7 | $57.2 | $79.3 | $7.5 | $168.6 | $43.3 | ($0.9) | $454.8 | ||||||||||||||||||||||||||||||||||||||||||
Volume | (7.7) | 2.4 | 22.2 | 1.2 | (26.5) | (8.1) | — | (16.5) | ||||||||||||||||||||||||||||||||||||||||||
Price | 6.0 | 13.9 | 21.1 | 0.7 | 21.9 | 15.6 | — | 79.2 | ||||||||||||||||||||||||||||||||||||||||||
Non-timber sales | 2.3 | 1.6 | (2.8) | — | — | 0.4 | — | 1.5 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | — | — | 3.9 | — | — | — | — | 3.9 | ||||||||||||||||||||||||||||||||||||||||||
Other | 0.7 | (b) | 1.7 | (b) | 14.4 | (c) | 24.2 | (d) | (79.0) | (e) | — | (1.9) | (f) | (40.0) | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $101.0 | $76.8 | $138.1 | $33.6 | $85.0 | $51.2 | ($2.8) | $482.9 | ||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | $11.2 | ($6.7) | $5.0 | ($1.9) | $24.8 | $0.1 | ($20.9) | $11.7 | ||||||||||||||||||||||||||||||||||||||||||
Volume | (0.6) | — | 3.1 | (0.1) | (17.8) | — | — | (15.4) | ||||||||||||||||||||||||||||||||||||||||||
Price | 4.0 | 7.9 | 11.7 | 0.4 | 18.6 | — | — | 42.6 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 1.0 | 0.9 | (0.7) | (0.7) | (4.1) | 0.3 | (0.6) | (3.9) | ||||||||||||||||||||||||||||||||||||||||||
Non-timber income | 0.4 | 0.8 | (0.9) | — | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | — | — | 2.1 | — | — | — | — | 2.1 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion & amortization | 1.0 | (1.0) | 0.4 | 0.2 | (1.0) | — | — | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | (2.2) | — | — | (2.2) | ||||||||||||||||||||||||||||||||||||||||||
Other (b) | — | — | — | 4.1 | 32.2 | — | 13.5 | 49.8 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | $17.0 | $1.9 | $20.7 | $2.0 | $50.5 | $0.4 | ($8.0) | $84.4 |
Operating Income (Loss) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | $26.3 | ($7.6) | $10.4 | ($1.9) | $51.6 | $0.1 | ($28.6) | $50.2 | ||||||||||||||||||||||||||||||||||||||||||
Volume | (3.8) | — | 4.9 | (0.2) | (15.6) | — | — | (14.7) | ||||||||||||||||||||||||||||||||||||||||||
Price | 6.0 | 13.9 | 21.1 | 0.7 | 21.9 | — | — | 63.6 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 1.6 | 0.5 | (0.5) | (2.0) | (5.6) | 0.9 | (2.9) | (8.0) | ||||||||||||||||||||||||||||||||||||||||||
Non-timber income | 2.6 | 1.6 | (2.7) | — | — | (0.3) | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | — | — | 1.9 | — | — | — | — | 1.9 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion & amortization | 1.6 | (5.2) | (0.4) | 0.3 | (1.7) | — | (0.1) | (5.5) | ||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | (2.2) | — | — | (2.2) | ||||||||||||||||||||||||||||||||||||||||||
Other (b) | — | — | — | 6.6 | 3.8 | — | 16.0 | 26.4 | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $34.3 | $3.2 | $34.7 | $3.5 | $52.2 | $0.7 | ($15.6) | $112.9 |
Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | $26.4 | $3.9 | $9.9 | $0.7 | $44.6 | $0.1 | ($7.0) | $78.6 | ||||||||||||||||||||||||||||||||||||||||||
Volume | (1.2) | 0.4 | 4.7 | 0.5 | (30.6) | — | — | (26.2) | ||||||||||||||||||||||||||||||||||||||||||
Price | 4.0 | 7.9 | 11.7 | 0.4 | 18.6 | — | — | 42.6 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 1.0 | 0.9 | (0.7) | (0.7) | (4.1) | 0.3 | (0.7) | (4.0) | ||||||||||||||||||||||||||||||||||||||||||
Non-timber income | 0.4 | 0.8 | (0.9) | — | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (b) | — | — | 3.0 | — | — | — | — | 3.0 | ||||||||||||||||||||||||||||||||||||||||||
Other (c) | — | — | — | 0.5 | 0.6 | — | — | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | $30.6 | $13.9 | $27.7 | $1.4 | $29.1 | $0.4 | ($7.7) | $95.3 |
Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | $59.7 | $13.7 | $20.1 | $0.7 | $43.5 | $0.1 | ($12.0) | $125.7 | ||||||||||||||||||||||||||||||||||||||||||
Volume | (7.6) | 1.8 | 7.7 | 1.0 | (26.5) | — | — | (23.6) | ||||||||||||||||||||||||||||||||||||||||||
Price | 6.0 | 13.9 | 21.1 | 0.7 | 21.9 | — | — | 63.6 | ||||||||||||||||||||||||||||||||||||||||||
Cost | 1.6 | 0.5 | (0.5) | (2.0) | (5.6) | 0.9 | (3.1) | (8.2) | ||||||||||||||||||||||||||||||||||||||||||
Non-timber income | 2.6 | 1.6 | (2.7) | — | — | (0.3) | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (b) | — | — | 3.2 | — | — | — | — | 3.2 | ||||||||||||||||||||||||||||||||||||||||||
Other (c) | — | — | — | 1.9 | 0.8 | — | — | 2.7 | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $62.3 | $31.5 | $48.9 | $2.3 | $34.1 | $0.7 | ($15.1) | $164.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Shares of common stock issued under the ATM program | 2,199,459 | — | 3,307,273 | — | |||||||||||||||||||
Average price per share sold under the ATM program | $36.79 | — | $35.63 | — | |||||||||||||||||||
Gross proceeds from common stock issued under the ATM program | $80.9 | — | $117.8 | — |
June 30, | December 31, | ||||||||||
(millions of dollars) | 2021 | 2020 | |||||||||
Cash and cash equivalents (excluding Timber Funds) | $309.8 | $80.5 | |||||||||
Total debt (excluding Timber Funds) (a) | 1,394.2 | 1,294.9 | |||||||||
Noncontrolling interests in the Operating Partnership | 153.5 | 130.1 | |||||||||
Shareholders’ equity | 1,997.5 | 1,862.6 | |||||||||
Total capitalization (total debt plus permanent and temporary equity) | 3,545.2 | 3,287.6 | |||||||||
Debt to capital ratio | 39 | % | 39 | % | |||||||
Net debt to enterprise value (b)(c) | 17 | % | 23 | % |
(in millions) | June 30, 2021 | December 31, 2020 | |||||||||
Current assets | $293.6 | $69.7 | |||||||||
Non-current assets | 57.7 | 48.3 | |||||||||
Current liabilities | 219.8 | 21.0 | |||||||||
Non-current liabilities | 1,750.2 | 1,942.4 | |||||||||
Due to non-guarantors | 550.3 | 596.7 | |||||||||
(in millions) | June 30, 2021 | December 31, 2020 | |||||||||
Cost and expenses | ($13.6) | ($43.4) | |||||||||
Operating loss | (13.6) | (43.4) | |||||||||
Net loss | (38.1) | (81.3) | |||||||||
Revenue from non-guarantors | 482.8 | 859.2 | |||||||||
(millions of dollars) | 2021 | 2020 | |||||||||
Cash provided by (used for): | |||||||||||
Operating activities | $164.6 | $82.6 | |||||||||
Investing activities | (49.1) | (170.8) | |||||||||
Financing activities | 112.0 | 114.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income to Adjusted EBITDA Reconciliation | |||||||||||||||||||||||
Net income | $63.4 | $0.5 | $78.5 | $26.9 | |||||||||||||||||||
Operating (income) loss attributable to NCI in Timber Funds | (1.6) | 2.0 | (2.7) | 2.0 | |||||||||||||||||||
Interest, net attributable to NCI in Timber Funds | 0.2 | 0.1 | 0.2 | 0.1 | |||||||||||||||||||
Net Income (Excluding NCI in Timber Funds) | 62.0 | 2.6 | 76.0 | 29.0 | |||||||||||||||||||
Interest, net and miscellaneous income attributable to Rayonier | 12.8 | 9.7 | 22.7 | 17.7 | |||||||||||||||||||
Income tax expense attributable to Rayonier | 6.8 | 3.0 | 10.3 | 6.7 | |||||||||||||||||||
Depreciation, depletion and amortization attributable to Rayonier | 37.6 | 38.3 | 77.9 | 72.6 | |||||||||||||||||||
Non-cash cost of land and improved development | 5.2 | 13.0 | 7.0 | 13.4 | |||||||||||||||||||
Non-operating expense (income) | 1.2 | (1.5) | 1.2 | (1.1) | |||||||||||||||||||
Costs related to the merger with Pope Resources (a) | — | 13.5 | — | 16.0 | |||||||||||||||||||
Large Dispositions (b) | (30.3) | — | (30.3) | (28.7) | |||||||||||||||||||
Adjusted EBITDA | $95.3 | $78.6 | $164.7 | $125.7 |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $17.0 | $1.9 | $20.7 | $2.0 | $50.5 | $0.4 | ($8.0) | $84.4 | |||||||||||||||||||||||||||||||||||||||
Operating income attributable to NCI in Timber Funds | — | — | — | (1.6) | — | — | — | (1.6) | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 13.6 | 12.0 | 7.0 | 1.0 | 3.7 | — | 0.3 | 37.6 | |||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | 5.2 | — | — | 5.2 | |||||||||||||||||||||||||||||||||||||||
Large Dispositions (a) | — | — | — | — | (30.3) | — | — | (30.3) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $30.6 | $13.9 | $27.7 | $1.4 | $29.1 | $0.4 | ($7.7) | $95.3 | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $11.2 | ($6.7) | $5.0 | ($1.9) | $24.8 | $0.1 | ($20.9) | $11.7 | |||||||||||||||||||||||||||||||||||||||
Operating loss attributable to NCI in Timber Funds | — | — | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 15.2 | 10.6 | 4.9 | 0.5 | 6.7 | — | 0.3 | 38.3 | |||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | 13.0 | — | — | 13.0 | |||||||||||||||||||||||||||||||||||||||
Costs related to the merger with Pope Resources (b) | — | — | — | — | — | — | 13.5 | 13.5 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $26.4 | $3.9 | $9.9 | $0.7 | $44.6 | $0.1 | ($7.0) | $78.6 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $34.3 | $3.2 | $34.7 | $3.5 | $52.2 | $0.7 | ($15.6) | $112.9 | |||||||||||||||||||||||||||||||||||||||
Operating income attributable to NCI in Timber Funds | — | — | — | (2.7) | — | — | — | (2.7) | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 27.9 | 28.3 | 14.2 | 1.6 | 5.3 | — | 0.6 | 77.9 | |||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | 7.0 | — | — | 7.0 | |||||||||||||||||||||||||||||||||||||||
Large Dispositions (a) | — | — | — | — | (30.3) | — | — | (30.3) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $62.3 | $31.5 | $48.9 | $2.3 | $34.1 | $0.7 | ($15.1) | $164.7 | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $26.3 | ($7.6) | $10.4 | ($1.9) | $51.6 | $0.1 | ($28.6) | $50.2 | |||||||||||||||||||||||||||||||||||||||
Operating loss attributable to NCI in Timber Funds | — | — | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 33.4 | 21.3 | 9.7 | 0.5 | 7.1 | — | 0.6 | 72.6 | |||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | 13.4 | — | — | 13.4 | |||||||||||||||||||||||||||||||||||||||
Costs related to merger with Pope Resources (b) | — | — | — | — | — | — | 16.0 | 16.0 | |||||||||||||||||||||||||||||||||||||||
Large Dispositions (a) | — | — | — | — | (28.7) | — | — | (28.7) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $59.7 | $13.7 | $20.1 | $0.7 | $43.5 | $0.1 | ($12.0) | $125.7 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash provided by operating activities | $164.6 | $82.6 | |||||||||
Capital expenditures (a) | (32.2) | (29.4) | |||||||||
Costs related to the merger with Pope Resources (b) | — | 16.0 | |||||||||
CAD attributable to NCI in Timber Funds | (9.7) | (0.9) | |||||||||
Working capital and other balance sheet changes | (11.9) | 11.4 | |||||||||
CAD | 110.8 | 79.7 | |||||||||
Mandatory debt repayments | (325.0) | (25.0) | |||||||||
CAD after mandatory debt repayments | (214.2) | 54.7 |
Cash used for investing activities | ($49.1) | ($170.8) | |||||||||
Cash provided by financing activities | $112.0 | $114.9 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Purchase of timberlands | ($51.9) | ($24.2) | |||||||||
Real Estate Development Investments | (6.3) | (3.6) | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (15.2) | (7.6) | |||||||||
Contractual Financial Obligations (in millions) | Total | Payments Due by Period | |||||||||||||||||||||||||||
Remaining 2021 | 2022-2023 | 2024-2025 | Thereafter | ||||||||||||||||||||||||||
Long-term debt, excluding Timber Funds (a) | $1,194.2 | — | $125.0 | $34.2 | $1,035.0 | ||||||||||||||||||||||||
Long-term debt, Timber Funds (b) | 57.4 | — | 43.0 | 14.4 | — | ||||||||||||||||||||||||
Current maturities of long-term debt, excluding Timber Funds (c) | 200.0 | — | 200.0 | — | — | ||||||||||||||||||||||||
Interest payments on long-term debt, excluding Timber Funds (d) | 214.1 | 18.9 | 56.9 | 50.1 | 88.2 | ||||||||||||||||||||||||
Interest payments on long-term debt, Timber Funds (d) | 4.9 | 1.0 | 3.4 | 0.5 | — | ||||||||||||||||||||||||
Operating leases — timberland (e) | 188.2 | 5.5 | 15.6 | 14.4 | 152.7 | ||||||||||||||||||||||||
Operating leases — PP&E, offices (e) | 6.3 | 0.7 | 2.1 | 1.8 | 1.7 | ||||||||||||||||||||||||
Commitments — development projects (f) | 27.2 | 18.2 | 4.5 | 0.6 | 3.9 | ||||||||||||||||||||||||
Commitments — environmental remediation (g) | 11.3 | 0.5 | 3.9 | 4.2 | 2.7 | ||||||||||||||||||||||||
Commitments — other (h) | 58.9 | 6.2 | 25.2 | 14.8 | 12.7 | ||||||||||||||||||||||||
Total contractual cash obligations | $1,962.5 | $51.0 | $479.6 | $135.0 | $1,296.9 |
(Dollars in thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||
Variable rate debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | — | — | — | — | — | $550,000 | $550,000 | $550,000 | |||||||||||||||||||||||||||||||||||||||
Average interest rate (a)(b) | — | — | — | — | — | 1.70 | % | 1.70 | % | ||||||||||||||||||||||||||||||||||||||
Fixed rate debt, excluding Timber Funds: | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | — | $325,000 | — | — | $34,171 | $485,000 | $844,171 | $861,040 | |||||||||||||||||||||||||||||||||||||||
Average interest rate (b) | — | 3.75 | % | — | — | 3.86 | % | 2.91 | % | 3.27 | % | ||||||||||||||||||||||||||||||||||||
Variable rate debt, Timber Funds: | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | — | $25,000 | — | — | — | — | $25,000 | $25,077 | |||||||||||||||||||||||||||||||||||||||
Average interest rate (b) | — | 1.95 | % | — | — | — | — | 1.95 | % | ||||||||||||||||||||||||||||||||||||||
Fixed rate debt, Timber Funds: | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | — | — | $17,980 | $14,400 | — | — | $32,380 | $34,899 | |||||||||||||||||||||||||||||||||||||||
Average interest rate (a)(b) | — | — | 5.10 | % | 4.45 | % | — | — | 4.81 | % | |||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | — | — | — | $350,000 | — | $200,000 | $550,000 | ($26,892) | |||||||||||||||||||||||||||||||||||||||
Average pay rate (b) | — | — | — | 2.28 | % | — | 1.60 | % | 2.03 | % | |||||||||||||||||||||||||||||||||||||
Average receive rate (b) | — | — | — | 0.08 | % | — | 0.09 | % | 0.08 | % | |||||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | — | — | — | — | — | $350,000 | $350,000 | $10,000 | |||||||||||||||||||||||||||||||||||||||
Average pay rate (b) | — | — | — | — | — | 0.80 | % | 0.80 | % | ||||||||||||||||||||||||||||||||||||||
Average receive rate (b) | — | — | — | — | — | 0.10 | % | 0.10 | % |
(Dollars in thousands) | 0-1 months | 1-2 months | 2-3 months | 3-6 months | 6-12 months | 12-18 months | 18-24 months | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts to sell U.S. dollar for New Zealand dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $11,250 | $9,000 | $7,000 | $21,000 | $31,000 | $18,000 | — | $97,250 | $2,270 | ||||||||||||||||||||||||||||||||||||||||||||
Average contract rate | 1.4282 | 1.4283 | 1.4284 | 1.4289 | 1.4304 | 1.4343 | — | 1.4302 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency option contracts to sell U.S. dollar for New Zealand dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $4,000 | $4,000 | — | — | — | — | — | $8,000 | $356 | ||||||||||||||||||||||||||||||||||||||||||||
Average strike price | 1.6100 | 1.6027 | — | — | — | — | — | 1.6063 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c) | |||||||||||||||||||||||||
April 1 to April 30 | 41,295 | $34.17 | — | 2,418,094 | |||||||||||||||||||||||||
May 1 to May 31 | 867 | 37.38 | — | 2,297,158 | |||||||||||||||||||||||||
June 1 to June 30 | 263 | 36.47 | — | 2,441,649 | |||||||||||||||||||||||||
Total | 42,425 | — |
3.1 | Filed herewith | |||||||
4.1 | Incorporated by reference to Exhibit 4.2 to the Registrant’s May 17, 2021 Form 8-K | |||||||
4.2 | Incorporated by reference to Exhibit 4.3 to the Registrant’s May 17, 2021 Form 8-K | |||||||
10.1 | Incorporated by reference to Exhibit 1.1 to the Registrant’s May 17, 2021 Form 8-K | |||||||
10.2 | Incorporated by reference to Exhibit 10.1 to the Registrant’s June 7, 2021 Form 8-K | |||||||
22.1 | Filed herewith | |||||||
31.1 | Filed herewith | |||||||
31.2 | Filed herewith | |||||||
31.3 | Filed herewith | |||||||
31.4 | Filed herewith | |||||||
32.1 | Furnished herewith | |||||||
32.2 | Furnished herewith | |||||||
101 | The following financial information from Rayonier Inc. and Rayonier, L.P.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, formatted in Extensible Business Reporting Language (“XBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020 of Rayonier Inc.; (ii) the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 of Rayonier Inc.; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2021 and 2020 of Rayonier Inc.; (iv) the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 of Rayonier Inc.; (v) the Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020 of Rayonier, L.P.; (vi) the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 of Rayonier, L.P.; (vii) the Consolidated Statements of Changes in Capital for the Six Months Ended June 30, 2021 and 2020 of Rayonier, L.P.; (viii) the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 of Rayonier, L.P.; and (ix) the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P. | Filed herewith | ||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q from the quarter ended June 30, 2021, formatted in Inline XBRL (included as Exhibit 101). |
RAYONIER INC. | ||||||||
By: | /s/ APRIL TICE | |||||||
April Tice Vice President and Chief Accounting Officer (Duly Authorized Officer, Principal Accounting Officer) |
RAYONIER, L.P. | ||||||||
By: RAYONIER INC., its sole general partner | ||||||||
By: | /s/ APRIL TICE | |||||||
April Tice Vice President and Chief Accounting Officer (Duly Authorized Officer, Principal Accounting Officer) |
Entity | Jurisdiction of Formation | Registered Security | Guarantor Status | ||||||||
Rayonier Inc. | North Carolina | Senior Notes | Joint and Several, Fully and Unconditionally | ||||||||
Rayonier TRS Holdings Inc. | Delaware | Senior Notes | Joint and Several, Fully and Unconditionally | ||||||||
/S/ DAVID L. NUNES | |||||
David L. Nunes President and Chief Executive Officer, Rayonier Inc. |
/s/ MARK MCHUGH | |||||
Mark McHugh Senior Vice President and Chief Financial Officer, Rayonier Inc. |
/S/ DAVID L. NUNES | |||||
David L. Nunes President and Chief Executive Officer of Rayonier Inc., General Partner |
/s/ MARK MCHUGH | |||||
Mark McHugh Senior Vice President and Chief Financial Officer of Rayonier Inc., General Partner |
/s/ DAVID L. NUNES | /s/ MARK MCHUGH | |||||||
David L. Nunes | Mark McHugh | |||||||
President and Chief Executive Officer, Rayonier Inc. | Senior Vice President and Chief Financial Officer, Rayonier Inc. |
A signed original of this written statement required by Section 906 has been provided to Rayonier, Inc. and will be retained by Rayonier, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. |
/s/ DAVID L. NUNES | /s/ MARK MCHUGH | |||||||
David L. Nunes | Mark McHugh | |||||||
President and Chief Executive Officer of Rayonier Inc., General Partner | Senior Vice President and Chief Financial Officer of Rayonier Inc., General Partner |
A signed original of this written statement required by Section 906 has been provided to Rayonier, L.P. and will be retained by Rayonier, L.P. and furnished to the Securities and Exchange Commission or its staff upon request. |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Foreign currency translation adjustment, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Cash flow hedges, tax expense | 315 | 1,741 | 1,374 | 116 |
Amortization of pension and postretirement plans, tax expense | 0 | 0 | 0 | 0 |
Rayonier Limited Partnership | ||||
Foreign currency translation adjustment, tax expense | 0 | 0 | 0 | 0 |
Cash flow hedges, tax expense | 315 | 1,741 | 1,374 | 116 |
Amortization of pension and postretirement plans, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 70 | $ 25 |
SHAREHOLDERS’ EQUITY | ||
Common shares, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common shares, shares issued (in shares) | 141,319,907 | 137,678,822 |
Common shares, shares outstanding (in shares) | 141,319,907 | 137,678,822 |
Rayonier Limited Partnership | ||
CURRENT ASSETS | ||
Allowance for doubtful accounts | $ 70 | $ 25 |
SHAREHOLDERS’ EQUITY | ||
Common units outstanding (in shares) | 4,272,327 | 4,428,900 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
||||
Statement of Stockholders' Equity [Abstract] | |||||||
Dividends declared (in dollars per share) | $ 0.27 | $ 0.27 | [1] | $ 0.27 | $ 0.27 | ||
Offering issuance costs | $ 927 | $ 197 | |||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net income | $ 63,420 | $ 455 | $ 78,452 | $ 26,876 | ||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 9,034 | $ 655 | ||||
Acquisition of noncontrolling interests in consolidated affiliates | 372,381 | |||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | 217 | $ 217 | 587 | 434 |
Foreign currency translation adjustment | 1,239 | (14,288) | 23,258 | (44,023) | (13,048) | (20,765) |
Cash flow hedges | (10,019) | 61,001 | (7,276) | (83,475) | ||
Offering issuance costs | 927 | 197 | ||||
Rayonier Limited Partnership | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning balance | 1,909,921 | 1,862,645 | 1,399,668 | 1,537,642 | 1,862,645 | 1,537,642 |
Issuance of units associated with the merger with Pope Resources | 172,418 | |||||
Net income | 63,420 | 15,032 | 455 | 26,421 | 78,452 | 26,876 |
Distributions on units ($0.27 per unit) | (39,135) | (38,687) | (38,157) | (34,813) | ||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 79,994 | 36,708 | ||||
Issuance of units under incentive stock plans | 3,325 | 1,166 | 222 | 66 | ||
Stock-based compensation | 2,852 | 2,156 | 2,668 | 1,510 | ||
Repurchase of units | (1,453) | (155) | (1,572) | (3,152) | ||
Adjustment of Redeemable Operating Partnership Units | (15,756) | (12,584) | (3,468) | |||
Conversion of units into common shares | 241 | 4,715 | ||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 9,034 | 655 | ||||
Acquisition of noncontrolling interests in consolidated affiliates | 372,381 | |||||
Amortization of pension and postretirement plan liabilities | 294 | 294 | 217 | 217 | 587 | 434 |
Foreign currency translation adjustment | 1,239 | (14,288) | 23,258 | (44,023) | (13,048) | (20,765) |
Cash flow hedges | (10,019) | 61,001 | (7,276) | (83,475) | ||
Distributions to noncontrolling interests in consolidated affiliates | (6,474) | (8,737) | (6,856) | (725) | ||
Ending balance | 1,997,483 | 1,909,921 | 1,913,958 | 1,399,668 | 1,997,483 | 1,913,958 |
Offering issuance costs | 927 | 197 | ||||
Rayonier Limited Partnership | Units | General Partners’ Capital | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning balance | 15,499 | 15,454 | 14,606 | 14,712 | 15,454 | 14,712 |
Issuance of units associated with the merger with Pope Resources | 1,724 | |||||
Net income | 590 | 112 | 20 | 259 | ||
Distributions on units ($0.27 per unit) | (391) | (387) | (382) | (349) | ||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 800 | 367 | ||||
Issuance of units under incentive stock plans | 33 | 12 | 2 | 1 | ||
Stock-based compensation | 29 | 22 | 27 | 15 | ||
Repurchase of units | (15) | (2) | (15) | (32) | ||
Adjustment of Redeemable Operating Partnership Units | (158) | (126) | (35) | |||
Conversion of units into common shares | 2 | 47 | ||||
Ending balance | 16,389 | 15,499 | 15,947 | 14,606 | 16,389 | 15,947 |
Rayonier Limited Partnership | Units | Limited Partners’ Capital | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning balance | 1,534,411 | 1,529,948 | 1,446,042 | 1,456,471 | 1,529,948 | 1,456,471 |
Issuance of units associated with the merger with Pope Resources | 170,694 | |||||
Net income | 58,369 | 11,077 | 1,934 | 25,595 | ||
Distributions on units ($0.27 per unit) | (38,744) | (38,300) | (37,775) | (34,464) | ||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 79,194 | 36,341 | ||||
Issuance of units under incentive stock plans | 3,292 | 1,154 | 220 | 65 | ||
Stock-based compensation | 2,823 | 2,134 | 2,641 | 1,495 | ||
Repurchase of units | (1,438) | (153) | (1,557) | (3,120) | ||
Adjustment of Redeemable Operating Partnership Units | (15,598) | (12,458) | (3,433) | |||
Conversion of units into common shares | 239 | 4,668 | ||||
Ending balance | 1,622,548 | 1,534,411 | 1,578,766 | 1,446,042 | 1,622,548 | 1,578,766 |
Rayonier Limited Partnership | Accumulated Other Comprehensive Loss | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning balance | (21,075) | (71,345) | (147,255) | (31,202) | (71,345) | (31,202) |
Amortization of pension and postretirement plan liabilities | 294 | 294 | 217 | 217 | ||
Foreign currency translation adjustment | 1,025 | (11,652) | 17,872 | (33,894) | ||
Cash flow hedges | (9,833) | 61,628 | (8,306) | (82,376) | ||
Ending balance | (29,589) | (21,075) | (137,472) | (147,255) | (29,589) | (137,472) |
Rayonier Limited Partnership | Noncontrolling Interests in Consolidated Affiliates | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning balance | 381,086 | 388,588 | 86,275 | 97,661 | 388,588 | 97,661 |
Net income | 4,461 | 3,843 | (1,499) | 567 | ||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | 9,034 | 655 | ||||
Acquisition of noncontrolling interests in consolidated affiliates | 372,381 | |||||
Foreign currency translation adjustment | 214 | (2,636) | 5,386 | (10,129) | ||
Cash flow hedges | (186) | (627) | 1,030 | (1,099) | ||
Distributions to noncontrolling interests in consolidated affiliates | (6,474) | (8,737) | (6,856) | (725) | ||
Ending balance | $ 388,135 | $ 381,086 | $ 456,717 | $ 86,275 | $ 388,135 | $ 456,717 |
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Offering issuance costs | $ 927 | $ 197 | ||
Rayonier Limited Partnership | ||||
Distributions declared (in dollars per unit) | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 |
Offering issuance costs | $ 927 | $ 197 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
OPERATING ACTIVITIES | ||||||
Net (loss) income | $ 78,452 | $ 26,876 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||
Depreciation, depletion and amortization | 87,909 | 76,195 | ||||
Non-cash cost of land and improved development | 7,003 | 13,441 | ||||
Stock-based incentive compensation expense | 5,008 | 4,178 | ||||
Deferred income taxes | 7,315 | 9,225 | ||||
Amortization of losses from pension and postretirement plans | 587 | 435 | ||||
Gain on sale of large disposition of timberlands | (30,324) | (28,655) | ||||
Other | 7,233 | (10,632) | ||||
Changes in operating assets and liabilities: | ||||||
Receivables | (413) | (7,604) | ||||
Inventories | (1,637) | (3,714) | ||||
Accounts payable | 4,213 | 4,895 | ||||
All other operating activities | (764) | (2,040) | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | 164,582 | 82,600 | ||||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (32,199) | (29,440) | ||||
Real estate development investments | (6,269) | (3,587) | ||||
Purchase of timberlands | (51,882) | (24,238) | ||||
Net proceeds from large disposition of timberlands | 35,219 | 115,666 | ||||
Net cash consideration for merger with Pope Resources | 0 | (231,068) | ||||
Other | 5,998 | 1,880 | ||||
CASH USED FOR INVESTING ACTIVITIES | (49,133) | (170,787) | ||||
FINANCING ACTIVITIES | ||||||
Issuance of debt | 446,378 | 320,000 | ||||
Repayment of debt | (350,000) | (117,000) | ||||
Dividends paid on common stock | (75,676) | (72,204) | ||||
Distributions to noncontrolling interests in the Operating Partnership | (2,309) | (1,200) | ||||
Proceeds from the issuance of common shares under incentive stock plan | 4,490 | 66 | ||||
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 110,702 | 0 | ||||
Repurchase of common shares | (1,608) | (1,572) | ||||
Debt issuance costs | (4,812) | (2,427) | ||||
Repurchase of common shares made under repurchase program | 0 | (3,152) | ||||
Distributions to noncontrolling interests in consolidated affiliates | (15,212) | (7,581) | ||||
CASH PROVIDED BY FINANCING ACTIVITIES | 111,953 | 114,930 | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 126 | (1,450) | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||
Change in cash, cash equivalents and restricted cash | 227,528 | 25,293 | ||||
Balance, beginning of year | 87,482 | 69,968 | ||||
Balance, end of period | 315,010 | 95,261 | ||||
Cash paid during the period: | ||||||
Interest | [1] | 17,677 | 16,134 | |||
Income taxes | 7,132 | 1,083 | ||||
Non-cash investing activity: | ||||||
Capital assets purchased on account | 4,155 | 2,217 | ||||
Non-cash financing activity: | ||||||
Equity consideration for merger with Pope Resources | 0 | 172,640 | ||||
Redeemable Operating Partnership Unit consideration for merger with Pope Resources | 0 | 106,752 | ||||
Rayonier Limited Partnership | ||||||
OPERATING ACTIVITIES | ||||||
Net (loss) income | 78,452 | 26,876 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||
Depreciation, depletion and amortization | 87,909 | 76,195 | ||||
Non-cash cost of land and improved development | 7,003 | 13,441 | ||||
Stock-based incentive compensation expense | 5,008 | 4,178 | ||||
Deferred income taxes | 7,315 | 9,225 | ||||
Amortization of losses from pension and postretirement plans | 587 | 435 | ||||
Gain on sale of large disposition of timberlands | (30,324) | (28,655) | ||||
Other | 7,233 | (10,632) | ||||
Changes in operating assets and liabilities: | ||||||
Receivables | (413) | (7,604) | ||||
Inventories | (1,637) | (3,714) | ||||
Accounts payable | 4,213 | 4,895 | ||||
All other operating activities | (764) | (2,040) | ||||
CASH PROVIDED BY OPERATING ACTIVITIES | 164,582 | 82,600 | ||||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (32,199) | (29,440) | ||||
Real estate development investments | (6,269) | (3,587) | ||||
Purchase of timberlands | (51,882) | (24,238) | ||||
Net proceeds from large disposition of timberlands | 35,219 | 115,666 | ||||
Net cash consideration for merger with Pope Resources | 0 | (231,068) | ||||
Other | 5,998 | 1,880 | ||||
CASH USED FOR INVESTING ACTIVITIES | (49,133) | (170,787) | ||||
FINANCING ACTIVITIES | ||||||
Issuance of debt | 446,378 | 320,000 | ||||
Repayment of debt | (350,000) | (117,000) | ||||
Distributions on units | (77,985) | (73,404) | ||||
Proceeds from the issuance of units under incentive stock plan | 4,490 | 66 | ||||
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 110,702 | 0 | ||||
Repurchase of units | (1,608) | (1,572) | ||||
Debt issuance costs | (4,812) | (2,427) | ||||
Repurchase of common shares made under repurchase program | 0 | (3,152) | ||||
Distributions to noncontrolling interests in consolidated affiliates | (15,212) | (7,581) | ||||
CASH PROVIDED BY FINANCING ACTIVITIES | 111,953 | 114,930 | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 126 | (1,450) | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||
Change in cash, cash equivalents and restricted cash | 227,528 | 25,293 | ||||
Balance, beginning of year | 87,482 | 69,968 | ||||
Balance, end of period | 315,010 | 95,261 | ||||
Cash paid during the period: | ||||||
Interest | [2] | 17,677 | 16,134 | |||
Income taxes | 7,132 | 1,083 | ||||
Non-cash investing activity: | ||||||
Capital assets purchased on account | 4,155 | 2,217 | ||||
Non-cash financing activity: | ||||||
Equity consideration for merger with Pope Resources | 0 | 172,640 | ||||
Redeemable Operating Partnership Unit consideration for merger with Pope Resources | $ 0 | $ 106,752 | ||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Patronage refunds received, netted with interest paid | $ 6.8 | $ 4.3 |
Rayonier Limited Partnership | ||
Patronage refunds received, netted with interest paid | $ 6.8 | $ 4.3 |
BASIS OF PRESENTATION |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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, 2020, as filed with the SEC (the “2020 Form 10-K”). On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of June 30, 2021, the Company owned a 97.1% interest in the Operating Partnership, with the remaining 2.9% 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. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger. 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 2020 Form 10-K. NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements. SUBSEQUENT EVENTS New Zealand Subsidiary Shareholder Loan On July 1, 2021, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis to redeem certain equity interests. The capital contribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital contribution and portion of the shareholder loan are eliminated in consolidation. The capital contribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the New Zealand subsidiary recording a noncontrolling interest share redemption and loan payable in the amount of $28.2 million. The shareholder loan is due in 2026 at a fixed rate of 3.64%. Sale of Timber Fund III and IV Upon completion of the Pope Resources merger, we became the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, consisting of 141,000 acres in the Pacific Northwest, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds to BTG Pactual’s Timberland Investment Group (TIG) for an aggregate purchase price of $35.9 million. The sale will not have a material effect on our consolidated financial statements. Following the sale, we continue to manage and own a 20% co-investment stake in Fund II, consisting of 31,000 acres of timberland in the Pacific Northwest. We have classified Fund II’s timber and timberland as assets held for sale in our Consolidated Balance Sheets, as a process to liquidate Fund II has commenced. See Note 6 — Noncontrolling Interests and Note 23 — Assets Held for Sale for additional information.
|
MERGER WITH POPE RESOURCES |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MERGER WITH POPE RESOURCES | MERGER WITH POPE RESOURCES On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. For additional information about the merger, see Note 2 - Merger with Pope Resources in the 2020 Form 10-K. The total purchase price was as follows (in millions):
(a)Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020. We recognized approximately $2.5 million and $13.5 million of merger-related costs that were expensed during first and second quarters of 2020, respectively. See Note 24 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs.The acquisition of Pope Resources was accounted for as a business combination under ASC 805, Business Combinations, (“ASC 805”). Pursuant to ASC 805, we recorded an allocation of the assets acquired and liabilities assumed in the merger with Pope Resources based on their fair values as of May 8, 2020. We completed our assessment of the fair value of the assets acquired and liabilities assumed within the one-year period from the date of acquisition. We recorded measurement period adjustments due to additional information received primarily related to higher and better use timberlands and real estate development investments, as well as timber and timberlands. As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense in the second quarter of 2021:
As a result of refinements to the purchase price allocation, higher and better use timberlands increased by approximately $8.2 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. Additionally, refinements to the the purchase price allocation resulted in an overall increase of $1.1 million to timber and timberlands, with the valuation of core timberlands decreasing by $15.5 million and Timber Funds timber and timberlands increasing by $16.6 million from the preliminary purchase price allocation reported in Note 2 - Merger with Pope Resources in the 2020 Form 10-K. The fair values of the assets acquired and liabilities assumed were determined using the income, cost or market approaches. The fair value measurements were generally based on significant inputs that are not observable in the market and thus represent Level 3 measurements as defined in ASC 820, Fair Value Measurement, (“ASC 820”) with the exception of certain long-term debt instruments assumed in the merger that can be valued using observable market inputs and are therefore Level 2 measurements. See Note 11 — Fair Value Measurements for further information on the fair value hierarchy. The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows (in thousands):
(a)Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b)Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities. Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and six months ended June 30, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts):
The unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2020, including the following: •additional depletion expense that would have been recognized relating to the basis increase in the acquired Timber and Timberlands; •adjustment to interest expense to reflect the removal of Pope Resources debt and the additional borrowings we incurred in conjunction with the acquisition; and •a reduction in expenses for the three and six months ended June 30, 2020 of $23.5 million and $31.2 million for acquisition-related transaction costs. Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.
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SEGMENT AND GEOGRAPHICAL INFORMATION |
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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 (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” The following tables summarize the segment information for the three and six months ended June 30, 2021 and 2020:
(a)The three and six months ended June 30, 2021 includes $14.7 million and $26.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $36.0 million from a Large Disposition. The six months ended June 30, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
(a)The three and six months ended June 30, 2021 includes $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition. The six months ended June 30, 2020 includes $28.7 million from a Large Disposition. (c)The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details.
(a)The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $4.8 million from a Large Disposition. The six months ended June 30, 2020 includes $35.4 million from a Large Disposition.
(a) The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition. The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2021 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. The following table summarizes revenue recognized during the three and six months ended June 30, 2021 and 2020 that was included in the contract liability balance at the beginning of each year:
(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2021 and 2020:
(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales.
(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2021 and 2020:
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES We lease commercial and residential properties primarily located in Port Gamble, Washington. Our leases are operating leases and mostly range between and five years, and may be extended on a case by case basis. Income associated with commercial and residential property leases generally includes scheduled rent increases, but do not include variable payments based on indexes. The following table details our lease income for the three and six months ended June 30, 2021 and 2020:
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NONCONTROLLING INTERESTS |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES Matariki Forestry Group We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 419,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interests are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary. The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests:
ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. Income attributed to third-party investors is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” The following table sets forth the income attributable to the Funds’ noncontrolling interests:
Prior to the merger with Pope Resources, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a specified term from the end of its respective investment period: 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II is scheduled to terminate in March 2023, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in January 2035. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds for an aggregate purchase price prior to closing costs of approximately $35.9 million. See Note 1 - Basis of Presentation for additional information on the subsequent event. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, which is developing a five-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. The obligations of Ferncliff Investors do not have any recourse to the Company or the Operating Partnership. Bainbridge Landing LLC is considered a voting interests entity. Ferncliff Investors accounts for its interest in the joint venture entity under the equity method because neither it nor the other member can exercise control over Bainbridge Landing LLC. The Ferncliff Investors joint venture agreement provides for liquidation rights and distribution priorities that are disproportionate to member’s ownership interest. Due to the complex nature of cash distributions to members, net income of the joint venture is allocated to members, including us, using the Hypothetical Liquidation at Book Value (HLBV) method. Under the HLBV method, Ferncliff Investors income or loss is allocated to the members based on the period change in each member’s claim on the book value of net assets, excluding capital contributions and distributions made during the period. The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests:
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:
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VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 6 — Noncontrolling Interests. The assets, liabilities and equity of the Funds as of June 30, 2021, were as follows:
(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests. The assets, liabilities and equity of Ferncliff Investors as of June 30, 2021, were as follows:
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EARNINGS PER SHARE AND PER UNIT |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE AND PER UNIT | EARNINGS PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings per common share of the Company:
The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership:
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Our debt consisted of the following at June 30, 2021:
(a) As of June 30, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of June 30, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (d) As of June 30, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds. Principal payments due during the next five years and thereafter are as follows:
2021 DEBT ACTIVITY U.S. Debt — Excluding Timber Funds In May 2021, we issued and sold $450 million aggregate principal amount of 2.75% senior notes due 2031 (the “Senior Notes due 2031”). The Senior Notes due 2031 were sold at an issue price of 99.195% of their face value, before underwriters discount. Our net proceeds after deducting approximately $3.9 million of underwriting discounts and expenses, were approximately $442.5 million. The discount and debt issuance costs will be amortized to interest expense over the term of the notes using the effective interest method. A portion of the proceeds were used to repay $250 million outstanding under our 2020 Incremental Term Loan Agreement. The remainder will be used for general corporate purposes, which may also include repayment of our 3.75% Senior Notes due 2022 at or prior to maturity. In May 2021, we repaid the $250 million outstanding under our 2020 Incremental Term Loan Agreement. We recognized a loss on early extinguishment of debt of $0.6 million, representing the write-off of unamortized deferred financing costs. The loss on early extinguishment of debt has been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous (expense) income, net.” In June 2021, we entered into a Fourth Amendment and Incremental Term Loan Agreement, to amend certain terms of the Credit Agreement and to provide a senior unsecured delayed draw incremental term loan facility (the “2021 Incremental Term Loan Facility”) in an aggregate amount of $200 million. The Fourth Amendment to the Credit Agreement provides for an extension of the maturity date of our $300 million Revolving Credit Facility from April 1, 2025 to June 1, 2026. In addition, the amendment provides for modifications to adjust the pricing grid under the credit agreement to decrease the applicable margin for our Revolving Credit Facility from LIBOR plus 1.500% to LIBOR plus 1.2500%. As a result of the revolver modification, approximately $0.3 million in lender fees have been deferred and will be amortized to interest expense over the term of the revolver. The Fourth Amendment to the Credit Agreement also provides for modifications to adjust the pricing grid under the credit agreement to decrease the applicable margin for our $300 million 2016 Incremental Term Loan Facility from LIBOR plus 1.900% to LIBOR plus 1.6500%. As a result of the debt modification, approximately $0.3 million in third-party expenses have been recognized in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous (expense) income, net.” The 2021 Incremental Term Loan Facility provides us the ability to make an advance of $200 million on or before June 1, 2022. As of June 30, 2021, no advance has been made under this facility. We expect to use a future advance of $125 million under the 2021 Incremental Term Loan Facility to refinance a portion of the 3.750% Senior Notes due 2022 on a long-term basis, and as such, have excluded $125 million of principal from current maturities of long-term debt, net, in our Consolidated Balance sheets. Any advance above $125 million may be used to repay other debt or for other general corporate purposes. We have deferred $0.3 million of commitment fees, which will be amortized to interest expense over the term of the access period, through June 1, 2022. Additionally, we deferred $0.2 million in debt issuance costs, which will be amortized to interest expense over the term of the facility, once any future advance is made. In June 2021, we refinanced our $45 million credit facility with Northwest Farm Credit Services (NWFCS). In the refinancing, maturity dates on tranches 6 and 7 were amended from November 1, 2033 to June 1, 2029 and the maturity date on tranche 8 was amended from October 1, 2036 to June 1, 2029. In addition to shortening the maturity terms, collateral was removed from each tranche outstanding with NWFCS. As a result of the debt modification, approximately $0.1 million in lender fees have been capitalized and will be amortized to interest expense over the terms of the tranches. In June 2021, we prepaid $100 million on the $300 million Incremental Term Loan Agreement. In connection with the partial prepayment, we recognized a loss on early extinguishment of debt of $0.1 million, representing the write-off of one-third of the unamortized deferred financing costs. The loss on early extinguishment of debt has been recorded in the Consolidated Statements of Income and Comprehensive Income under the caption “Interest and other miscellaneous (expense) income, net.” During the six months ended June 30, 2021, we made no borrowings or repayments on our Revolving Credit Facility. At June 30, 2021, we had available borrowings of $299.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit. New Zealand Debt In June 2021, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the six months ended June 30, 2021, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At June 30, 2021, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. As of June 30, 2021, the outstanding balance on the shareholder loan is $24.2 million. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loan since its inception. See Note 6 — Noncontrolling Interests for more information regarding the New Zealand subsidiary. In July 2021, the New Zealand subsidiary recorded a noncontrolling interest share redemption and loan payable in the amount of $28.2 million. The shareholder loan is due in 2026 at a fixed rate of 3.64%. See Note 1 — Basis of Presentation for more information regarding subsequent events related to the New Zealand subsidiary. DEBT COVENANTS — EXCLUDING TIMBER FUNDS In connection with our $350 million Term Credit Agreement, $200 million Incremental Term Loan Agreement, $200 million 2021 Incremental Term Loan Agreement and $300 million Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:
In connection with our $45 million NWFCS Credit Facility, customary covenants must be met, the most significant of which include interest coverage and debt-to-capitalization ratios. The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:
In addition to these financial covenants listed above, the 2022 Notes, 2031 Notes, Term Credit Agreement, Incremental Term Loan Agreement, 2021 Incremental Term Loan Facility, Revolving Credit Facility, and NWFCS Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At June 30, 2021, we were in compliance with all applicable covenants. DEBT COVENANTS — TIMBER FUNDS The Fund II Mortgages Payable to MetLife contain a requirement to maintain a loan-to-value ratio of less than 50%, with the denominator defined as fair market value of the timberland pledged as collateral. The Fund III Mortgages Payable to NWFCS contain a requirement to maintain a minimum interest coverage ratio of 1.5:1, minimum working capital of $500,000, and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value. Both Timber Funds are in compliance with their respective debt covenants as of June 30, 2021.
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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES |
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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 The New Zealand subsidiary’s export sales are predominately denominated in U.S. dollars, and therefore its cash flows are affected by fluctuations in the exchange rate between the New Zealand dollar and the U.S. dollar. This exposure is partially managed by a natural currency hedge, as ocean freight payments and shareholder distributions are also paid in U.S. dollars. We manage any excess foreign exchange exposure through the use of derivative financial instruments. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases, less distributions, and up to 75% of the forward 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of June 30, 2021, foreign currency exchange contracts and foreign currency option contracts had maturity dates through December 2022 and August 2021, respectively. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. INTEREST RATE PRODUCTS We are exposed to cash flow interest rate risk on our variable-rate debt 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 During the second quarter of 2021, we terminated and cash settled $250 million in notional value of our interest rate swaps, maturing in 2030, in connection with the repayment of $250 million outstanding under the 2020 Incremental Term Loan. Upon termination of the swap, we received $6.8 million from our counterparty. As of June 30, 2021, there was $16.7 million recorded in accumulated other comprehensive income in connection with the terminated interest rate swap, which will be reclassified to earnings through interest expense over the remaining life of the hedged items, as the originally hedged cash flows remain probable. During the second quarter of 2021, we terminated and cash settled $100 million in notional value of our interest rate swaps, maturing in 2026, in connection with the prepayment of $100 million on the 2026 Incremental Term Loan. Upon termination of the swap, we paid $2.2 million to our counterparty that was recognized immediately into earnings as interest expense, as the forecasted cash flows will no longer occur. See Note 9 — Debt for additional information. The following table contains information on the outstanding interest rate swaps as of June 30, 2021:
(a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. TREASURY LOCKS During the first quarter of 2020, we entered into three treasury lock agreements, which were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and settled the treasury locks by converting them into interest rate swap lock agreements (discussed below). As of June 30, 2021, there was $18.3 million recorded in accumulated other comprehensive loss in connection with the settled treasury locks, which will be reclassified to earnings as interest expense over the life of the hedged item. For additional information regarding the expired treasury lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K. INTEREST RATE SWAP LOCKS Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements, which were designated and qualified as cash flow hedges. Prior to expiration, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into an interest rate swap agreement. As of June 30, 2021, there was $1.2 million recorded in accumulated other comprehensive loss in connection with settled interest rate swap locks, which will be reclassified to earnings as interest expense over the life of the hedged item. For additional information regarding the expired interest rate swap lock agreements, see Note 16 - Derivative Instruments and Hedging Activities in our 2020 Form 10-K. FORWARD-STARTING INTEREST RATE SWAPS During the second quarter of 2021, we de-designated and settled $325 million in notional value of our forward-starting interest rate swap, maturing in 2032, by converting it into a new forward-starting interest rate swap agreement. As of June 30, 2021, there was $10.0 million recorded in accumulated other comprehensive income in connection with the converted forward-starting interest rate swap, which will be reclassified to earnings through interest expense over the remaining life of the hedged item. The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2021:
(a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The forward-starting interest rate swap entered into in May 2021 contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap. CARBON OPTIONS The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous (expense) income, net” as the contracts do not qualify for hedge accounting treatment. As of June 30, 2021, all existing carbon option contracts have expired. The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2021 and 2020:
During the next 12 months, the amount of the June 30, 2021 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of our derivative instruments is a gain of approximately $2.4 million. The following table contains details of the expected reclassified amounts into earnings:
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:
(a) See Note 11 — 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.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP:
(a)We did not have Level 3 assets or liabilities at June 30, 2021 and December 31, 2020. (b)Restricted cash represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (c)The carrying amount of long-term debt is presented net of deferred financing costs, unamortized discounts and fair value adjustments on non-revolving debt. See Note 9 — Debt for additional information. (d)See Note 10 — 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 or 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. 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.
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS | COMMITMENTS At June 30, 2021, the future minimum payments under non-cancellable commitments were as follows:
(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information. (b)Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects. (c)Commitments include payments expected to be made on financial instruments (foreign exchange contracts, interest rate swaps and forward-starting interest rate swaps) and other purchase obligations.
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CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIESWe have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow. |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES |
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ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIESVarious federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release. For additional information, see Note 13 - Environmental and Natural Resource Damage Liabilities in the 2020 Form 10-K. Changes in environmental and NRD liabilities from December 31, 2020 to June 30, 2021 are shown below:
These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. See Note 2 - Merger with Pope Resources for information regarding the final allocation of fair value to environmental and NRD liabilities assumed in the merger with Pope Resources. It is expected that the upland mill site cleanup and NRD restoration will occur over the next to three years, while the monitoring of Port Gamble Bay, mill site and landfills will continue for an additional 10 to 15 years. NRD costs are subject to change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. For further information on the timing and amount of future payments related to our environmental remediation liabilities, see Note 12 - Commitments.
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GUARANTEES |
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GUARANTEES | GUARANTEES We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2021, the following financial guarantees were outstanding:
(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)Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2021, 2022, 2023 and 2024 and are expected to be renewed as required.
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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We continuously 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, 2020 to June 30, 2021 are shown below:
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information. (b)Capitalized real estate development investments include $0.3 million of capitalized interest and $5.8 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 a year. (c)Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The final allocation of fair value to HBU properties acquired in the merger is approximately $34.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. See Note 2 - Merger with Pope Resources for additional information
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INVENTORY |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY | INVENTORY As of June 30, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows:
(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.
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OTHER OPERATING INCOME (EXPENSE), NET |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER OPERATING INCOME (EXPENSE), NET | OTHER OPERATING INCOME (EXPENSE), NET Other operating income (expense), net consisted of the following:
(a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for additional information. (b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors.
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EMPLOYEE BENEFIT PLANS |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. 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. 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. We are not required to make mandatory 2021 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three and six months ended June 30, 2021. The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table:
(a)The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefits is 5.7%.
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of June 30, 2021, Rayonier owns a 97.1% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes. PROVISION FOR INCOME TAXES The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income:
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:
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in AOCI by component for the six months ended June 30, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
(a)Includes $45.0 million of other comprehensive income related to interest rate swaps and forward-starting interest rate swaps. See Note 10 — Derivative Financial Instruments and Hedging Activities for additional information. (b)This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 19 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2021 and June 30, 2020:
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Restricted Cash and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||
RESTRICTED CASH | RESTRICTED CASH Restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Richmond Hill development project as well as cash held in escrow for real estate sales. As of June 30, 2021 and December 31, 2020, we had $0.7 million and $3.0 million, respectively, of restricted cash held in escrow. In addition, in order to qualify for like-kind exchange (“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 us after 180 days and reclassified as available cash. As of June 30, 2021 and December 31, 2020, we had no proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary. The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2021:
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ASSETS HELD FOR SALE |
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Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALEAssets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for sale criteria in accordance with ASC 360-10-45-9. As of June 30, 2021 and December 31, 2020, the basis in properties meeting this classification was $111.3 million and $3.4 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. Included in assets held for sale as of June 30, 2021 are $104.3 million of timber and timberland assets owned by ORM Timber Fund II, Inc., of which we maintain a 20% ownership interest. |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHARGES FOR INTEGRATION AND RESTRUCTURING | CHARGES FOR INTEGRATION AND RESTRUCTURING During 2020, we incurred and accrued for termination benefits (primarily severance) and accelerated share-based payment costs based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made concurrent with and subsequent to the merger with Pope Resources. We also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to the merger with Pope Resources. A summary of the charges for integration and restructuring related to the merger with Pope Resources is presented below:
During the three and six months ended June 30, 2020, we incurred a total of $0.6 million in severance benefits related to restructuring associated with the Pope Resources merger. As of December 31, 2020, there was $0.1 million of accrued severance recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. As of June 30, 2021, all severance associated with the merger with Pope Resources has been paid.
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RELATED PARTY |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party | RELATED PARTY In January 2020, we entered into an agreement to sell developed lots to Mattamy Jacksonville LLC, a wholly owned subsidiary of Mattamy Homes, for an aggregate base purchase price of $4.45 million (subject to multiple takedowns over a 2 year period), plus additional consideration as to each lot to the extent the ultimate sales price of each finished home exceeds agreed price thresholds (the “Mattamy Contract”). The Mattamy contract also includes marketing fee revenue based on 1.25% of the sales price of each finished home. In September 2020, Keith Bass, a member of our Board of Directors, was named the Chief Executive Officer of Mattamy Homes US. Following this development, the Mattamy Contract and the ongoing obligations therein, were reviewed by the Nominating and Corporate Governance Committee in accordance with established policies and procedures regarding the authorization and approval of transactions with related parties. The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended:
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BASIS OF PRESENTATION (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
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, 2020, as filed with the SEC (the “2020 Form 10-K”). On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. As of June 30, 2021, the Company owned a 97.1% interest in the Operating Partnership, with the remaining 2.9% 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. Please see Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for further information pertaining to the merger.
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New Accounting Standards | NEW ACCOUNTING STANDARDS In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential burden in accounting due to reference rate reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q2 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. We are currently in the process of evaluating the effects of the provisions of ASU 2020-06 on our financial statements.
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Subsequent Events | SUBSEQUENT EVENTS New Zealand Subsidiary Shareholder Loan On July 1, 2021, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis to redeem certain equity interests. The capital contribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital contribution and portion of the shareholder loan are eliminated in consolidation. The capital contribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the New Zealand subsidiary recording a noncontrolling interest share redemption and loan payable in the amount of $28.2 million. The shareholder loan is due in 2026 at a fixed rate of 3.64%. Sale of Timber Fund III and IV Upon completion of the Pope Resources merger, we became the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, consisting of 141,000 acres in the Pacific Northwest, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. On July 21, 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds to BTG Pactual’s Timberland Investment Group (TIG) for an aggregate purchase price of $35.9 million. The sale will not have a material effect on our consolidated financial statements. Following the sale, we continue to manage and own a 20% co-investment stake in Fund II, consisting of 31,000 acres of timberland in the Pacific Northwest. We have classified Fund II’s timber and timberland as assets held for sale in our Consolidated Balance Sheets, as a process to liquidate Fund II has commenced. See Note 6 — Noncontrolling Interests and Note 23 — Assets Held for Sale for additional information.
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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”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2021 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
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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 (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
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Derivatives | 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. |
Fair Value of Financial Instruments | Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. 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.
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MERGER WITH POPE RESOURCES (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Consideration Transferred by Rayonier in the Merger | The total purchase price was as follows (in millions):
(a)Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.
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Business Combination, Changes In Depletion And Depreciation | As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense in the second quarter of 2021:
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Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed | The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows (in thousands):
(a)Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b)Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities.
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Schedule of Unaudited Pro Forma Information | Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and six months ended June 30, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts):
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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables summarize the segment information for the three and six months ended June 30, 2021 and 2020:
(a)The three and six months ended June 30, 2021 includes $14.7 million and $26.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $36.0 million from a Large Disposition. The six months ended June 30, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
(a)The three and six months ended June 30, 2021 includes $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition. The six months ended June 30, 2020 includes $28.7 million from a Large Disposition. (c)The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details.
(a)The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $4.8 million from a Large Disposition. The six months ended June 30, 2020 includes $35.4 million from a Large Disposition.
(a) The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition. The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.
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REVENUE (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract with Customer, Liabilities | The following table summarizes revenue recognized during the three and six months ended June 30, 2021 and 2020 that was included in the contract liability balance at the beginning of each year:
(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.
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Disaggregation of Revenue by Product | The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2021 and 2020:
(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales.
(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2021 and 2020:
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LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income | The following table details our lease income for the three and six months ended June 30, 2021 and 2020:
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NONCONTROLLING INTERESTS (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interest in the Operating Partnership and Subsidiaries | The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests:
The following table sets forth the income attributable to the Funds’ noncontrolling interests:
The following table sets forth the income attributable to Ferncliff Investors’ noncontrolling interests:
The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:
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VARIABLE INTEREST ENTITIES (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The assets, liabilities and equity of the Funds as of June 30, 2021, were as follows:
(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. The assets, liabilities and equity of Ferncliff Investors as of June 30, 2021, were as follows:
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EARNINGS PER SHARE AND PER UNIT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share and Per Unit, Basic and Diluted | The following table provides details of the calculations of basic and diluted earnings per common share of the Company:
The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share and Per Unit |
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DEBT (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | Our debt consisted of the following at June 30, 2021:
(a) As of June 30, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of June 30, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (d) As of June 30, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds.
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Schedule of Maturities of Long-Term Debt | Principal payments due during the next five years and thereafter are as follows:
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Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:
The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:
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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The following table contains information on the outstanding interest rate swaps as of June 30, 2021:
(a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2021:
(a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) The forward-starting interest rate swap entered into in May 2021 contained an embedded mark-to-market gain, which we recovered through a reduced charge in the fixed rate over what would have been charged for an at-market swap.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2021 and 2020:
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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:
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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:
(a) See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2021 and December 31, 2020, using market information and what we believe to be appropriate valuation methodologies under GAAP:
(a)We did not have Level 3 assets or liabilities at June 30, 2021 and December 31, 2020. (b)Restricted cash represents cash held in escrow. See Note 22 — Restricted Cash for additional information. (c)The carrying amount of long-term debt is presented net of deferred financing costs, unamortized discounts and fair value adjustments on non-revolving debt. See Note 9 — Debt for additional information. (d)See Note 10 — 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 or 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.
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COMMITMENTS (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Payments | At June 30, 2021, the future minimum payments under non-cancellable commitments were as follows:
(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 14 - Environmental and Natural Resource Damage Liabilities for additional information. (b)Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects. (c)Commitments include payments expected to be made on financial instruments (foreign exchange contracts, interest rate swaps and forward-starting interest rate swaps) and other purchase obligations.
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ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES (Tables) |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Environmental Loss Contingencies by Site | Changes in environmental and NRD liabilities from December 31, 2020 to June 30, 2021 are shown below:
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GUARANTEES (Tables) |
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Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations | As of June 30, 2021, the following financial guarantees were outstanding:
(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)Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2021, 2022, 2023 and 2024 and are expected to be renewed as required.
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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Costs for Land, Timber and Real Estate Development | Changes in higher and better use timberlands and real estate development investments from December 31, 2020 to June 30, 2021 are shown below:
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information. (b)Capitalized real estate development investments include $0.3 million of capitalized interest and $5.8 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 a year. (c)Reflects measurement period adjustments on HBU properties acquired in the merger with Pope Resources. The final allocation of fair value to HBU properties acquired in the merger is approximately $34.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. See Note 2 - Merger with Pope Resources for additional information.
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INVENTORY (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | As of June 30, 2021 and December 31, 2020, our inventory consisted entirely of finished goods, as follows:
(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold. See Note 16 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.
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OTHER OPERATING INCOME (EXPENSE), NET (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating (Expense) Income | Other operating income (expense), net consisted of the following:
(a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 24 - Charges for Integration and Restructuring for additional information. (b) See Note 6 - Noncontrolling Interests and Note 7 - Variable Interest Entities for additional information on Ferncliff Investors.
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EMPLOYEE BENEFIT PLANS (Tables) |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Benefit (Credit) Cost | The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table:
(a)The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefits is 5.7%.
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INCOME TAXES (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense | The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income:
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Schedule of Effective Income Tax Rate Reconciliation | The following table contains the Company’s annualized effective tax rate after discrete items:
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the six months ended June 30, 2021 and the year ended December 31, 2020. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
(a)Includes $45.0 million of other comprehensive income related to interest rate swaps and forward-starting interest rate swaps. See Note 10 — Derivative Financial Instruments and Hedging Activities for additional information. (b)This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 19 — Employee Benefit Plans for additional information.
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2021 and June 30, 2020:
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RESTRICTED CASH (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||
Restricted Cash and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash | The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2021:
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Schedule of Cash and Cash Equivalents | The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2021:
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CHARGES FOR INTEGRATION AND RESTRUCTURING (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Integration and Restructuring Related Cost | A summary of the charges for integration and restructuring related to the merger with Pope Resources is presented below:
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RELATED PARTY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions on Consolidated Statements of Income and Comprehensive Income | The following table demonstrates the impact, gross of tax, of our related party transactions on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended:
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BASIS OF PRESENTATION (Details) a in Thousands, $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jul. 21, 2021
USD ($)
a
|
Jun. 30, 2021
a
fund
|
May 08, 2020 |
Jun. 30, 2021
a
fund
|
Jul. 01, 2021
USD ($)
|
|
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Number of timber funds | fund | 3 | 3 | |||
Area of land | a | 141 | 141 | |||
Subsequent event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Aggregate purchase price | $ | $ 35,900 | ||||
Subsequent event | Matariki Forestry Group | Minority Shareholder Due 2026 At 3.64% | Excluding Timber Funds | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Outstanding balance | $ | $ 28,200 | ||||
Stated interest rate | 3.64% | ||||
Operating Partnership | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Ownership interest | 97.10% | ||||
Ownership interest owned by limited partners | 2.90% | ||||
ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Ownership interest | 20.00% | ||||
ORM Timber Fund II | Subsequent event | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | Disposal Group, Held-for-sale, Not Discontinued Operations | Properties Under Contract | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Area of land | a | 31 | ||||
Ownership interest | 20.00% | ||||
ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Ownership interest | 5.00% | ||||
ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Ownership interest | 15.00% |
MERGER WITH POPE RESOURCES - Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
May 08, 2020
fund
|
|
Business Acquisition [Line Items] | ||||||
Costs related to the merger with Pope Resources | $ 0 | $ 13,498 | $ 0 | $ 15,985 | ||
Net (loss) income | $ 63,420 | 455 | 78,452 | 26,876 | ||
Merger with Pope Resources | ||||||
Business Acquisition [Line Items] | ||||||
Number of timber funds acquired | fund | 3 | |||||
Costs related to the merger with Pope Resources | 13,500 | $ 2,500 | ||||
Increase in higher and better use timberlands from purchase price allocation | 8,200 | |||||
Increase (decrease) in timber and timberlands | 1,100 | |||||
Merger with Pope Resources | Acquisition-related Transaction Costs | ||||||
Business Acquisition [Line Items] | ||||||
Net (loss) income | $ 23,500 | $ 31,200 | ||||
Core Timberlands | ||||||
Business Acquisition [Line Items] | ||||||
Increase (decrease) in timber and timberlands | (15,500) | |||||
Timber Funds | ||||||
Business Acquisition [Line Items] | ||||||
Increase (decrease) in timber and timberlands | $ 16,600 |
MERGER WITH POPE RESOURCES - Summary of Consideration Transferred (Details) - Merger with Pope Resources - USD ($) $ in Thousands |
May 08, 2020 |
May 07, 2020 |
---|---|---|
Business Acquisition [Line Items] | ||
Cash consideration | $ 247,318 | |
Equity consideration | 172,640 | |
Redeemable Operating Partnership Unit consideration | 106,752 | |
Fair value of Pope Resources units held by us | $ 11,211 | |
Total purchase price | $ 537,921 |
MERGER WITH POPE RESOURCES - Schedule of Depletion (Details) - Merger with Pope Resources $ in Thousands |
3 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Business Acquisition [Line Items] | |
Depletion | $ (1,384) |
Operating Segments | Pacific Northwest Timber | |
Business Acquisition [Line Items] | |
Depletion | (182) |
Operating Segments | Timber Funds | |
Business Acquisition [Line Items] | |
Depletion | $ (1,202) |
MERGER WITH POPE RESOURCES - Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) $ in Thousands |
May 08, 2020
USD ($)
|
---|---|
Merger with Pope Resources | |
Restructuring Cost and Reserve [Line Items] | |
Cash | $ 16,250 |
Accounts receivable | 4,246 |
Other current assets | 963 |
Timber and Timberlands | 947,703 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |
Property, plant and equipment | 11,616 |
Other assets (a) | 5,931 |
Total identifiable assets acquired | 1,021,457 |
Accounts payable | 567 |
Current maturities of long-term debt | 25,084 |
Accrued interest | 519 |
Other current liabilities | 11,118 |
Long-term debt | 89,261 |
Long-term environmental liabilities | 10,748 |
Other non-current liabilities | 3,185 |
Total liabilities assumed | 140,482 |
Net identifiable assets | 880,975 |
Less: noncontrolling interests | (343,054) |
Total net assets acquired | 537,921 |
Intangible assets | 1,900 |
Deferred income tax liability | 3,200 |
Core Timberlands | |
Restructuring Cost and Reserve [Line Items] | |
Cash | 7,380 |
Accounts receivable | 2,459 |
Other current assets | 703 |
Timber and Timberlands | 498,630 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |
Property, plant and equipment | 11,616 |
Other assets (a) | 3,737 |
Total identifiable assets acquired | 559,273 |
Accounts payable | 274 |
Current maturities of long-term debt | 0 |
Accrued interest | 244 |
Other current liabilities | 9,038 |
Long-term debt | 53,502 |
Long-term environmental liabilities | 10,748 |
Other non-current liabilities | 2,724 |
Total liabilities assumed | 76,530 |
Net identifiable assets | 482,743 |
Less: noncontrolling interests | (3,816) |
Total net assets acquired | 478,927 |
Timber Funds | |
Restructuring Cost and Reserve [Line Items] | |
Cash | 8,870 |
Accounts receivable | 1,787 |
Other current assets | 260 |
Timber and Timberlands | 449,073 |
Higher and Better Use Timberlands and Real Estate Development Investments | 0 |
Property, plant and equipment | 0 |
Other assets (a) | 2,194 |
Total identifiable assets acquired | 462,184 |
Accounts payable | 293 |
Current maturities of long-term debt | 25,084 |
Accrued interest | 275 |
Other current liabilities | 2,080 |
Long-term debt | 35,759 |
Long-term environmental liabilities | 0 |
Other non-current liabilities | 461 |
Total liabilities assumed | 63,952 |
Net identifiable assets | 398,232 |
Less: noncontrolling interests | (339,238) |
Total net assets acquired | $ 58,994 |
MERGER WITH POPE RESOURCES - Schedule of Unaudited Pro Forma Information (Details) - Merger with Pope Resources - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Business Acquisition [Line Items] | ||
Sales | $ 202,500 | $ 486,000 |
Net income attributable to Rayonier Inc. | $ 8,130 | $ 26,910 |
Basic earnings per share/unit (in dollars per share/unit) | $ 0.06 | $ 0.20 |
Diluted earnings per share/unit (in dollars per share/unit) | $ 0.06 | $ 0.20 |
Rayonier Limited Partnership | ||
Business Acquisition [Line Items] | ||
Net income attributable to Rayonier Inc. | $ 8,403 | $ 27,795 |
Basic earnings per share/unit (in dollars per share/unit) | $ 0.06 | $ 0.20 |
Diluted earnings per share/unit (in dollars per share/unit) | $ 0.06 | $ 0.20 |
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
SALES | $ 291,431 | $ 195,630 | $ 482,878 | $ 454,760 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 14,700 | 5,800 | 26,700 | 5,800 |
Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Threshold to be considered a large disposition transaction | 20,000 | |||
Real Estate | Large Dispositions | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 36,000 | 36,000 | 116,000 | |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | (1,468) | (930) | (2,907) | (943) |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 49,294 | 46,767 | 100,971 | 99,749 |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 35,323 | 26,171 | 76,844 | 57,245 |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 80,559 | 41,769 | 138,138 | 79,308 |
Operating Segments | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 18,646 | 7,524 | 33,585 | 7,524 |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 74,531 | 50,009 | 85,035 | 168,573 |
Operating Segments | Trading | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 34,546 | 24,320 | 51,212 | 43,304 |
Intersegment Eliminations | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 1,407 | 877 | 2,761 | 877 |
Intersegment Eliminations | Trading | ||||
Segment Reporting Information [Line Items] | ||||
SALES | 61 | 53 | 146 | 66 |
Intersegment Eliminations | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
SALES | $ (1,468) | $ (930) | $ (2,907) | $ (943) |
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Operating Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Total Operating Income | $ 84,444 | $ 11,686 | $ 112,929 | $ 50,238 |
Unallocated interest expense and other | (14,144) | (8,241) | (24,175) | (16,666) |
Total Income before Income Taxes | 70,300 | 3,445 | 88,754 | 33,572 |
Restructuring Charges | 0 | 13,498 | 0 | 15,985 |
Merger with Pope Resources | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 13,500 | 16,000 | ||
Timber Funds, Portion Attributable To Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | (1,600) | 2,000 | (2,700) | 2,000 |
Real Estate | Large Dispositions | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 30,300 | 30,300 | 28,700 | |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 16,980 | 11,208 | 34,327 | 26,278 |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 1,872 | (6,681) | 3,222 | (7,629) |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 20,714 | 4,973 | 34,658 | 10,422 |
Operating Segments | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 1,991 | (1,892) | 3,492 | (1,892) |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 50,511 | 24,848 | 52,199 | 51,622 |
Operating Segments | Trading | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | 418 | 102 | 662 | 83 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Operating Income | $ (8,042) | $ (20,872) | $ (15,631) | $ (28,646) |
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 47,528 | $ 41,867 | $ 92,741 | $ 111,567 |
Timber Funds, Portion Attributable To Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 5,100 | 3,500 | 10,100 | 3,500 |
Real Estate | Large Dispositions | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 4,800 | 4,800 | 35,400 | |
Operating Segments | Southern Timber | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 13,576 | 15,231 | 27,935 | 33,414 |
Operating Segments | Pacific Northwest Timber | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 12,031 | 10,606 | 28,316 | 21,308 |
Operating Segments | New Zealand Timber | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 6,952 | 4,942 | 14,201 | 9,716 |
Operating Segments | Timber Funds | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 6,121 | 4,070 | 11,621 | 4,070 |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 8,535 | 6,678 | 10,092 | 42,422 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ 313 | $ 340 | $ 576 | $ 637 |
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Non-Cash Cost of Land and Improved Development (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 5,254 | $ 13,030 | $ 7,067 | $ 65,081 |
Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 5,254 | $ 13,030 | 7,067 | 65,081 |
Real Estate | Large Dispositions | ||||
Segment Reporting Information [Line Items] | ||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | $ 100 | $ 100 | $ 51,600 |
REVENUE REMAINING PERFORMANCE OBLIGATION - Narrative (Details) |
Jun. 30, 2021 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected to Satisfaction, period | 12 months |
REVENUE - Contract Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized from contract liability balance at the beginning of the year | $ 4,049 | $ 3,661 | $ 9,969 | $ 10,086 |
REVENUE - Disaggregation of Revenue by Product (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 291,150 | $ 195,558 | $ 482,365 | $ 454,688 |
Lease Revenue | 281 | 72 | 513 | 72 |
Total Revenue | 291,431 | 195,630 | 482,878 | 454,760 |
Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 42,143 | 36,405 | 78,131 | 74,402 |
Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 165,327 | 101,724 | 300,537 | 195,578 |
Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,268 | 512 | 1,673 | 993 |
Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 208,738 | 138,641 | 380,341 | 270,973 |
License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 4,717 | 4,525 | 9,288 | 9,268 |
Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,111 | 2,456 | 7,523 | 5,619 |
Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 334 | (1) | 691 | 327 |
Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 8,162 | 6,980 | 17,502 | 15,214 |
Improved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 19,340 | 6,427 | 19,592 | 6,427 |
Unimproved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 8,426 | 8,426 | ||
Rural | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,297 | 27,234 | 30,062 | 29,631 |
Timberland & Non-Strategic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 9,606 | 9,606 | ||
Conservation Easement | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,855 | 3,855 | ||
Deferred Revenue/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (5,242) | (1,756) | (4,987) | (1,616) |
Large Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 36,000 | 36,000 | 116,027 | |
Total Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 74,250 | 49,937 | 84,522 | 168,501 |
Elim. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | (1,468) | (930) | (2,907) | (943) |
Operating Segments | Southern Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 49,294 | 46,767 | 100,971 | 99,749 |
Total Revenue | 49,294 | 46,767 | 100,971 | 99,749 |
Operating Segments | Southern Timber | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 23,728 | 24,685 | 45,584 | 52,178 |
Operating Segments | Southern Timber | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 18,692 | 16,359 | 40,655 | 35,868 |
Operating Segments | Southern Timber | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,268 | 512 | 1,673 | 993 |
Operating Segments | Southern Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 43,688 | 41,556 | 87,912 | 89,039 |
Operating Segments | Southern Timber | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 4,493 | 4,337 | 8,913 | 8,926 |
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,113 | 874 | 4,146 | 1,784 |
Operating Segments | Southern Timber | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Southern Timber | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 5,606 | 5,211 | 13,059 | 10,710 |
Operating Segments | Pacific Northwest Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 35,323 | 26,171 | 76,844 | 57,245 |
Total Revenue | 35,323 | 26,171 | 76,844 | 57,245 |
Operating Segments | Pacific Northwest Timber | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,078 | 3,163 | 4,573 | 6,290 |
Operating Segments | Pacific Northwest Timber | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 31,755 | 22,296 | 69,513 | 49,741 |
Operating Segments | Pacific Northwest Timber | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 33,833 | 25,459 | 74,086 | 56,031 |
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 117 | 95 | 207 | 192 |
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,373 | 617 | 2,551 | 1,022 |
Operating Segments | Pacific Northwest Timber | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Pacific Northwest Timber | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,490 | 712 | 2,758 | 1,214 |
Operating Segments | New Zealand Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 80,559 | 41,769 | 138,138 | 79,308 |
Total Revenue | 80,559 | 41,769 | 138,138 | 79,308 |
Operating Segments | New Zealand Timber | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 12,266 | 5,766 | 21,809 | 10,613 |
Operating Segments | New Zealand Timber | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 67,986 | 34,959 | 115,777 | 65,746 |
Operating Segments | New Zealand Timber | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | New Zealand Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 80,252 | 40,725 | 137,586 | 76,359 |
Operating Segments | New Zealand Timber | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 81 | 83 | 139 | 140 |
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 226 | 961 | 413 | 2,809 |
Operating Segments | New Zealand Timber | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | New Zealand Timber | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 307 | 1,044 | 552 | 2,949 |
Operating Segments | Timber Funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 17,239 | 6,647 | 30,824 | 6,647 |
Total Revenue | 18,646 | 7,524 | 33,585 | 7,524 |
Operating Segments | Timber Funds | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 395 | 328 | 655 | 328 |
Operating Segments | Timber Funds | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 16,419 | 6,305 | 29,727 | 6,305 |
Operating Segments | Timber Funds | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Timber Funds | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 16,814 | 6,633 | 30,382 | 6,633 |
Operating Segments | Timber Funds | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 26 | 10 | 29 | 10 |
Operating Segments | Timber Funds | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 399 | 4 | 413 | 4 |
Operating Segments | Timber Funds | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Timber Funds | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 425 | 14 | 442 | 14 |
Operating Segments | Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 74,250 | 49,937 | 84,522 | 168,501 |
Lease Revenue | 281 | 72 | 513 | 72 |
Total Revenue | 74,531 | 50,009 | 85,035 | 168,573 |
Operating Segments | Real Estate | Improved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 19,340 | 6,427 | 19,592 | 6,427 |
Operating Segments | Real Estate | Unimproved Development | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 8,426 | 8,426 | ||
Operating Segments | Real Estate | Rural | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,297 | 27,234 | 30,062 | 29,631 |
Operating Segments | Real Estate | Timberland & Non-Strategic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 9,606 | 9,606 | ||
Operating Segments | Real Estate | Conservation Easement | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,855 | 3,855 | ||
Operating Segments | Real Estate | Deferred Revenue/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (5,242) | (1,756) | (4,987) | (1,616) |
Operating Segments | Real Estate | Large Dispositions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 36,000 | 36,000 | 116,027 | |
Operating Segments | Real Estate | Total Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 74,250 | 49,937 | 84,522 | 168,501 |
Operating Segments | Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 34,485 | 24,267 | 51,066 | 43,238 |
Total Revenue | 34,546 | 24,320 | 51,212 | 43,304 |
Operating Segments | Trading | Pulpwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,676 | 2,463 | 5,510 | 4,993 |
Operating Segments | Trading | Sawtimber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 30,475 | 21,805 | 44,865 | 37,918 |
Operating Segments | Trading | Hardwood | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Trading | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 34,151 | 24,268 | 50,375 | 42,911 |
Operating Segments | Trading | License Revenue, Primarily from Hunting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Trading | Other Non-Timber/Carbon Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Operating Segments | Trading | Agency Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 334 | (1) | 691 | 327 |
Operating Segments | Trading | Total Non-Timber Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 334 | (1) | 691 | 327 |
Intersegment | Timber Funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,407 | 877 | 2,761 | 877 |
Intersegment | Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 61 | 53 | 146 | 66 |
Intersegment | Elim. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ (1,468) | $ (930) | $ (2,907) | $ (943) |
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 291,150 | $ 195,558 | $ 482,365 | $ 454,688 |
Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 15,380 | 16,747 | 36,637 | 42,154 |
Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 5,577 | 1,189 | 11,710 | 6,708 |
Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,957 | 17,936 | 48,347 | 48,862 |
Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 187,781 | 120,705 | 331,994 | 222,111 |
Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 89,959 | 65,261 | 173,905 | 125,925 |
Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 97,822 | 55,444 | 158,089 | 96,186 |
Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 208,738 | 138,641 | 380,341 | 270,973 |
Southern Timber | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 15,183 | 16,216 | 36,440 | 41,623 |
Southern Timber | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 4,645 | 863 | 4,647 | 1,251 |
Southern Timber | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 19,828 | 17,079 | 41,087 | 42,874 |
Southern Timber | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 23,860 | 24,477 | 46,825 | 46,165 |
Southern Timber | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 19,955 | 21,438 | 38,014 | 42,498 |
Southern Timber | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,905 | 3,039 | 8,811 | 3,667 |
Pacific Northwest Timber | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Pacific Northwest Timber | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 932 | 326 | 7,063 | 5,457 |
Pacific Northwest Timber | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 932 | 326 | 7,063 | 5,457 |
Pacific Northwest Timber | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 32,901 | 25,133 | 67,023 | 50,574 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 32,901 | 25,133 | 67,023 | 50,574 |
Pacific Northwest Timber | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
New Zealand Timber | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 80,252 | 40,725 | 137,586 | 76,359 |
New Zealand Timber | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 19,250 | 12,126 | 36,356 | 25,817 |
New Zealand Timber | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 61,002 | 28,599 | 101,230 | 50,542 |
Timber Funds | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 197 | 531 | 197 | 531 |
Timber Funds | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Timber Funds | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 197 | 531 | 197 | 531 |
Timber Funds | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 16,617 | 6,102 | 30,185 | 6,102 |
Timber Funds | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 16,617 | 6,102 | 30,185 | 6,102 |
Timber Funds | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Stumpage Pay-as-Cut | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Stumpage Lump Sum | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Total Stumpage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 |
Trading | Total Delivered | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 34,151 | 24,268 | 50,375 | 42,911 |
Trading | Total Delivered | Delivered Wood (Domestic) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,236 | 462 | 2,327 | 934 |
Trading | Total Delivered | Delivered Wood (Export) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 32,915 | 23,806 | 48,048 | 41,977 |
Operating Segments | Southern Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 49,294 | 46,767 | 100,971 | 99,749 |
Operating Segments | Southern Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 43,688 | 41,556 | 87,912 | 89,039 |
Operating Segments | Pacific Northwest Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 35,323 | 26,171 | 76,844 | 57,245 |
Operating Segments | Pacific Northwest Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 33,833 | 25,459 | 74,086 | 56,031 |
Operating Segments | New Zealand Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 80,559 | 41,769 | 138,138 | 79,308 |
Operating Segments | New Zealand Timber | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 80,252 | 40,725 | 137,586 | 76,359 |
Operating Segments | Timber Funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 17,239 | 6,647 | 30,824 | 6,647 |
Operating Segments | Timber Funds | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 16,814 | 6,633 | 30,382 | 6,633 |
Operating Segments | Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 34,485 | 24,267 | 51,066 | 43,238 |
Operating Segments | Trading | Total Timber | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 34,151 | $ 24,268 | $ 50,375 | $ 42,911 |
LEASES - Narrative (Details) |
Jun. 30, 2021 |
---|---|
Minimum | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Contract terms, in years | 5 years |
LEASES - Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease income | $ 281 | $ 72 | $ 513 | $ 72 |
Total lease income | $ 281 | $ 72 | $ 513 | $ 72 |
NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021
a
fund
|
Jul. 21, 2021
USD ($)
|
|
Subsequent event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Under Contract | ||
Schedule of Equity Method Investments [Line Items] | ||
Aggregate purchase price | $ | $ 35,900 | |
ORM Timber Fund II | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating agreement term | 10 years | |
ORM Timber Fund III | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating agreement term | 10 years | |
ORM Timber Fund IV | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating agreement term | 15 years | |
Ferncliff Investors | Ferncliff Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest owned by limited partners | 33.33% | |
Bainbridge Landing LLC | Ferncliff Investors | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest owned by limited partners | 50.00% | |
Matariki Forestry Group | ||
Schedule of Equity Method Investments [Line Items] | ||
Acres of timberland owned (acres) | 419,000 | |
Matariki Forestry Group | Rayonier | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 77.00% | |
Matariki Forestry Group | Rayonier New Zealand Subsidiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by noncontrolling owners | 23.00% | |
ORM Timber Funds | Variable Interest Entity, Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of timber funds | fund | 3 | |
ORM Timber Funds | ORM Timber Fund II | Variable Interest Entity, Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 20.00% | |
ORM Timber Funds | ORM Timber Fund III | Variable Interest Entity, Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 5.00% | |
ORM Timber Funds | ORM Timber Fund IV | Variable Interest Entity, Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 15.00% | |
Ferncliff Investors | Variable Interest Entity, Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of acres to be developed | 5 |
NONCONTROLLING INTERESTS - Schedule of Net Income Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 4,461 | $ (1,499) | $ 8,304 | $ (931) |
Matariki Forestry Group | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | 3,073 | 693 | 5,711 | 1,261 |
ORM Timber Funds | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | 1,388 | (2,146) | 2,464 | (2,146) |
Ferncliff Investors | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 0 | $ (46) | $ 129 | $ (46) |
NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning noncontrolling interests in the Operating Partnership | $ 137,990 | $ 0 | $ 130,121 | $ 0 |
Issuances of Redeemable Operating Partnership Units | 0 | 106,752 | 0 | 106,752 |
Adjustment of noncontrolling interests in the Operating Partnership | 15,410 | 3,992 | 27,277 | 3,992 |
Conversions of Redeemable Operating Partnership Units to Common Shares | (241) | 0 | (4,956) | 0 |
Net Income attributable to noncontrolling interests in the Operating Partnership | 1,753 | 219 | 2,094 | 219 |
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the Operating Partnership | (253) | 457 | 1,278 | 457 |
Distributions to noncontrolling interests in the Operating Partnership | (1,154) | (1,200) | (2,309) | (1,200) |
Total noncontrolling interests in the Operating Partnership | $ 153,505 | $ 110,220 | $ 153,505 | $ 110,220 |
VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Primary Beneficiary - ORM Timber Funds |
6 Months Ended |
---|---|
Jun. 30, 2021
fund
| |
Variable Interest Entity [Line Items] | |
Number of timber funds | 3 |
ORM Timber Fund II | |
Variable Interest Entity [Line Items] | |
Ownership interest | 20.00% |
ORM Timber Fund III | |
Variable Interest Entity [Line Items] | |
Ownership interest | 5.00% |
ORM Timber Fund IV | |
Variable Interest Entity [Line Items] | |
Ownership interest | 15.00% |
VARIABLE INTEREST ENTITIES - Summary of VIEs (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS | ||
Cash and cash equivalents | $ 314,308 | $ 84,507 |
Accounts receivable | 51,819 | 49,082 |
Assets held for sale | 111,282 | 3,449 |
Other current assets | 3,716 | 6,765 |
Total current assets | 530,954 | 170,565 |
Timber and timberlands, net of depletion and amortization | 3,135,519 | 3,262,126 |
TOTAL ASSETS | 3,959,269 | 3,728,733 |
Liabilities and Equity: | ||
Accounts payable | 29,226 | 24,790 |
Accrued taxes | 14,564 | 7,347 |
Accrued interest | 7,081 | 6,325 |
Deferred revenue | 23,259 | 11,112 |
Other current liabilities | 27,355 | 29,234 |
Total current liabilities | 310,193 | 91,135 |
Total long-term debt, net | 1,252,643 | |
Funds’ equity | 1,609,348 | 1,474,057 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 3,959,269 | $ 3,728,733 |
Variable Interest Entity, Primary Beneficiary | ORM Timber Funds | ||
ASSETS | ||
Cash and cash equivalents | 4,469 | |
Accounts receivable | 3,239 | |
Assets held for sale | 104,291 | |
Other current assets | 68 | |
Total current assets | 112,067 | |
Timber and timberlands, net of depletion and amortization | 316,249 | |
Other assets | 74 | |
TOTAL ASSETS | 428,390 | |
Liabilities and Equity: | ||
Accounts payable | 1,127 | |
Intercompany payable | 880 | |
Accrued taxes | 292 | |
Accrued interest | 508 | |
Deferred revenue | 339 | |
Other current liabilities | 464 | |
Total current liabilities | 3,610 | |
Total long-term debt, net | 59,755 | |
Funds’ equity | 365,025 | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | 428,390 | |
Variable Interest Entity, Primary Beneficiary | Ferncliff Investors | ||
ASSETS | ||
Cash and cash equivalents | 295 | |
Total current assets | 295 | |
Advances to real estate joint venture entity | 1,000 | |
TOTAL ASSETS | 1,295 | |
Liabilities and Equity: | ||
Total current liabilities | 1,818 | |
Funds’ equity | (523) | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $ 1,295 |
EARNINGS PER SHARE AND PER UNIT - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator: | ||||||
Net income | $ 63,420 | $ 455 | $ 78,452 | $ 26,876 | ||
Less: Net income attributable to noncontrolling interests in the Operating Partnership | (1,753) | $ (341) | (219) | (2,094) | (219) | |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (4,461) | 1,499 | (8,304) | 931 | ||
Net income attributable to Rayonier Inc. | $ 57,206 | $ 1,735 | $ 68,054 | $ 27,588 | ||
Denominator: | ||||||
Denominator for basic earnings per common share - weighted average shares (in shares) | 139,556,748 | 133,318,209 | 138,718,442 | 131,227,852 | ||
Basic earnings per common share attributable to Rayonier Inc (in dollars per share) | $ 0.41 | $ 0.01 | $ 0.49 | $ 0.21 | ||
Numerator: | ||||||
Net income | $ 63,420 | $ 455 | $ 78,452 | $ 26,876 | ||
Less: Net income attributable to noncontrolling interests in the Operating Partnership | 1,753 | 341 | 219 | 2,094 | 219 | |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | 4,461 | (1,499) | 8,304 | (931) | ||
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership | $ 58,959 | $ 1,954 | $ 70,148 | $ 27,807 | ||
Denominator: | ||||||
Denominator for basic earnings per common share - weighted average shares (in shares) | 139,556,748 | 133,318,209 | 138,718,442 | 131,227,852 | ||
Add: Dilutive effect of: | ||||||
Stock options (in shares/units) | 12,646 | 0 | 8,348 | 537 | ||
Performance shares, restricted shares and restricted stock units (in shares/units) | 210,923 | 49,299 | 282,027 | 129,390 | ||
Noncontrolling interest in common units (in shares) | 4,275,912 | 2,589,518 | 4,303,201 | 1,294,759 | ||
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units) | 144,056,229 | 135,957,026 | 143,312,018 | 132,652,538 | ||
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share) | $ 0.41 | $ 0.01 | $ 0.49 | $ 0.21 | ||
Rayonier Limited Partnership | ||||||
Numerator: | ||||||
Net income | $ 63,420 | 15,032 | $ 455 | $ 26,421 | $ 78,452 | $ 26,876 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (4,461) | 1,499 | (8,304) | 931 | ||
Net income attributable to Rayonier Inc. | $ 58,959 | $ 1,954 | $ 70,148 | $ 27,807 | ||
Denominator: | ||||||
Denominator for basic earnings per unit - weighted average units (in units) | 143,832,660 | 135,907,727 | 143,021,643 | 132,522,611 | ||
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.41 | $ 0.01 | $ 0.49 | $ 0.21 | ||
Numerator: | ||||||
Net income | $ 63,420 | $ 15,032 | $ 455 | $ 26,421 | $ 78,452 | $ 26,876 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | $ 4,461 | $ (1,499) | $ 8,304 | $ (931) | ||
Denominator: | ||||||
Denominator for basic earnings per unit - weighted average units (in units) | 143,832,660 | 135,907,727 | 143,021,643 | 132,522,611 | ||
Add: Dilutive effect of: | ||||||
Stock options (in shares/units) | 12,646 | 0 | 8,348 | 537 | ||
Performance shares, restricted shares and restricted stock units (in shares/units) | 210,923 | 49,299 | 282,027 | 129,390 | ||
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares (in shares/units) | 144,056,229 | 135,957,026 | 143,312,018 | 132,652,538 | ||
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) | $ 0.41 | $ 0.01 | $ 0.49 | $ 0.21 |
EARNINGS PER SHARE AND PER UNIT - Antidilutive Securities (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units) | 208,614 | 635,779 | 201,435 | 521,053 |
Rayonier Limited Partnership | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit (in shares/units) | 208,614 | 635,779 | 201,435 | 521,053 |
DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
May 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | |||
Total long-term debt, net | $ 1,252,643 | ||
Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 1,394,171 | ||
Add: Fair value adjustments, excluding Timber Funds | 7,478 | ||
Less: Unamortized discounts, excluding Timber Funds | (3,583) | ||
Current maturities of long-term debt, excluding Timber Funds (c) | (199,830) | $ 0 | |
Less: Deferred financing costs, excluding Timber Funds | (5,348) | ||
Total long-term debt, net | 1,192,888 | 1,300,336 | |
Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 57,380 | ||
Add: Fair value adjustments, excluding Timber Funds | 2,382 | ||
Less: Deferred financing costs, excluding Timber Funds | (7) | ||
Total long-term debt, net | 59,755 | $ 60,179 | |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 350,000 | ||
Stated interest rate | 1.70% | ||
Effective fixed interest rate | 3.10% | ||
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | Excluding Timber Funds | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis points on periodic interest rate | 1.60% | ||
Senior Notes due 2022 at a fixed interest rate of 3.75% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 325,000 | ||
Stated interest rate | 3.75% | 3.75% | |
Senior Notes due 2031 at a fixed interest rate of 2.75% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 450,000 | ||
Stated interest rate | 2.75% | 2.75% | |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 200,000 | ||
Stated interest rate | 1.70% | ||
Effective fixed interest rate | 2.40% | ||
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at March 31, 2021 | Excluding Timber Funds | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis points on periodic interest rate | 1.65% | ||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 24,171 | ||
Stated interest rate | 2.95% | ||
Due 2025 at a fixed interest rate of 6.1% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 10,000 | ||
Stated interest rate | 6.10% | ||
Due 2028 at a fixed interest rate of 4.1% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 11,000 | ||
Stated interest rate | 4.10% | ||
Due 2029 at a fixed interest rate of 5.3% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 16,000 | ||
Stated interest rate | 5.30% | ||
Due 2029 at a fixed interest rate of 5.4% | Excluding Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 8,000 | ||
Stated interest rate | 5.40% | ||
Due 2022 at a variable interest rate of 2.0% at June 30, 2021 | Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 11,000 | ||
Stated interest rate | 2.00% | ||
Due 2022 at a variable interest rate of 2.0% at June 30, 2021 | Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 14,000 | ||
Stated interest rate | 2.00% | ||
Due 2023 at a fixed interest rate of 5.1% | Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 17,980 | ||
Stated interest rate | 5.10% | ||
Effective fixed interest rate | 3.90% | ||
Due 2024 at a fixed interest rate of 4.5% | Timber Funds | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 14,400 | ||
Stated interest rate | 4.50% | ||
Effective fixed interest rate | 3.20% |
DEBT - Schedule of Long Term Maturities (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
2021 | $ 0 |
2022 | 350,000 |
2023 | 17,980 |
2024 | 14,400 |
2025 | 34,171 |
Thereafter | 1,035,000 |
Total Debt | 1,451,551 |
Excluding Timber Funds | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 325,000 |
2023 | 0 |
2024 | 0 |
2025 | 34,171 |
Thereafter | 1,035,000 |
Total Debt | 1,394,171 |
Timber Funds | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 25,000 |
2023 | 17,980 |
2024 | 14,400 |
2025 | 0 |
Thereafter | 0 |
Total Debt | $ 57,380 |
DEBT - Narrative and Debt Covenants (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
May 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
May 31, 2021 |
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
NZD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 4,812,000 | $ 2,427,000 | ||||||
Repayments of debt | 350,000,000 | 117,000,000 | ||||||
Interest and other miscellaneous (expense) income, net | $ (1,144,000) | $ 1,579,000 | (1,148,000) | $ 1,370,000 | ||||
Repayments | 0 | |||||||
Excluding Timber Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Capitalized financing costs | $ 5,348,000 | 5,348,000 | 5,348,000 | |||||
Total long-term debt | $ 1,394,171,000 | $ 1,394,171,000 | $ 1,394,171,000 | |||||
Excluding Timber Funds | Senior Notes Due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount issued and sold | $ 450,000,000 | |||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | ||
Issue price, percent | 99.195% | |||||||
Debt issuance costs | $ 3,900,000 | |||||||
Proceeds from debt | $ 442,500,000 | |||||||
Total long-term debt | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||||
Excluding Timber Funds | Senior Notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | ||
Total long-term debt | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | |||||
Excluding Timber Funds | Working Capital Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments | 0 | |||||||
Borrowings | 0 | |||||||
Remaining borrowing capacity | $ 20.0 | |||||||
Term of extension | 12 months | |||||||
Excluding Timber Funds | Minority Shareholder Due 2025 At 2.95% | Matariki Forestry Group | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding balance | $ 24,200,000 | $ 24,200,000 | $ 24,200,000 | |||||
Excluding Timber Funds | Term Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 1.70% | 1.70% | 1.70% | 1.70% | ||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Total long-term debt | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Excluding Timber Funds | Term Credit Agreement | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points on periodic interest rate | 1.60% | |||||||
Excluding Timber Funds | Incremental Term Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 1.70% | 1.70% | 1.70% | 1.70% | ||||
Maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||||
Total long-term debt | 200,000,000 | 200,000,000 | $ 200,000,000 | |||||
Excluding Timber Funds | Incremental Term Loan Agreement | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points on periodic interest rate | 1.65% | |||||||
Excluding Timber Funds | 2020 Incremental Term Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 250,000,000 | |||||||
Gain (loss) on extinguishment of debt | $ 600,000 | |||||||
Maximum borrowing capacity | 200,000,000 | 200,000,000 | $ 200,000,000 | |||||
Excluding Timber Funds | 2026 Incremental Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | 100,000,000 | |||||||
Gain (loss) on extinguishment of debt | (100,000) | |||||||
Total long-term debt | 300,000,000 | 300,000,000 | 300,000,000 | |||||
Timber Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Capitalized financing costs | 7,000 | 7,000 | 7,000 | |||||
Total long-term debt | $ 57,380,000 | $ 57,380,000 | $ 57,380,000 | |||||
Timber Funds | Fund II Mortgages Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan-to-value ratio, percentage | 50.00% | |||||||
Timber Funds | Fund III Mortgages Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan-to-value ratio, percentage | 50.00% | |||||||
Ratio of minimum interest coverage | 1.5 | 1.5 | 1.5 | 1.5 | ||||
Working capital | $ 500,000 | |||||||
Timber Funds | Fund II Mortgages Payable, Due 2022 At 1.700% | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points on periodic interest rate | 1.70% | |||||||
2021 Incremental Term Loan Facility | Excluding Timber Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||||
Capitalized financing costs | 200,000 | 200,000 | 200,000 | |||||
Advance amount | 200,000,000 | 200,000,000 | 200,000,000 | |||||
Amount outstanding | 0 | 0 | 0 | |||||
Amount of future advance expected | 125,000,000 | 125,000,000 | 125,000,000 | |||||
Deferred commitment fees | $ 300,000 | $ 300,000 | $ 300,000 | |||||
2021 Incremental Term Loan Facility | Excluding Timber Funds | Senior Notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | ||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | $ 0 | |||||||
Revolving Credit Facility | Excluding Timber Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | 300,000,000 | |||||
Capitalized financing costs | 300,000 | 300,000 | 300,000 | |||||
Remaining borrowing capacity | 299,100,000 | 299,100,000 | 299,100,000 | |||||
Amount to secure outstanding letters of credit | $ 900,000 | 900,000 | 900,000 | |||||
Revolving Credit Facility | Excluding Timber Funds | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points on periodic interest rate | 1.25% | 1.50% | ||||||
Northwest Farm Credit Services Credit Facility | Excluding Timber Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Capitalized financing costs | $ 100,000 | 100,000 | 100,000 | |||||
Total long-term debt | 45,000,000 | 45,000,000 | 45,000,000 | |||||
Long-term debt fair value | 45,000,000 | 45,000,000 | 45,000,000 | |||||
2016 Incremental Term Loan Facility | Excluding Timber Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | 300,000,000 | |||||
Interest and other miscellaneous (expense) income, net | $ (300,000) | |||||||
2016 Incremental Term Loan Facility | Excluding Timber Funds | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points on periodic interest rate | 1.65% | 1.90% |
DEBT - Debt Covenants - Excluding Timber Funds (Details) - Excluding Timber Funds |
Jun. 30, 2021 |
---|---|
Northwest Farm Credit Services Credit Facility | |
Debt Instrument [Line Items] | |
Covenant EBITDA to consolidated interest expense, Covenant Requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, Actual ratio | 7.8 |
Covenant EBITDA to consolidated interest expense, Favorable | 5.3 |
Covenant debt to net worth plus covenant debt, Covenant Requirement | 0.65 |
Covenant debt to net worth plus covenant debt, Actual ratio | 0.46 |
Covenant debt to net worth plus covenant debt, favorable | 0.19 |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at March 31, 2021 | |
Debt Instrument [Line Items] | |
Covenant EBITDA to consolidated interest expense, Covenant Requirement | 2.5 |
Covenant EBITDA to consolidated interest expense, Actual ratio | 7.8 |
Covenant EBITDA to consolidated interest expense, Favorable | 5.3 |
Covenant debt to net worth plus covenant debt, Covenant Requirement | 0.65 |
Covenant debt to net worth plus covenant debt, Actual ratio | 0.46 |
Covenant debt to net worth plus covenant debt, favorable | 0.19 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
May 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
agreement
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
|
Derivative [Line Items] | |||||||
Repayments of debt | $ 350,000 | $ 117,000 | |||||
Derivatives designated as cash flow hedges | |||||||
Derivative [Line Items] | |||||||
Amount expected to be reclassified into earnings in next 12 months | 2,368 | ||||||
2026 Incremental Term Loan | Excluding Timber Funds | |||||||
Derivative [Line Items] | |||||||
Repayments of debt | 100,000 | ||||||
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at March 31, 2021 | Excluding Timber Funds | |||||||
Derivative [Line Items] | |||||||
Repayments of debt | $ 250,000 | ||||||
Interest Rate Swap Maturing 2030 | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | |||||||
Derivative [Line Items] | |||||||
Amount subject to termination, de-designation, or cash settlement | $ 250,000 | ||||||
Proceeds from derivative termination | 6,800 | ||||||
Gain (loss) recorded to AOCI | $ 16,700 | ||||||
Interest Rate Swap Maturing 2026 | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | |||||||
Derivative [Line Items] | |||||||
Amount subject to termination, de-designation, or cash settlement | 100,000 | ||||||
Gain (loss) related to terminated interest rate swaps | (2,200) | (2,200) | $ (2,200) | ||||
Treasury locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | |||||||
Derivative [Line Items] | |||||||
Gain (loss) recorded to AOCI | 18,300 | ||||||
Number of agreements | agreement | 3 | ||||||
Interest rate swap locks | |||||||
Derivative [Line Items] | |||||||
Amount subject to termination, de-designation, or cash settlement | $ 11,100 | ||||||
Interest rate swap locks | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | |||||||
Derivative [Line Items] | |||||||
Gain (loss) recorded to AOCI | 1,200 | ||||||
Forward-starting interest rate swaps | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | |||||||
Derivative [Line Items] | |||||||
Amount subject to termination, de-designation, or cash settlement | $ 325,000 | ||||||
Gain (loss) recorded to AOCI | $ 10,000 | ||||||
New Zealand JV | Forecasted Sales and Purchases, term 1 | |||||||
Derivative [Line Items] | |||||||
Length of time, foreign currency cash flow hedge | 12 months | ||||||
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1 | |||||||
Derivative [Line Items] | |||||||
Percent of forecast sales and purchases hedged for 12 months | 50.00% | 50.00% | 50.00% | ||||
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2 | |||||||
Derivative [Line Items] | |||||||
Length of time, foreign currency cash flow hedge | 12 months | ||||||
New Zealand JV | Minimum | Foreign Sales and Purchases, term 3 | |||||||
Derivative [Line Items] | |||||||
Length of time, foreign currency cash flow hedge | 18 months | ||||||
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1 | |||||||
Derivative [Line Items] | |||||||
Percent of forecast sales and purchases hedged for 12 months | 90.00% | 90.00% | 90.00% | ||||
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 2 | |||||||
Derivative [Line Items] | |||||||
Length of time, foreign currency cash flow hedge | 18 months | ||||||
Percent of forecast sales and purchases hedged for 12 to 18 months | 75.00% | 75.00% | 75.00% | ||||
New Zealand JV | Maximum | Foreign Sales and Purchases, term 3 | |||||||
Derivative [Line Items] | |||||||
Length of time, foreign currency cash flow hedge | 48 months | ||||||
Percent of forecast sales and purchases hedged for 18 to 48 months | 50.00% | 50.00% | 50.00% |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Products (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 170,000 |
Fixed Rate of Swap | 2.20% |
Bank Margin on Debt | 1.60% |
Total Effective Interest Rate | 3.80% |
Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 9 years |
Notional Amount | $ 180,000 |
Fixed Rate of Swap | 2.35% |
Bank Margin on Debt | 1.60% |
Total Effective Interest Rate | 3.95% |
Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.65% |
Total Effective Interest Rate | 3.25% |
Interest Rate Swap 4 | |
Derivative [Line Items] | |
Term | 10 years |
Notional Amount | $ 100,000 |
Fixed Rate of Swap | 1.60% |
Bank Margin on Debt | 1.65% |
Total Effective Interest Rate | 3.25% |
Forward-Starting Interest Rate Swap 1 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 100,000 |
Fixed rate on derivative | 0.88% |
Forward-Starting Interest Rate Swap 2 | |
Derivative [Line Items] | |
Term | 4 years |
Notional Amount | $ 50,000 |
Fixed rate on derivative | 0.74% |
Forward-Starting Interest Rate Swap 3 | |
Derivative [Line Items] | |
Term | 7 years |
Notional Amount | $ 200,000 |
Fixed rate on derivative | 0.77% |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge, gain (loss) recognized in income | $ (10,019) | $ 61,001 | $ (7,276) | $ (83,475) | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other comprehensive income (loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge, gain (loss) recognized in income | (896) | 5,340 | $ (3,747) | $ (140) | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other comprehensive income (loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge, gain (loss) recognized in income | (230) | 877 | (1,158) | (273) | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Other comprehensive income (loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge, gain (loss) recognized in income | (14,587) | (14,469) | 45,144 | (93,621) | ||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Interest rate products | Interest expense | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge, gain (loss) recognized in income | 5,377 | 2,716 | 9,371 | 3,168 | ||
Derivative not designated as a hedging instrument | Carbon options | Interest and other miscellaneous (expense) income, net | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Non-designated hedged item, gain (loss) recognized in income | $ 0 | $ 14 | $ 0 | $ 563 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified Amounts Into Earnings (Details) - Derivatives designated as cash flow hedges $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 2,368 |
Foreign currency exchange contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | 1,682 |
Foreign currency option contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | 256 |
Interest rate products | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount expected to be reclassified into earnings in next 12 months | $ 430 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - Derivatives designated as cash flow hedges - Derivatives designated as cash flow hedges - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 97,250,000 | $ 49,000,000 |
Foreign currency option contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 8,000,000 | 28,000,000 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 550,000,000 | 900,000,000 |
Forward-starting interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 350,000,000 | $ 475,000,000 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | $ 13,484 | $ 8,057 |
Fair value, derivative liability | (27,750) | (64,633) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 3,452 | 6,494 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 10,032 | 1,563 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (760) | (11) |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (26,990) | (64,622) |
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 | 3,096 | 4,968 |
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 | 32 | 1,050 |
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 | (760) | 0 |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency exchange contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | (98) | 0 |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Foreign currency option contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 356 | 1,526 |
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 | 0 | (11) |
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 | (26,892) | (51,580) |
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Forward-starting interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 10,000 | 513 |
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 | $ (13,042) |
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net | $ (1,252,643) | |
Excluding Timber Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current maturities of long-term debt, excluding Timber Funds (c) | (199,830) | $ 0 |
Long-term debt, net | (1,192,888) | (1,300,336) |
Long-term debt | (7,478) | |
Timber Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net | (59,755) | (60,179) |
Long-term debt | (2,382) | |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 702 | 2,975 |
Noncontrolling Interests in the Operating Partnership | 153,505 | 130,121 |
Carrying Amount | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | (26,892) | (51,580) |
Carrying Amount | Forward-starting interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 10,000 | |
Interest rate swaps, liabilities | (12,529) | |
Carrying Amount | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | 2,270 | 6,018 |
Carrying Amount | Foreign currency option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | 356 | 1,515 |
Carrying Amount | Excluding Timber Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, excluding Timber Funds | 309,839 | 80,454 |
Current maturities of long-term debt, excluding Timber Funds (c) | (199,830) | 0 |
Long-term debt, net | (1,192,888) | (1,300,336) |
Carrying Amount | Timber Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, excluding Timber Funds | 4,469 | 4,053 |
Long-term debt | (59,755) | (60,179) |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 702 | 2,975 |
Noncontrolling Interests in the Operating Partnership | 153,505 | 130,121 |
Fair Value | Level 1 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 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 | |
Interest rate swaps, liabilities | 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 | 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 | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 0 | 0 |
Noncontrolling Interests in the Operating Partnership | 0 | 0 |
Fair Value | Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | (26,892) | (51,580) |
Fair Value | Level 2 | Forward-starting interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 10,000 | |
Interest rate swaps, liabilities | (12,529) | |
Fair Value | Level 2 | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | 2,270 | 6,018 |
Fair Value | Level 2 | Foreign currency option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | 356 | 1,515 |
Fair Value | Excluding Timber Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, excluding Timber Funds | 309,839 | 80,454 |
Current maturities of long-term debt, excluding Timber Funds (c) | 0 | 0 |
Long-term debt, net | 0 | 0 |
Fair Value | Excluding Timber Funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, excluding Timber Funds | 0 | 0 |
Current maturities of long-term debt, excluding Timber Funds (c) | (203,940) | 0 |
Long-term debt, net | (1,207,100) | (1,313,631) |
Fair Value | Timber Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, excluding Timber Funds | 4,469 | 4,053 |
Long-term debt | 0 | 0 |
Fair Value | Timber Funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, excluding Timber Funds | 0 | 0 |
Long-term debt | $ (59,976) | $ (60,474) |
COMMITMENTS (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Commitments | |
Remaining 2021 | $ 25,010 |
2022 | 19,248 |
2023 | 14,354 |
2024 | 11,426 |
2025 | 8,056 |
Thereafter | 19,251 |
Commitments, total | 97,345 |
Environmental Remediation | |
Commitments | |
Remaining 2021 | 542 |
2022 | 2,045 |
2023 | 1,853 |
2024 | 1,853 |
2025 | 2,338 |
Thereafter | 2,664 |
Commitments, total | 11,295 |
Development Projects | |
Commitments | |
Remaining 2021 | 18,245 |
2022 | 4,222 |
2023 | 267 |
2024 | 267 |
2025 | 267 |
Thereafter | 3,916 |
Commitments, total | 27,184 |
Commitments | |
Commitments | |
Remaining 2021 | 6,223 |
2022 | 12,981 |
2023 | 12,234 |
2024 | 9,306 |
2025 | 5,451 |
Thereafter | 12,671 |
Commitments, total | $ 58,866 |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Schedule of Liabilities (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Beginning balance, non-current portion | $ 10,615 |
Beginning balance, plus: current portion | 1,026 |
Beginning balance | 11,641 |
Expenditures | (417) |
Increase to liabilities | 71 |
Ending balance | 11,295 |
Ending balance, less: current portion | (723) |
Ending balance, non-current portion | $ 10,572 |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Minimum | Millsite Cleanup And Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 2 years |
Minimum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 10 years |
Maximum | Millsite Cleanup And Natural Resource Damages Restoration | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 3 years |
Maximum | Port Gamble Location | |
Property, Plant and Equipment [Line Items] | |
Natural resource damages restoration monitoring term | 15 years |
GUARANTEES (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 12,843 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 885 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 11,958 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 08, 2020 |
Jun. 30, 2021 |
|
Real Estate, Land and Land Development Costs [Roll Forward] | ||
Non-current portion, beginning Balance | $ 108,518 | |
Plus: Current portion, beginning balance | 6,756 | |
Total balance, beginning balance | 115,274 | |
Non-cash cost of land and improved development | (4,763) | |
Amortization of parcel real estate development investments | (3,211) | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (584) | |
Capitalized real estate development investments | 12,095 | |
Capital expenditures (silviculture) | 51 | |
Intersegment transfers | 1,176 | |
Port Gamble purchase price adjustment | 8,238 | |
Total balance, ending balance | 128,276 | |
Less: Current portion, ending balance | (24,712) | |
Non-current portion, ending Balance | 103,564 | |
Capitalized interest | 300 | |
Parcel real estate development investments | 5,800 | |
Merger with Pope Resources | ||
Real Estate, Land and Land Development Costs [Roll Forward] | ||
HBU properties acquired in merger with Pope Resources | $ 34,700 | |
Land and Timber | ||
Real Estate, Land and Land Development Costs [Roll Forward] | ||
Non-current portion, beginning Balance | 79,901 | |
Plus: Current portion, beginning balance | 212 | |
Total balance, beginning balance | 80,113 | |
Non-cash cost of land and improved development | (3,106) | |
Amortization of parcel real estate development investments | 0 | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (584) | |
Capitalized real estate development investments | 0 | |
Capital expenditures (silviculture) | 51 | |
Intersegment transfers | 1,176 | |
Port Gamble purchase price adjustment | 8,238 | |
Total balance, ending balance | 85,888 | |
Less: Current portion, ending balance | (8,686) | |
Non-current portion, ending Balance | 77,202 | |
Development Investments | ||
Real Estate, Land and Land Development Costs [Roll Forward] | ||
Non-current portion, beginning Balance | 28,617 | |
Plus: Current portion, beginning balance | 6,544 | |
Total balance, beginning balance | 35,161 | |
Non-cash cost of land and improved development | (1,657) | |
Amortization of parcel real estate development investments | (3,211) | |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | 0 | |
Capitalized real estate development investments | 12,095 | |
Capital expenditures (silviculture) | 0 | |
Intersegment transfers | 0 | |
Port Gamble purchase price adjustment | 0 | |
Total balance, ending balance | 42,388 | |
Less: Current portion, ending balance | (16,026) | |
Non-current portion, ending Balance | $ 26,362 |
INVENTORY (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory [Line Items] | ||
Inventory | $ 29,789 | $ 10,594 |
Real estate inventory | ||
Inventory [Line Items] | ||
Inventory | 24,712 | 6,756 |
Log inventory | ||
Inventory [Line Items] | ||
Inventory | $ 5,077 | $ 3,838 |
OTHER OPERATING INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Other Income and Expenses [Abstract] | ||||
Gain (loss) on foreign currency remeasurement, net of cash flow hedges | $ 1,922 | $ (2,720) | $ 4,351 | $ (1,287) |
Gain on sale or disposal of property and equipment | 3 | 4 | 93 | 7 |
Log trading marketing fees | 0 | 3 | 6 | 50 |
Costs related to the merger with Pope Resources | 0 | (13,498) | 0 | (15,985) |
Equity income related to Bainbridge Landing LLC joint venture | 186 | (59) | 206 | (59) |
Miscellaneous expense, net | (155) | (213) | (252) | (320) |
Total | $ 1,956 | $ (16,483) | $ 4,404 | $ (17,594) |
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
pension_plan
|
Jun. 30, 2020
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of qualified defined benefit plans | pension_plan | 1 | |||
Pension contributions paid | $ 0 | $ 0 | ||
Weighted-average expected long-term rate of return on plan assets | 5.70% | |||
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 557 | 677 | 1,114 | 1,353 |
Expected return on plan assets | (936) | (876) | (1,873) | (1,752) |
Amortization of losses | 288 | 215 | 577 | 431 |
Net periodic benefit (credit) cost | (91) | 16 | (182) | 32 |
Postretirement | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | 4 | 3 |
Interest cost | 11 | 13 | 23 | 26 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of losses | 5 | 2 | 10 | 4 |
Net periodic benefit (credit) cost | $ 18 | $ 17 | $ 37 | $ 33 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Taxes | |||||
Income tax expense | $ (6,880) | $ (2,990) | $ (10,302) | $ (6,696) | |
Annualized effective tax rate after discrete items | 11.00% | 19.80% | |||
Operating Partnership | |||||
Income Taxes | |||||
Ownership interest | 97.10% |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 1,474,057 | |
Other comprehensive income (loss) before reclassifications | 30,214 | $ (50,510) |
Amounts reclassified from accumulated other comprehensive loss | 10,264 | 7,827 |
Net other comprehensive (loss) income | 40,478 | (42,683) |
Ending balance | 1,609,348 | 1,474,057 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (73,885) | (31,202) |
Ending balance | (33,407) | (73,885) |
Foreign currency translation (loss) gains | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 22,702 | (226) |
Other comprehensive income (loss) before reclassifications | (10,627) | 22,928 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive (loss) income | (10,627) | 22,928 |
Ending balance | 12,075 | 22,702 |
Net investment hedges of New Zealand subsidiary | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 1,321 | 1,321 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive (loss) income | 0 | 0 |
Ending balance | 1,321 | 1,321 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (71,056) | (8,910) |
Other comprehensive income (loss) before reclassifications | 40,841 | (71,644) |
Amounts reclassified from accumulated other comprehensive loss | 10,955 | 9,498 |
Net other comprehensive (loss) income | 51,796 | (62,146) |
Ending balance | (19,260) | (71,056) |
Cash flow hedges | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications | 45,000 | |
Employee benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (24,312) | (23,387) |
Other comprehensive income (loss) before reclassifications | 0 | (1,794) |
Amounts reclassified from accumulated other comprehensive loss | 587 | 869 |
Net other comprehensive (loss) income | 587 | (925) |
Ending balance | (23,725) | (24,312) |
Total Rayonier, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (71,345) | (31,202) |
Other comprehensive income (loss) before reclassifications | 30,214 | (50,510) |
Amounts reclassified from accumulated other comprehensive loss | 11,542 | 10,367 |
Net other comprehensive (loss) income | 41,756 | (40,143) |
Ending balance | (29,589) | (71,345) |
Allocation to Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (2,540) | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | (1,278) | (2,540) |
Net other comprehensive (loss) income | (1,278) | (2,540) |
Ending balance | $ (3,818) | $ (2,540) |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassified AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other operating expense, net | $ (1,956) | $ 16,483 | $ (4,404) | $ 17,594 |
Interest expense | (13,000) | (9,820) | (23,027) | (18,036) |
Income tax expense | (6,880) | (2,990) | (10,302) | (6,696) |
Net loss from accumulated other comprehensive income | $ (63,420) | $ (455) | (78,452) | (26,876) |
Amount reclassified from accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net loss from accumulated other comprehensive income | 10,955 | 2,124 | ||
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax expense | (551) | 406 | ||
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Foreign currency exchange contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other operating expense, net | 1,725 | (1,892) | ||
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Realized loss on foreign currency option contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other operating expense, net | 827 | 8 | ||
Cash flow hedges, parent | Amount reclassified from accumulated other comprehensive income (loss) | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 9,541 | 3,168 | ||
Cash flow hedges, noncontrolling interest | Amount reclassified from accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Comprehensive (loss) income attributable to noncontrolling interests | $ (587) | $ 434 |
RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Period for proceeds to be returned | 180 days | |
Restricted cash related to proceeds from sale of real estate | $ 0.0 | $ 0.0 |
Restricted cash held in escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted deposits | $ 0.7 | $ 3.0 |
RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 702 | $ 2,975 | ||
Cash and cash equivalents | 314,308 | 84,507 | ||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | 315,010 | $ 87,482 | $ 95,261 | $ 69,968 |
Restricted cash held in escrow | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 702 |
ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Properties Under Contract - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Period expected for sales to finalize | 12 months | |
Assets held for sale | $ 111.3 | $ 3.4 |
Asset impairment recognized | 0.0 | |
ORM Timber Fund II | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Timber and timberland assets held for sale | $ 104.3 |
CHARGES FOR INTEGRATION AND RESTRUCTURING (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Termination benefits | $ 0 | $ 581 | $ 0 | $ 581 | |
Acceleration of share-based compensation related to qualifying terminations | 0 | 232 | 0 | 232 | |
Professional services | 0 | 10,967 | 0 | 13,314 | |
Other integration and restructuring costs | 0 | 1,718 | 0 | 1,858 | |
Total integration and restructuring charges related to the merger with Pope Resources | $ 0 | $ 13,498 | $ 0 | $ 15,985 | |
Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued severance of payroll taxes | $ 100 |
RELATED PARTY - Narrative (Details) - Agreement To Sell Developed Lots - Mattamy Jacksonville LLC $ in Thousands |
1 Months Ended |
---|---|
Jan. 31, 2020
USD ($)
| |
Related Party Transaction [Line Items] | |
Related party transaction | $ 4,450 |
Related party transaction, takedown period | 2 years |
Related party transaction, revenue rate | 1.25% |
RELATED PARTY - Related Party Transactions on Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Mattamy Jacksonville LLC | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 1,446 | $ 0 | $ 1,488 | $ 0 |
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