XML 16 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]                
SALES $ 195,287     $ 364,726     $ 663,674 $ 847,604
Costs and Expenses                
Cost of sales (152,079)     (233,308)     (507,381) (578,937)
Selling and general expenses (16,886)     (13,174)     (49,002) (41,899)
Other operating income, net (Note 15) 14,581     5,070     14,398 9,474
Costs and expenses (154,384)     (241,412)     (541,985) (611,362)
OPERATING INCOME 40,903     123,314     121,689 236,242
Interest expense (9,056)     (11,265)     (26,476) (34,292)
Interest and other miscellaneous income, net 1,252     1,274     990 127
INCOME BEFORE INCOME TAXES 33,099     113,323     96,203 202,077
Income tax expense (Note 17) (1,238)     (2,811)     (8,056) (13,114)
NET INCOME 31,861     110,512     88,147 188,963
Less: Net income attributable to noncontrolling interests in the operating partnership (455) $ (546) $ (669) (2,210) $ (1,753) $ (341) (1,670) (4,303)
Less: Net income attributable to noncontrolling interests in consolidated affiliates (10,828)     (32,471)     (12,478) (40,775)
NET INCOME ATTRIBUTABLE TO RAYONIER INC./RAYONIER, L.P. UNITHOLDERS 20,578     75,831     73,999 143,885
OTHER COMPREHENSIVE (LOSS) INCOME                
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 (25,392) (36,285) 6,458 (6,622) 1,239 (14,288) (55,220) (19,670)
Cash flow hedges, net of income tax effect of $2,488, $833, $5,677 and $2,207 20,147     1,711     66,329 52,693
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 188 $ 188 $ 188 294 $ 294 $ 294 564 881
Total other comprehensive (loss) income (5,057)     (4,617)     11,673 33,904
COMPREHENSIVE INCOME 26,804     105,895     99,820 222,867
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership (490)     (2,118)     (2,147) (5,490)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates (8,029)     (31,099)     (6,670) (36,168)
Comprehensive INCOME ATTRIBUTABLE TO RAYONIER INC / L.P. UNITHOLDERS $ 18,285     $ 72,678     $ 91,003 $ 181,209
EARNINGS PER COMMON SHARE                
Basic earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.14     $ 0.53     $ 0.51 $ 1.03
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.14     $ 0.53     $ 0.50 $ 1.03