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RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Rayonier Limited Partnership
Rayonier Limited Partnership
Noncontrolling Interests in Consolidated Affiliates
Common Shares
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2020       137,678,822      
Beginning balance at Dec. 31, 2020 $ 1,862,645     $ 1,101,675 $ 446,267 $ (73,885) $ 388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 15,032       11,189   3,843
Net income attributable to noncontrolling interests in the operating partnership (341)       (341)    
Dividends [1] (37,532)       (37,532)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)       1,107,814      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 36,708     $ 36,708      
Issuance of shares under incentive stock plans (in shares)       39,140      
Issuance of shares under incentive stock plans 1,166     $ 1,166      
Stock-based compensation 2,156     $ 2,156      
Repurchase of common shares (in shares)       (5,020)      
Repurchase of common shares (155)     $ (155)      
Measurement period adjustment of noncontrolling interests in consolidated affiliates 655 $ 655 $ 655       655
Adjustment of noncontrolling interests in the operating partnership (11,867)       (11,867)    
Conversion of units into common shares (in shares)       150,134      
Conversion of units into common shares 4,715     $ 4,715      
Amortization of pension and postretirement plan liabilities 294 294       294  
Foreign currency translation adjustment (14,288) (14,288) (2,636)     (11,652) (2,636)
Cash flow hedges 61,001 61,001 (627)     61,628 (627)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership (1,531)         (1,531)  
Distributions to noncontrolling interests in consolidated affiliates (8,737) (8,737) (8,737)       (8,737)
Ending balance (in shares) at Mar. 31, 2021       138,970,890      
Ending balance at Mar. 31, 2021 1,909,921     $ 1,146,265 407,716 (25,146) 381,086
Beginning balance (in shares) at Dec. 31, 2020       137,678,822      
Beginning balance at Dec. 31, 2020 1,862,645     $ 1,101,675 446,267 (73,885) 388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to noncontrolling interests in the operating partnership (4,303)            
Amortization of pension and postretirement plan liabilities 881 881          
Foreign currency translation adjustment (19,670) (19,670)          
Ending balance (in shares) at Sep. 30, 2021       143,049,458      
Ending balance at Sep. 30, 2021 1,792,460     $ 1,296,877 450,076 (36,560) 82,067
Beginning balance (in shares) at Mar. 31, 2021       138,970,890      
Beginning balance at Mar. 31, 2021 1,909,921     $ 1,146,265 407,716 (25,146) 381,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 63,420       58,959   4,461
Net income attributable to noncontrolling interests in the operating partnership (1,753)       (1,753)    
Dividends (37,981)       (37,981)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)       2,199,459      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 79,994     $ 79,994      
Issuance of shares under incentive stock plans (in shares)       185,544      
Issuance of shares under incentive stock plans 3,325     $ 3,325      
Stock-based compensation 2,852     $ 2,852      
Repurchase of common shares (in shares)       (42,425)      
Repurchase of common shares (1,453)     $ (1,453)      
Measurement period adjustment of noncontrolling interests in consolidated affiliates 9,034 9,034 9,034       9,034
Adjustment of noncontrolling interests in the operating partnership (15,410)       (15,410)    
Conversion of units into common shares (in shares)       6,439      
Conversion of units into common shares 241     $ 241      
Amortization of pension and postretirement plan liabilities 294 294       294  
Foreign currency translation adjustment 1,239 1,239 214     1,025 214
Cash flow hedges (10,019) (10,019) (186)     (9,833) (186)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership 253         253  
Distributions to noncontrolling interests in consolidated affiliates (6,474) (6,474) (6,474)       (6,474)
Ending balance (in shares) at Jun. 30, 2021       141,319,907      
Ending balance at Jun. 30, 2021 1,997,483     $ 1,231,224 411,531 (33,407) 388,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 110,512       78,041   32,471
Net income attributable to noncontrolling interests in the operating partnership (2,210)       (2,210)    
Dividends (39,032)       (39,032)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)       1,390,968      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 51,132     $ 51,132      
Issuance of shares under incentive stock plans (in shares)       5,740      
Issuance of shares under incentive stock plans 183     $ 183      
Stock-based compensation 2,086     $ 2,086      
Repurchase of common shares (in shares)       (175)      
Repurchase of common shares (6)     $ (6)      
Disposition of noncontrolling interests in consolidated affiliates   (255,486) (255,486)        
Adjustment of noncontrolling interests in the operating partnership 1,746       1,746    
Conversion of units into common shares (in shares)       333,018      
Conversion of units into common shares 12,258     $ 12,258      
Amortization of pension and postretirement plan liabilities 294 294       294  
Foreign currency translation adjustment (6,622) (6,622) (879)     (5,743) (879)
Cash flow hedges 1,711 1,711 (493)     2,204 (493)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership 92         92  
Distributions to noncontrolling interests in consolidated affiliates (53,562) (53,562) (53,562)       (53,562)
Noncontrolling interests in consolidated affiliates redemption of shares (28,119) (28,119) (28,119)       (28,119)
Ending balance (in shares) at Sep. 30, 2021       143,049,458      
Ending balance at Sep. 30, 2021 1,792,460     $ 1,296,877 450,076 (36,560) 82,067
Beginning balance (in shares) at Dec. 31, 2021       145,372,961      
Beginning balance at Dec. 31, 2021 1,815,578     $ 1,389,073 402,307 (19,604) 43,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 30,998       29,986   1,012
Net income attributable to noncontrolling interests in the operating partnership (669)       (669)    
Dividends [2] (39,902)       (39,902)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)       726,248      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 29,771     $ 29,771      
Issuance of shares under incentive stock plans (in shares)       11,364      
Issuance of shares under incentive stock plans 415     $ 415      
Stock-based compensation 2,797     $ 2,797      
Repurchase of common shares (in shares)       (5,420)      
Repurchase of common shares (214)     $ (214)      
Adjustment of noncontrolling interests in the operating partnership (2,645)       (2,645)    
Conversion of units into common shares (in shares)       2,535      
Conversion of units into common shares 104     $ 104      
Amortization of pension and postretirement plan liabilities 188 188       188  
Foreign currency translation adjustment 6,458 6,458 790     5,668 790
Cash flow hedges 40,427 40,427 605     39,822 605
Allocation of other comprehensive income to noncontrolling interests in the operating partnership (101)         (101)  
Distributions to noncontrolling interests in consolidated affiliates (1,566) (1,566) (1,566)       (1,566)
Ending balance (in shares) at Mar. 31, 2022       146,107,688      
Ending balance at Mar. 31, 2022 1,881,639     $ 1,421,946 389,077 25,973 44,643
Beginning balance (in shares) at Dec. 31, 2021       145,372,961      
Beginning balance at Dec. 31, 2021 1,815,578     $ 1,389,073 402,307 (19,604) 43,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to noncontrolling interests in the operating partnership (1,670)            
Amortization of pension and postretirement plan liabilities 564 564          
Foreign currency translation adjustment (55,220) (55,220)          
Ending balance (in shares) at Sep. 30, 2022       146,422,825      
Ending balance at Sep. 30, 2022 1,824,663     $ 1,430,622 384,384 (1,599) 11,256
Beginning balance (in shares) at Mar. 31, 2022       146,107,688      
Beginning balance at Mar. 31, 2022 1,881,639     $ 1,421,946 389,077 25,973 44,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 25,287       24,650   637
Net income attributable to noncontrolling interests in the operating partnership (546)       (546)    
Dividends [2] (42,098)       (42,098)    
Costs associated with the “at-the-market” (ATM) equity offering program (63) (63)   $ (63)      
Issuance of shares under incentive stock plans (in shares)       304,887      
Issuance of shares under incentive stock plans 1,983     $ 1,983      
Stock-based compensation 4,412     $ 4,412      
Repurchase of common shares (in shares)       (91,820)      
Repurchase of common shares (3,991)     $ (3,991)      
Adjustment of noncontrolling interests in the operating partnership 11,412       11,412    
Conversion of units into common shares (in shares)       977      
Conversion of units into common shares 42     $ 42      
Amortization of pension and postretirement plan liabilities 188 188       188  
Foreign currency translation adjustment (36,285) (36,285) (1,912)     (34,373) (1,912)
Cash flow hedges 5,755 5,755 (2,492)     8,247 (2,492)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership 575         575  
Noncontrolling interests in consolidated affiliates redemption of shares (27,860) (27,860) (27,860)       (27,860)
Ending balance (in shares) at Jun. 30, 2022       146,321,732      
Ending balance at Jun. 30, 2022 1,820,450     $ 1,424,329 382,495 610 13,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 31,861       21,033   10,828
Net income attributable to noncontrolling interests in the operating partnership (455)       (455)    
Dividends [2] (42,052)       (42,052)    
Costs associated with the “at-the-market” (ATM) equity offering program (38) (38)   $ (38)      
Issuance of shares under incentive stock plans (in shares)       760      
Issuance of shares under incentive stock plans 19     $ 19      
Stock-based compensation 2,636     $ 2,636      
Repurchase of common shares (in shares)       (569)      
Repurchase of common shares (20)     $ (20)      
Adjustment of noncontrolling interests in the operating partnership 23,363       23,363    
Conversion of units into common shares (in shares)       100,902      
Conversion of units into common shares 3,696     $ 3,696      
Amortization of pension and postretirement plan liabilities 188 188       188  
Foreign currency translation adjustment (25,392) (25,392) (1,327)     (24,065) (1,327)
Cash flow hedges 20,147 20,147 (1,472)     21,619 (1,472)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership 49         49  
Distributions to noncontrolling interests in consolidated affiliates (9,789) $ (9,789) $ (9,789)       (9,789)
Ending balance (in shares) at Sep. 30, 2022       146,422,825      
Ending balance at Sep. 30, 2022 $ 1,824,663     $ 1,430,622 $ 384,384 $ (1,599) $ 11,256
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.
[2] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.