OTHER OPERATING INCOME (EXPENSE), NET (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Operating Income (Expense), Net

The following table provides the composition of Other operating income (expense), net for the three years ended December 31:

	2022	2021	2020
(Loss) gain on foreign currency remeasurement, net of cash flow hedges	($5,251)	$6,823	($3,503)
Gain on sale or disposal of property plant & equipment	40	75	121
Gain on investment in Timber Funds (a)	—	7,482	—
Log trading marketing fees	—	6	56
Cost related to the merger with Pope Resources (b)	—	—	(17,166)
Equity income (loss) related to Bainbridge Landing LLC joint venture (c)	15,477	102	(721)
Miscellaneous expense, net	(562)	(404)	(472)
Total	$9,704	$14,084	($21,685)

(a)Gain on investment in Timber Funds represents the gain recognized on the sale of rights to manage two timber funds (Funds III and IV) previously managed by the Company’s Olympic Resources Management (ORM) subsidiary, as well as its co-investment stake in both funds.

(b)Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources.

(c)The year ended December 31, 2022 includes $16.0 million equity income from the sale of a multi-family apartment complex in Bainbridge Island, Washington. As the equity investment was co-owned with outside investors, $4.5 million of the equity income was attributable to Rayonier. See Note 5 - Noncontrolling Interests for additional information.