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RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2019   129,331,069      
Beginning balance at Dec. 31, 2019 $ 1,537,642 $ 888,177 $ 583,006 $ (31,202) $ 97,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuances of shares associated with the merger with Pope Resources (in shares)   7,181,071      
Issuances of shares associated with the merger with Pope Resources 172,418 $ 172,418      
Net income 29,784   37,612   (7,828)
Net income attributable to noncontrolling interests in the operating partnership (528)   (528)    
Dividends (146,278)   (146,278)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)   1,103,012      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 32,574 $ 32,574      
Issuance of shares under incentive stock plans, (in shares)   266,036      
Issuance of shares under incentive stock plans 1,589 $ 1,589      
Stock-based incentive compensation 8,026 $ 8,026      
Repurchase of common shares, (in shares)   (219,619)      
Repurchase of common shares (4,757) $ (1,605) (3,152)    
Acquisition of noncontrolling interests in consolidated affiliates 333,366       333,366
Adjustment of noncontrolling interests in the operating partnership (24,393)   (24,393)    
Conversion of units into common shares (in shares)   17,253      
Conversion of units into common shares 496 $ 496      
Actuarial change and amortization of pension and postretirement plan liabilities (925)     (925)  
Foreign currency translation adjustment 28,272     22,928 5,344
Cash flow hedges (61,055)     (62,146) 1,091
Allocation of other comprehensive income to noncontrolling interests in the operating partnership (2,540)     (2,540)  
Distributions to noncontrolling interests in consolidated affiliates (12,643)       (12,643)
Noncontrolling interests in consolidated affiliates redemption of shares (28,403)       (28,403)
Ending balance (in shares) at Dec. 31, 2020   137,678,822      
Ending 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 210,487   157,066   53,421
Net income attributable to noncontrolling interests in the operating partnership (4,516)   (4,516)    
Dividends [1] (153,980)   (153,980)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)   6,357,972      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 233,033 $ 233,033      
Issuance of shares under incentive stock plans, (in shares)   270,713      
Issuance of shares under incentive stock plans 6,029 $ 6,029      
Stock-based incentive compensation 9,277 $ 9,277      
Repurchase of common shares, (in shares)   (47,705)      
Repurchase of common shares (1,617) $ (1,617)      
Fund II carried interest incentive fee (3,807)       (3,807)
Disposition of noncontrolling interests in consolidated affiliates (255,486)       (255,486)
Measurement period adjustment of noncontrolling interests in consolidated affiliates 9,690       9,690
Adjustment of noncontrolling interests in the operating partnership (42,530)   (42,530)    
Conversion of units into common shares (in shares)   1,113,159      
Conversion of units into common shares 40,676 $ 40,676      
Actuarial change and amortization of pension and postretirement plan liabilities 12,476     12,476  
Foreign currency translation adjustment (22,096)     (18,487) (3,609)
Cash flow hedges 60,315     61,893 (1,578)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership (1,601)     (1,601)  
Distributions to noncontrolling interests in consolidated affiliates (115,298)       (115,298)
Noncontrolling interests in consolidated affiliates redemption of shares (28,119)       (28,119)
Ending balance (in shares) at Dec. 31, 2021   145,372,961      
Ending 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 122,791   109,470   13,321
Net income attributable to noncontrolling interests in the operating partnership (2,393)   (2,393)    
Dividends [1] (165,902)   (165,902)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)   1,579,228      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 59,350 $ 59,350      
Issuance of shares under incentive stock plans, (in shares)   321,337      
Issuance of shares under incentive stock plans 2,466 $ 2,466      
Stock-based incentive compensation 12,356 $ 12,356      
Repurchase of common shares, (in shares)   (97,809)      
Repurchase of common shares (4,225) $ (4,225)      
Adjustment of noncontrolling interests in the operating partnership 23,155   23,155    
Conversion of units into common shares (in shares)   106,914      
Conversion of units into common shares 3,925 $ 3,925      
Actuarial change and amortization of pension and postretirement plan liabilities 1,627     1,627  
Foreign currency translation adjustment (23,093)     (22,282) (811)
Cash flow hedges 76,039     76,367 (328)
Allocation of other comprehensive income to noncontrolling interests in the operating partnership (295)     (295)  
Distributions to noncontrolling interests in consolidated affiliates (12,807)       (12,807)
Noncontrolling interests in consolidated affiliates redemption of shares (27,860)       (27,860)
Ending balance (in shares) at Dec. 31, 2022   147,282,631      
Ending balance at Dec. 31, 2022 $ 1,880,712 $ 1,462,945 $ 366,637 $ 35,813 $ 15,317
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.