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RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
SALES $ 201,579 $ 195,287 $ 589,526 $ 663,674
Costs and Expenses        
Cost of sales (145,622) (152,079) (463,197) (507,381)
Selling and general expenses (18,947) (16,886) (54,677) (49,002)
Other operating (expense) income, net (Note 14) (1,654) 14,581 (5,571) 14,398
Costs and expenses (166,223) (154,384) (523,445) (541,985)
OPERATING INCOME 35,356 40,903 66,081 121,689
Interest expense, net (12,598) (9,056) (36,755) (26,476)
Interest and other miscellaneous income, net 529 1,252 21,725 990
INCOME BEFORE INCOME TAXES 23,287 33,099 51,051 96,203
Income tax expense (Note 16) (547) (1,238) (1,777) (8,056)
NET INCOME 22,740 31,861 49,274 88,147
Less: Net income attributable to noncontrolling interests in the operating partnership (320) (455) (811) (1,670)
Less: Net income attributable to noncontrolling interests in consolidated affiliates (3,183) (10,828) (1,902) (12,478)
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 19,237 20,578 46,561 73,999
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 (4,413) (25,392) (17,350) (55,220)
Cash flow hedges, net of income tax effect of $75, $2,488, $322 and $5,677 7,379 20,147 7,002 66,329
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 2 188 4 564
Total other comprehensive income (loss) 2,968 (5,057) (10,344) 11,673
COMPREHENSIVE INCOME 25,708 26,804 38,930 99,820
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership (373) (490) (592) (2,147)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates (2,906) (8,029) (884) (6,670)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $ 22,429 $ 18,285 $ 37,454 $ 91,003
EARNINGS PER COMMON SHARE (NOTE 5)        
Basic earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.13 $ 0.14 $ 0.31 $ 0.51
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share) $ 0.13 $ 0.14 $ 0.31 $ 0.50