XML 54 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
As of December 31, 2023, Rayonier operated in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate, and Trading. The previously reported Timber Funds segment was liquidated in 2021 with all proceeds being distributed to noncontrolling interests at the end of 2022. As a result, disclosure of Timber Funds segment results are not presented for 2023 or 2022, while 2021 results are presented for historical purposes.
Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally.
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
The following tables summarize the segment information for the three years ended December 31:
 Sales by Product Line
 202320222021
Southern Timber $264,128 $264,201 $204,441 
Pacific Northwest Timber124,145 162,237 143,021 
New Zealand Timber235,481 274,076 281,158 
Timber Funds (a)— — 199,402 
Real Estate
Improved Development30,707 35,413 51,713 
Unimproved Development114 — 37,500 
Rural99,665 59,485 43,088 
Timberland & Non-Strategic3,347 11,400 44 
Conservation Easements— — 3,855 
Deferred Revenue/Other13,930 1,239 (2,380)
Large Dispositions242,200 30,471 56,048 
Total Real Estate389,963 138,008 189,868 
Trading43,684 70,952 95,364 
Intersegment eliminations (b)(468)(402)(3,657)
Total Sales$1,056,933 $909,072 $1,109,597 
(a)The year ended December 31, 2021 includes $159.1 million of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier.
(b)The years ended December 31, 2023, 2022 and 2021 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The year ended December 31, 2021 includes the elimination of timberland investment management fees paid to us by the timber funds which were initially recognized as sales and cost of sales within the Timber Funds segment.
 Operating Income (Loss)
 202320222021
Southern Timber$76,256 $96,616 $66,111 
Pacific Northwest Timber (a)(8,998)15,192 6,827 
New Zealand Timber (b)26,045 30,621 51,513 
Timber Funds (c)— — 63,219 
Real Estate (d)156,605 58,495 112,540 
Trading492 382 144 
Corporate and other(39,116)(35,484)(30,579)
Total Operating Income211,284 165,822 269,775 
Unallocated interest expense and other (e)(27,667)(33,642)(44,627)
Total Income before Income Taxes$183,617 $132,180 $225,148 
(a)The year ended December 31, 2022 includes $0.7 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”
(b)The year ended December 31, 2023 includes $2.3 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”
(c)The year ended December 31, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds.
(d)The years ended December 31, 2023, 2022 and 2021 include $105.1 million, $16.6 million and $44.8 million, respectively, from Large Dispositions. The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests is recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.”
(e)The year ended December 31, 2023 includes $20.7 million of net recoveries associated with legal settlements, which is partially offset by a $2.0 million pension settlement charge.
 Gross Capital Expenditures
 202320222021
Capital Expenditures (a)
Southern Timber$46,506 $39,301 $35,790 
Pacific Northwest Timber 17,371 16,770 16,585 
New Zealand Timber 16,663 18,455 20,128 
Timber Funds (b)— — 3,271 
Real Estate302 285 191 
Corporate and other605 — — 
Total capital expenditures$81,447 $74,811 $75,965 
Timberland Acquisitions
Southern Timber $10,471 $457,770 $168,188 
Pacific Northwest Timber3,591 26 — 
New Zealand Timber— 734 10,927 
Total timberland acquisitions$14,062 $458,530 $179,115 
Total Gross Capital Expenditures$95,509 $533,341 $255,080 
(a)Excludes timberland acquisitions presented separately, in addition to real estate development investments of $23.1 million, $13.7 million and $12.5 million in the years ended December 31, 2023, 2022 and 2021, respectively.
(b)The year ended December 31, 2021 includes $2.8 million of capital expenditures attributable to noncontrolling interests in Timber Funds.

 Depreciation,
Depletion and Amortization
 202320222021
Southern Timber$79,974 $60,298 $54,116 
Pacific Northwest Timber36,924 48,024 50,487 
New Zealand Timber21,666 23,876 27,005 
Timber Funds (a)— — 97,943 
Real Estate (b)109,085 22,216 17,746 
Corporate and other 1,712 1,255 1,208 
Total$249,361 $155,669 $248,505 
(a)The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier.
(b)The years ended December 31, 2023, 2022 and 2021 include $91.1 million, $8.3 million and $9.8 million, respectively, from Large Dispositions.
 Non-Cash Cost of Land and Improved Development
 202320222021
Timber Funds (a)— — $20,239 
Real Estate (b)73,458 32,934 25,070 
Total$73,458 $32,934 $45,309 
(a)The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier.
(b)The years ended December 31, 2023, 2022 and 2021 include $43.7 million, $4.6 million and $0.1 million, respectively, from Large Dispositions.
 Geographical Operating Information
 SalesOperating IncomeIdentifiable Assets
 20232022202120232022202120232022
United States$787,906 $576,780 $732,995 $185,156 $135,900 $217,964 $3,098,555 $3,244,128 
New Zealand269,027 332,292 376,602 26,128 29,922 51,811 549,030 545,243 
Total$1,056,933 $909,072 $1,109,597 $211,284 $165,822 $269,775 $3,647,585 $3,789,371