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RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
SALES (NOTE 3) $ 173,609 $ 208,865 $ 341,706 $ 387,947
Costs and Expenses        
Cost of sales (138,671) (168,410) (271,851) (317,576)
Selling and general expenses (20,603) (18,952) (39,581) (35,729)
Other operating expense, net (Note 14) (1,894) (1,401) (1,623) (3,917)
Costs and expenses (161,168) (188,763) (313,055) (357,222)
OPERATING INCOME 12,441 20,102 28,651 30,725
Interest expense, net (9,811) (12,457) (19,555) (24,158)
Interest and other miscellaneous income (expense), net 905 11,644 (4,087) 21,197
INCOME BEFORE INCOME TAXES 3,535 19,289 5,009 27,764
Income tax (expense) benefit (Note 16) (500) (193) 332 (1,230)
NET INCOME 3,035 19,096 5,341 26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 1,903 19,023 3,260 27,323
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 6,014 (9,203) (10,937) (12,937)
Cash flow hedges, net of income tax effect of $892, $560, $973 and $247 198 11,942 3,164 (378)
Pension and postretirement benefit plans, net of income tax expense of $0, $0, $1,222 and $0 0 2 9,562 3
Total other comprehensive income (loss) 6,212 2,741 1,789 (13,312)
COMPREHENSIVE INCOME 9,247 21,837 7,130 13,222
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates (1,920) 989 (972) 2,023
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. 7,227 22,451 6,075 15,025
Rayonier Limited Partnership        
SALES (NOTE 3) 173,609 208,865 341,706 387,947
Costs and Expenses        
Cost of sales (138,671) (168,410) (271,851) (317,576)
Selling and general expenses (20,603) (18,952) (39,581) (35,729)
Other operating expense, net (Note 14) (1,894) (1,401) (1,623) (3,917)
Costs and expenses (161,168) (188,763) (313,055) (357,222)
OPERATING INCOME 12,441 20,102 28,651 30,725
Interest expense, net (9,811) (12,457) (19,555) (24,158)
Interest and other miscellaneous income (expense), net 905 11,644 (4,087) 21,197
INCOME BEFORE INCOME TAXES 3,535 19,289 5,009 27,764
Income tax (expense) benefit (Note 16) (500) (193) 332 (1,230)
NET INCOME 3,035 19,096 5,341 26,534
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates (1,106) 245 (2,035) 1,281
NET INCOME ATTRIBUTABLE TO RAYONIER INC. 1,929 19,341 3,306 27,815
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 6,014 (9,203) (10,937) (12,937)
Cash flow hedges, net of income tax effect of $892, $560, $973 and $247 198 11,942 3,164 (378)
Pension and postretirement benefit plans, net of income tax expense of $0, $0, $1,222 and $0 0 2 9,562 3
Total other comprehensive income (loss) 6,212 2,741 1,789 (13,312)
COMPREHENSIVE INCOME 9,247 21,837 7,130 13,222
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates (1,920) 989 (972) 2,023
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $ 7,327 $ 22,826 $ 6,158 $ 15,245
EARNINGS PER UNIT (NOTE 5)        
Basic earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.01 $ 0.13 $ 0.02 $ 0.18
Diluted earnings per unit attributable to Rayonier, L.P. (in dollars per unit) $ 0.01 $ 0.13 $ 0.02 $ 0.18
Rayonier Limited Partnership | Limited Partners        
Costs and Expenses        
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $ 1,910 $ 19,148 $ 3,273 $ 27,537
Rayonier Limited Partnership | General Partners        
Costs and Expenses        
NET INCOME ATTRIBUTABLE TO RAYONIER INC. $ 19 $ 193 $ 33 $ 278