ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2024

The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.


	Foreign currency translation (losses) gains	Net investment hedges of New Zealand subsidiary	Cash flow hedges		Employee benefit plans		Total Rayonier, L.P.	Allocation of Operating Partnership	Total Rayonier Inc.
Balance as of December 31, 2022	($18,067)	$1,321	$67,204		($10,209)		$40,249	($4,436)	$35,813
Other comprehensive (loss) income before reclassifications	(1,466)	—	10,537	(a)	(1,449)		7,622	(75)	7,547
Amounts reclassified from accumulated other comprehensive income	—	—	(21,895)		2,042	(b)	(19,853)	1,144	(18,709)
Net other comprehensive (loss) income	(1,466)	—	(11,358)		593		(12,231)	1,069	(11,162)
Balance as of December 31, 2023	($19,533)	$1,321	$55,846		($9,616)		$28,018	($3,367)	$24,651
Other comprehensive income (loss) before reclassifications	2,354	—	6,951	(a)	5,106		14,411	(196)	14,215
Amounts reclassified from accumulated other comprehensive income	—	—	(20,406)		4,595	(b)	(15,811)	519	(15,292)
Net other comprehensive income (loss)	2,354	—	(13,455)		9,701		(1,400)	323	(1,077)
Balance as of September 30, 2024	($17,179)	$1,321	$42,391		$85		$26,618	($3,044)	$23,574

(a)The nine months ended September 30, 2024 includes $5.3 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 million of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information.

(b)This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. The nine months ended September 30, 2024 includes a pension settlement charge of $4.6 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 15 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2024 and September 30, 2023:


Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the Income Statement
	September 30, 2024	September 30, 2023
Realized loss (gain) on foreign currency exchange contracts	$1,742	($5,801)	Other operating expense, net
Realized loss (gain) on foreign currency option contracts	13	(244)	Other operating expense, net
Noncontrolling interests	(404)	1,391	Comprehensive income attributable to noncontrolling interests
Realized gain on interest rate contracts	(21,379)	(12,587)	Interest expense, net
Income tax effect from net (loss) gain on foreign currency contracts	(378)	1,303	Income tax (expense) benefit


Net gain on cash flow hedges reclassified from accumulated other comprehensive income	($20,406)	($15,938)