SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

As of March 31, 2025, Rayonier operated in four reportable segments: Southern Timber, Pacific Northwest Timber, Real Estate, and Trading. Prior to the first quarter of 2025, we operated in five reportable business segments, which included New Zealand Timber. On March 9, 2025, we entered into a purchase and sale agreement to sell our entire 77% interest in the New Zealand joint venture and as a result, the New Zealand operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information.

Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. Our chief operating decision maker (“CODM”), the Chief Executive Officer, evaluates segment operating performance based on Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) to make decisions about allocating resources and assessing performance. Total assets by segment are not used by the CODM to assess the performance of or allocate resources to the segments, therefore total assets by segment are not disclosed.

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, income from discontinued operations, restructuring charges and Large Dispositions.

We believe that Operating income (loss), as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating income (loss) as determined in accordance with U.S. GAAP. Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income.

The following tables summarize the segment information for the three months ended March 31, 2025 and 2024:

Three Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Trading	Corporate and Other	Total
March 31, 2025
Sales	$50,944	$21,404	$10,167	$407	—	$82,922
Costs and Expenses
Cut & haul costs	(12,521)	(9,340)	—	—	—	(21,861)
Port / freight costs	—	(14)	—	(4)	—	(18)
Depreciation, depletion and amortization	(16,899)	(5,606)	(564)	—	(424)	(23,493)
Non-cash cost of land and improved development	—	—	(2,399)	—	—	(2,399)
Other costs and expenses (a)	(11,374)	(5,696)	(8,154)	(857)	(9,011)	(35,092)
Operating income (loss)	$10,150	$748	($950)	($454)	($9,435)	$59
Add: Restructuring charges (b)	—	—	—	—	1,110	1,110
Add: Depreciation, depletion and amortization	16,899	5,606	564	—	424	23,493
Add: Non-cash cost of land and improved development	—	—	2,399	—	—	2,399
Adjusted EBITDA	$27,049	$6,354	$2,013	($454)	($7,901)	$27,061
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income						($3,518)
Depreciation, depletion and amortization						(23,493)
Non-cash cost of land and improved development						(2,399)
Non-operating expense						(1,842)
Restructuring charges (b)						(1,110)
Loss from Continuing Operations Before Income Taxes						($5,301)
Income tax expense						(291)
Loss from Continuing Operations						($5,592)
Income from discontinued operations, net of tax						2,507
Net Loss						($3,085)

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(b)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

Three Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Trading	Corporate and Other	Total
March 31, 2024
Sales	$69,978	$25,192	$15,564	$2,970	—	$113,704
Costs and Expenses
Cut & haul costs	(13,398)	(10,837)	—	—	—	(24,235)
Port / freight costs	(1,216)	(1,239)	—	(1,327)	—	(3,782)
Depreciation, depletion and amortization	(21,796)	(9,075)	(1,749)	—	(443)	(33,063)
Non-cash cost of land and improved development	—	—	(2,953)	—	—	(2,953)
Other costs and expenses (a)	(10,563)	(8,401)	(10,990)	(1,639)	(9,446)	(41,039)
Operating income (loss)	$23,005	($4,360)	($128)	$4	($9,889)	$8,632
Add: Depreciation, depletion and amortization	21,796	9,075	1,749	—	443	33,063
Add: Non-cash cost of land and improved development	—	—	2,953	—	—	2,953
Adjusted EBITDA	$44,801	$4,715	$4,574	$4	($9,446)	$44,648
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income						($7,054)
Depreciation, depletion and amortization						(33,063)
Non-cash cost of land and improved development						(2,953)
Non-operating expense						(7,079)
Loss from Continuing Operations Before Income Taxes						($5,501)
Income tax benefit						991
Loss from Continuing Operations						($4,510)
Income from discontinued operations, net of tax						6,816
Net Income						$2,306

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

	Three Months Ended March 31,
	2025	2024
Capital Expenditures
Southern Timber	$9,615	$11,003
Pacific Northwest Timber	2,366	4,119
Real Estate	42	79
Corporate and other	—	59
Total Capital Expenditures	$12,023	$15,260