DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results, Assets and Liabilities of Discontinued Operation

The following table summarizes the results of our New Zealand operations for the three months ended March 31, 2025 and 2024, as presented in “Income from discontinued operations, net of tax” in the Consolidated Statements of Income and Comprehensive Income (Loss):

	Three Months Ended March 31,
	2025	2024
Sales	$56,760	$54,392
Costs and Expenses
Cost of sales	(50,589)	(47,057)
Other operating (expense) income, net (a)	(1,622)	243
	(52,211)	(46,814)
Operating income from discontinued operations	4,549	7,578
Interest expense, net	(728)	(796)
Interest income	98	193
Income from discontinued operations before income taxes	3,919	6,975
Income tax expense	(1,412)	(159)
Income from discontinued operations, net of tax	2,507	6,816
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership	(28)	(85)
Less: Net income from discontinued operations attributable to noncontrolling interests in consolidated affiliates	(385)	(939)
Net income from discontinued operations attributable to Rayonier Inc.	$2,094	$5,792

(a)The three months ended March 31, 2025 includes $0.2 million of transaction costs which include legal, advisory, and other due diligence costs.

The major classes of the New Zealand operation’s assets and liabilities are as follows:

	March 31, 2025	December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	16,093	$20,093
Trade receivables, less allowance for doubtful accounts of $0 and $0	18,634	18,935
Inventory	3,030	1,462
Prepaid expenses	6,107	6,206
Other current assets	205	624
Total current assets	44,069	47,320
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	342,899	339,724
PROPERTY, PLANT AND EQUIPMENT
Buildings	1,732	1,707
Machinery and equipment	173	171
Total property, plant and equipment, gross	1,905	1,878
Less — accumulated depreciation	(980)	(935)
Total property, plant and equipment, net	925	943
RIGHT-OF-USE ASSETS	71,128	64,082
OTHER ASSETS	24,332	23,850
TOTAL ASSETS	$483,353	$475,919
LIABILITIES
CURRENT LIABILITIES
Accounts payable	12,074	$9,145
Current maturities of long-term debt, net	19,722	19,442
Accrued taxes	649	2,399
Accrued payroll and benefits	1,215	793
Other current liabilities	15,668	15,556
Total current liabilities	49,328	47,335
LONG-TERM DEBT, NET	46,015	45,360
LONG-TERM LEASE LIABILITY	67,055	60,038
OTHER NON-CURRENT LIABILITIES	65,593	65,443
TOTAL LIABILITIES	$227,991	$218,176

The following table summarizes the depreciation, depletion and amortization and capital expenditures of the Company’s discontinued operations related to the New Zealand operations:

	Three Months Ended March 31,
	2025	2024
Depreciation, depletion and amortization	$4,334	$4,020
Capital expenditures	2,654	3,608