DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and 2024, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Sales	$52,572	$73,971	$109,332	$128,363
Costs and Expenses
Cost of sales	(51,461)	(64,371)	(102,050)	(111,428)
Other operating expense, net (a)	(1,778)	(1,706)	(3,400)	(1,463)
	(53,239)	(66,077)	(105,450)	(112,891)
Operating (loss) income from discontinued operations	(667)	7,894	3,882	15,472
Interest expense, net	(780)	(782)	(1,508)	(1,578)
Interest income	104	319	202	512
(Loss) income from operations of discontinued operations before income taxes	(1,343)	7,431	2,576	14,406
Income tax benefit (expense)	718	(500)	(693)	(659)
(Loss) income from operations of discontinued operations, net of tax	(625)	6,931	1,883	13,747
Gain on sale of discontinued operations (b)	404,463	—	404,463	—
Income from discontinued operations	403,838	6,931	406,346	13,747
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership	(5,347)	(79)	(5,375)	(164)
Less: Net loss (income) from discontinued operations attributable to noncontrolling interests in consolidated affiliates	577	(1,119)	192	(2,058)
Net income from discontinued operations attributable to Rayonier Inc.	$399,068	$5,733	$401,163	$11,525

(a)The six months ended June 30, 2025 includes transaction costs of $0.2 million. The three and six months ended June 30, 2024 include transaction costs of $0.5 million, respectively.

(b)The gain on sale of discontinued operations is not subject to income tax, as it relates to a partnership interest.

The major classes of the New Zealand operation’s assets and liabilities as reported on the December 31, 2024 Balance Sheet are as follows:

	December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$20,093
Trade receivables, less allowance for doubtful accounts of $0	18,935
Inventory	1,462
Prepaid expenses	6,206
Other current assets	624
Total current assets	47,320
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	339,724
PROPERTY, PLANT AND EQUIPMENT
Buildings	1,707
Machinery and equipment	171
Total property, plant and equipment, gross	1,878
Less — accumulated depreciation	(935)
Total property, plant and equipment, net	943
RIGHT-OF-USE ASSETS	64,082
OTHER ASSETS	23,850
TOTAL ASSETS	$475,919
LIABILITIES
CURRENT LIABILITIES
Accounts payable	$9,145
Current maturities of long-term debt, net	19,442
Accrued taxes	2,399
Accrued payroll and benefits	793
Other current liabilities	15,556
Total current liabilities	47,335
LONG-TERM DEBT, NET	45,360
LONG-TERM LEASE LIABILITY	60,038
OTHER NON-CURRENT LIABILITIES	65,443
TOTAL LIABILITIES	$218,176

The following table summarizes the depreciation, depletion and amortization, capital expenditures and non-cash cost of land sold and improved development of the Company’s discontinued operations for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Depreciation, depletion and amortization	$4,747	$10,882	$9,081	$14,901
Capital expenditures	4,444	4,476	7,098	8,084
Non-cash cost of land and improved development	—	3,041	—	3,041